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Nigeria in 1min: Economic, Business and Financial Headlines - 131020

All One Min News	2391 VIEWS
All One Min News
2391 VIEWS

Tuesday, October 13, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @victoradewale_

COVID-19 Health Updates

12th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
Confirmed: 60,430 cases (New: 164)
Discharged: 51,943
Deaths: : 1,115 (New: 0)

Source: NCDC Read More

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PROSHARE ECONOMY

Headline Inflation to Remain Stubbornly High in Q4'20 - Food inflation increased for the 6th consecutive month to 16.0% in August and is projected to rise again to 16.54% in September in spite of the harvest. This is largely due to supply shortages triggered by flooding and rising insecurity in the food belt. Source FDC Read More

Nigeria's 2021 Budget of Economic Recovery and Resilience - Following the approval of the 2021 - 2023 Medium-Term Expenditure Framework and Fiscal Strategy Paper, President Buhari has presented the 2021 Budget (Appropriation Bill) to the joint session of the National Assembly. Source PwC Read More

South Africa Won't Meet Debt Targets, President's Council Says - South Africa won't be able to meet its finance ministry's debt targets and it may be undesirable for it to attempt to do so at a time when the economy is being battered by the fallout from the coronavirus, according to an advisory panel appointed by President Cyril Ramaphosa. Source Bloomberg Read More

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PROSHARE MARKETS

Investors Lose N40.67bn as NSEASI Dips by -0.27% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.27% to close at 28,337.49 basis points as against -0.46% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.57%. Source Proshare Markets Read More

Anchoria Fixed Income Monitor: Naira Strengthens as CBN Continues Forex Sales - Nigeria's currency strengthened by 1.72% week-on-week as the Naira sold for N457/$ compared to N465/$ the previous week. Naira appreciation may be attributed to improved liquidity as the Central Bank is solely committed to its weekly forex sales. Source Anchoria AM Research Read More

Demand Drives Bullish Outing as Average Yield on NT-Bills Dip to 1.4%, PMA Holds on Wednesday - The bearish sentiment in the Nigerian Treasury Bills ("NT-Bills") secondary market was reversed as buying interest - triggered by high financial system liquidity (N415.1bn at the start of the week) - pressured average yield 46bps downwards W-o-W across board. Source Afrinvest Research Read More

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PROSHARE BUSINESS

Nigerian-British Chamber of Commerce Project Hope Launch - Nigerian-British Chamber of Commerce (NBCC) will on Wednesday, October 14, 2020 officially launch its fundraising efforts to complete the NBCC Plaza located in Lekki Phase 1, Lagos. Source NBCC Read More

CBN Extends AGSMEIS Loans to 14,638 Applicants - The Central Bank of Nigeria has said it is extending its Agri-Business/Small and Medium Enterprise Investment Scheme loans to 14,638 applicants in August. Source Punch Read More

Consumers Paid N76.5bn Extra for Petrol After Deregulation - Investigation - More than N76.5bn has been paid for the purchase of petrol by consumers since the downstream oil sector was deregulated in March this year, Okechukwu Nnodim reports. After the Federal Government deregulated the downstream sector of the oil industry on March 19, consumers of Premium Motor Spirit, popularly called petrol, have paid an additional sum of over N76.5bn for the purchase of the commodity. Source Punch Read More

Apapa Gridlock: Maritime Workers Issue 21-Day Ultimatum, Threaten Strike - The Maritime Workers Union of Nigeria has identified four shipping companies responsible for the gridlock caused by heavy duty trucks on Oshodi-Apapa Expressway. The organisation said the action of the companies had severally led to negative economic consequences at the Tin-Can and Apapa Ports. Source Punch Read More

Nigerian Insurance Industry's Asset Rises to N1.8tn - The Nigerian insurance industry's assets rose from N1.61tn at the end of the 2019 financial year to N1.8tn in June 2020. The Central Bank of Nigeria disclosed this in a report, titled 'Insurance sector (general and life) consolidated balance sheet', in June 2020 statistical bulletin obtained by our correspondent on Sunday. Source Punch Read More

NNPC, IDSL Chart Path to Achieving $10 Production Cost by 2021 - The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Integrated Data Services Limited (IDSL) said they are continuing the search towards attaining a $10 per barrel production cost with the deployment of several cost-cutting measures. Source THISDAYLIVE Read More

Apple and Amazon Drive Rally on Wall Street - Wall Street ended sharply higher on Monday, fueled by expectations of a coronavirus relief package and by a rally in Amazon, Apple and other technology stocks ahead quarterly earnings season. Source Reuters Read More