Nigeria in 1min: Economic, Business and Financial Headlines - 200720

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Monday, July 20, 2020 / 05:30 AM / By News Aggregator / Header Image Credit: Coronation Capital


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COVID-19 Health Updates

  • July 15th 2020: Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 36663 cases (New: 556)
  • Discharged:  15105
  • Deaths: 789 : (New 11)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More


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PROSHARE ECONOMY 

Headline Inflation Increases By 12.56% YoY In June 2020; 0.16% Higher Than May 2020 Rate - The consumer price index, (CPI) which measures inflation increased by 12.56 percent (year-on-year) in June 2020. This is 0.16 percent points higher than the rate recorded in May 2020 (12.40) percent. Source NBS Read More 

Average Prices of PMS, AGO, HHK and Cooking Gas - June 2020 - Average price paid by consumers for premium motor spirit (petrol) decreased by -11.33% year-on-year and month-on-month by -0.61% to N128.88 in June 2020 from N129.67 in May 2020. Source NBS Read More 

The Pandemic and The Manufacturing Sector - Nigeria's manufacturing sector continues to struggle, mainly due to the economy's many structural challenges. It is regarded as an underperformer. In 2019 the sector accounted for 9% of total GDP and grew by a paltry 0.8% y/y. Source FBNQuest Research Read More 

Inflation Spikes Amid Rising Coronavirus Cases; Understanding The Numbers - Inflation has become a bugbear as uncertainty about local supply chains, rising job losses and falling real interest rates discourage capital importation and foreign direct investment (FDI).  Source Proshare Research Read More 

Oil Market Tightens As Second COVID Wave Looms - OIR 170720 - The big oil market news of the week was the easing of cuts from OPEC+. The markets largely welcomed the move, especially since it included pledges by laggards to temporarily keep some supply off of the market to compensate for past under-compliance. Meanwhile, bullish EIA data also boosted sentiment. Source Tom kool of Oilprice Read More 

OPECplus Cuts Tapering Reflects Recovering Oil Demand - The OPEC+ agreed tapering of oil production cuts from August should support a gradual market rebalancing and may help reduce price volatility, Fitch Rating says. Source The OPEC+ agreed tapering of oil production cuts from August should support a gradual market rebalancing and may help reduce price volatility, Fitch Rating says. Source Fitch Ratings Read More 

Headline Inflation Crosses the 12.5% Threshold in June 2020 - As widely expected and consistent with analysts' consensus, headline inflation increased again to 12.56% in June from 12.40% in May. This is the 10th consecutive monthly increase and the highest level in over two years. Source FDC Ltd Read More 

Intrigue over FAAC N651.184bn June Allocation - The Federation Accounts Allocation Committee (FAAC) has shared a total of ₦651.184 billion as June 2020 Federation Account Revenue to Federal, States and Local Governments Councils and relevant agencies in the country. However it is unclear where the government got money to augment revenue shared for the month. Source TheNation Read More

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week - 200720 - The Chinese economy returned to growth in the second quarter, marking an important milestone in the global struggle to climb out of the slump brought about by the coronavirus. GDP expanded by 3.2% y/y in Q2-20, reversing a 6.8% y/y decline in Q1-20 and beating the median forecast of 2.4% y/y. Source Proshare Content Read More 

Investors Lose N9.76bn WoW as NSEASI Dips by -0.08% to Close the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.17% to close at 24,287.66 basis points as against +0.83% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.52%. Source Proshare Markets Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending - 170720 - The equities market recorded negative performance - the listed equities market, NSEASI, recorded -0.08% loss WoW while the NASD OTC also closed negative with -0.19% loss. Source Proshare Markets Read More 

NASD OTC Market CAP Decreased By -0.19% WoW to Close At N518.93bn - NASD OTC Securities Exchange closed the week with a negative return in NSI. The NSI return fell by -0.19% to close the week at 706.44 points against 707.77 points in the preceding Friday, July 10 2020. Source NASD Plc Read More 

SSA Fiscal Policy Response and Debt Sustainability: Striking the Right Balance - The outbreak of COVID-19 left a negative imprint on the revenue profile of most SSA countries (especially for crude oil and tourism dependent economies). As such, the need to cushion the negative impact, spurred government spending across the region. Source United Capital Research Read More 

Unilever Holds 95th AGM, Declares N60.48bn Turnover; Assures Stakeholders on Growth, Profitability - Unilever Nigeria Plc has declared a turnover of N60.5 billion for the financial year ended December 2019. Source Unilever Read More 

Communique of G20 Finance Ministers and Central Bank Governors Meeting of July 18, 2020 - Global economic activity is expected to contract sharply in 2020 due to the impact of the COVID-19 pandemic and the associated disruptions in supply and demand. Source G20 Read More

 

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PROSHARE BUSINESS 

For Publishing Debtors List - Court Dismisses N5bn Libel Suit against THISDAY, Diamond Bank - An FCT High Court, in Kubwa on Monday, dismissed a N5 billion libel suit filed by a Chartered Accountant, Nixon Alanza, against THISDAY Newspaper Limited and Diamond Bank Plc. Source Thisday/NAN Read More 

NNPC Suffers 47% Drop in Petrol Sales Revenue - The Nigerian National Petroleum Corporation saw its revenue from petrol sales plunge by 47.38 per cent to N107.61bn in April as supply dropped amid the coronavirus lockdown and the reduction in the pump price of the product. The Petroleum Products Marketing Company is principally engaged in the supply and marketing of refined petroleum products to the marketers/retailers on behalf of the NNPC. Source Punch Read More

FG Loses N10.4b Yearly to Stalled Silos Concession - About N10.4b yearly concession fee and share profit might have been lost by the Federal Government in the last one year, due to the non-release of the 19 Silo Complexes concessioned in 2019. Source Guardian Read More

 

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PROSHARE TECHNOLOGY  

130 Accounts Targeted in Attack, Says Twitter - Twitter says 130 accounts were targeted in a major cyber-attack of celebrity accounts. However, Twitter said only a small subset of those 130 accounts had control seized by the attacker, BBC news reported on Friday. Source Punch Read More 

 

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PROSHARE FINANCE 

The UK Is Leading Centre for Islamic Finance With Managed Assets Worth $5bn - Gori Olusina Daniel - The United Kingdom is the leading centre for Islamic finance globally with assets under management topping $5billion, spread over 20 banks. Mr.  Gori Olusina Daniel, the Managing Partner at Africa Public-Private Advisory Services Limited, pointed this out as a guest on WebTV's Islamic Finance Weekly Program. Source WebTV Read More 

Insurance: Leading through Women - Only change led by women results in transformation! Arguably so, but that statement does not remove anything from the assertion that "the only thing that is constant is change". Source Ekerete Ola Gam-Ikon Read More 

 

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PROSHARE MSME 

Women to get 60% of N220bn SME Fund - CBN - The Central Bank of Nigeria has said that women will be given 60 per cent of the N220bn Micro, Small and Medium Enterprises Development Fund as part of its developmental role and mandate of promoting a sound financial system. It also said that two per cent of the wholesale component of the fund would go to economically active persons living with disabilities and 10 per cent provided for start-up businesses. Source Punch Read More

Flight to Suburbs Boosts U.S. Homebuilding, But COVID-19 Surge Erodes Consumer Sentiment - U.S. homebuilding increased in June by the most in nearly four years amid reports of rising demand for housing in suburbs and rural areas as companies allow employees to work from home during the COVID-19 pandemic. Source Reuters Read More 

 

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