Nigerian Bourse Ends 6-Day Losing Streaks With Moderate Gain

Nigerian Bourse Ends 6-Day Losing Streaks With Moderate Gain

The Nigerian local bourse on Tuesday put an end to six days consecutive of losing streaks as investors gain N2.54 billion ahead of August inflation data expectation. Today’s rally was fuelled by the price appreciation in VITAFOAM, WAPCO, ZENITH BANK and 11 others, resulting in moderation in stock market year-to-date losses. The Nigerian Exchange has been on slowdown since the past week due to low investors’ sentiment despite interim dividend declaration by some of Nigeria’s dividend aristocrats. The All-Share Index rose by 4.88 basis points or a 0.01 percent increase…

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GCR Affirms Lafarge Africa Long-term Issuer Rating AA-, Stable Outlook

GCR Affirms Lafarge Africa Long-term Issuer Rating AA-, Stable Outlook

GCR Ratings has affirmed Lafarge Africa Plc. national scale long-term and short-term Issuer ratings of AA- and A1+ respectively, with the outlook accorded as stable. The ratings reflect Lafarge Africa Plc.’s strong credit risk profile, improving earnings trajectory and relatively strong cash flows since the operational rationalization in 2019. According to GCR, Lafarge Africa is the second-largest cement producer in Nigeria, with a combined production capacity of 10.5 million metric tonnes per annum from four plants spread across the country. Its competitive position is further supported by demonstrated technical support from…

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Analysts Assign Sell Rating On Cadbury Nigeria Over Growing Losses

Analysts Assign Sell Rating On Cadbury Nigeria Over Growing Losses

Unimpressed equity analysts have downgraded  Cadbury Nigeria Plc with a sell rating having noted destructible impacts of sustained costs pressure on earnings. Some equity analysts also project that the company will deliver negative earnings in 2021 due to increased borrowings. Ballooning operating costs have persistently clouded the consumers’ goods company’s profitability amidst rising competition. Though its products’ prices were adjusted upward in line with inflationary pressure, Cadbury Nigeria has been unable to cover its direct and indirect costs as loss-making persists. Based on the past financials, it appears that Cadbury…

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Citizens, Foreigners Scared Of Investing In Nigeria, Says NESG

Citizens, Foreigners Scared Of Investing In Nigeria, Says NESG

The Chief Executive Officer, Nigerian Economic Summit Group (NESG), Laoye Jaiyeola, has urged state governments to improve on their investments and create enabling environment for businesses to thrive as well as attract investors in the country. Jaiyeola who made the call in Abuja on Tuesday at a high-level private sector dialogue with the conference of speakers of state legislatures noted that the root of Nigeria’s economic problems was a lack of investment and an enabling environment for businesses to thrive. He said, “The solution is that what we need is…

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Manufacturers CEO Index Sees Moderate Uptick In Second Quarter

Manufacturers CEO Index Sees Moderate Uptick In Second Quarter

The Manufacturers Association of Nigeria (MAN) has pegged the composite manufacturers Chief Executive Officers (CEO) confidence index for the second quarter of 2021 at 52. 9 points, a 3.8 point uptick from what was recorded in the first quarter. Mr. Mansur Ahmed, President, MAN, gave the value in a report to newsmen, an improvement which shows the sector is gaining momentum as Nigeria’s economy stays on a growth path. Ahmed listed key factors considered during the research to include accessibility and availability of foreign exchange, lending rates, size of the…

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FG To Collaborate With Hungarian Company To Manufacture Aircraft In Nigeria

FG To Collaborate With Hungarian Company To Manufacture Aircraft In Nigeria

The Federal Government has expressed its readiness to partner with the Magnus Aircraft Manufacturing industry in Hungary to establish an assembling plant and begin to manufacture in Nigeria from start to finish before the end of the Buhari administration. A statement signed by the Director, Public Affairs, Ministry of Aviation, James Odaudu The Minister of Aviation Senator Hadi Sirika expressed interest when he paid an inspection visit to the Magnus Aircraft Industry in Pogany, Hungary. He explained that “if we venture we them, we may start with assembling plant and…

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Stocks Rise N64.93 Billion Over Bargain Hunting In MTN, WAPCO

Stocks rise N64.93 billion on Thursday due to bargain hunting in MTN Nigeria stocks which literarily upturned initial losses with support

Stocks rise N64.93 billion on Thursday due to bargain hunting in MTN Nigeria stocks which literarily upturned initial losses with support from Lafarge WAPCO gains. Price appreciation in these bellwether stocks keep the market on seesaw movement for the fifth consecutive trading session, says Atlass Portfolios analysts.  As a result, market year-to-date losses moderated to 1.5% while month-to-date returns expanded to 2.9%. The positive sentiment in MTNN, WAPCO, ZENITH BANK and 20 others pushed the All-share Index by 124.62 absolute points, representing a growth of 0.32% to close at 39,670.29.  Today’s…

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Lafarge Africa Leads PWR NGX Top 20 Gender Diversity Scorecard

Lafarge Africa Leads PWR NGX Top 20 Gender Diversity Scorecard

Lafarge Africa Plc, a leading solutions provider in the construction industry, has again been recognized for its outstanding performance in gender inclusion and diversity within its ranks, leads in the latest ranking of the PWR NGX top 20 gender diversity scorecard. PWR Advisory is a leadership, diversity and inclusion advisory and advocacy firm operating across Africa that assists corporate organizations to maximise the benefits of diversity and inclusion to increase performance and profitability by providing the platform for career women to develop leadership capacity and raise their visibility and representation…

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Nestlé Nigeria Reiterates Commitment To Equip Youths With Employable Skills

Nestlé Nigeria Reiterates Commitment To Equip Youths With Employable Skills

Nestlé Nigeria reiterates its commitment to helping equip young people with the employability skills required to find gainful employment or create their own businesses, management said at the batch two graduation ceremony of Nestlé Technical Training Centre. The company said it achieves this under its Nestlé Needs Youth initiative aimed at helping young people access economic opportunities. Through Nestlé Needs Youth, the company provides the training and resources young people need to improve their employability and nurture their entrepreneurial talent. The Technical Training Programme is one of the ways the company helps…

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Lafarge Africa: Attractive Opportunity, Analysts Say In Fresh Valuation

Lafarge Africa: Attractive Opportunity, Analysts Say In Fresh Valuation

Rated buy, analysts at CardinalStone Securities have upgraded Lafarge Africa Plc.’s (Ticker: WAPCO) valuation, say the cement company is still an attractive opportunity after a strong earnings performance in the second quarter of 2021. In its equity report, Meristem Securities projected the company’s revenue for the financial year 2021 to print at N259.88 billion, as against N251.65 billion in the financial year 2020. In the equity research report, CardinalStone Securities projected to see the company’s return on equity of 12.3% in the financial year 2021, a strong growth expectation when compared with…

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