Nigeria in 1min: Economic, Business and Financial Headlines - 030221

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Wednesday, February 03, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

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COVID-19 Health Updates 

  • 2nd of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 133,552 cases (New: 676)
  • Discharged:  107,551
  • Deaths: : 1613 (New: 6)

Source: NCDC Read More


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PROSHARE ECONOMY

Tilting Towards Value - We maintain a bullish outlook for global equities in general for 2021. However, we are switching our bias from a preference for the so-called Quality and Growth stocks to an increasingly optimistic outlook for Value equities. Source Steve Brice, CIO Standard Chartered Bank Read More

Nigeria: Pastoralist-Farmer Conflict a Threat to Food Security as Inflation Spikes - Nigeria could suffer a major food blowback in 2021 as the fisticuffs between pastoralists and farmers morph into regional theatres of conflict with regions of the Southwest and Southeast raising their heckles over what they see as the highhandedness of the federal government in resolving the matter of Fulani herdsmen encroaching on private farmlands in the southern part of the country. Source Funsho Idowu, Proshare Research Read More

Four Priorities for the Nigerian Economy in 2021 and Beyond - Nigeria is at a critical point in its 60-year history. In the year 2020, Nigeria experienced one of the worst recessions in several decades - its second recession in a space of 5 years. While the rate of unemployment reached a peak of 27.1 percent as at June 2020. Source NSEG Group Read More

Buhari and The New Service Chiefs - Beyond the Handover of Flags - Many Nigerians were understandably shocked, surprised, if not alarmed last week, when they suddenly heard the news that the President of Nigeria, Muhammadu Buhari had finally decided to relieve the service chiefs appointed in 2015 of their appointments. Source OpEd by Reuben Abati Read More

Oil Price Rises Above $57, Highest in 12 Months - The international oil benchmark, Brent crude, rose more than two per cent on Tuesday, hitting a 12-month high after major crude producers showed they were reining in output roughly in line with their commitments. Source Punch Read More

FG, Labour Consider Electricity, Fuel Price Reports Feb 22 - The Federal Government and the organised labour will reconvene on February 22 for the consideration of the reports of the bipartite technical committees on fuel price and electricity tariff. Source Punch Read More


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PROSHARE MARKETS

ETI FY2020 Results: Profit Slump in The Face of Repositioning - Coming off the back of a one-off charge against its profit and loss (P&L) account in 2020, Ecobank Transnational Incorporated (ETI), saw its profit take a tumble with its P&L punctured by legacy assets which the bank fully netted off by way of a hefty goodwill charge which came from its acquisition of the former Oceanic Bank Plc in 2011. Source Adaeze Nwachukwu, Proshare Research Read More

The CBN's Planned Restructuring of the Nigeria Commodity Exchange Raises Concerns - On Tuesday, January 26, 2021, the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele addressed the first press conference in the year where he unfolded the decision of the Monetary Policy Committee (MPC) on the rates that will drive operations in the money market. Source OpEd by Sola Oni Read More

Commercial Papers to Increase in Q1, 2021 - Oluwatosin Ayanfalu - Corporate Commercial Paper (CP) Issues will grow in Q1, 2021 because of the comfortable migration away from the fixed income market to the equities market by local investors as fixed income yields begin to climb back up. Source WebTV Read More

Investors Lose N164.31bn as NSEASI Dips Further by -0.74% Amid Increased Sell Pressure - Equities market closed today on a negative note, as NSEASI depreciated by -0.74% to close at 42,043.79 basis points as against -0.13% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.40%. Source Proshare Markets Read More

Investment Tribunal Orders NDIC to Pay IPO Subscriber - The Investment and Securities Tribunal (IST) has ordered the Nigeria Deposit Insurance Corporation (NDIC) to pay a subscriber to an aborted initial public offering (IPO), in a landmark judgment that places the burden of uncompleted transactions on the NDIC. Source The Nation Read More

Analysis: GameStop Saga Expected to Revive Scrutiny of Hedge Fund Industry - With hedge funds at the center of market drama for the second time in less than 12 months, the GameStop saga is likely to expedite a regulatory review of the ever-larger role non-bank firms play in the financial markets, regulatory experts said. Source Reuters Read More

 

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PROSHARE BUSINESS

Ministry of Petroleum Gives New Date for NIPS 2021 - Timipre Sylva, the Minister of State for Petroleum Resources, has announced June 6 to 10 as new date for the 2021 Nigerian International Petroleum Summit (NIPS). Source Vanguard Read More

Exxon Mobil Reports Big 2020 Loss, Unveils Low Carbon Business - Exxon Mobil closed the books on a terrible 2020 on Tuesday, reporting losses in the fourth quarter and for the full year in the wake of lower oil prices amid the Covid-19 crisis. Source the Guardian Nigeria Read More

GameStop, Other Reddit-Favored Stocks Plunge as Trading Frenzy Fizzles - GameStop Corp shares more than halved in value on Tuesday and silver prices retreated as the Reddit-driven trading frenzy that roiled stock and commodity markets appeared to fizzle, at least for now. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

ACCI in Collaboration with NASSCOM to Host a Virtual Conference on February 11, 2021 - The Abuja Chamber of Commerce and Industry (ACCI) in collaboration with National Association of Software and Service Companies in India (NASSCOM) will on the 11th of February 2021 from 11am, host a virtual conference themed "Nigeria-India Partnership Towards a Structured ICT Market and Digital Economy". Source Abuja Chamber of Commerce and Industry Read More


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