Fast moving consumable goods company, Dangote Sugar Refinery (DSR), has had its first half (H1) revenues decline on gas supply shortage, analysts say. For the first six months of the year, the company’s revenue fell by 9.86 percent to N49.60 billion, from N55.03 billion the same period of the corresponding year (HY) 2013. The decline in sales is explained by a plant upgrade that lasted two weeks in May, according to FBN Capital, in a note released on August 7.
Updated 5 Years ago

In what could be termed a leap forward for the real estate business in particular and the real sector of the Nigerian economy in general, Dangote Cement plc says from this August it will add 6 million tons (MTs) of cement per annum (pa) from its newly built lines C and D at Obese plant to the cement market. With this, the Nigerian cement market will get 12MTs pa of cement from Dangote Ibese Cement factory only, equivalent to about 24 million bags of 42.5R cement type.
Updated 5 Years ago

Emerging-market stocks rose a third day amid bets China and South Korea will take steps to support growth. The Ibovespa sank as Brazilian presidential candidate Eduardo Campos was killed in a plane crash. The Shanghai Composite Index erased losses as investors weighed prospects for stimulus after disappointing economic data and the Kospi Index jumped 1 per cent in Seoul. OAO Gazprom and OAO Lukoil led a rally in Russia as the lowest valuations among emerging markets attracted investors. The Ibovespa fell as much as 2.1 per cent.
Updated 5 Years ago

The Nigerian Stock Exchange has pledged that it will protect the rights of investors to dividends in line with one of its core strategic pillars for enhanced market performance and growth via sustaining a “strong investor protection” framework. In doing this, the NSE said it would not hesitate to enforce a five per cent sanction on any issuer that failed to pay dividends to its shareholders within the time specified in the resolution passed by the shareholders at the annual general meeting at which such dividends were declared.
Updated 5 Years ago

Losses by 31 equities including highly capitalised companies such as Dangote Cement Plc and Access Bank Plc on Wednesday led the major market indicators lower. Skye Shelter Fund led the losers with a five per cent or N4.75 decline, which saw it close at 90.25.
Updated 5 Years ago

Deposit Money Banks in the country have been forced to spend millions of dollars to deploy imported and locally-manufactured computer solutions to protect their Automated Teller Machines from hackers, investigation by our correspondent has revealed. Top bank executives disclosed to our correspondent on Tuesday that the development followed the termination of Microsoft’s security and safety support for the Windows XP Operating System on April 30, 2014.
Updated 5 Years ago

The World Bank has provided about $200m to boost Nigeria’s power sector, the Resident Country Representative, United Nations Industrial Development Organisation, Mr. Patrick Kormawa, has said. Kormawa disclosed this at the ongoing National Council on Power conference in Abuja on Wednesday.
Updated 5 Years ago

Banks customers will from September 1, 2014 pay a token for cash withdrawals made on other banks’ Automated Teller Machines, the Central Bank of Nigeria said in a directive released on Wednesday. The re-introduction of the ATM charges came almost two years after the CBN and the Deposit Money Banks cancelled the N100 ATM charge in December 2012.
Updated 5 Years ago

Chinese solar companies may face a new round of investigations in the European Union regarding claims that panel manufacturers are circumventing import duties, and experts said such a move would be a heavy blow for debt-ridden photovoltaic producers. "It will be like rubbing salt into the wound, if EU authorities decide to launch an action, although it's still at the documentation stage," said an anonymous source from a solar panel producer in China.
Updated 5 Years ago

Global alternative asset manager the Carlyle Group LP and fund company Tiger Fund have invested more than $200 million in Chinese online and mobile-based classified advertising operator Ganji Inc, aiming to profit from the nation's expanding e-commerce sector. Carlyle said it took a minority stake in Ganji without giving further details.
Updated 5 Years ago