Nigeria in 1min: Economic, Business and Financial Headlines - 040820


Tuesday, August 4, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics


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COVID-19 Health Updates

  • August 3rd 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 44129 cases (New: 288)
  • Discharged:  20663
  • Deaths: 896: (New 8)

Source: NCDC Read More

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PMI Reading No 88: Weaker Yet Above Water - Our manufacturing Purchasing Managers' Index (PMI), the first of its genre in Nigeria, declined gently from 53.9 to 52.8 in July. Our partner, NOI Polls, has compiled the data. Source FBNQuest Research Read More

Nigeria's Gross External Reserves: An Historical Perspective - The major objectives of external reserve management in Nigeria are ensuring the preservation of Capital, providing adequate liquidity to meet unforeseen needs and ensure that the reserves are readily available to finance day-to-day official transactions, as well as earning returns within the set tolerable risk limits. Source PFI Capital Read More

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Unity Bank H1 2020 Results: A Profit in Rebound, Despite Negative Shareholder Funds - Unity Bank Plc pulled off a strange feat in H1 2020, despite operating on the equivalent of petrol fumes as represented by its negative shareholder funds, the bank was able to muster a half year profit before tax of N1.12bn which was +6.46% higher than its bottom line profit in the contemporary period of 2019. Source The Analyst Read More

Investors Gain N37.76bn as NSEASI Inches Up by 0.29% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.29% to close at 24,766.12 basis points as against +0.18% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.73%. Source Proshare Markets Read More

BUACEMENT Declares N34.8bn PAT in Q2 2020 Results, (SP:N40.20k) - BUA Cement Plc released its Q2 2020 unaudited results for the period ended June 3oth, 2020. Revenue grew by 12.7% to N101bn from N90bn in the previous quarter. Profit before tax grew by 9.8% to N39.2bn. Source NSE Read More

BUACEMENT Plc Posts Impressive H1 2020 Results, Revenue Increases by 12.7% - One of Africa's largest cement producers, BUA Cement, has announced an impressive 2020 half-year results declaring revenues of N101.3billion and a Profit After Tax of N34.82billion representing an increase of 12.7% and 13.74% respectively from the corresponding period in 2019.  Source BUA Cement Plc Read More 

Buy And Sell Transaction Charges On The NSE as @Aug 03, 2020 - The recent increase in one of the fees can be seen in VAT occasioned by the new VAT rate of 7.5% announced by the Federal Government earlier this year. This represents a 50% increment from the previous 5% VAT Rate. Source Proshare Research Read More

Afrinvest Stock Recommendation for the Week 030820 - Last week, the domestic equities market closed positive as the NSE All-Share Index appreciated 1.1% w/w to settle at 24,693.73 points, losing only on 1 of 3 trading sessions. Consequently, market capitalisation rose N138.8bn w/w to close at N12.9tn while YTD loss moderated to -8.0%. Source Afrinvest Research Read More

MTN Nigeria Plc Q2'20 Results - N3.50 Interim Dividend is Justified by Robust Cashflow - MTN Nigeria Plc (MTNN: TP - N149.36: BUY) reported a 13.8% YoY contraction in profit after tax to N43.7 billion in its Q2'20 results. This result and the strong first-quarter performance translate to a 4.7% contraction in earnings to N94.9 billion over the first six months of the year. Source CardinalStone Research Read More

Ardova Plc Q2'20 Unaudited Results - Cost Efficiency Results in Operating Profit in Q2'20 - Ardova Plc (ARDOVA : TP - N14.42) has reported a 75.8% YoY decline in profit after tax to N514.9 million in its Q2'20  unaudited results. Source CardinalStone Research Read More


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Nigeria's Top Ten Income Earning Executives - Moolman was the highest-paid CEO in 2019. He earned an annual remuneration of N585.94m in 2019. His annual remuneration grew slightly by +2.61% in 2019, it increased from N571m in 2018 to N585.94m. Source Proshare Research Read More 

Shoprite Discontinues Nigerian Operations, to Initiate a Formal Process - Following approaches from various potential investors, and in line with our re-evaluation of the Group's operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited. Source Shoprite Holdings Ltd Read More

FIRS Grants One Week Extension for Companies to File Returns - The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has announced a further one-week extension to the July 31 deadline for companies with December accounting year end to file their 2020 annual income tax returns. Source THISDAYLIVE Read More

WACT to Deepen Investment in Nigeria, celebrates 20th Anniversary - NIGERIA's leading container terminal, the West Africa Container Terminal (WACT), has restated its commitment to deepen its investment in Nigeria, particularly in increasing container handling capacities at the Onne Port. Source Vanguard Read More

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Firstbank Hosts FINTECH Summit 4.0, Promotes the Growth and Reinvention of Banking Technology - First Bank of Nigeria Limited, Nigeria's leading financial inclusion services provider, has announced that the 2020 edition of its annual FinTech Summit is scheduled to hold on Thursday, 6 August 2020 by 12.00 noon. The event will be virtually held via Zoom Meetings. Source FirstBank Read More

Google Owner Alphabet Issues Record $10 Billion Bond at Lowest-Ever Price - Alphabet Inc (GOOGL.O) borrowed $10 billion in the investment-grade corporate debt market on Monday, the Google parent's largest ever bond issue, which it secured at its lowest-ever cost of financing. Source Reuters Read More

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Protecting Us Through Insurance of Public Buildings - Public buildings are what we know them to be - places that are open for public use. However, many of us are unaware of the law that requires the owners of public places like office blocks, hotels, schools, hospitals, markets and tourist centres, to take up insurances that will compensate us in the event of any injuries or deaths that occur to us while there. Source Ekerete Ola Gam-Ikon  Read More


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