Nigeria in 1min: Economic, Business and Financial Headlines - 020320

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Monday, March 02, 2020 / 06:20 AM / By News Aggregator / Header Image Credit: @AfDB_Group

 

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PROSHARE ECONOMY 

Another Underwhelming FAAC Distribution In February 2020 - The gross monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N647bn (US$1.77bn) in February (from January revenue). This was a decline of N69bn on the previous month. Source FBNQuest Read More 

3 Rare Metals Every Investor Must Watch At This Critical Time - Three of the most valuable metals in the world are so rare that they could become a factor in the difference between global technological dominance and military superiority on one hand, and the loss of superpower status on the other. Source Oilprice Read More 

Coronavirus Meltdown Continues As Brent Breaks $50 - OIR 280220 - The meltdown continues. Brent fell below $50 per barrel during intraday trading on Friday, and financial markets continued to post sharp losses. Oil is set to close out the week with the worst loss in four years. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Feb 28, 2020 - The coronavirus, Covid-19, has now infected more than 83,000 in at least 53 countries. Significant selloffs ensued across global markets this week, as cases of the virus outside China jolted up. Source ARM Read More 

Manufacturing PMI Stands at 58.3% in February 2020 from 59.2% in January 2020 - The February 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period February 10-14, 2020. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). Source CBN Read More 

Dr Akinwunmi Adesina Receives 8th African Leadership Magazine African of the Year Award - Over 200 leading African political, business, and diplomatic leaders gathered in Johannesburg for the 8th African Leadership Magazine Persons of the Year Award dinner. They witnessed Dr. Akinwumi Adesina, President of the African Development Bank being honored as the African of the Year 2019. Source AfDB Read More 

FG Failed To Realise N1.13tn From Oil Asset Sale, Others -The 2019 budget which was signed by the President, Major General Muhammadu Buhari (retd.) had capital expenditure of N2.09tn, recurrent expenditure of N4.05tn, statutory transfers of N502bn, and special intervention of N500bn. The budget also had debt service of N2.25tn. Source Punch Read More 

Petrol Landing Cost Crashes, FG May Save N450bn Subsidy - The expected open market price of Premium Motor Spirit, popularly known as petrol, has dropped below the approved pump price of N145 per litre as the landing cost of the product plunged to N123.88 per litre on Thursday. Source Punch Read More 

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week - 020320 - Coronavirus panic sent global equities markets crashing, compounding their worst week since the 2008 global financial crisis. US (DJIA: -11.1%; S&P: -10.8%) and European (Euro Stoxx: -11.6%; FTSE 100: -10.8%) shares tumbled into correction territory, as investor fears heightened over just how much damage the fast-spreading COVID-19 virus will wreak on the global economy. Source Proshare Read More

Coronavirus: Establishing The Nexus Between A Bug and Global Equity Markets - The coronavirus pandemic, which emanated from China, is rapidly spreading to several other countries and continents.  About 50 countries in the world have reported cases of coronavirus. Source Proshare Read More

Coronavirus: Africa Braces for the Economic Impact of China Slump - Near half of China's cities and districts are currently classified as low-risk, and a return to business as usual is apparently imminent. Nevertheless, the situation in China and globally remains both fluid and uncertain. Source The Africa Report Read More 

UAC-PROP 2020 Rights Issue: A Hard Way to A New Future - UPDC, the erstwhile property and real estate subsidiary of UAC Plc is attempting what only a few companies have achieved; a sharp turnaround in business fortune from a bad season of losses. The company has been one of the major corporate casualties of Nigeria's recent recession between 2016 and 2017. Source Proshare Read More 

Investors Lose N610.64bn WoW As NSEASI Dips By -4.28% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -2.21% to close at 26,216.46 points as against -0.62% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.33%. Source Proshare Read More 

CUSTODYINS Declares N6bn PAT in 2019 Audited Result, Proposes N0.35k Final Div. (SP:N3.93k) - Custodian Investment Plc released its 2019 Audited results for the period ended December 31st, 2019. Source NSE Read More 

Nigerian Breweries Q4 2019 Results Review: Earnings Squeezed by Increased Leverage - Nigerian Breweries (NB) grew beer volumes by low-single digits in 2019 following two consecutive years of decline. The recovery was driven by double-digit growth in the premium lager category. Source FBNQuest Read More 

TRANSCOHOT Declares N614m PAT in 2019 Audited results, Proposes N0.70K Final Div. (SP:N4.05k) - Transcorp Hotels  Plc released its 2019 Audited results for the period ended December 31st, 2020. Source NSE Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 280220 - The equities market recorded mixed performance - the listed equities market recorded -4.28% loss WoW while the NASD OTC closed flat WoW. Source Proshare Read More 

Corporate Earnings For The Week Ending 280220 - 7 in All - Two (2) out of the Seven (7) firms declared growth in revenue. CUSTODYINS records 22% growth in earnings to emerge as the firm with highest growth in earnings while ENAMELWA records 56% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Read More 

NASD OTC Market CAP Records No Movement; Remains At N503.35bn - The NASD OTC Security Index (NSI) and Market Capitalisation closed the trading week on Friday, February 28 2020 with a no movement in Market capitalisation and NSI against preceeding Friday, February 21 2020 . Source NASD Read More 

Coronanomics: Understanding The Darker Side of A Virus's Economic Downside - Global equity markets have dipped into the red from one continent to another, starting from America's Dow Industrial Average which slipped by -9.71% to China's SSE Index which tumbled by -7.24%, and South Korea's KS11 Index which skidded by -8.71%. Source Proshare Read More

UBA Declares N89.09bn PAT in 2019 Audited Results; Proposes 80k Final Dividend,(SP:N6.70k) - UBA Plc released its 2019 Audited results for the period ended December 31st, 2019. Source NSE Read More 

MTNN Declares N202.11bn PAT in 2019 Audited Results; Proposes N4.97k Final Dividend (SP:N110.00k) - MTN Nigeria Communications Plc released its 2019 Audited results for the period ended December 31st, 2019. Source NSE Read More

 

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PROSHARE BUSINESS 

CBN Goes Tough on Loan Defaulters, Vows to Seize Debtor's Private Jets - Central Bank of Nigeria, CBN, has promised to reduce the chunk of loans in the Asset Management Corporation of Nigeria. Source Vanguard Read More 

FG Announces Partial Closure Of Independence Bridge For One Month - The Federal Ministry of Works and Housing on Sunday announced a partial closure of the Independence Bridge in Lagos for routine maintenance till May 2 to replace damaged expansion joints. A statement by Federal Controller of Works in Lagos, Mr Adedamola Kuti, appealed to road users to use alternative routes. Source Punch Read More 

Gas Supply From Nigeria To Ghana, Others Resumes - The West African Gas Pipeline Company Limited has said it is resuming its supply of natural gas from Nigeria to its customers in Republic of Benin, Togo and Ghana. WAPCo disclosed this while announcing the successful completion of the cleaning and inspection of its 20" offshore pipeline from Badagry in Nigeria to Takoradi in Ghana. Source Punch Read More 

Electricity Tariff Hike 'Il Hurt Unmetered Customers - FCCPC - The Chief Executive Officer, Federal Competition and Consumer Protection Commission, Mr Babatunde Irukera, has opposed the proposed increase in electricity tariff. Irukera said it was inappropriate for electricity distribution companies to focus on tariff increase as the only way to increase efficiency.  Source Punch Read More 

InfraCredit, USAID Sign Declaration of Partnership, Co-Guarantee N13Billion Bond to Boost Power - The United States government through its Agency for International Development (USAID) and Infrastructure Credit Guarantee Company Limited (InfraCredit) recently signed a Declaration of Partnership for the first-ever bond co-guarantee under a risk sharing arrangement, to provide increased access to electricity to consumers in Port Harcourt, Rivers State. Source Thisday Read More 

Britain Vows To Drive Hard Bargain In U.S. Trade Talks - British Prime Minister Boris Johnson warned he would drive a hard bargain with the United States in upcoming trade talks as the government sets out its negotiating position on Monday. Source Reuters Read More 

Chinese Cities Offer Incentives To Revive Car Sales After Coronavirus Hits Market - Two more Chinese cities that rely heavily on car manufacturing plan to offer incentives to bolster auto sales, which have been hit by the fallout from the spread of the coronavirus. Source Reuters Read More 

 

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PROSHARE TECHNOLOGY   

NITDA Unfolds Nigeria Digital Transformation Plan - The National Information Technology Development Agency (NITDA), has announced the digital transformation plan of the government for the nation's Information Communication Technology (ICT) sector. Source Thisday Read More 

 

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PROSHARE FINANCE 

Improving Regulations For Nigeria's Non-Interest Finance Market - As Non-Interest Finance evolves, the regulatory environment for its success has come under greater attention. Source WebTV Read More

 

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