September 23, 2016/Punch Oyetunji Abioye The Nigerian banking sector’s profit fell by 28.4 per cent in the 2015 financial year, the just released Afrinvest 2016 Banking Sector Report showed. The report, released in Lagos on Wednesday, indicated that foreign exchange volatility and lower oil price led to a major decline […]
Updates
Naira crashes to 436 as dollar reserves shrink
September 23, 2016/Punch Oyetunji Abioye The naira hit a new record low of 436 against the United States dollar at parallel market on Thursday, down from 428 on Wednesday, as dollar shortages on the official market persist. The development came amid depleting external reserves, which stood at $24.8bn on Monday. […]
Guinness Nigeria Plc – Uphill Battle for Brewer
Culled—Proshare September 22, 2016/Vetiva Research Volume shock cuts FY’16 sales to lowest since 2008 · ₦3.5 billion FX loss undercut earnings · Reports ₦2 billion LAT in FY’16 · Bleak outlook, forecasts revised, shares rated SELL Revenue slump amidst volume rout, lower price mix In line with guidance from […]
