STOCK MARKET NEWS

Fidson, Oando, UBA Gain as Bulls Sustain Hold on Stock Market

The stock market appreciated further on Wednesday as investors continued to react to impressive first quarter financial results of companies. The Nigerian Stock Exchange (NSE) All-Share Index, which opened the week on positive note on Tuesday, appreciated by 0.58 per cent to close at 26,116.79, while market capitalisation ended higher at N 9.03 trillion.                                                                   Read more https://www.thisdaylive.com/index.php/2017/05/04/fidson-oando-uba-gain-as-bulls-sustain-hold-on-stock-market/

ECONOMY AND BUSINESS NEWS 4 MAY, 2017

Jaiz Bank grows Q1 profit by 176%

Jaiz Bank Plc recorded a well-rounded performance in the first quarter as Nigeria’s first non-interest commercial bank reported top-line growth of 24 per cent and profit increase of 176 per cent in its first report as a quoted company. Key extracts of the interim report and accounts of Jaiz Bank for the period ended March 31, 2017 showed that gross income rose by 23.7 per cent to N1.62 billion in first quarter 2017 as against N1.31 billion recorded in comparable period of 2016. Total net income grew by 34.3 per cent from N1.08 billion in first quarter 2016 to N1.45 billion in first quarter 2017. Profits before and after tax rose by 175.8 per cent to N203.68 million in first quarter 2017 as against N73.84 million in first quarter 2016. There were no provisions for taxes as the bank is still under tax waiver as a pioneer.           Read more http://thenationonlineng.net/jaiz-bank-grows-q1-profit-176/

Nigeria’s total debt now N17.5tn –NBS

The National Bureau of Statistics has said that the country’s foreign and domestic debts stood at $11.41bn (N3.49tn) and N14.02tn as of December 2016.The bureau stated this in its states and federal debt stock data, which was released on Wednesday in Abuja.A breakdown of the country’s foreign debt, according to the report, showed that $7.99bn was owed multilateral agencies; $198.25m for bilateral; while the balance of $3.22bn was sourced from the China Exim Bank.                                                                                                     Read more http://punchng.com/nigerias-total-debt-now-n17-5tn-nbs/ 

MTN Nigeria records 11.6% profit growth

Despite a 2.3 per cent decline in MTN Nigeria subscriber base, the company’s revenue has increased by 11.6 per cent in the first quarter of 2017.
MTN Nigeria says it “had a strong start to the year with an 11.6 per cent increase in total revenue, supported by a 71.3 per cent boost in data revenue.”
It added that while the momentum is encouraging, the ongoing review of value-added services subscribers will put pressure on digital revenue for the balance of the year. MTN Nigeria’s subscriber base declined by 2.3 per cent quarter-on-quarter.                                     Read more http://sunnewsonline.com/mtn-nigeria-records-11-6-profit-growth/

FRC set to release template on MDAs operating surplus to curb fraud

BPE stresses inter-agency
To enforce compliance of financial discipline and curb corruption in public life, the Fiscal Responsibility Commission has concluded plans to set template and timelines for all revenue generating agencies on the payment of operating surpluses to the Federation Account of the Nigerian Federation.                                                                                                                                                             Read more http://guardian.ng/business-services/frc-set-to-release-template-on-mdas-operating-surplus-to-curb-frau