Nigeria in 1min: Economic, Business and Financial Headlines - 060420

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Monday, April 6, 2020 / 06:25 AM / By News Aggregator / Header Image Credit: @NCDCgov


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    COVID-19 Health Updates

    • On the 5th of April 2020, eighteen (18) new confirmed cases of COVID-19 recorded in Nigeria
    • Till date, 232 cases have been confirmed, 33 cases have been discharged and five (5) deaths have been recorded in Nigeria
    • Of the 18 new cases reported on the 5th of April, eleven (11) are in Lagos, four (4) are in FCT, two(2) are in Edo and one (1) is in Kaduna
    • All new cases have mild to moderate symptoms and are currently receiving care.
    • A multi-sectoral national emergency operations centre (EOC), activated at level 3, continues to coordinate the national response activitiesSource NCDC Read More

     
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    PROSHARE ECONOMY 

    PMI Reading No 84: Fall on Global Headwinds - Our manufacturing Purchasing Managers' Index (PMI), the first of its kind in Nigeria, slipped from 51.7 to 47.9 in March. Our partner, NOI Polls, has compiled the data. The index is to be found in advanced economies such as the ISM's in the US, larger EMs like China, India and Russia, and a few frontier markets.  Source FBNQuest Research Read More 

    FAAC Disburses N647.35bn in February 2020 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N647.35bn to the three tiers of government in February 2020 from the revenue generated in January 2020. Source NBS Read More 

    Ondo State Govt Nominates Kayode Falowo as Chairman for COVID-19 Response Fund Committee - The Government of Ondo State has nominated the Chairman of Greenwich Trust Ltd, Mr. Kayode Falowo, as the Chairman of the committee mandated to mobilize resources to combat the COVID-19 pandemic in the State. Source Ondo State Govt Read More 

    Obasanjo Appeals to Agencies to Have a Plan That Will Moderate the Effect of COVID-19 in Africa - In the almost four months of the outbreak of COVID-19, we have seen the mitigation effect or otherwise by the preparatory and preventive actions made by different nations and international organisations to combat the killer virus The results have been related to seriousness of preparation and preventive measures taken including the level of healthcare measures and delivery. Source Olusegun Obasanjo Read More 


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    The Largest Oil Market Intervention In History? - While the figures quoted in Trump's tweet appear to be unrealistic, there are now rumors of a global effort to cut production, with OPEC hosting a meeting on Monday on the topic. Source Oilprice Read More 

    World Bank Releases $1.9bn To Developing Countries In Bid To Fight Coronavirus - An odd lot of emerging and frontier economies have benefited from the US$1.9bn funding bucket raised by the World Bank to combat the raging COVID-19 virus across the globe. Source The Telegraph Read More 

    The Pandemic Is No Time for Fiscal Distancing - Adesina - These are very difficult days, as the world faces one of its worst challenges ever: the novel coronavirus pandemic. And it seems almost no nation is spared. As infection rates rise, so does panic across financial markets, as economies drastically slow down and supply chains are severely disrupted. Source Akinwumi A. Adesina Read More 

    Pressures Mount On Naira As External Reserves Heads Below $34bn In April - The downward trend in the fortunes of the Naira last month is expected to persist this month even as the nation's external reserves is expected to trend below $34 billion for the first time since September 2017. Source Vanguard Read More 

    FG Grants Three-Year Tax Holiday To 25 Companies - The Federal Government has granted a three-year tax incentive to 25 companies under the Industrial Development Income Tax Act. A pioneer status is an incentive from the Federal Government, which exempts companies from basic income tax. Source Punch Read More 

    Report Forecasts 20% Drop in Diaspora Remittances - A Pan-African credit rating agency, Agusto & Co, has predicted a 20 per cent drop in Diaspora remittances to Nigeria from $25 billion recorded last year to $20 billion this year. However, the Central Bank of Nigeria (CBN) had said that it did not have any record of remittances exceeding $3 billion, implying that the figures contained in several reports, including the latest by Agusto & Co must be based on other data sources. Source Thisday Read More


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    PROSHARE MARKETS

    What To Expect From The Markets This Week- 060420 - Chinese manufacturing activities rebounded strongly in March, signaling resilience despite the headwinds from slumping external demand. Specifically, manufacturing activities retraced from a record low of 35.7 index points in February to 52.0 points in March. Source Proshare Read More 

    NASD OTC Market CAP Records No Movement; Remains At N508.84bn - The NASD OTC Security Index (NSI) and Market Capitalisation closed the trading week on Friday, April 03 2020, with no movement in Market capitalisation and NSI against preceding Friday, March 27 2020. Source NASD Read More 

    Lekki Port Receives $221m China Harbour's Equity Infusion - Lekki Port LFTZ Enterprise Limited (LPLE) has now received the infusion of $221,047,248 equity funding from China Harbour Engineering Company (CHEC), one of the shareholders of the Lekki Deep Sea Port Project currently under construction at the Lagos Free Trade Zone, Ibeju Lekki. Source Lekki Port Read More 

    Dangote Cement Series 1 up to N100bn 5-year Under Its N300bn Bond Issuance Programme Now Open - We are pleased to inform you that the book build for the Dangote Cement PLC ("Dangote Cement" or "DCP") Series 1, up to NGN [100] billion 5-year Fixed Rate Senior Unsecured Bonds, under its NGN300 billion Debt Issuance Programme is now open and will close on Tuesday, 14 April 2020. Source Arthur Stevens Asset Mgt Read More 

    AfDB Lists $3bn Social Bond on LSE - The African Development Bank's (AfDB) "Fight Covid-19" social bond, the largest social bond to date to be issued in the capital markets, has been listed on London Stock Exchange (LSE) and is now available through its sustainable bond market. Source Thisday Read More


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    Corporate Earnings For The Week Ending 030420 - 13 in All - NEM records 31% growth in earnings to emerge as the firm with highest growth in earnings while UNILEVER records 35% negative growth in earnings to emerge as the firm with the least growth rate. FCMB tops with the highest PAT figure while INTBREW declared the least with a loss. Source Proshare Research Read More 

    Investors Lose N399.81bn WoW as NSEASI Dips by -3.51% to Close the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.13% to close at 21,094.62 points as against 0.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -21.41%.  Source Proshare Markets Read More 

    Domestic and Foreign Portfolio Participation in Equity Trading - February 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 29 February 2020, total transactions at the nation's bourse decreased by 36.93% from N235.46 billion (about $767.23million) in January 20195 to N148.50 billion (about $484.60 million) in February 2020. Source NSE Read More 

    The March 2020 Nigerian Capital Market Service Report - Proshare - Nigerian Stock Market closed the month of March 2020 in red as market witnessed intense sell pressure during the month under review. The NSEASI dipped by -18.75% as against -9.11% loss recorded in the month of February 2020 while the NASD USI closed southwards with -1.10% loss recorded at the end of the month under review as against +0.26% loss in February 2020. Source Research@proshareng.com Read More 

    Market Review and Round-Up of Corporate News Announced During The Week Ending 030420 - The equities market recorded negative performance - the listed equities market recorded -3.51% loss WoW while the NASD OTC closed flat. Source Proshare Markets Read More


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    PROSHARE BUSINESS 

    MTN Nigeria Unveils Y'ello Hope Package to Address the Impact of COVID-19 - As more and more people nationwide brace for the immense human, economic, and social cost of the COVID-19 pandemic, we want to reassure everyone. We the staff, management and Board of Directors of MTN Nigeria and the MTN Foundation are committed to doing all we can to help you stay connected and support efforts to contain the outbreak. We are in this together. Source NSE Read More 

    CIBN Donates to Combat COVID-19 in Lagos State - The Chartered Institute of Bankers of Nigeria has made a donation of the sum of N20 million to the Lagos State Government to support its efforts in containing the spread coronavirus (COVID-19) pandemic. Source CIBN Read More 

    CIBN Holds First Ever Virtual AGM, Elects Mr Bayo Olugbemi As 21st President - The Chartered Institute of Bankers In Nigeria, CIBN held its first ever virtual Annual General Meeting (AGM) where it reviewed the 2019 financial year and activities, and elected Mr. Bayo Olugbemi, FCIB, as the 21st President. Source CIBN Read More 

    Nigeria Risks 91,380 Aviation Job Losses, Says IATA -The International Air Transport Association says as revenue losses mount in Nigeria, about 91,380 jobs in the nation's aviation industry are on the line. In a country specific analysis of the effects of COVID-19 on airlines' operations, IATA said Nigeria would record 3.5 million fewer passengers, resulting in a $ 0.76bn revenue loss, risking 91,380 jobs and $0.65bn in contribution to the country's economy. Source Punch Read More 

    Foodstuffs' Prices Soar as Lockdown Bites Harder - Prices of foodstuffs and other essential goods have gone up with residents of locked down states, particularly the Federal Capital Territory (FCT) and Lagos State reeling under the effects of the one-week old total restriction to curb the spread of COVID-19. Source Thisday Read More 

    Oil Slips On Oversupply Fears, But Stocks Jump On Virus Slowdown Hopes - Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases. Source Reuters Read More


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    PROSHARE FINANCE

    5 Ways to Stay Positive and Productive During the COVID-19 Lockdown - What seem to be a matter of less significance is fast becoming a huge trouble and worry for us as a community. For the past few weeks, the fear, worries, and the unsettledness that we've all experienced in our diverse premises as a nation and as individuals have not been encouraging. Source Damilola Peter for Proshare Finance  Read More 

    Leadway, Custodian, 4 Others Provide N5bn Insurance Cover to Support Lagos Health Workers - Leadway Assurance Company Limited, Custodian & Allied Insurance Plc, Lasaco Assurance Plc, AllCO Insurance Plc, Tangerine Life Insurance Limited & Ark Insurance Brokers Limited will provide cover for a N5 Billion Naira insurance scheme to support Lagos State Health Care workers and volunteers. Read More 

    Alibaba to Collaborate With African Medical Experts Via MediXChange to Minimize COVID-19 Outbreak - The Jack Ma Foundation and Alibaba Foundation jointly established the Global MediXchange for Combating COVID-19 (GMCC) programme, with the support of Alibaba Cloud Intelligence and Alibaba Health, to help combat the global outbreak of the novel coronavirus, COVID-19. Source Alibaba Cloud Read More 


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    We Need To Structure Non-Interest Products Around Commodities - Ayodeji Balogun - The MD/CEO of AFEX Commodities Exchange Limited Mr. Ayodeji Balogun has called for the development of Non-Interest products targeted at the Commodities Market in Nigeria. Source WebTV Read More 

    Is Insurance the Silent Guardian for Nigeria? - A detailed study, even by simple reflection, of the unfortunate and unwanted accidents and incidences that have occurred in Nigeria within the last four (4) Months may have affected the insurance industry more than any other sector, unknown to many Nigerians. Source Ekerete Ola Gam-Ikon Read More 

    How Faith Based Organizations Support The Containment of COVID-19 in Nigeria - In the wake of the Coronavirus outbreak in Nigeria, faith-based organizations have joined the effort in supporting the relief measures in country. Source WebTV Read  More 

    NAICOM Adjusts Rules Of Insurers' Operations -The National Insurance Commission says it has given regulatory forbearance to insurance companies as part of business continuity measures to ensure availability of insurance services and protection of policyholders during the COVID-19 movement restriction. Source Punch Read More

     

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