Nigeria in 1min: Economic, Business and Financial Headlines - 060720


Monday, July 6, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @jidesanwoolu


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COVID-19 Health Updates

  • July 5th 2020:  Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 28711 (New: 544)
  • Discharged:  11665
  • Deaths: 645: (New 11)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More

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Coronanomics (29) - The New Normal - As lockdowns are lifted and loosened, policymakers and experts are debating how to avoid a spike in new cases. World leaders and scientists are also placing much hope on quickly finding a vaccine for COVID-19. Source Proshare Content Read More

The Oil Rally Has Stalled Once Again - OIR 030720 - Crude oil hit four-month highs on Thursday, aided by a tightening market and a better-than-expected U.S. jobs report. The caveat is that the jobs survey took place before the latest Covid-19 wave and the associated closures. Analysts still expect oil to face resistance to any further gains. Source Tom Kool of Oilprice Read More

IGR Still in Need of a Boost - The NBS has published its report on internally generated revenue (IGR) at state level for Q4 2019. According to the report, in 2019 aggregate IGR for the 36 states and the FCT was N1.3trn, compared with N1.7trn the previous year. In Q4 alone it stood at N346bn vs N294bn the previous quarter. Source FBNQuest Research Read More

Agba: 26th Economic Summit to Explore Partnership Amidst Covid-19 Impact - The Minister of State for Budget and National Planning, Mr. Clem Agba has said the 26th edition of the Nigerian Economic Summit will focus on forging effective partnerships to build resilience for the economy amidst the devastating impact of the Covid-19 pandemic. Source THISDAYLIVE Read More

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Coronanomics (28) - Nigerian Equity and Fixed Income Markets - As the virus continues to spread in Nigeria, yields of the 10-year government bond are declining. This indicates that there has been a rise in the demand for bonds which has pushed the yields down as the price of bonds and the yields are inversely related. Source Proshare Content Read More 

The June 2020 Nigerian Capital Market Service Report - Proshare - Nigerian Stock Market closed the month of June 2020 in red as market witnessed renewed sell pressure during the month under review. The NSEASI dipped by -3.12% as against +9.76% gain recorded in the month of May 2020 while the NASD USI closed northwards with +3.48% gain recorded at the end of the month under review as against -1.32% loss in May 2020. Source Read More

What To Expect From The Markets This Week - 060720 - China's factory activity expanded at a faster pace in June, beating consensus expectations, as the economy continues to recover after the government lifted strict lockdowns and ramped up investment. Source Proshare Content Read More

Corporate Earnings For The Week Ending 030720 - 15 in All - Eight (8) out of the Fifteen (15) firms declared growth in revenue. SCOA records 65% growth in earnings to emerge as the firm with highest growth in earnings while CHAMS records 58% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More 

Investors Lose N257.13bn WoW as NSEASI Dips by -1.99% to Close the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.16% to close at 24,336.12 basis points as against -0.90% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.34%. Source Proshare Markets Read More

NASD OTC Market CAP Increased By 1.98% WoW to Close At N526.65bn - NASD OTC Securities Exchange closed the week with a positive return in NSI. The NSI return rose by 1.98% to close the week at 716.96 points against 703.01 points in the preceding Friday, June 26 2020. Source NASD Plc Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending - 030720 - The equities market recorded mixed performance - the listed equities market, NSEASI, recorded -1.99% loss WoW while the NASD OTC closed positive with +1.98% gain. Source Proshare Markets Read More

Calm Day in the Bonds Market, as Market Demand Shifts to Head of the Curve - The bonds market traded on a somber note as the downward trajectory in yield slowed especially at the tail of the curve witnessing a bit of resistance from the bulls. We saw few client-driven demands at the short-end of the curve, the 2023s papers in particular which settled around 4.85% for most of the transactions sealed.  Source Zedcrest Capital Read More

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PwC Nigeria Admits Eight New Partners for 2020 Class - PwC Nigeria has admitted eight professionals into its partnership, effective 1 July 2020. This is a record number for the leading professional services firm, demonstrating its commitment to diversity, inclusion, and developing the future leaders of the firm. Source PwC Read More

Discos Get Tariff Guidelines For Additional Power Distribution - The Nigerian Electricity Regulatory Commission has outlined guidelines which power distributors must adhere to when purchasing additional generation capacity that will lead to higher tariffs payable by power users. Source Punch Read More

Poor Electricity Costs Nigeria N10tn Yearly, Says World Bank - The unreliable power supply in Nigeria is causing huge economic losses, estimated at N10.1tn, yearly, the World Bank has said. The World Bank, in a new report, noted that transition from a publicly-owned to largely privately-owned power market, which began in 2013, did not bring the expected outcomes. Source Punch Read More

NSIA Grows Assets to N649.84bn, Records N36.15bn Profit - The Nigeria Sovereign Investment Authority on Friday disclosed that it grew its total assets from N617.7bn in 2018 to N649.84bn in 2019. Nigeria's sovereign wealth fund manager disclosed this in its 2019 audited financial statement, which was released during a webinar press conference in Abuja. Source Punch Read More

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Microsoft to Help 25m People Worldwide Acquire New Digital Skills - Microsoft Corp. on Tuesday announced a new global skills initiative aimed at bringing more digital skills to 25 million people worldwide by the end of the year. The announcement comes in response to the global economic crisis caused by the COVID-19 pandemic. Source THISDAYLIVE Read More

Dollar in Tight Range Ahead of U.S. Services Sector Data - The dollar held steady against most currencies on Monday as investors awaited data expected to show the U.S. services sector stopped contracting, and highlighting the economic recovery from the coronavirus pandemic. Source Reuters Read More

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Human Capital Development Central To Islamic Finance - Olanrewaju Sharafa - Human Capital Development is critical to the growth and deepening of Islamic Finance and Banking in Nigeria, Mr. Olanrewaju Sharafa, a Chartered Accountant, Principal Lecturer & Head of Division Adult Learning in Tower College, London, United Kingdom, disclosed this as a guest on the WebTV's Islamic Finance Weekly Program. Source WebTV Read More

Insurance Sector Leadership Changes and PolicyHolders' Expectations - It is natural for us to expect improvements when changes are announced but we would often be jolted into reality when those who have the responsibility to effect the improvements wait until their departure to express the frustrating environments under which they operated, and led others. Source Ekerete Olawoye Gam-Ikon Read More


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