Nigeria in 1min: Economic, Business and Financial Headlines - 250221

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Thursday, February 25, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

 

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COVID-19 Health Updates 

  • 24th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 153,842 cases (New: 655)
  • Discharged:  130,818
  • Deaths: : 1,885 (New: 11)

Source: NCDC Read More


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PROSHARE ECONOMY

Outlook 2021: Emerging Technologies Have Potential to Spur Growth - The side effect of the COVID-19 pandemic on world economic activities have turned out to be a blessing in disguise for some of the Information Technology (IT) based businesses as there was an increase in their revenue during this period. Source Proshare Research Read More

Finance Bill 2020 to Check Inflation - Minister - The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, says the Finance Bill 2020, was designed to reduce import duties on some commodities, including vehicles. Source Vanguard Read More


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PROSHARE MARKETS

NCM 2020: Lower FX Earnings Widened the Gap Between Two Markets -  On the currency front, the dollar will most likely continue its bearish trend which started at the tail end of 2020, as global recovery proceeds with the continuous production and approval of vaccines and quantitative easing by major economies, the dollar will likely gain strength between Q2 and Q3 2021. Source Proshare Research Read More

Investors Gain N29.53bn as NSEASI Inches Up Further by 0.14%, YTD Return Stands at -0.12% - Equities market closed today on a positive note, as NSEASI appreciated by +0.14% to close at 40,221.30 basis points as against +0.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.12%. Source Proshare Markets Read More

Commodity Prices to Remain Elevated as Transport Fares Set to Rise Further - Brent is now trading above $65 per barrel and generating decent revenues for the FGN as production is stalled at 1.45mbp.  These revenues are now beginning to yield a positive impact on the excess crude account which is now at a paltry $77m on the one hand and keeping Nigeria's external Reserves ($35.28bn) from dropping sharply on the other. Source FDC Ltd Read More

Zenith Bank's Gross Earnings Rises by 5% to N696.5bn - Zenith Bank Plc has announced an impressive result for the year ended December 31, 2020, with gross earnings rising by 5% to N696.5 billion from N662.3 billion reported in the previous year. This is in spite of a challenging macroeconomic environment exacerbated by the COVID 19 pandemic. Source Zenith Bank Read More

Wall Street Finishes Up as Fed's Powell Soothes Inflation Fears - Shares on Wall Street ended higher on Wednesday, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell's comments calmed inflation worries. Source Reuters Read More


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PROSHARE BUSINESS

OANDO Share Price up 10% off Positive Court Ruling as SEC Reacts to the Court Judgement - Oando Plc joined the Nigerian Stock Exchange (NSE) top gainers with a 10% increase in share price from N3.18 on Tuesday, February 23, 2021 to N3.41 on Wednesday, February 24, 2021. Source Oando Plc with Additional Comment by Proshare Research Read More

Dangote Refinery'll Strengthen Naira, Save Economy - National Assembly - The National Assembly has said the oil refinery being built by Dangote Group will strengthen the Nigerian currency and prevent economic doom when it comes on stream. The legislature said this on Tuesday during an inspection visit to the site of the Dangote refinery, petrochemicals complex, fertiliser plant and subsea gas pupeline projects in Ibeju Lekki, Lagos. Source Punch Read More

Nigeria Losing 0.2m Barrels of Oil Daily to Theft, Vandalism - NNPC - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari has disclosed that Nigeria is presently losing about 200,000 barrels of crude oil daily to thieves and vandals. Source Vanguard Read More

DisCos Fail to Remit N160.1b in Q2, 2020 - The Nigerian Electricity Regulatory Commission (NERC) said the 11 electricity Distribution Companies (DisCos) failed to remit N160.1 billion in Second Quarters (Q2 2020) to the Market Operator (MO) of the Transmission Company of Nigeria (TCN). Source The Nation Read More


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PROSHARE FINANCE

Pensions Industry Asset Under Management Increased by 20.3% YoY to N12.29trn in December 2020 - The assets under management (AUM) of the regulated pension industry increased by 20.3% y/y to NGN12.29trn (USD30.0bn) at end-December, and were flat m/m. The asset mix remains heavily concentrated in FGN securities, which accounted for 66.2% of the total. Source FBNQuest Research Read More

Tangerine Life Completes Merger with ARM Life - Tangerine Life Insurance Limited, (previously known as Metropolitan Life Insurance Nigeria Limited), has, after a meticulous process, concluded its merger with ARM Life PLC. Tangerine is owned by Verod Capital, a leading private equity firm investing in growth companies across Anglophone West Africa. Source Tangerine Life Read More


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