Nigeria in 1min: Economic, Business and Financial Headlines - 020920


Wednesday, September 2, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @akin_adesina


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COVID-19 Health Updates

  • 1st of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 54,247 cases (New: 239)
  • Discharged:  42,020
  • Deaths: : 1,023 (New: 10)

Source: NCDC Read More

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Oil Prices Could Rise to $65 - OIR 010920 - Oil prices rose on Tuesday on new manufacturing data from both the U.S. and China, which surprised on the upside. The dollar also weakened, adding some support to crude. Nevertheless, crude is showing few signs of being able to break out from its current range.  Source Tom Kool of Oilprice Read More

Interest on Local Currency Savings Deposits Subject to a Minimum of 10% per annum of MPR - The Central Bank of Nigeria (CBN) has noted with satisfaction the recent declining trend in market rates in the banking sector following the implementation of policies aimed amongst others, at stimulating credit flow to the real sector. Source CBN Read More

Nigeria and the Southern Kaduna Question - The renewed interest in the crisis that continues to rock Southern Kaduna would be helpful if it produces a genuine effort at resolving the problem and ensuring lasting peace in that part of the country that remains troubled, divided and to all intents and purposes, a killing field. Source Reuben Abati Read More

Axens Selected for BUA Group Integrated Refinery and Petrochemical Project in Nigeria - Rueil Malmaison, France. Axens announces today to be awarded by BUA Group, a leading Foods, Mining & Infrastructure Conglomerate based in Lagos, Nigeria the supply of process technologies for its greenfield refinery and petrochemicals facility in Nigeria. Source Axens Powering Integrated Solutions Read More

Implications of CBN's Downward Review of the Interest Rate on Savings Deposit - Late yesterday, the CBN in a circular to all banks directed that the minimum interest rate on savings deposit be reduced to a minimum of 10% of MPR, or 1.25%, from the previous minimum of 30% of MPR, or 3.75%. Source FBNQuest Research Read More


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Investors Gain N45.29bn, NSEASI Inches Up by 0.34% as Market Sentiment Remains Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.34% to close at 25,413.95 basis points as against +0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.32%. Source Proshare Markets Read More

ALERT: 88.26% of Total Market Volume Traded on UAC-PROP Shares Today - At the close of trading today, a total volume of 947.74mln units of shares of UAC Property Devt Company of Nigeria Plc valued at N663.67mln were traded. This represents 88.26% of the total market volumes of 1.07bn while the value of UAC-RPOP shares traded represents 31.53% of the total market value traded which was put at N2.10bn. Source Proshare Research Read More

UBA Declares N44.43bn PAT in H1 2020 Audited Results; Proposes 17k Interim Dividend, (SP:N6.70k) - UBA Plc released its Q2 2020 audited results for the period ended June 30th, 2020. Interest Income grew by 0.3% to N205.59bn from N204.89bn in the previous quarter. Profit before tax stood at N57.13bn. Source NSE Read More

S&P, Nasdaq Close at Record Highs in Tech-Fueled Rally - The S&P 500 and Nasdaq boasted record closing highs on Tuesday with technology leading the charge as Apple and Zoom Video soared while economic data and moves toward stimulus talks in Washington helped fuel optimism. Source Reuters Read More

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Dr. Akinwumi Adesina, 8th President of the AfDB, sworn in for Second Term - "Today, a rainbow stretches from the 81 member countries of the African Development Bank across the deep blue skies of Africa... The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank". Source AfDB Read More

Shoprite Challenges Order Stopping Assets Transfer - South African retail company, Shoprite Checkers (PTY) Limited, has filed an application seeking the discharge of the mareva injunction stopping it from transferring its assets. Source Punch Read More

Local Content: Nigeria Saves $2bn on LNG Train 7 EPC - The implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act has saved Nigeria the sum of $2bn in the Engineering Procurement and Construction (EPC) contract for Nigeria LNG Train 7 Project. Source THISDAYLIVE Read More

Brent Hits Five-Month High At $46 - Oil prices rose on Monday with Brent topping $46.50 reaching its highest level in over five months. Strong crude demand from China has been one of the most important drivers in the ongoing recovery in oil markets, and in contrast to what many analysts expected, Chinese demand continued to be remarkably robust in July and August. Source The Nation Read More

U.S. Employment Projected to Increase Six Million From 2019 To 2029: Labor Department - U.S. employment is projected to increase by 6 million jobs this decade, with the annual growth rate sharply slower than during the economy's recovery from the Great Recession, according to a government report on Tuesday. Source Reuters Read More

China's Mega Banks Lost Billions of Dollars in Profit as Bad Loans Rise During Coronavirus Pandemic - China's five largest banks reported their biggest profit declines in at least a decade as they brace for further increases in bad loans in an economy weakened by the coronavirus pandemic. Source Yen Nee Lee, CNBC Read More

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Active GSM Lines Hit 199.3 Million - NCC - The Executive Vice Chairman, Nigerian Communications Commission, Umar Danbatta, on Tuesday said active GSM subscribers in Nigeria had increased from 184 million in December 2019 to 199.3 million in May 2020. Source Punch Read More

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