Nigeria in 1min: Economic, Business and Financial Headlines - 100820

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Monday, August 10, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @icpsp_ng

 

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COVID-19 Health Updates

  • 9th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 46,577 cases (New: 437)
  • Discharged:  33,186
  • Deaths: 945: (New 3)

Source: NCDC Read More


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PROSHARE ECONOMY 

COVID Fears Cause Oil To Fall Back After A Brief Rally - OIR 070820 - Oil prices rallied to multi-month highs mid-week on stronger EIA data. But the market narrative remains the same - tightening fundamentals set against a weak macro backdrop has kept oil prices stuck in a narrow trading range. On Friday, prices fell back, erasing some gains. Source Tom Kool of Oilprice Read More

Big Oil Has Been Bruised By The Pandemic, But It Is Not In Retreat - Diversification away from oil has been the agenda of every government in Nigeria for more than two decades. It has been a slow process and the COVID-19 pandemic has shown that the FGN is vulnerable to the same Achilles heel as previous administrations. Source FBNQuest Research Read More

NESG Board Reviews State of Nigeria's Economy - The Board of Directors of the Nigerian Economic Summit Group (NESG) held its third meeting in 2020 on the 28th of July and reviewed the global and domestic economic, financial and social environments for the half year (January-June) 2020, as well as the outlook for the rest of the year. Source NESG Read More


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PROSHARE REGULATORS

PenCom to review Pension Reform Act 2014 - The National Pension Commission has initiated a process to review the Pension Reform Act 2014. It said this in a statement titled 'An initiative to review the Pension Reform Act 2014', which was obtained on Friday. Source Punch Read More

CBN Directs Banks To Share Customers' Data With Fintechs - The Central Bank of Nigeria (CBN) has asked commercial banks to share their customers' data with financial technology (Fintech) companies to increase access to financial services and provide better services to customers. Source The Nation Read More 


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PROSHARE MARKETS 

Dangote Cement H1 2020 Result; Paving A Difficult Path to Profitability - The COVID-19 pandemic took a bite out of the operational growth of Dangote Cement in H1 2020 resulting in the company having to take fresh operationally strategic decisions such as forcing a reduction in its rebates and discounts. Source Proshare Research Read More 

What To Expect From The Markets This Week - 100820 - In the US, the industrial sector recovery picked up pace in July, as manufacturing PMI printed 54.2 points in July, the second consecutive month of expansion (June 2020: 52.6 points). Breakdown provided revealed that new orders (+5.1 points), production (+4.8% points), and new export orders (+2.8 points) expanded at a faster pace relative to the prior period. Source Proshare Content Read More

FBNH 2020 H1 Result: Profit Up 14.3% Y-o-Y, But Growth Strategy Still Vulnerable - FBNH has caught the eye of Nigeria's local media for a splendid H1 2020 result as gross earnings rose year-on-year (Y-o-Y) by +5.6%, from N280.3bn in June 2019 to N296.4bn in June 2020. Profit before tax (PBT) climbed by +14.3%, from N36.3bn in June 2019 to N41.4bn in June 2019. Source Proshare Research Read More 

Corporate Earnings For The Week Ending 070820 - 27 in All - MORISON records 75% growth in earnings to emerge as the firm with highest growth in earnings while ETERNA records 82% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More 

FX: CBN Steps Towards Rate Unification, Adjust Official Spot Rate on Its Website to N379 - The FGN bond market started trading today on a sluggish note but activity picked up by mid-day as local investors began to scramble for bonds, particularly the 'auction bonds' of 2026s, 2035s, and 2045s which settled at 7.00%, 9.55%, and 9.60% respectively. Source Zedcrest Capital Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending - 070820 - The equities market recorded positive performance - the listed equities market, NSEASI, recorded +1.41% gain WoW while the NASD OTC closed positive with +0.75% gain. Source Proshare Markets Read More

NASD OTC Market CAP Increased By 0.75% WoW to Close At N518.65bn - NASD OTC Securities Exchange closed the week with a positive return on NSI. The NSI return rose by 0.75% to close the week at 706.07 points against 700.82 points against last week Wednesday, July 29 2020. Source NASD Plc Read More


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PROSHARE BUSINESS

Shareholder's Declining Influence - Shareholder's influence over Board action used to be strong during the years of late Mr. Akintunde Asalu was President of Nigeria's premier shareholder's association. Since the Asalu days, a few other associations have emerged, but the collective impact of these associations have been tame. Source Proshare Research Read More 

Power In The Boardroom - Boardroom power is critical in deciding how much pay a CEO earns per annum. The stronger the CEO's Boardroom influence, the higher his or her likely pay, the converse is also true, the lower the influence of a chief executive over his or her the Board the lower the amount of remuneration expected at the end of the year.  Source Proshare Research Read More

The CBN's New GSI Policy - Dangers Ahead and Recommendations - From 01 August 2020, the Central Bank of Nigeria (CBN) gave effect to a new policy that will have major ramification for banking services in Nigeria. The new Global Standard Instruction (GSI) policy provides that at the point of executing loan agreements. Source OpEd by Dr. Charles Omole Read More 

President Buhari Signs the Companies and Allied Matters Bill, 2020 - His Excellency, President Muhammadu Buhari, GCFR, has given his assent to the Companies and Allied Matters Bill, 2020 ("the Bill") as announced in a State House Press Release today, 7 August 2020. Source KPMG Nigeria Read More

Executive Compensation and Shareholders Value Creation - Although the forces that drive executive compensation in Nigeria cannot be determined, to some extent we can say that there is some link between the CEO's compensation and Shareholder value creation. Source Proshare Research Read More

Lagos Tanker Drivers' Strike to Go Ahead After Talks Fail - The Petroleum Tankers Drivers Association has said its planned strike will begin on Monday (tomorrow) as planned because the association has not reached any agreement with the Lagos State Government. Source Punch Read More

CBN Approved Our Stamp Duty Account, NIPOST Replies FIRS - The Nigerian Postal Service on Sunday said its stamp duty account was opened by the Central Bank of Nigeria under the Treasury Single Account in response to claims made by the Federal Inland Revenue Service. Source Punch Read More

Mambilla: FG Releases N1.2bn For Survey, Sensitisation - The Federal Government has so far released a total of about N1.2bn to the Taraba State Government for different tasks ahead of the final take-off of work on the 3,050 megawatts Mambilla Hydroelectric Power Project. Source Punch Read More


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PROSHARE TECHNOLOGY 

Telecoms Sector Remains Resilient as Broadband Subscriptions Climb - Despite the adverse impact of the global pandemic on various sectors in the economy, the Nigerian telecommunications sector has remained resilient. According to recent data on key industry fundamentals published by the Nigerian Communications Commission (NCC), the total number of broadband subscriptions grew 23.9% y/y and by 2.8% m/m in June 2020 to 78.8m subscriptions. Source CSL Research Read More

Twitter Expressed Interest in Buying TikTok's U.S. Operations - Twitter Inc (TWTR.N) has approached TikTok's Chinese owner ByteDance to express interest in acquiring the U.S. operations of the video-sharing app, two people familiar with the matter told Reuters, as experts raised doubts over Twitter's ability to put together financing for a potential deal. Source Reuters Read More


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PROSHARE FINANCE 

Doing Business The Shariah Way - Mufti Ebrahim Desai - Mufti Ismail Ebrahim Desai, a renowned global Shariah adviser, at a recent Webinar organized by TAIF Digital Institute for Islamic Finance, noted that Islam was a religion of balanced justice and equity, and had no room for business dealings that could cause social imbalance, deprivation and injustice. Source WebTV Read More


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