Nigeria in 1min: Economic, Business and Financial Headlines - 290121

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Friday, January 29, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics


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COVID-19 Health Updates 

  • 28th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 127,024 cases (New: 864)
  • Discharged:  100,853
  • Deaths: : 1547 (New: 3)

Source: NCDC Read More


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PROSHARE ECONOMY

Outlook 2021: Understanding the Mega Trends of a Crucial Year for an Economy - Nigeria's economy went into free fall in Q2 2020 as the coronavirus pandemic worsened and tumbling international oil prices poisoned an already difficult situation. By the end of the second quarter the country's gross domestic product (GDP), a measure of economic output, shrunk by -6.10% before recovering in Q3 2020 by -3.62%. Source Proshare Research Read More

OPEC and OPECplus Take a Jump on Oil Prices as COVID-19 Cases Worsen - Oil price movements have been steady since the beginning of the year, with Brent oil closing at $55.81 per barrel on Wednesday, January 27th, 2021. So far, Brent crude has appreciated by +7.74% in January 2021. Source Funsho Idowu, Proshare Research Read More

Tolls May Return, Owerri-Onitsha, 11 Highways Set for Concession - The Federal Government will on Friday (today) receive the Outline Business Case Certificate of Compliance for 12 pilot federal highways billed for concession. The concession of the roads may also signify the return of toll gates as concessionaires will have to recoup their investments. Source Punch Read More


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PROSHARE MARKETS

The Nigerian Capital Market Report 2020: Leveraging a Crisis - Economies globally in 2020 were caught in the centre of a vortex of problems ranging from economic lockdowns to supply chain disruptions, oil price disturbances, and healthcare instabilities necessitating furloughs, salary cuts, and layoffs. Source Proshare Research Read More

Investors Gain N124.86bn as NSEASI Inches Up by 0.57%, Closes Above 42,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by +0.57% to close at 42,169.41 basis points as against +0.83% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.71%. Source Proshare Markets Read More

A Controversial Part of Robinhood's Business Tripled in Sales Thanks to High-Frequency Trading Firms - The revenue Robinhood gets from a controversial practice of selling customer trades to high frequency trading firms is skyrocketing, according to new research. Source CNBC Read More

FG Restructures Commodities Exchange, Halts Privatisation Plans - The Federal Government is repositioning the Nigerian Commodities Exchange into a commercially viable platform for delivering efficient pricing of Nigeria's agric produce, among others. Source Punch Read More


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PROSHARE BUSINESS

GameStop: How a Video Game Chain Was Dragged Into The War on Wall St - GameStop, the struggling 37-year-old chain, which had a share price of $19 at the end of December, has gone on a trading frenzy to a record intraday high of $483 on Thursday, and a market capitalisation of about $28bn. Source Financial Times Read More

Nigerians Consumed N1.9tn Petrol in 13 Months, Says NNPC - The Nigerian National Petroleum Corporation on Thursday said its downstream subsidiary, the Petroleum Products Marketing Company, recorded a total of N158.04bn from the sale of white products in the month of October 2020. Source Punch Read More

Forex Crisis, Major Nightmare Facing Manufacturers, Says MAN - The acute shortage of foreign exchange in Nigeria is a major operational nightmare facing manufacturers in the country, the Manufacturers Association of Nigeria said on Thursday. Source Punch Read More

OPS Divided Over FG's Reduction of Automobiles' Import Levies - Members of the organised private sector (OPS) have expressed divergent views on the move by the federal government to begin the implementation of the reduction in the import levies on automobiles as contained in the 2020 Finance Act. Source THISDAYLIVE Read More

Oil Steady as Supply Cuts Offset Demand Worries on Stalled Vaccine Rollouts - Oil prices were mixed on Friday as a pending supply cut by Saudi Arabia and lower U.S. oil stocks helped counter risks of slowing fuel demand due to stalled vaccine rollouts and contagious new coronavirus strains. Source Reuters Read More

COVID-19 Savages U.S. Economy, 2020 Performance Worst in 74 Years - The U.S. economy contracted at its deepest pace since World War Two in 2020 as the COVID-19 pandemic depressed consumer spending and business investment, pushing millions of Americans out of work and into poverty. Source Reuters Read More 

 

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PROSHARE TECHNOLOGY 

UK FinTechs Potentially Undervalued after Missing Significance of Commercialising IP - Independent research from GovGrant, the R&D and IP specialists, eases concern around the growth of a 'tech bubble' - where stock valuations are unsustainably inflated - forming in the market. Source GovGrant Read More

Coinbase Unveils Plans for Direct Stock Listing - Coinbase, one of the world's largest digital currency exchanges, has been rumored for some time to be considering a direct listing. In an official blog post, the cryptocurrency exchange disclosed plans to pursue a direct listing of its Class A common stock, pursuant to a registration statement with the United States Securities and Exchange Commission. Source Coin Telegraph Read More



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PROSHARE FINANCE

Cyber Insurance - Its Relevance in the Emergent Cyber Ecosystem - From an insurance perspective, the insurable interest in the cyber space needs to be carefully determined and appraised. Put differently, in whose interest will insurance be considered and in the event of any loss, who will be compensated?. Source OpEd By Ekerete Olawoye Gam-Ikon Read More

Ifeoluwa Dixon to Speak on Islamic Finance, Economic Empowerment and Financial Inclusion - Ifeoluwa Dixon is a Senior Vice President and the Head, Fixed Income Portfolio Management at FBNQuest Asset Management. She also doubles as the lead portfolio manager of the FBN Money Market, Fixed Income and Eurobond Funds. Source WebTV Read More

How to Make Your Life Work as Planned This Year? - One of the biggest financial dilemmas for many people living in the world today is that there is a big gap between what they plan to do each year and the results they achieve at the end of the year. The reason for this gap is that there are certain factors that determine how your life goes each year and depending on where you are and how you structure your life this gap can be big or small. Source Sponsored Post by Grace Agada Read More


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PROSHARE MSME

NSE, IFC to Host CEO Roundtable on Gender Equality - The Nigerian Stock Exchange (NSE or The Exchange) in partnership with the International Finance Corporation (IFC) will host a workshop to promote gender equality among listed companies on Tuesday, 2 February 2021. Source NSE Read More

Ecobank Nigeria Targets MSMEs With Recent N50bn Subordinated Funding - The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the bank's newly sourced N50 billion credit will be deployed to support Micro, Small and medium scale enterprises (MSMEs) and small corporates in the country. Source Ecobank Read More


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