This week on “Follow the Money” with Ugodre and Uade Ahimie, we welcomed Uche Joshua Ifeakanwa, Managing Director of RUUSTALLION NIG LTD, to discuss the latest market movements.
The week was marked by losses driven primarily by banks amid concerns over the Central Bank of Nigeria’s (CBN) recapitalization measures.The All-Share Index (ASI) depreciated by 1.39%, closing at 98,152.91 points, with a market capitalization of 55.5 trillion naira.
Furthermore, MRS Oil Nigeria Plc announced its intention to delist from the Nigerian Exchange Limited (NGX), reporting increased profits for the first quarter of 2024. Stanbic IBTC Holdings Plc unveiled plans to establish a Debt Issuance Programme and raise additional equity capital. Guinness Nigeria Plc reported losses, while Dangote Cement recorded impressive revenue growth despite forex challenges. Nigerian Breweries is seeking to convert part of its liabilities into equities.
All these and more were delved into with our esteemed guest. Stay tuned to “Follow the Money” for further discussions and analysis on these market dynamics and their implications for investors and businesses alike.