Daily Market Update | 6-09-2023
Daily Market Update (Equities) Today, the Nigerian Equities Market closed negative as its benchmark index decreased by 0.07% to 65,286.28 points. Hence, its Year-to-Date returns settled at 33.24 from 33.33% Yesterday. We believe the negative performance in the market today was primarily driven by losses in DANGSUGAR, GTCO, International Breweries and Vitafoam, offsetting the gains […]
H1:2023 GTCO Earnings Result | Remarkable Performance Riding on FX Revaluation Gains
In its recently released earnings results for the first half of 2023 (H1:2023), GTCO’s Gross Earnings jumped by 181.08% year-on-year (YoY) to NGN672.60bn mainly due to the spike in non-interest income (+385.03% YoY to NGN446.66bn), an offshoot of the massive FX revaluation gains recorded in the period. Elsewhere, Operating Expenses increased by 26.26% YoY to […]
Oando Proposed Acquisition
Italian energy company Eni has agreed to sell its local subsidiary, Nigerian Agip Oil Company (NAOC) Ltd, to Oando Plc, a Nigerian energy company listed on both the Nigerian and Johannesburg stock exchanges. The deal, which is still subject to regulatory approvals, is expected to be completed in the first half of 2024. NAOC is […]
