Nigeria in 1min: Economic, Business and Financial Headlines - 270720

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Monday, July 27, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: The Guardian Nigeria

 

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COVID-19 Health Updates

  • July 26th 2020: Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 40532 cases (New: 555)
  • Discharged:  17374
  • Deaths: 858: (New 2)

Source: NCDC Read More


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PROSHARE ECONOMY 

Oil Prices Stuck At $42 - OIR 240720 - Oil fell back to around $40 for WTI and $43 for Brent - familiar territory for the market over the past few weeks. The EIA's data for this week was more downbeat, dashing hopes of positive momentum. Source Tom Kool of Oilprice Read More 

Nigerian Economic and Financial Markets: H1:2020 Review and H2:2020 Outlook Opportunity in a Crisis? - In our 2020 Economic & Financial Markets Outlook, we noted that the second term of President Muhammadu Buhari began with fiscal reforms as the Finance Act and the amended PSC Act were signed into law in H2:2019. Source Afrinvest Research Read More 

CBN Provides Non-Interest Guidelines for Intervention Programmes - As part of its efforts in supporting the development of the Non-Interest Finance in Nigeria, the Central Bank announced guidelines targeted at various intervention programmes. Source WebTV Read More

Only 6 States Viable, as Katsina Made N8bn But Got N136bn Federal Allocation - The 2019 Annual States Viability Index, ASVI, released on Sunday by Economic Confidential, showed that only six states in the federation are economically viable. Source Vanguard Read More

Wabba Condemns 6% Stamp Duty on Tenancy - President, Nigeria Labour Congress, Comrade Ayuba Wabba has upbraided the federal government for the new policy regime stipulating a 6% stamp duty fee for every tenancy and lease agreement in the country. Source The Nation Read More

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week - 270720 - After more than four days of negotiations, European Union (EU) leaders finally agreed on a landmark stimulus package worth EUR750 billion (USD860 billion) to pull their economies out of recession (IMF 2020E: -10.2%) and tighten the financial bonds holding their 27 nations together. Source Proshare Content Read More

Investors Gain N73.07bn WoW as NSEASI Inches Up by 0.58% to Close the Week Positive - Equities market closed today on a negative note, as NSEASI depreciated by -0.34% to close at 24,427.73 basis points as against +1.40% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.99%.  Source Proshare Markets Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending - 240720 - The equities market recorded positive performance - the listed equities market, NSEASI, recorded +0.58% gain WoW while the NASD OTC also closed positive with +0.01% loss. Source Proshare Markets Read More

Corporate Earnings For The Week Ending 240720 - 11 in All - JAIZBANK records 39% growth in earnings to emerge as the firm with highest growth in earnings while UNILEVER records 36% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More

Commodity Prices in Lagos Island Likely to Spike as a Result of 3rd Mainland Bridge Closure - Nigeria's longest bridge 11.8km long is to be closed for a 6-month period for maintenance. This is likely to substantially disrupt business and economic activities. The attendant impact on consumer price inflation and productivity in the Lagos metropolis will be astronomical. Source FDC Ltd Read More

The DMO's Latest Good Effort - The DMO should be pleased with the outcome of this week's FGN bond auction, when it launched a new 25-year benchmark alongside three re-openings. It offered N130bn across the four instruments, raised N177bn (US$460m) and attracted a total bid of N470bn. Source FBNQuest Research Read More

The Big Rip-Off: Sura Traders Take Customers To The Cleaners - FDC - If you live in Lagos Island, VI or Ikoyi and you are 'traffophobic (fear of traffic)', mind our French. You may be a victim of traders at Sura market, who are charging a premium of 20% and above for identical commodities. You are definitely buying plantain, garri and tomatoes far above the prices prevailing at Iddo and Oyingbo. Source FDC Read More

NASD OTC Market CAP Increased By 0.01% WoW to Close At N518.99bn - NASD OTC Securities Exchange Market closed on a positive note YTD as the market recorded an increase in performance. NASD Security Index Year to date return rose by 1.29%. Total volume traded Year-to-Date stands at   7,816,017,067 units in 862 deals and total Value traded is N 10,395,372,679.02. Source NASD Plc Read More

 

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PROSHARE BUSINESS 

Nigeria remains the Investment Destination of Choice in Africa - The Nigerian-British Chamber of Commerce (NBCC) on Thursday, July 23, 2020, hosted its Opportunity Nigeria Conference. In his welcome speech, the President and Chairman of Council of the NBCC, Mr Kayode Falowo stated that the theme "Nigeria- Gateway to Emerging African Markets... Source NBCC Read More

Non-Oil Export Earnings Rise to $1.21bn - Non-oil export earnings through banks rose to $1.21bn in the first quarter of 2020. The Central Bank of Nigeria disclosed this on Friday in its first quarter economic report, titled 'Non-oil export earnings by exporters.' Source Punch Read More

Power Distributors' Revenue Collection Hit N127bn in Q1 - Power distribution companies in the country saw their revenue collection rise a record N127bn in the first three months of the year. Source Punch Read More

Eurobond Issuance Likely for African Economies - Every crisis presents opportunities and threats to businesses. For the Coronavirus (COVID-19) pandemic, its impact on businesses has been devastating, with the aviation industry shut. The banking sector is also hit, with loan loss expected to escalate as borrowers begin to see the impact of the pandemic on their bottom-line. Source The Nation Read More

Gold hits Record High as U.S.-China Ties Worsen, Asia Stocks Helped by Tech - Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe haven assets, although sentiment was mixed with tech gains supporting some Asian stocks. Source Reuters Read More


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PROSHARE FINANCE 

Fintech and Infrastructure, Ways Islamic Finance Can Support Nigeria's Economy - Abdulkader Thomas - Investments in Financial Technology, Infrastructure and Micro, Small and Medium Enterprises are ways Islamic Trade Finance, can support Nigeria's economy and lift millions from poverty. Source WebTV Read More

The Debt Management Office as a Catalyst for The Development of Infrastructure - The Debt Management Office (DMO) which is the agency of the Government charged with the management of the public debt, has in its almost twenty (20) years of existence supported the Federal Government of Nigeria (FGN) by raising funds to finance various capital projects as approved in the Appropriation Acts. Source DMO Read More

 

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PROSHARE MSME

IFC Offers Access Bank $50m for On-lending to SMEs - The International Finance Corporation (IFC), a member of the World Bank Group, has provided a loan of up to $50 million to Access Bank Plc to help the bank increase liquidity to thousands of small and medium-sized enterprises (SMEs) in Nigeria which are navigating the economic challenges of COVID-19. Source THISDAY Read More

 

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