Nigeria in 1min: Economic, Business and Financial Headlines - 190520

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Tuesday, May 19, 2020 / 5:00 AM / By News Aggregator / Header Image Credit: @NCDCgov


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COVID-19 Health Updates

  • On the 18th of May 2020, 216 new confirmed cases and 9 deaths were recorded in Nigeria
  • On the 18th of May 2020, 216 new confirmed cases and 9 deaths were recorded in Nigeria
  • Till date, 6175 cases have been confirmed, 1644 cases have been discharged and 191 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 216 new cases are reported from 15 states- Lagos (74), Katsina (33), Oyo (19), Kano (17), Edo (13), Zamfara (10), Ogun (8), Borno (8), Gombe (8), Bauchi(7), Kwara (7), FCT (4), Kaduna (3), Enugu (3), Rivers (2). Read More


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PROSHARE ECONOMY 

Nigeria's Oil Output Cap to Weigh on Growth, External Finances - Nigeria's adherence to oil production cuts under the OPEC+ agreement will lead to deeper economic contraction and fiscal deficits and compound pressures on external finances from the slump in oil prices, says Fitch Ratings. Source Fitch Ratings Read More 

How Agriculture Can Be Restructured As a Strategic Sector In Nigeria - Bisi Iyaniwura - Agriculture sector has been the mainstay of the economy since independence and despite several challenges; it remains a resilient sustainer of the population said, Mr. Bisi Iyaniwura, a Lawyer and Agriculture specialist this excepts as a guest speaker on WebTV Economy and Politics Programme. Source WebTV Read More 

Making Economies More Resilient to Downturns - The world is in the grip of the COVID-19 pandemic and the ensuing Great Lockdown has pushed many countries into deep recessions-worse than during the 2008-09 global financial crisis. In response, governments and central banks all over the world have introduced strong discretionary (one-off and specific) fiscal and monetary measures to counteract the economic fallout caused by the spread of the coronavirus.  Source John Bluedorn and Wenjie Chen, IMFBlog Read More 

China Road Infrastructure Rebound to Outpace Ports and Airports - China's road traffic levels appear to be recovering from the shock of the coronavirus outbreak, even as air traffic lags and port throughput faces additional looming challenges, says Fitch Ratings. This suggests that toll road operators may outperform within the transport infrastructure space, even though uncertainty remains over how operators will be compensated for the recent holiday in toll road fees. Source Fitch Ratings Read More 

FSDH Group to Engage 3 Nigerian Governors in a Webinar Session on May 22, 2020 - FSDH Group, made up of FSDH Holding Company, FSDH Merchant Bank, FSDH Asset Management, FSDH Capital and Pensions Alliance Limited, is bringing together key stakeholders and driving necessary conversations regarding the pandemic and current economic situation. Source FSDH Read More

NECA Charges Govt to Plug Leakages in Oronsaye Report - For the cost of governance to be reduced and ensure fiscal discipline, the Nigeria Employers' Consultative Association (NECA) has advised the government to go beyond the implementating the Oronsaye Report by reducing leakages arising from bloated retinue of aides of political officers. Source The Nation Read More


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PROSHARE MARKETS 

An Acceleration in Bond Issuance - Now that the National Assembly has approved the reallocation of deficit financing of N850bn for this year from the external to the domestic market, the DMO has revised its issuance calendar for Q2 2020. Its funding target for the year is now N1.60trn from the domestic market rather than the previous N750bn. Source FBNQuest Research Read More 

Guinness Nigeria Q3 2020 Earnings Largely Undermined by FX Dislocation - Guinness Nigeria's (Guinness) PBT for Q3 2020 (end-Mar) declined by -97% y/y to N71m and missed our forecast of N690m by -90%. This was largely driven by a 7x increase in net interest expense to -N1.6bn, which missed our forecast by 3.4x. Source FBNQuest Research Read More 

NSE Demutualization Receives Boost as Court Sanctions Scheme of Arrangement - The Nigerian Stock Exchange ("NSE" or "The Exchange") is pleased to announce that the Federal High Court, Lagos has now granted an order sanctioning the Scheme of Arrangement for the demutualization of NSE. Source NSE Read More 

Afrinvest Stock Recommendation for the Week 180520 - Last week, the equities market posted a loss as the All-Share Index (ASI) declined 0.7% w/w to settle at 23,871.33 points. As a result, YTD return worsened to -11.1% while market capitalisation fell N90.7bn w/w to close at N12.4tn. Source Afrinvest Research Read More 

Anchoria Fixed Income Monitor: T-bills Stop Rates Increase First Time in 3 Months - The average money market rate fell significantly last week by 4.79% to settle at 3.09% from 7.88% in the previous week. This is attributable to the inflow from OMO maturities of N209.05 billion and NTB Maturity of N38.00 billion during the week. Source Anchoria AM Research Read More 

Investors Gain N36.69bn as NSEASI Inches Up by 0.29%; Erases Previous Day Loss - Equities market closed today on positive note, as NSEASI appreciated by +0.29% to close at 23,941.75 points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.81%.  Source Proshare Markets Read More 

TRANSCORP Declares N957m Total Comprehensive Loss in Q1 2020 Results, (SP:N0.72k) - Transnational Corporation of Nigeria Plc released its Q1 2020 Unaudited results for the period ended March 31st, 2020.Revenue declined by -15.9% to N15.4bn from N18.3bn in the previous quarter. Profit before tax declined by 94.6% to N137m. Source NSE Read More 

Dangote Cement Plc CP Offer; The Bulls Return as Average Yield Dips 38bps WoW - The Nigerian Treasury Bills ("NT-Bills") secondary market kicked off on a calm note last week with investors trading cautiously in anticipation of the Primary Market Auction ("PMA") that held on Wednesday. However, towards the end of the week, there was an uptick in activity levels as inflow (N209.0bn) from matured Open Market Operations ("OMO") buoyed bullish sentiments leaving system liquidity at N388.5bn long on Friday. Source Afrinvest Research Read More

S&P 500 Closes at 10-Week High on Vaccine Hopes, Stimulus Pledge - U.S. stocks jumped on Monday, and the S&P 500 closed at a 10-week high, on encouraging early-stage data for a potential coronavirus vaccine and on the promise of more stimulus to lift an economy beaten down by the pandemic. Source Reuters Read More 

NSE's Conversion to Public Company Scales Court Hurdle - The ongoing process to convert Nigerian Stock Exchange (NSE) from a non-profit, member-owned mutual company limited by guarantee to a public limited liability company with issued share capital and shareholders has scaled a major hurdle with the approval of the scheme of arrangement for the conversion by the Federal High Court (FHC). Source The Nation Read More


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PROSHARE BUSINESS 

Bank NPLs (4) - A Short History of Recovery Efforts - A Time Series Analysis - Loan recovery has had a colourful history in Nigeria. Indeed, resolving the issues of bad bank loans has existed for at least three decades but the problem became more challenging as bank capital grew larger and lenders had access to bigger loanable funds. The lending capacity of banks grew significantly between 2005 and 2010 and between 2010 and 2015.  Source Debtors Africa Read More 

G-20 Debt Freeze Won't Fix Eligible Sovereigns' Liquidity Pressures or Medium-term Debt Challenges - The G-20 debt suspension initiative is unlikely to ease the significant credit challenges that the coronavirus pandemic has amplified in some frontier market sovereigns, particularly in Africa, Moody's Investors Service said in a report today. Source Moody's Investors Service  Read More

LCCI Demands One-year Tax Holiday for Manufacturers, Healthcare Firms - Given the devastating blow coronavirus has dealt businesses in the past five weeks, business owners in the country have demanded one-year tax break among others from the government to enable them to recover. Source Punch Read More 

CBN Naira Defence Depletes Foreign Reserves by $3.17bn - Forex scarcity due to falling crude oil price forced the Central Bank of Nigeria to access the country's foreign reserves to make forex available in the economy; NIKE POPOOLA reports that this gulped $3.17bn in the first quarter. Source Punch Read More

Buhari Extends 'Gradual Ease of Lockdown' By Two Weeks - The Federal Government, on Monday, said the recent order of the President, Major General Muhammadu Buhari (retd.), on gradual ease of lockdown will remain in force for another two weeks. The Chairman of the Presidential Task Force on COVID-19, Boss Mustapha, disclosed this at the daily briefing of the task force in Abuja. Source Punch Read More

Ekiti Okays IPP to Improve Power Supply - Ekiti State Government has approved the development and operation of an Independent Power Plant in the state to improve power supply in the state. The Commissioner for Information, Muyiwa Olumilua, who disclosed this on Sunday said the IPP would also reduce costs incurred in the provision and fueling of generators. Source Punch Read More

We Have Paid FG $13bn For Gas Purchase - NLNG - The Nigeria LNG Limited says it has paid over $13bn to the Federal Government for feed-gas purchase since the inception of its operations. The NLNG disclosed this on Twitter on Sunday while marking the 31st anniversary of its establishment. Source Punch Read More

U.S. Auto Industry Returns to Life After Lockdown - The Detroit Three automakers and their suppliers began restarting assembly lines on Monday after a two-month coronavirus lockdown in a slow revival of a sector that employs nearly 1 million people in the United States. Source Reuters Read More

Clearing Agents Seek FG's Intervention On Demurrage Charges - Clearing agents at the nation's airports have called on the federal government to intervene on the demand for storage charges by Nigerian Aviation Handling Company, (NAHCO) Plc and Skyway Aviation Handling Company (SAHCO), during the lockdown period. Source THISDAYLIVE Read More

  

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