Morning Beats

CWG warns of declining earnings

The board of directors of CWG Plc yesterday alerted the investing public that the technological company has suffered decline in performance and its earnings may significantly lower than the previous reports.The Nation

New core investor changes UnityKapital to Veritas Kapital Assurance

Veritas Capital Limited, the new majority core investor in Unity Kapital Assurance Plc, has changed the name of the company to Veritas Kapital Assurance Plc to reflect the new ownership and divestiture of Unity Bank Plc from the insurance company.The Nation

Unity Bank denies $1b investment claim by US firm

Unity Bank Plc yesterday dismissed a report claiming that a United States-based firm, Milost Global Inc, planned to invest $1 billion in the bank.The Nation

Kachikwu to IOCs: reduce oil production cost

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu yesterday urged International Oil Companies (IOCs) operating in the country to either produce oil at a reduced cost or allow the mineral deposit to remain in the ground.The Nation

NCC intervenes in 9mobile’s sale

Telecoms industry regulator, Nigerian Communications Commission (NCC) has laid down rules of engagement that will ensure  the transparent sale of 9mobile and the sustenance of its business after sale. The regulator’s rules of engagement are contained in a letter addressed to the Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele.The Nation

Fitch: FirstBank’s strong retail franchise reflects market confidence

Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDR) of FBN Holdings Plc (FBNH) and FirstBank of Nigeria Ltd (FBN).The Nation

Shareholders praise Transcorp Hotels mgt

Despite the challenging economic climate in the hospitality business in the country, shareholders of Transcorp Hotels Plc have commended the management and staff of the company for achieving an impressive financial year ended 31st December 2017.The Nation

Why we didn’t sack workers during recession – FG

The Federal Government on Tuesday explained why it did not bow to pressure to sack workers during the last recession despite the drop in its revenue.Punch

NNPC to drill eight oil wells in Chad, Gongola Basins

The Nigerian National Petroleum Corporation on Tuesday said it planned to drill four oil wells each in Chad and Gongola Basins.Punch

Dangote Cement grows 2017 profit by 43%

Dangote Cement Plc has posted a group net profit of N204.25bn for the year ended December 31, 2017, representing a growth of 43 per cent compared to the previous year’s figure of N142.86bn.Punch

Stocks sustain fall, Cadbury, Japaul, Multitrex emerge worst

Cadbury Nigeria Plc, Japaul Oil 7 Maritime Plc and Multitrex Plc emerged as the worst-performing stocks on Tuesday after the Nigerian Stock Exchange equities capitalisation sustained a free fall for the fifth consecutive day.Punch

Oil price hits three-week high as glut drops

Global oil benchmark, Brent crude, rose to its highest level so far this month on Tuesday, as tension in the Middle East and the possibility of further falls in Venezuelan output helped offset the negative impact of growing United States’ crude productionPunch

Govt collected N5tn revenue in one year – FRC

Nigeria’s federally collected revenues for 2016 amounted to N5.04tn, the Fiscal Responsibility Commission has said.Punch

FG seeks fresh N4.58tn loan for rail projects

The Federal Government is considering securing fresh loans to finance some of the country’s rail projects.Punch

NSE moves to improve market efficiency

The Nigerian Stock Exchange (NSE) has launched a process to review and change the equities market structure with a view to creating an optimal market design that facilitates improved market depth, liquidity provision and price efficiency.The Nation

Adeosun: Nigeria’s economic growth outlook positive

The Minister of Finance, Mrs. Kemi Adeosun, yesterday said the country’s economic outlook for this year and beyond was positive.The NAtion

Non-performing loans worse now than 2008, 2010 — NASS

The National Assembly, NASS, has warned of impending crisis in the banking sector over non-performing loans, NPL, which it says is worse now than the one witnessed in 2008 to 2010Vanguard

Cadbury Nigeria explains return to profitability

Cadbury Nigeria Plc has attributed its return to profitability to the result of its current effort aimed at repositioning the company for improved efficiency.Vanguard

Naira appreciates further to N360.30/$ in I&E

The Naira, yesterday, appreciated further by 15 kobo to N360.30 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.Vanguard

Average bond yield closes at 13.54%

The average bond yield advanced marginally by 0.01 per cent on Tuesday, to close at 13.54 per cent.Punch

KCB, Co-op cut cost of loans after base lending rate review

Co-operative Bank of Kenya and KCB Group have cut lending rates for new loans in a move that could force their rivals to follow suit.Business Daily

Kenya tops in phone internet traffic globally

Kenya is leading globally in share of internet traffic coming from mobile phones overtaking Nigeria, which was at the top in 2017.Business Daily

Safaricom valuation hits Sh1.2trn as share rises to all-time high

Telecoms operator Safaricom  on Tuesday closed trading at an all-time high of Sh30.75 as investors looking to benefit from the company’s year-end results jostled to take positions ahead of next week’s closure of the books. Business Daily