Nigeria in 1min: Economic, Business and Financial Headlines - 030620


Wednesday, June 3, 2020 / 06:00 AM / By News Aggregator / Header Image Credit: @NGRPresident


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COVID-19 Health Updates

  • On the 2nd of June 2020, 241 new confirmed cases and 15 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 10819 cases have been confirmed, 3239 cases have been discharged and 314 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 241 new cases are reported from 14 states - Lagos(142), Oyo(15), FCT(13), Kano(12), Edo(11), Delta(10), Kaduna(9), Rivers(9), Borno(8),Jigawa(4), Gombe(3), Plateau(3), Osun(1), Bauchi(1). Source NCDC Read More

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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 

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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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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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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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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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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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