Nigeria in 1min: Economic, Business and Financial Headlines - 080920

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Tuesday, September 8, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FinMinNigeria

 

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COVID-19 Health Updates

  • 7th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 55,160 cases (New: 155)
  • Discharged:  43,231
  • Deaths: : 1,061 (New: 4)

Source: NCDC Read More


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PROSHARE ECONOMY 

Towards a Comfort Zone for the Oil Price - The price has held despite a pick-up in OPEC output in July by 970,000 b/d to 23.3mbpd and in US production by 1.2mbpd to 10.9mbpd over roughly the same period. Source FBNQuest Research Read More

We'll Implement New Economic Plan January 2021 - Minister - The successor National Development Plan 2020-2025 of the Federal Government has sufficient capacity to accelerate the attainment of various regional and global agendas, the Minister of State for Budget and National Planning, Clem Agba, has said. Source Punch Read More

 

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PROSHARE MARKETS 

Investors Lose N12.22bn as NSEASI Dips by 0.09% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.09% to close at 25,582.23 basis points as against +0.37% appreciation recorded previously. Its YTD returns currently stands at -4.69%. Source Proshare Markets Read More 

Takeaways from Stanbic IBTC Bank H1 2020 Investors' Conference Call - Stanbic IBTC Bank Plc pushed against harsh COVID-19-induced economic headwinds to present a sterling H1 2020 financial performance despite the clear weakness of the underlying local economy. Source The Analyst Read More 

Anchoria Fixed Income Monitor: Naira Gains After Days of Depreciation - Following the resumption of forex sales to BDCs in the country, Naira appreciated in the parallel market as Naira-Dollar rate fell by 7.74%, from N478/$ to N441/$ week-on-week. Source Anchoria AM Research Read More 

Afrinvest Stock Recommendation for the Week 070920 - The equities market recorded successive gains last week as the All-Share Index appreciated 1.2% w/w to settle at 25,605.64 points. Consequently, market capitalisation rose N154.4bn w/w to close at N13.4tn while YTD loss improved to -4.6%. Source Afrinvest Research Read More


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PROSHARE BUSINESS

13 Power Plants Shut, Discos Reject 8,733.39mw in One Week - Amid lingering public outcry over the recent increase in electricity tariff, the number of the nation's power plants sitting idle rose to 13 on Sunday, 'FEMI ASU reports. Source Punch Read More

Petrol Deregulation'll Facilitate Fresh Investments - DAPPMAN - The Depot and Petroleum Products Marketers Association of Nigeria has said deregulation will open up the downstream oil sector for fresh investments. DAPPMAN, in a statement on Sunday, said deregulation would also bring about market deepening, diversification, and expansion. Source Punch Read More

Adoption of Single Currency Premature, Buhari Tells ECOWAS Leaders - President Muhammadu Buhari Monday criticised the decision of the Francophone West African bloc of ECOWAS to unilaterally adopt proposed ECO currency, describing it as premature. Source THISDAYLIVE Read More

Sterling Sinks as Johnson Resurrects Spectre Of No-Deal Brexit - The British pound sank Monday after Prime Minister Boris Johnson appeared to revive investor fears of a no-deal Brexit, dealers said. Heading into the half-way point in London, sterling deepened losses to shed 1.0 percent versus the dollar. It was also down 0.8 percent against the European single currency. Source The Guardian Nigeria Read More

Business Leaders, Others Oppose Bill to Give CBN Governor Immunity - Leaders of Nigeria's private sector have risen against a controversial bill that aims to give the Central bank governor more powers including immunity from third party lawsuits. The Bill, which has been passed by the National Assembly but awaits the President's assent to become law, will replace the Banking and Other Financial Institutions Act. Source BusinessDay Read More

EXCLUSIVE: Accugas Issues New Deadline to FG - After Receiving N13.6bn Arrears - Federal government has settled N13.6 billion of outstanding invoices Accugas Ltd for gas supply to the Calabar Generation Company Limited, TheCable can report. But the company has immediately given a new deadline to the government to clear outstanding invoices, otherwise it could issue another "notice of default". Source The Cable Read More


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PROSHARE TECHNOLOGY 

FintechNGR Inaugurates Fintech Fund Advisory Team and the Nigerian Reguvators' Forum - To address the two leading challenges innovators/fintechs face in Nigeria, FintechNGR is inaugurating Fintech Fund Advisory Team & the Nigerian Reguvators' Forum tomorrow, Monday, 7th September, noon & 2 PM (WAT/GMT+1) respectively. Source FintechNGR Read More

Over 40 Million Nigerians Risk Ouster from USSD Services As Telcos, Banks Bicker - Nigeria's electronic payment industry appears threatened by the on-going inter-industry disagreement between banks and telecommunication companies over transaction charges. Source Vanguard Read More


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