Nigeria in 1min: Economic, Business and Financial Headlines - 170620


Wednesday, June 17, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @followlasg


Proshare Nigeria Pvt. Ltd.

COVID-19 Health Updates

  • On the 16th of June 2020, 490 new confirmed cases and 31 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 17148 cases have been confirmed, 5623 cases have been discharged and 455 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 490 new cases are reported from 16 states- Lagos(142), FCT(60), Bayelsa(54), Rivers(39), Delta(37), Oyo(30), Kaduna(26), Imo(23), Enugu(19), Kwara(17), Gombe(11), Ondo(10), Bauchi(8), Ogun(7), Borno(6), Benue(1). Read More

Proshare Nigeria Pvt. Ltd.

Click Here To Read Latest News Updates



Nigeria Weekly Update - The Mystery of Naira Liquidity - Last week, the Central Bank of Nigeria (CBN) recorded a decline in its FX reserves, which fell by US$82.09 million to US$36.50 billion; a much slower rate of attrition that we have seen for most of this year, indicating that the CBN did not supply many US dollars to the NAFEX market (also known as the I&E Window). Source Coronation Research Read More

Oil Markets Have Finally Found Stability - OIR 160620 - Oil initially sank on Monday on fears of a second wave of coronavirus, but rebounded after the Federal Reserve promised to begin buying corporate bonds. Rystad Energy says that oil might be moving into a more stable trading range between $35 and $40. Source Tom Kool of Read More

2020 Mid-Year Outlook: COVID-19 Pandemic Reframes Narrative - If our tone at the end of last year was grim, it wasn't grim enough. In our 2020 Outlook, At the Cliff's Edge, published last December, we cautioned that the global economy was due to face more turmoil in the year, but were cautiously optimistic about a Sino-US trade truce driving modest global growth. Source Cordros Research Read More

NCC and FIRS Sign MOU to Ascertain VAT Elements of Telcos' Transactions - The Nigerian Communication Commission ("the Commission") recently announced that it had signed a memorandum of understanding (MOU) with the Federal Inland Revenue Service (FIRS). This is to enable the FIRS to ascertain the accuracy and completeness of value added tax (VAT) and other taxes payable by telecommunications operators ("the Telcos"). Source KPMG Nigeria Read More 

Emmanuel Ijewere to Speak on Agric and Nigeria's Diversification Tomorrow on WebTV - Emmanuel Itoya Ijewere is one of Nigeria's most eminent businessmen with extensive experience and interests across the banking, finance and agricultural spectrums. He is a past President of the Institute of Chartered Accountants of Nigeria (ICAN), the Institute of Directors (IOD), and the Nigerian Red Cross. Source WebTV Read More

NEITI Commends NNPC for Publishing Audited Accounts - The Nigeria Extractive Industries Transparency Initiative on Tuesday commended the decision by the Nigerian National Petroleum Corporation to make public its audited accounts for the first time in its history. NEITI said the move fulfilled a pledge made by NNPC's Group Managing Director, Mele Kyari, to ensure transparency and accountability at the national oil firm. Source Punch Read More

Proshare Nigeria Pvt. Ltd.

Click Here to Read More News on Economy


 Proshare Nigeria Pvt. Ltd.



Takeaways from BUA Cement's Q1 2020 and FY 2019 Conference Call; Summoning The Guerilla - BUA has edged into a position of challenging for recognition as the second-largest cement manufacturing operation in Nigeria as it clips at the heels of its closest rival Lafarge-Africa. Recently released results by the company at its recent Investors Conference Call for 2020 noted that the clinker manufacturer was pushing to increase market share as it adopts a four-pronged approach to corporate growth and sustainability. Source Teslim Shitta-Bey, Managing Editor Read More

Coronanomics (11) - Fighting A Virus - Africa's Equity Market - Thirty-four African stock markets year-to-date performance played up the mirror images of global equity market patterns. Among the 34 stock markets examined twenty-nine (29) stock markets were negative (red), i.e. they dipped while five (5) stock markets were positive (green) i.e. they recorded positive changes. Source Proshare Content Read More

Investors Lose N12.19bn; NSEASI Dips Further by -0.09% as Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.09% to close at 24,930.88 points as against -0.91% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.12%. Source Proshare Markets Read More

Yield Dropped Opening The Week As Unmet Sukuk Demand Chased Benchmark Bonds - The Bond Market opened the week with sustained interest seen across some of the benchmark bonds, in the aftermath of the release of the FGN Sukuk auction results which showed the heavy demand still unmet. The DMO released the circular detailing the outcome of the SUKUK auction, slated to settle tomorrow June 16, 2020, and was heavily subscribed as expected with a total subscription of N669BN while only 162.6BN was allotted to investors (4.11X bid-to-cover ratio). Source Zedcrest Capital Read More

FMDQ Exchange Set to Engage Market Stakeholders on Combating Currency Exchange Volatility - The Coronavirus pandemic (COVID-19) has not only affected governments, communities and families, but has impacted global economies, bringing about unprecedented market uncertainties and fluctuations, thereby making the management of volatilities, such as market, credit, foreign exchange (FX), become increasingly imperative for continued survival of businesses. Source FMDQ Read More

Stretched Argument for Nigerian Equities; Sentiment of FPIs Deteriorate - Our chart highlights the deterioration in the sentiment of foreign portfolio investors (FPIs) towards listed Nigerian equities over many months. The last net inflow goes back to September and was minimal (N1bn). The net outflow was highest (N66bn) in March 2020, which saw the spectacular and mercifully short-lived collapse of OPEC+'s accord on output restraint. Source FBNQuest Read More

Some Different Priorities in the Ghanaian Response to the Coronavirus - FBNQuest - For a look at another response in the sub-region to COVID-19, we have read the statement following the meetings of the monetary policy committee (MPC) in Ghana last month and in March. Given the different size and structure of the economies, not forgetting the degree of pass-through from monetary policy, we do not pretend there should be a direct read-across from Nigeria. Source FBNQuest Research Read More

Click Here to Read More News on Markets 

 Proshare Nigeria Pvt. Ltd.



Nigeria's Aviation Industry Lost $700m, Says IATA Boss - Nigeria's aviation sector has suffered a loss of $700m during the coronavirus pandemic, the Africa Regional Director of the International Air Transport Association, Funke Adeyemi, said on Tuesday. Adeyemi, who said this during a webinar, titled, 'A national conversation: Mapping Nigeria's response to COVID-19' on Tuesday, added that 90,000 jobs were at risk in the industry. Source Punch Read More

Report: World's Highest Population without Electricity Resides in Nigeria - Nigeria now has the highest number of people lacking electricity access in the world with a total of 85 million Nigerian citizens, a report co-authored by the World Bank has disclosed. Source THISDAYLIVE Read More

COVID-19: AfDB Forecast $88.3 billion Drop In Africa's GDP - The African Development Bank (AfDB) has projected that the ongoing Coronavirus (COVID-19) pandemic ravaging economies globally could cause Africa's Gross Domestic Product (GDP) to drop by between $22.1billion and $88.3billion. Source The Guardian Read More

Two Million Farmers'll Get Zero Interest Financing - FG - The Federal Government on Tuesday announced that it would provide zero interest financing options for two million smallholder farmers nationwide under its Agric for Food and Jobs Plan. It said the plan was aimed at mitigating the negative impact of the COVID-19 pandemic on the country's agricultural sector. Source Punch Read More

Asian Stocks Set To Rise As Drug Trials, Data Push Wall Street Higher - Asian stocks were set to climb on Wednesday after another late Wall Street surge in response to upbeat trial results for a COVID-19 treatment and data showing U.S. consumers spent big in May. Source Reuters Read More


Proshare Nigeria Pvt. Ltd.

Click Here To Read More News on Business

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 Proshare Nigeria Pvt. Ltd.



Proshare Nigeria Pvt. Ltd.

Click Here To Watch More Videos

Related News

1.              What To Expect From The Markets This Week - 150620

2.             Nigeria in 1min: Economic, Business and Financial Headlines - 150620

3.             Nigeria in 1min: Economic, Business and Financial Headlines - 160620

Related News