Nigeria in 1min: Economic, Business and Financial Headlines - 120820

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Wednesday, August 12, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

 

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COVID-19 Health Updates

  • 11th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 47,290 cases (New: 423)
  • Discharged:  33,609
  • Deaths: 956: (New 6)

Source: NCDC Read More


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PROSHARE ECONOMY 

Oil Prices Rally On New COVID Optimism - OIR 110820 - Oil prices strengthened again on hopes of a slowdown in coronavirus transmission in the United States. "The fact that the COVID cases seem to be tapering off in the U.S. is making people a little more optimistic about getting it under control and demand recovering toward the end of the year," Source Josh Owens of Oilprice Read More

Nigeria's Failing Refineries - In the recently published Nigerian National Petroleum Company (NNPC) 2019 Annual Statistical Bulletin report, data on the performance of the Nigeria Oil & Gas industry was provided. Source CSL Research Read More 

The Nigerian Oil and Gas Industry Update: Urgent Need for Reforms - Prior to the outbreak of the COVID-19 pandemic, the performance of the global oil and gas industry in 2019 was shaped by issues such as the Sino-US trade wars, sanctions on Venezuela & Iran as well as middle-east tensions. Source Afrinvest Research Read More 

No Big Change in FX Policy - Last week we received a lot of questions about the foreign exchange markets. Was the World Bank forcing the Nigeria's hand in demanding unification of all exchange rates? Why was the parallel market rate not weaker? Source Coronation Research Read More

 

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PROSHARE MARKETS 

Seplat H1 2020 Report: Revenue Dips 26.49%, But Reversal Flickers In The Horizon - Fickle oil market behaviour took billions off the stock prices of major oil and gas companies globally and on The Nigerian Stock Exchange (NSE) as investors voted for safety with their feet in the first half of 2020. Source Bukunmi Adejobi, Proshare Research Read More

Price of Flour (50kg) Went Up By 52.9% to N13,000 - Nigeria's forex shock resulting from the 70% precipitous fall in the price of oil (Q2'20) has reinforced the CBN's resolve to ration forex in defense of the Naira.  This has forced most importers to blend their forex from various sources at a rate higher than the converging rate of exchange of N381/$. Source FDC Read More

Yields Continue To Drop As the Market Shrugs Off Increase Supply by The DMO August Auction - The FGN Bonds market opened the day with wide spreads as market participants reacted negatively initially to the released April FGN Bond circular, which showed the DMO increasing the offered amount by N20bn across the offered tenors. Source Zedcrest Capital Read More

Investors Lose N75.07bn as NSEASI Dips Further by -0.58%, ASI Closes Below 25,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -0.58% to close at 24,883.70 basis points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.30%. Source Proshare Markets Read More

 

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PROSHARE BUSINESS

The Post-COVID-19 Era Will See a Significant Reshaping of Corporate Realities - The post-COVID-19 era will see a significant reshaping of corporate realities. The concept of the CEO as the mighty lord of the manor may gradually give way to new thinking about how organizations are run and how their top executives should be remunerated. Source Proshare Research Read More 

CAMA 2020: Reforming Provisions That Impact The Nigerian Business Community - On August 7, 2020, President Muhammadu Buhari assented to the Companies and Allied Matters Act, 2020 ("CAMA 2020"), which repeals and replaces the Companies and Allied Matters Act, 1990[1] (the "Repealed Act"). Source Stella, Toyin, Oluwatoba, Tosin & Ezomime of Banwo & Ighodalo Read More

COVID-19: Oil Marketing Firms' Revenues Plunge by N204.52bn - The total revenue generated by five of the major oil marketing companies in the country slumped by 40.79 per cent in the first half of this year, compared to the same period of 2019. Source Punch Read More

Oil Rises Above $45, OPEC+ Cut Compliance Dips - The international oil benchmark, Brent crude, rose above $45 per barrel on Monday, supported by an improvement in Chinese factory data, rising energy demand and hopes for an agreement in the United States on more coronavirus-related economic stimulus. Source Punch Read More

Nigeria Must Boost Exports to Avoid Dumping, Says NEPZA Boss - The Managing Director, Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba said the country's export processing zones must be immediately optimised to manufacture and produce goods for export, adding that "In a free trade regime, you must export goods or you become a dumping ground". Source THISDAYLIVE Read More

FIRS Generates N3bn from Stamp Duty Weekly - Nami - The Federal Inland Revenue Service (FIRS) generates about N3 billion from stamp duty weekly. The Executive Chairman of the FIRS, Muhammad Nami, disclosed this at a meeting with the House of Representatives Committee on Finance, in Abuja, today. Source Vanguard Read More

UK Sheds Further 114,000 Jobs in July - The number of workers on UK company payrolls slumped by a further 114,000 in July from June on the fallout from the coronavirus pandemic, official data showed Tuesday. Source Punch Read More

Asian Stocks Fall on U.S. Stimulus Uncertainty - Asian stocks dipped on Wednesday on growing uncertainty over whether the U.S. lawmakers would agree on an additional round of big fiscal stimulus to support an economy still struggling with the novel coronavirus. Source Reuters Read More

 

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