Nigeria in 1min: Economic, Business and Financial Headlines - 290420


Wednesday, April 29, 2020 / 06:45 AM / By News Aggregator / Header Image Credit: @NCDCgov

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    COVID-19 Health Updates

    • On the 28th of April 2020, 195 new confirmed cases and four deaths were recorded in Nigeria
    • One new state (Nasarawa) has reported a case in the last 24 hours.
    • Till date, 1532 cases have been confirmed, 255 cases have been discharged and 44 deaths have been recorded in 33 states and the Federal Capital Territory
    • The 195 new cases are reported from fifteen states- Lagos (80), Kano (38), Bauchi (15), Ogun (15), Borno (11), Gombe (10), Sokoto (9), Jigawa (5), Edo (5), Zamfara (2), FCT (1), Enugu (1), Rivers (1), Delta (1), Nasarawa (1)
    • A multi-sectoral national emergency operations centre (EOC), activated at Level 3, continues to coordinate the national response activities. Source NCDC Read More

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    Coping with Coronanomics - Abati - The global economy is in a tailspin. IMF and the World Bank have both predicted a contraction of the global economy with developing economies likely to be worst affected. This situation is the direct result of the menace of the COVID-19 pandemic, and the energy crisis that the world faces.  Source Reuben Abati  Read More

    Nigeria Needs A National Strategy To Integrate Factor Endowment Into A Plan - Prof. Utomi - Founder, Centre for Values and Leadership (CVL), Professor Patrick Utomi was of the view that the ongoing COVID-19 crises was an opportunity for Nigeria to reset its development plan and strategies with a view to attaining measurable developmental milestones. Speaking on WebTV's breakfast Coronanomics program  Source WebTV Read More 

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    Earnings Season Will Be A Bloodbath For Oil Producers - OIR 280420 - Oil prices collapsed again on Monday on fears of dwindling storage and also extreme volatility in the front-month contract for WTI. "The key trigger this time was probably the unexpected decision by one of the largest investment vehicles for retail investors to withdraw from the WTI futures for June and to move instead into contracts with a longer term," Commerzbank said in a note.  Source Tom Kool of Read More 

    COVID-19: IMF Executive Board Approves US$3.4bn in Emergency Support to Nigeria - The IMF approved US$3.4 billion in emergency financial assistance under the Rapid Financing Instrument to support the authorities' efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices. Source IMF Read More  

    Germany Grants Nigeria N8.9bn Debt Relief - The Republic of Germany said it has granted Nigeria debt relief amounting to N8.9 billion (€22.4 million) on account of the coronavirus pandemic. Also, the German government said it has successfully campaigned in the G20 group of countries and the Paris Club group of creditor countries in favour of a debt moratorium for countries heavily affected by the economic impact of COVID-19.Source Punch Read More

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    Polaris Bank: Confirms a Resurrection, Tackles Loan Bullets - Polaris Bank Limited, the Central Bank of Nigeria (CBN) backed bank created from the legacy Skye Bank Plc, over the weekend announced the approval of its 2019 financial statements, and appears to be clawing back to 'sustained' profitability as it recorded a financial year end (FYE) 2019 profit before tax figure of N27.34bn. Source Teslim Shitta-Bey, Adesola Borokinni et al Read More 

    Financial Services Sector Records 7 Gainers to 32 Losers YTD; LAWUNION Leads With 100% YTD Return - Financial Services Sector, no doubt, is one of the most active sectors on the Nigerian bourse. The sector accounted for 89.76% of the market volume traded before the lockdown and 81.67% of volume traded during the lockdown as at April 22nd, 2020.  Source Proshare Research Read More 

    Banking System Outlook Update - Nigeria Outlook Changes to Negative Due to Oil Price Collapse - We have changed our outlook for Nigeria's banking system to negative from stable. This reflects our view that banks will face weakening loan quality and foreign-currency liquidity challenges as depressed oil prices and the coronavirus pandemic weigh on Nigeria's economy.  Source Moody's Investor Service Read More 

    FG to Convert N850bn New External Borrowing in The 2020 Appropriation Act to Domestic Borrowing - The 2020 Appropriation Act approved a total of N1,594.99 billion as New Borrowing to part-finance the Deficit in the Budget. This was made up of N794.99 billion Domestic Borrowing and N850 billion External Borrowing. Source DMO Read More 

    Emerging Market Covenant Quality Scores Improve, But Risk of Cash Leakage Rises - Moody's Investors Service says in a new report that the covenant quality (CQ) score for emerging markets (EMs) improved slightly in the six months ended 31 March 2020, but that the risk of cash leakage is rising amid the coronavirus-led downturn.  Source Moody's Investor Service Read More 

    Investors Gain N58.15bn as NSEASI Inches Up Further by 0.49% Amid Improved Market Turnover - Equities market closed today on positive note, as NSEASI appreciated by +0.49% to close at 22,727.87 points as against +0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.33%.  Source Proshare Markets Read More 

    FBN Holdings Holds AGM, Records 30.9% Growth In PBT -  FBN Holdings Plc, Nigeria's leading financial services group, recently held its Annual General Meeting (AGM) in Lagos. At the AGM, FBN Holdings Plc reiterated its promise to place its shareholder value at the forefront of its operations, noting that as a Group, it is positioned and driven to not just remain relevant in the future but also involved in the development of the Nigerian economy and its host countries across Africa. Source FBN Holdings Read More 

    Viral Setback to Global Thinking - FBNQuest - The first duty of our rulers is to protect our security. So they declare war, mobilize armies and negotiate peace on our behalf. Now, however, they face an enemy they cannot see and do not understand. Being human, they make mistakes. In most cases we have elected them to look after us, and are angry when they fall short.  Source FBNQuest Read More 

    Stanbic IBTC Q1 2020 Results Review: Shares Attractively Priced Post Sell-off - Stanbic IBTC's (Stanbic) Q1 2020 PBT was in line with our forecast. As such, we have made limited revisions to our 2020E earnings forecast. Regardless of the limited variance in earnings relative to ours, both revenue lines diverged markedly from our forecasts. Source FBNQuest Read More 

    International Breweries Q4 2019 Results Review: Underperform Rating Maintained - We have cut our price target for International Breweries (IB) by -39% to N4.7 on the back of i) marked downward adjustments to earnings forecasts and ii) an increase in our equity risk premium assumption by 150bps to 7.5%. Regarding the first point, earnings continue to deteriorate since the merger in 2017. Source FBNQuest Research Read More 

    Fidelity Bank Plc Q1 2020 Unaudited Results - Higher Costs Pressure Earnings - Fidelity Bank Plc (FIDELITYBK: NGSE) recorded a 1.4% YoY decline in earnings in its unaudited Q1'20 result. The bank's weak performance reflected the combined impact of higher operating costs (+29.6% YoY), surge in loan loss charges (2x increase), and lower non-interest revenue (-27.4% YoY). Source CardinalStone Research Read More 

    Anchoria Fixed Income Monitor: Investors' Appetite Remained Strong at Bond Auction - The average money market rate rose significantly last week by 18.58% to settle at 20.71% from 2.13% in the previous week. The constraint in the system liquidity is attributable to the sudden CRR debits by the CBN and FGN Bond auction sum of N156.06 billion which occurred during the week. Source Anchoria AM Research Read More 

    A Highly Provisional Calendar from the DMO - The calendar of the Debt Management Office (DMO) for the sale of FGN bonds in Q2 2020 reissues the existing five, 15 and 30-year benchmarks. It may well be adjusted in line with changes to the 2020 budget that the FGN has been reworking with the National Assembly. Source FBNQuest Research Read More 

    FCMB Holds Virtual AGM as Shareholders Commend Performance and Approved Dividend - Shareholders of FCMB Group Plc have again applauded the financial institution for its resilience, dynamism and impressive performance recorded last year despite the challenging operating environment. Source FCMB Read More

    Ahead of Tomorrow on WebTV: Discussions on COVID-19: Implications For The Nigerian Capital Market - CHARLES FAKROGHA is the Chief Dealer for City Code Investments and Trust Limited and a seasoned Chartered stockbroker and Member, Nigerian Institute of Training and Development. He holds an MBA Finance from the Lagos State University, LASU and a First Degree in Chemistry from the Rivers State University, RSU. Source WebTV Read More 

    Weaker Naira Looms as Nigerian Black-Market Rate Plunges - The Nigerian naira's plunge in the unofficial foreign-exchange market is an indication the central bank may have to weaken the official rate further after last month's devaluation.  Source Tope Alake of Bloomberg Read More


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    CBN Lifts Temporary Suspension on Cheque Clearing in the Nigerian Clearing System - In furtherance of its effort in the development of a safe and efficient payment in Nigeria, the Bank in collaboration with relevant stakeholders has reviewed the need for cheque clearing to accommodate users of cheque as one of the payment instruments in Nigeria, despite the lockdown of some states and FCT. CBN Read More 

    COVID-19: Private Sector Contributions Hit N27.16bn - Total funds raised by the Private Sector Coalition Against COVID-19 rose to N27.16bn as of the end of April 23, 2020. The Director, Corporate Communications, Central Bank of Nigeria, Isaac Okorafor, disclosed this in a statement on Tuesday. Source Punch Read More 

    LCCI, NECA, PENGASSAN Demand Stimulus Packages, PIB Passage - Ahead of this year's Workers' Day, popularly known as May Day, frontline organisations in the organised private sector have called on the Federal Government to support the sector with stimulus packages. The organisations include the Lagos Chamber of Commerce and Industry and the Nigeria Employers Consultative Association. Source Punch Read More 

    Be ready to pay higher for fuel -PPPRA - Nigerians should be ready to pay high or low prices for petrol following the price liberalisation scheme currently in place, the Petroleum Products Pricing Regulatory Agency said on Monday. Source Punch Read More 

    Ford Expects $5 Billion Loss In Current Quarter As Coronavirus Hits Demand - Ford Motor Co (F.N) said on Tuesday its second-quarter loss would more than double to over $5 billion from $2 billion in the first quarter due to the impact of the coronavirus pandemic, but added it had enough money despite the crisis to last the rest of 2020. Source Reuters Read More

    White House Official Warns Of Negative Shocks Before Rebound Later In 2020 - Top Trump adminstration officials on Tuesday predicted a strong economic rebound in the fourth quarter as the coronavirus fades, but a senior White House adviser warned that near-term unemployment and GDP data will be a "very grave" negative shock.  Source Reuters Read More 

    BoI Grants Three Months Moratorium on Loans - The Bank of Industry (BoI) has granted three months moratorium to all loans it extended to its customers to enable them cope with the negative impact of the COVID-19 pandemic on their businesses. Source Thisday Read More 

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    Alphabet Warns of Difficult Quarter as Consumers Google Pandemic, not Shopping -  Alphabet Inc (GOOGL.O) on Tuesday beat analysts' estimate for quarterly revenue as its Google unit posted double-digit advertising growth despite the economic slowdown from the novel coronavirus. Source Reuters Read More 


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    Ahead of Tomorrow on WebTV: Discussions on The Economy and Real Estate-Post COVID-19 - HAKEEM OGUNNIRAN is the Founder and Chief Executive Officer of Eximia Realty Co Ltd, developers of the MaestroVille, and Fiona-Lawton Apartments, Lekki, and joint promoters of Lake City, LAGOS. His company is also the exclusive franchisee of Plovercrest Capital Inc for the West African territory. Source WebTV Read More


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