Nigeria in 1min: Economic, Business and Financial Headlines - 061020


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


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COVID-19 Health Updates

  • 5th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 59,465 cases (New: 120)
  • Discharged:  50,951
  • Deaths: : 1,113 (New: 0)

Source: NCDC Read More

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Fitch Affirms Zenith Bank at 'B'; Off Rating Watch Negative, Outlook Stable - The removal of the RWN on Zenith's Long-Term IDR, Viability Rating (VR) and National Ratings reflects Fitch's view of receding near-term risks to the bank's credit fundamentals from the economic fallout arising from the oil price crash and coronavirus pandemic. Source Fitch Ratings Read More

NESG v CBN: Tracking the Data - Beyond Opinion, Evidence-Based Facts - Deriving from the context of the arguments proffered by economists on both sides of the divide, and drilling past the complexity of high-sounding economic expressions, the Nigerian economy when laid bare appears straightforward as is shown in the economic snapshots below. Source Proshare Research Read More

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ALERT: 33.89% of Total Market Volume Traded on ZENITHBANK Shares Today - At the close of trading today, a total volume of 204.69mln units of shares of Zenith Bank Plc valued at N-3.83bn were traded. This represents 33.89% of the total market volumes of 603.95mln while the value of ZENITHBANK shares traded represents 51.63% of the total market value traded which was put at N7.42bn. Source Proshare Research Read More

Investors Gain N297.26bn as NSEASI Inches Up by 2.11% to Open the Week Positive  Equities market closed today on a positive note, as NSEASI appreciated by +2.11% to close at 27,554.59 basis points as against +0.57% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.65%. Source Proshare Markets Read More

UBA Q2 2020 Results Review: Upside Potential Still Sizable; Retaining OP Rating - UBA's Q2 2020 PAT came in well ahead of our forecast. However, the beat was due to a positive surprise in other comprehensive income (OCI). Above the tax line, PBT missed our forecast because of negative surprises in loan loss provisions. Source FBNQuest Research Read More

ASHON Confirms Stockbrokers' Planned Trading on FMDQ - The Association of Securities Dealing Houses of Nigeria (ASHON) has confirmed that its members shall commence trading on the FMDQ Securities Plc any moment soon. Source Vanguard Read More

Capitalism After the Pandemic - After the 2008 financial crisis, governments across the world injected over $3 trillion into the financial system. The goal was to unfreeze credit markets and get the global economy working again. Source Foreign Affairs Read More

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TCN, Discos Hindering 4,000MW Generation Daily, Say Gencos - The quantum of electricity generated in Nigeria is rejected or forced to be reduced by an average of 4,210 megawatts daily due to transmission and distribution constraints, power generation companies said on Monday. Source Punch Read More

Oil Unions Direct Members in Chevron to Down Tools - The National Union of Petroleum and Natural Gas and the Petroleum and Natural Gas Senior Staff Association of Nigeria have directed their members in Chevron Nigeria Limited to commence a total shutdown of the company's operations over the sack of Nigerian employees. Source Punch Read More

Nigeria's Gas Exports Recover, Surpass Pre-COVID-19 Level - The nation's gas exports have rebounded from the COVID-19 pandemic, rising for the fourth straight month in July to 115.71 billion cubic feet, the highest level in more than a year. Source Punch Read More

New Petroleum Reform Bill to Tackle Oil Pollution in N'Delta - The 2020 Petroleum Industry Bill (PIB) that is presently before members of the National Assembly will substantially reduce environmental pollution in the oil-producing areas of the Niger Delta when passed into law. Source THISDAYLIVE Read More

IATA: COVID-19 will dip Africa's GDP by $37b - The International Air Transport Association (IATA) has warned that the damage being done to the African aviation industry and the continent's economies because of COVID-19 will trigger a dip in the continent's Gross Domestic Product (GDP) by over $37 billion. Source The Nation Read More

China Says U.S. TikTok, WeChat Bans Break WTO rules - China said at a World Trade Organization meeting that restrictions by the United States on Chinese mobile applications TikTok and WeChat are in violation of the body's rules, a trade official said. Source Reuters Read More

Wall Street Gains as Trump to Leave Hospital, Investors Hope For Stimulus - U.S. stocks rose sharply on Monday, recovering from declines in the previous session, as investors viewed more fiscal stimulus as likely and after news President Donald Trump will leave the hospital where he is being treated for COVID-19. Source Reuters Read More

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Sectoral Metrics Remain Positive as Broadband Subscriptions Climb - The total number of broadband subscriptions grew 23% y/y and by 3% m/m to 82.7m in August 2020. Similarly, broadband penetration expanded to 43.3% in August 2020 from 42.02% in July 2020 and 35.1% in August 2019. Source CSL Research Read More


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NIS Commences the Implementation of New Visa Policy and New Visa Fees - The Nigeria Immigration Service (NIS) has announced the commencement of the implementation of the New Visa Policy (NVP) 2020 and new visa fees with effect from 1 October 2020 sequel to the approval of the Honourable Minister of Interior, Ogbeni Rauf Aregbesola. Source KPMG Nigeria Read More

Recapitalization: Types, Sizes and Shapes of What to Expect - As you might know, insurance companies in Nigeria are in a recapitalization race with two finish lines, the first being 31st December 2020 and the second, 30th September 2021, announced by the regulator, National Insurance Commission (NAICOM) last June. Source Ekerete Ola Gam-Ikon Read More


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