Nigeria in 1min: Economic, Business and Financial Headlines - 060820

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Thursday, August 6, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Proshare

 

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COVID-19 Health Updates

  • August 5th 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 44,890 cases (New: 457)
  • Discharged:  32,165
  • Deaths: 927: (New 17)

Source: NCDC Read More


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PROSHARE ECONOMY 

Nigeria's Cocoa Output to Be Tapered by The Spread Of The Fungal Black Pod Disease - Approximately 40% of Nigeria's cocoa output may be at risk from the spread of the fungal black pod disease which is thriving under excessive rainfall. Unfortunately, this coincides with a rebound in cocoa prices which have surged 17.57% in the last five weeks to $2,455/metric tonne. Source FDC Limited Read More

CBN Releases Healthcare Research and Development Grant Guidelines - The Central Bank of Nigeria (CBN), as part of its policy response to the COVID-19 pandemic, introduces the Healthcare Sector Research and Development Intervention Scheme (HSRDIS) to help strengthen the public healthcare system with innovative financing of research and development (R&D) in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria. Source CBN Read More

UBA Plc Provides $200m for Nigeria's Petroleum Industry - United Bank for Africa Plc (UBA), the leading pan-African financial services group, has acted as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 Billion Pre-Export Finance Facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC). Source UBA Plc Read More

Agusto and GCR Affirm ''AAA'' Long Term Credit Rating of InfraCredit With Stable Outlook - Reflecting the strong fundamentals and credibility of Infrastructure Credit Guarantee Company Limited ("InfraCredit"), foremost rating agencies, Agusto & Co ("Agusto") and Global Credit Ratings (GCR) simultaneously re-affirmed the "AAA" credit rating of the premier infrastructure guarantee company. Source InfraCredit Read More

 

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PROSHARE MARKETS

The July 2020 Nigerian Capital Market Service Report - Proshare - Nigerian Stock Market closed the month of July 2020 positive as market witnessed renewed bargain hunting during the month under review. The NSEASI inched up by +0.88% as against -3.12% loss recorded in the month of June 2020 while the NASD USI closed southwards with -2.05% loss recorded at the end of the month under review as against +3.48% gain in June 2020. Source Research@proshareng.com Read More

Gold Price Hits New Record High: Investors New Safety Destination - Gold prices closed at a record high of $2,019/t.oz on Tuesday 4, August 2020 for the first time since September 2011. Spot gold prices have appreciated by more +33% so far in 2020 setting it on course of having its strongest price appreciation in 40 years. Source Proshare Research Read More

Investors Gain N20.92bn as NSEASI Inches Up Further by 0.16%, Maintains Positive Posture - Equities market closed today on a positive note, as NSEASI appreciated by +0.16% to close at 24,882.04 basis points as against +0.31% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.30%. Source Proshare Markets Read More

FCMB Group Q2 2020 Results Review: Valuation at a Sizable Discount to Sector - FCMB's pre-provision profits advanced by 13% y/y, driven by growth of 11% y/y and 16% y/y in funding and non-interest income respectively. While the y/y improvement in funding income was driven by a 60bp y/y expansion in net interest margin to 8.0% (H1 2020). Source FBNQuest Research Read More


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PROSHARE BUSINESS 

The Upside of Rationality - How people are paid affects their behaviours at work, which affects an organization's success. For most employers, compensation is a major part of the total cost, and often it is the single largest part of operating cost. Source Proshare Research Read More

COVID-19 and The New Compensation Normal - As the global health pandemic dubbed COVID-19 rages, corporate executives remain in a quandary as to the best strategies to adopt to protect gross earnings, profits, and operating cash flows. Businesses have been viciously hit by a slowdown in demand and disruptions to vertical supply chain linkages. Source Proshare Research Read More

Nigeria's Domestic Refining Capacity Rises by 3.8% - Report - The refining capacity of Nigeria has increased from 445,000 barrels per day, bpd, to 462,000 bpd, as private investors complete the construction of three new refineries, indicating an increase of 3.8 per cent. Source Vanguard Read More

Fed Policymakers Say Pickup in Infections Slowing U.S. Economic Recovery - A resurgence in coronavirus cases is slowing the economic recovery and the pandemic will continue to weigh on the U.S. economy and American life for longer than initially expected, three Federal Reserve policymakers said on Wednesday. Source Reuters Read More


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PROSHARE FINANCE 

The Pandemic and the Real Estate Sector - The real estate sector has been severely hit by the current pandemic. Given the impact of Covid-19 on consumer pockets, as well as the steep pay cuts and in some cases, job losses, new home acquisitions are becoming less of a priority. Source FBNQuest Research Read More 

LASG Reviews Land Use Charge to pre-2018 Rates - The Lagos Government has reviewed the Land Use Charge (LUC) Law by reversing the rates to pre-2018, thereby undertaking reforms to reduce financial pressure on citizens and accommodating the agitations of Lagosians in respect of the exorbitant rates. Source Lagos State Government Read More


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