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Wednesday, June 3, 2020 / 06:00 AM / By News Aggregator / Header Image Credit: @NGRPresident
COVID-19 Health Updates
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PROSHARE ECONOMY
PMI: Broad Based Slowdown Reflects the Impact of COVID-19 Restrictions - The Purchasing Managers Index (PMI) data released by the Central bank of Nigeria (CBN) for the month of May showed significantly weakened activity levels. Although, no data was provided for the month of April (the period of full lockdown in Lagos, the epicenter of economic activities), the data for May in our view still reflects the full impact of the global pandemic. Source CSL Research Read More
Crude Oil
Production Cuts Will Spur Nigeria's Negative Growth in Q2 2020 - PFI Capital - Latest GDP data from the NBS indicates that the
Nigerian economy grew at a slower pace of 1.87% YoY in Q1 2020 compared to 2.1%
growth in Q1 2019 and 2.55% growth recorded in Q4 2019. This reflects the
earliest effects of the global disruptions caused by the COVID-19 pandemic as
the non-oil sector grew at a slower pace of 1.55%. Source PFI Capital Limited Read More
FAAC Disburses N780.93bn in April 2020 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N780.93bn to the three tiers of government in April 2020 from the revenue generated in March 2020. Source NBS Read More
Oil Rallies Towards $40 as OPECplus Nears Deal - OIR 020620 - Oil prices rose once again on rising odds of an OPEC+ extension. Brent is now nearing $40 per barrel, a remarkable comeback after crashing below $20 per barrel a little more than a month ago. Source OilPrice Read More
President Buhari to AfDB
President, Adesina: I Will Stand By You - President Muhammadu Buhari
says Nigeria will stand solidly behind Dr Akinwumi Adesina in his bid to get
re-elected as President of the African Development Bank (AfDB). The President
spoke at State House, Abuja, Tuesday, while hosting Dr Adesina on a courtesy
visit. Source State House Press Release Read
More
Senate, NNPC Clash Over
$21 Crude Oil Production Cost - The Senate Committee on Finance on Monday
rejected the revenue targets projected for the various revenue-generating
agencies in the country to fund the Revised 2020 Budget, describing their
proposed sums as grossly inadequate. Source Punch Read
More
EITI Counsels Nigeria,
Others on Extractive Sector Revenue - The Extractive Industries
Transparency Initiative (EITI) has offered countries such as Nigeria which are
rich in mineral resources an advisory on how to protect their extractive sector
revenue with the outbreak of the COVID-19. Source Thisday Read
More
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PROSHARE MARKETS
Market Maintains Positive Posture; Investors Gain N47.89bn as NSEASI Inches Up Further by 0.27% - Equities market closed today on a positive note, as NSEASI appreciated by +0.27% to close at 25,383.43 points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.43%. Source Proshare Markets Read More
Presco Plc FY 2019 and Q1 2020 Results - Earnings Decline on Revenue and Finance Cost Pressures - Presco Plc (PRESCO) recently published its FY'19 (audited) and Q1'20 results. The company recorded PAT declines in FY'19 (-10.4% YoY) and Q1'20 (-15.9% YoY). Following the release of the FY'19 result, the company declared a dividend of N2.00 per share (implied dividend yield of 4.8% on current price) that is slightly justified by its strong cash balance in FY'19. Source CardinalStone Research Read More
Fixed Income Markets Kick-Off The Month On Bullish Note As The MPR Cut Drive Yields Down - The FGN bond market opened on a chaotic note, with bids/offer widely dispersed on most of the benchmark maturities. The bulls tried to shrug off unattractive levels, picking bonds offered at levels slightly better than screen. Market appetite was skewed to the long end of the curve in particular 2049s and 2050s bond which traded around 12.25% and 12.30% respectively. Source Zedcrest Capital Read More
UAC-PROP Lists
Additional Shares Arising From Rights Issue of 15,961,574,145 Ordinary Shares - An additional 15,961,574,145 ordinary shares of UACN
Property Development Company Plc (UPDC or the Company) were today, Tuesday, 2
June 2020 listed on the Daily Official List of The Nigerian Stock Exchange (The
Exchange). Source NSE Read
More
Nestle Nigeria Maintained Outperform Rating in Q1 2020 Despite Cut to PT - Nestle Nigeria's (Nestle) underlying performance for Q1 2020 fell slightly behind expectations with PBT missing by -5%. PAT missed by -13% because of a -14% negative surprise in tax charges. Despite a -9% y/y decline in the PBT, the results indicate that Nestle fared better than peers Unilever Nigeria (-53% y/y) and PZ Cussons Nigeria (6x y/y increase in pretax loss to -N2.4bn) over the same period. Source FBNQuest Research Read More
The
Most Hated Rally in History Just Won't Stop - The bull
market in stocks that galloped on for a decade after 2009 was widely described
as the most hated rally in history. It took many by surprise (myself included),
and came even as money flowed into bonds. Stock markets outside the U.S.
behaved roughly as they were supposed to do after a big crash, and traded
sideways in a wide range for years. Source John Authers, Bloomberg Read
More
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PROSHARE BUSINESS
Bank NPLs (18) - Understanding The Impact Of IFRS 9 On Selected Nigerian Banks - IFRS9 took a hand in aiding the performance of Access Bank in 2018. The bank declared a profit before tax (PBT) of N103.2bn in the year as against N78.2bn in 2017, a growth of +32%. The rise in PBT came majorly from an IFRS9 day one provisioning adjustment which in addition to the bank's net interest income growth increased from N163.5bn in FY 2017 to N173.6bn in FY 2018 (+6%). Source Debtors Africa Read More
FirstBank Leverages Technology to Promote Virtual Bank Account Opening for Customers - First Bank of Nigeria Limited, Nigeria's premier and leading financial inclusion services provider, has announced that it has reinforced its technology infrastructure to enable anyone in the country open a FirstBank account through their mobile phones, without visiting any of its branches nationwide. Source First Bank Read More
Nigerian-British Bilateral Relationship Post COVID-19 Remains Strong - The Nigerian-British Chamber of Commerce (NBCC) on Tuesday, 26th May 2020, hosted a Bilateral Trade Webinar themed "Nigerian-British Bilateral Relationship Post COVID-19". Panellists at the Webinar were the British Deputy High Commissioner, Ms Harriet Thompson, and Prince Bimbo Olashore, Vice-President of the NBCC. The session was moderated by Mrs Bola Adesola, Senior Vice- Chairman, Africa, Standard Chartered Bank. Source NBCC Read More
Ibrahim Abdullahi To Speak On Investments In Nasarawa
State Tomorrow on WebTV - Ibrahim
Abdullahi, currently Special Adviser to the Governor of Nasarawa State
(Nigerian Subnational) is a Trade, Investment and Finance Lawyer with
multifaceted advisory experience. Ibrahim spearheads the Nasarawa Ease of Doing
Business Reforms efforts. He also serves as Head of the Governor's Delivery
Unit as well as Secretary of the Nasarawa Investment & Economic Advisory
Council. Source WebTV Read
More
PFAs Shun T'bills, Invest N1.6tn In Banks, Commercial
papers - Pension Fund Administrators have
gradually reduced investment of pension funds in the Contributory Pension
Scheme in treasury bills, findings have revealed. Data obtained by our
correspondent from the National Pension Commission revealed that the operators
have increased their investments in commercial papers and bank placements. Source
Punch Read
More
Govt Invites Investors To Bid For 57 Oil Fields - The Federal Government, through the Department of
Petroleum Resources, has put on offer 57 marginal fields for licensing as part
of efforts to develop oil and gas discoveries that had been left unattended to
for many years. The DPR disclosed this on Monday while announcing the
commencement of the 2020 Marginal Field Bid Round. Source Punch Read
More
Oil Rises To $38 As OPEC+ Discusses Production Cut Extension - The Organisation of Petroleum Exporting Countries and its allies led by Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months. Source Punch Read More
FG Receives Coaches, Locomotives For Lagos-Ibadan,
Abuja-Kaduna Railways - The Federal
Government on Monday announced that it had received some coaches and
locomotives to be deployed on key rail lines in Nigeria. It said the coaches
were the last set which were ordered in March. Source Punch Read
More
FG to Reopen Lagos, Abuja,
Three Other Airports - The federal government has disclosed that only
five airports would be operational from June 21, while the others remained
closed for further assessment. This was contained in a circular to airlines
signed by the Director-General of the Nigerian Civil Aviation Authority (NCAA),
Capt Musa Nuhu. Source Thisday Read
More
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PROSHARE TECHNOLOGY
Zoom Nearly Doubles Revenue Forecast On Remote-Work
Boost, But Costs Rising - Zoom Video
Communications Inc (ZM.O) nearly doubled its expectations for annual sales on
Tuesday, driven by a surge in users as more people work from home and connect
with friends online during coronavirus lockdowns. Source Reuters Read
More
Twitter names ex Google CFO Pichette As Chair,
Kordestani To Stay On - Twitter Inc
TWTR.O on Tuesday appointed Patrick Pichette, a former chief financial officer
at Google, as the social network's board chairman, marking the first time in
Twitter's history that an outsider will preside over the group. Source Reuters Read
More
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More News on Technology
PROSHARE MSME
Bayo Ogunnusi
To Speak On Deepening Capacities Of SMEs In Nigeria Tomorrow On WebTV - Bayo Ogunnusi, the CEO of TQM Capital is an
accomplished financial strategist with over 19 years' experience in the private
and public sector. His work life spans extensively across SME (Small and Medium
Enterprise), Financial Control, Public Service, Infrastructure and Project
Finance (PPP). Source WebTV Read More
ACCA, ICC seek support for SMEs - The Association of Chartered Certified Accountants has signed a Memorandum of Understanding with the International Chamber of Commerce, United Kingdom. A statement from ACCA said with the MoU, ACCA joined ICC in its "Save Our SMEs" global campaign, as well as sharing professional research insights. Source Punch Read More
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MSME
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