Nigeria in 1min: Economic, Business and Financial Headlines - 130820

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Thursday, August 13, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @followlasg

 

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COVID-19 Health Updates

  • 12th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 47,743 cases (New: 453)
  • Discharged:  33,943
  • Deaths: 956: (New: None)

Source: NCDC Read More


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PROSHARE ECONOMY 

Evolution Not Revolution in FX Thinking - Between June 2017 and February 2020 fx was freely available. The differential between the official/interbank rate and that at the bureaux de change was constant. Up to May 2017 and since March this year, fx has been in short supply and the spread considerably wider. Source FBNQuest Research Read More

 

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PROSHARE MARKETS

BUA Cement Plc H1 2020 Conference Call; Pushing For A Bigger Piece of The Pie - The cement business in Nigeria has become less genteel and friendly as BUA Cement Plc lays fresh siege on domestic market share. In 2018, the cement manufacturing business in Nigeria was shared roughly between Dangote Cement Plc with 60% of the domestic market, with Lafarge Africa Plc holding down a 30% market slice...Source Read More

Investors Gain N134.47bn as NSEASI Inches Up by 1.04%, Market Sentiment Turns Positive - Equities market closed today on a positive note, as NSEASI appreciated by +1.04% to close at 25,141.48 basis points as against -0.58% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.34%. Source Proshare Markets Read More

Brewery Sector Update: Brewing in Tough Times - Data from the NBS shows that consumers spent the least on alcoholic drinks at N150.2bn, representing 0.4% of total consumption expenditure in the last decade. This is not unexpected given the poor state of consumer's disposable income Source Afrinvest Research Read More

Federal Government to auction N150bn bonds next week - A circular by the DMO on Tuesday showed the breakdown of the figure to include a N25bn 10-year reopening bond that would mature in January 2026 and be offered at 12.5 per cent; and a N40bn 15-year reopening bond that would mature in March 2035 and be offered at 12.5 per cent. Source Punch Read More


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PROSHARE BUSINESS 

FCMB Clarifies Position on N573 Million Transfer - Our attention has been drawn to widely circulating stories incorrectly stating that our Managing Director, during a recent presidential hearing in Abuja, testified that the bank mistakenly transferred N573m to the account of a church and the said error was not discovered for 4 years. Source An FCMB Release Read More

Petrol imports tumble 72.65% as COVID-19 hits demand - Amid the general gloom that the economy has suffered as a result of coronavirus pandemic, the volume of petrol imported into the country in May plummeted by 72.65 per cent, the latest data obtained from the Nigerian National Petroleum Corporation have shown. Source Punch Read More

PENGASSAN members in petroleum ministry begin warning strike - Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria in the Federal Ministry of Petroleum Resources and some of its agencies on Wednesday commenced a three-day warning strike. Source Punch Read More

FG Pledges to Complete Gas Fields' Concession Programme - The federal government will not abandon its plan to concession up to 178 identified flare gas fields through its Nigerian Gas Flare Commercialisation Program (NGFCP) which it initiated in 2018. Source THISDAYLIVE Read More

Oil rises after bigger-than-expected drop in inventories - Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic. Source Guardian Nigeria Read More

Stallion Groups Boss, Vaswani In N23.3 Billion Debt Mess - Zenith Bank Plc has dragged him before an Igbosere High Court of Lagos State, Nigeria, over alleged unpaid N23,388, 188, 756.049 debt. Source Top Celebrities Read More

 

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PROSHARE MSME 

AUDA-NEPAD and the Ecobank Group launch MSME Academy for African MSMEs in Nigeria - A Panafrican MSME Academy spearheaded under the AUDA-NEPAD "100,000 MSMEs by 2021" (100K MSMEs) programme was recently launched by the African Union Development Agency -AUDA-NEPAD and the Ecobank Group. Source Ecobank Group Read More


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