Nigeria in 1min: Economic, Business and Financial Headlines - 050820

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Wednesday, August 5, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

 

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COVID-19 Health Updates

  • August 4th 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 44433 cases (New: 304)
  • Discharged:  31851
  • Deaths: 910: (New 14)

Source: NCDC Read More


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PROSHARE ECONOMY 

Oil Prices Climb Despite Growing Demand Fears - OIR 040820 - Oil prices opened trading on Tuesday down slightly, holding in a familiar range around $40 per barrel. Concerns about demand are beginning to take on a stronger narrative in the market, but for now, prices remain mostly steady. Source Josh Owens of Oilprice Read More 

Thoughts on Nigeria and Chinese Loans - Reuben Abati - The relationship between Nigeria and China with regard to loans obtained from the latter to fund Nigeria's infrastructural projects suddenly became a matter of legislative intervention and public scrutiny last week when the House of Representatives summoned the Minister of Transportation... Source Reuben Abati Read More

Communique and Highlights from the MACN CBI Webinar on "Corruption at the Nigerian Ports" - The Maritime Anti-Corruption Network (MACN)-a global business network of over 130 companies working together to tackle corruption in the maritime industry-is expanding its Collective Action initiative in Nigeria with the support of the Siemens Integrity Initiative. Source CBi Read More

COVID-19: DSBIR Approves Waiver of Interest and Penalties on Outstanding Tax Audit Liabilities - The Delta State Board of Internal Revenue (DSBIR or "the Board") recently issued a Public Notice announcing the waiver of interest and penalties on outstanding tax liabilities arising from tax audits carried out on private primary and secondary schools, eateries and hotels ("affected taxpayers") from 2011 to 2019 financial years. Source KPMG Nigeria Read More

 

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PROSHARE MARKETS

ETI H1 2020 Results: COVID-19 Takes a Mild Toll - ETI elbowed into 2020 with major expectations for lending and deposits. The Group beat analysts forecast of a slowing of loan asset growth and deposit liabilities, as the COVID-19 pandemic disrupted revenue streams and supply chain networks of the deposit money banking Group's (DMBG's) corporate customers in H1 2020. Source The Analyst Read More

Investors Gain N39.55bn as NSEASI Inches Up by 0.31% Amid Improved Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.31% to close at 24,841.94 basis points as against +0.29% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.45%. Source Proshare Markets Read More

ACI Experiences Positive Performance - AFEX Commodities Weekly Report 300720 - The AFEX Commodities Index composite experienced a reversal of last weeks' contraction in market activity, averaging 251.06 points in the week under review. The index performance gained by 0.67% w-on-w primarily due to the positive market performance in the maize sub-index of the exchange against the previous week performance. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Domestic and Foreign Portfolio Participation in Equity Trading - June 2020 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 30 June 2020, total transactions at the nation's bourse increased by 8.17% from N119.15billion (about $307.32million) in May 2020 5 to N128.88billion (about $333.25million) in June 20206. Source NSE Read More

Special CRR Debit by Central Bank of Nigeria Gulps a Larger Chunk of the Interbank System Liquidity - The FGN bond market opened the week on a very calm note with improved offers emerging across the benchmark curve, except on the 2022s maturity which remained scarce in the market. Source Zedcrest Capital Read More

ACI Experiences Positive Performance - AFEX Commodities Weekly Report 300720 - The AFEX Commodities Index composite experienced a reversal of last weeks' contraction in market activity, averaging 251.06 points in the week under review. The index performance gained by 0.67% w-on-w primarily due to the positive market performance in the maize sub-index of the exchange against the previous week performance. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Local Investors Turn Bears To Meet Up Regulatory Funding Obligations - The FGN bond space started on a very bearish note triggered by selling actions from some local investors to raise cash for their remittance to PENCOM off the back of MDA staff regularization. Source Zedcrest Capital Read More


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PROSHARE BUSINESS

Uncertainty over OPEC's Plan to Raise Supply in August - There is uncertainty over the Organisation of Petroleum Exporting Countries (OPEC) and allies' plan to return supply to the market after the group's output cuts, while the covid-19 pandemic continues to spread across many major economies of the world. Source THISDAYLIVE Read More

Aganga Calls for Integrated Plan for Sustainable Economic Growth - Nigeria's former Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has called for an integrated national long and medium-term plan to stimulate economic activities. Source THISDAYLIVE Read More

China, U.S. to Review Trade Deal, Air Other Grievances on August 15: Sources - Senior U.S. and Chinese officials will review the implementation of their Phase 1 trade deal and likely air mutual grievances in an increasingly tense relationship during an Aug. 15 videoconference, two people familiar with the plans said. Source Reuters Read More

New Ford CEO Farley Eyes Expansion into Tech Fields - Ford Motor Co's incoming Chief Executive Jim Farley said on Tuesday he wants to expand the automaker's operations into related technology fields, including software, fleet management and electric vehicle charging. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

Indian Government Actively Working Towards New Crypto Ban - An Indian government official has claimed that two ministries and the Reserve Bank of India are actively working on a legal framework to ban cryptocurrencies on the subcontinent. Source CoinTelegraph Read More


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