ICMA: Daily financial news updates for 27th February, 2018. Below are the summaries of today’s news, do have a blissful day.

Banks Stocks Drop over CBN Rule

Fear over the Central Bank of Nigeria (CBN’s) mandate on dividend payment, among other factors affected adversely on the stock market, as most banks stocks constituted the losers toward the end of yesterday’s business.

In spite of the fact that the All-Share Index increased by 8.59 points, while the market capitalisation expanded by N3billion, however five bank stocks from both the level one and two sub-organizations recorded decrease in price.

FG seeks Chinese bank’s support for infrastructure funding

The Minister of Finance, Mrs. Kemi Adeosun, on Monday met with a delegation from the China Development Bank to discuss areas where the lender could be of assistance to the country.

The meeting, which was held at the headquarters of the finance ministry, was attended by the Permanent Secretary at the ministry, Mahmoud Dutse, and top officials of the China Development Bank led by its Vice Chairman/President, Zheng Zhijie.

New minimum wage implementation begins third quarter – FG

The implementation of the new national minimum wage would commence in the third quarter of this year, the Federal Government announced on Monday.

According to the Minister of Labour and Employment, Chris Ngige, the negotiation committee for the new minimum wage for workers had received memoranda from all stakeholders involved in the process, adding that implementation should begin later this year.

UBA, Access Bank join NSE premium board, equities appreciate

The Nigerian Stock Exchange has upgraded United Bank for Africa Plc and Access Bank Plc to the NSE premium board, joining Dangote Cement Plc, FBN Holdings Plc and Zenith Bank Plc.

Meanwhile, the Nigerian bourse started the week on a positive note, as the All-Share Index advanced marginally by 0.02 per cent. The year-to-date return was thus pushed higher to 11.34 per cent. The market recorded 21 gainers and 26 losers.

 

NAMA begins upgrade of airspace communications system

The Nigerian Airspace Management Agency says it has concluded arrangements for the deployment of four stand-alone JOTRON high-powered, very high frequency long range communication radios to improve the air traffic system.

According to the agency, each of the radios will be installed in Lagos West and Lagos East as well as Kano West and Kano East area control centres.