Nigeria in 1min: Economic, Business and Financial Headlines - 120620


Friday, June 12, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @dabiodunMFR


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COVID-19 Health Updates

  • On the 11th of June 2020, 681 new confirmed cases and 5 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 14,554 cases have been confirmed, 4,494 cases have been discharged and 387 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 681 new cases are reported from 17 states- Lagos(345), Rivers(51), Ogun(48), Gombe(47), Oyo(36), Imo(31), Delta(28), Kano(23), Bauchi(18), Edo(12), Katsina(12), Kaduna(9), Anambra( 7), Jigawa(5), Kebbi(4), Ondo(4), Nasarawa(1). Source NCDC Read More

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Global Economy Expected to Shrink by 5.2% in 2020 Due to COVID-19 - COVID-19 has triggered a global crisis like no other-a global health crisis that, in addition to an enormous human toll, is leading to the deepest global recession since the second world war. While the ultimate growth outcome is still uncertain, and an even worse scenario is possible if it takes longer to bring the health crisis under control, the pandemic will result in output contractions across the vast majority of emerging market and developing economies (EMDEs). Source World Bank Group Read More 

OPECplus Cuts Could Be Deeper for Longer - In the first month of the Phase 1 OPEC+ output cut deal, the production by 10 OPEC members in the accord fell by 5.96mbpd in May to 21.8mbpd compared to 27.7mbpd in April. Despite the significant cut in production, the cartel's output fell short of the agreed cap of 20.55mbpd due to compliance breaches by some members. While Saudi Arabia, UAE, Kuwait and Equatorial Guinea achieved over 90% compliance rate, Iraq, Nigeria, Angola and Algeria had compliance shortfalls of 62%, 49%, 21% and 15% respectively. Source NOVA Merchant Bank Read More 

No Respite for State Government Finances - From our chart today we can see that the growth of the states' domestic debt stock has started to slow. The increase in 2019 was just N260bn, compared with the previous year's N500bn. (The stock does not include naira-denominated bond issuance.) The states would have liked to have borrowed more, we assume, but their finances are subject to greater supervision by the federal finance ministry, the DMO and the Securities and Exchange Commission. Source FBNQuest Research Read More

Niyi Akinsiju To Speak On Politics, Governance and Sustainable Growth In Nigeria - Mr Niyi Akinsiju is a media expert with an M.Sc in Mass Communication/Media Studies and is the CEO of Fortune & Class Limited a media, brand  and public relations firm. Akinsiju is currently the Chairman of the Buhari Media Organization, BMO and also plays the role of coordinating the orientation and communication activities of the current ruling political party the All Progressives Congress. Source WebTV Read More 

Segun Showunmi To Speak On Repositioning Nigeria Political Leadership For Inclusive Growth - SEGUN SHOWUNMI is an Ace Public affairs analyst and social impact expert, who has experience in governance, policy and civic engagement. He also has been involved in several publicity campaigns in the Nigerian polity, and he served as the spokesperson for 2019 Presidential Campaign of Alhaji Atiku Abubakar, the frontline candidate from the People's Democratic Party, PDP. Source WebTV Read More

Experts Doubt Implementation As Senate Passes N10.8tn Revised Budget - The Senate on Thursday passed the revised 2020 budget of N10.81tn. However, experts expressed doubt in the capacity of the government to raise funds and to implement the budget. The budget was passed at the Senate plenary shortly after the same exercise was carried out at the Committee of Supplies. Source Punch Read More

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Coronanomics (6) - Global Stock Market - Top 3 Decliners Dipped By 0ver 26% YTD - Thirty-four (34) global stock markets were reviewed, 27 showed declined in their year-to-date performance, 6 remained unchanged while only one (1) stock market recorded an increase in its year-to-date performance.  The top three stock markets that dipped the highest were Austria's ATX, Jakarta's JKSE, Brazil's Bovespa which dipped by -30.50%, -26.38% and -26.09% respectively (see Table 9). The only stock market that recorded an increase of +4.10% in their year-to-date performance was USA's Nasdaq. Source Proshare Content Read More

It Is Time for Proshare's 2020 Online Trading Ranking Survey - 6th Edition - Proshare Nigeria is set to commence the process for the 6th Edition of the Nigerian Online Trade Ranking Report 2020. We thus humbly invite you to participate in the survey of Online Trading Platforms in Nigeria. The survey is designed as an annual follow-up review of online trading portals in the Nigerian Financial Market and will oblige your firm to provide answers to the online questionnaire. Source Proshare Research Read More 

Unity Bank FY 2019 Results: The Highs and Lows of A Corporate Rebound - Unity Bank's financial results for 2019 exceeded analysts' expectations as the bank's profit numbers turned around from a loss of N7.69bn in FYE 2018 to a profit of N3.38bn in FYE 2019 representing a +148.21 growth in the last financial year. Regardless of the bank's strong profit before tax (PBT) growth between 2018 and 2019, a few areas of the bank's operations create a looming shadow of what may appear to be a reversal of the bank's fortunes. Source TheAnalyst Read More 

Rates Closes Lower for Short and Mid-Dated Bills at The Treasury Bills Primary Auction - Trading activities picked slightly in the bond spaces as we witnessed decent transaction levels on selected bonds. The 2050s was the paper of interest with participants lifting axes around 12.20% since it was offered slightly better than the 2049s paper. We also saw few interest in 2023s and 2027s albeit not so strong since participants were clearly cherry-picking on the few bonds with better axes than screen offer. Source Zedcrest Capital Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 110620 - The equities market recorded mixed performance - the listed equities market, NSEASI, recorded +0.67% gain WoW while the NASD OTC also closed negative with -1.43% loss. The BDC and NAFEX Rates depreciated, the IEFX Rate appreciated while the CBN Rate closed flat. Source Proshare Markets Read More 

Corporate Earnings For The Week Ending 120620 - 12 in All - Nine(9) out of the Twelve (12) firms declared growth in revenue. BERGER records 35% growth in earnings to emerge as the firm with highest growth in earnings while ALEX records 28% negative growth in earnings to emerge as the firm with the least growth rate. BUACEMENT tops with the highest PAT figure while DAARCOMM declared the least with a loss. Source Proshare Research Read More 

Investors Gain N86.83bn WoW as NSEASI Inches Up by 0.67% to Close the Week Positive - Equities market closed today on a negative note, as NSEASI depreciated by -0.13% to close at 25,182.67 points as against -0.47% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.18%.  Source Proshare Markets Read More 

Presco Q4 2019 and Q1 2020 Results Review: Outperformed Rating Maintained - Presco's Q1 2020 earnings fell -16% y/y to N1.8bn, driven by a mild decline in sales and a -146bp y/y contraction in gross margin to 78.1%. Q1 earnings missed our forecast by around -7.5%. Therefore, we have cut our EPS outlook over the 2020-21E period by around 2.5%. Our price target of N55.1 is down by around 17% because of a 150bp increase to our equity risk premium assumption to 7.5%. From current levels, our price target implies a potential upside of 21.8%. As such, we retain our Outperform rating on the stock. Source FBNQuest Research Read More

Market Meltdown: Dow Dives 1,800 Points On Worries Of 2nd Coronavirus Wave - In one of the worst one-day drops in history, the Dow Jones Industrial Average closed down 1,861 points, or 6.9%, and the S&P 500 tumbled about 5.9%. Airline and hospitality companies, which have been especially hard hit by the COVID-19 lockdowns, were among those losing ground. Source NPR Read More

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CRC Credit Bureau Launches Data Submission API - CRC Credit Bureau has launched its Data Submission Application Programming Interface (API) that enables institutions access and submit data on their credit customers online real time. This innovation in Nigeria, the first in the industry, is an automated medium that enables institutions, provide CRC with information on credits immediately they are booked on the system and update existing credit records as soon as repayments have been made by their customers. Source CRC Credit Bureau Read More 

Nigeria's Manufacturing Needs A Nudge To Drive Industrialization - Dr. Muda Yusuf - Nigeria has to address its infrastructure, logistics, and manufacturing sector challenges as  a way pushing the country towards job-inclusive industrialization said the Director-General of the Lagos Chamber of Commerce and Industry (LCCI) Mr. Muda Yusuf while speaking as a guest on WebTV's 'Economy and Politics' programme which looked at the issue of, "Resetting Nigeria's Manufacturing Sector for Global Competitiveness". Source WebTV Read More

LBIC Gets New Board of Directors; Appoints Hakeem Ogunniran as Chairman - The Management of the Lagos Building Investment Company, LBIC Plc, has announced the appointment of Mr Hakeem Ogunniran, Mrs Bolanle Banjo and Mr Adewale Okesola as Directors of the Bank. Source LBIC Read More

Senate Approved $28bn Foreign Loans In One Year - Lawan - The President of the Senate, Ahmad Lawan, has listed the approval of a total sum of $28bn foreign loans for the regime of the President, Major General Muhammadu Buhari (retd.), in the last one year, as part of the 9th Senate achievements. Source Punch Read More 

Renewable Energy: NERC Targets 2,000MW - The Nigerian Electricity Regulatory Commission (NERC) is set to generate a minimum of 2,000MW of electricity from renewables this year. In a report on its website, the agency assured of guaranteed price and access to grid as well as feed-in tariff for solar, wind, biomass and small hydro. Source The Nation Read More

39.4 Million May Be Jobless Before Year End, Says FG - The Federal Government has raised the fear that except something urgent is done, about 39.4 million Nigerians may be jobless by the end of the year as a result of the impact of the COVID-19 pandemic. It also expressed the fear that millions more may slide into extreme poverty before the pandemic ends. Source Punch Read More

Cargo Evacuation By Rail Resumes At Lagos Port - To rescue trapped cargoes and ensure seamless evacuation of containers, the Nigerian Shippers' Council (NSC), has resumed rail operations to APM Terminal, in Lagos Port. Source Guardian Nigeria Read More 

Oil Extends Slump As Prospect Of Second Viral Wave In U.S. Ends Rally - Oil prices fell on Friday, extending heavy overnight losses as a surge in U.S. coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world's biggest consumer of crude and fuel. Source Reuters Read More

NCC Plans 5G Policy, Seeks Stakeholders' Inputs - The Nigerian Communications Commission has commenced plans to develop a policy for the commercial deployment of fifth generation technology and is seeking the inputs of stakeholders. The commission, in a statement on Thursday, explained that the trial conducted on the technology in 2019 indicated that 5G technology had improved performance over previous ones and would be beneficial for Nigeria's socioeconomic development. Source Punch Read More

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NCC Notifies of the Development of a Policy For Deployment of 5G In Nigeria - The Nigerian Communications Commission (the Commission) is mandated by Section 4(q) of the Nigerian Communications Act 2003 (the NCA). to prepare and implement programmes and plans that promote and ensure the development of the communications industry and the provision of communications services in Nigeria. Source NCC Read More


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