Nigeria in 1min: Economic, Business and Financial Headlines - 290720

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Wednesday, July 29, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @WebTVng

 

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COVID-19 Health Updates

  • July 28th 2020: Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 41804 cases (New: 624)
  • Discharged:  18764
  • Deaths: 868: (New 8)

Source: NCDC Read More


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PROSHARE ECONOMY 

Independent Review Panel Satisfied with Ethics Committee's Report; Vindicates Akinwunmi Adesina - The Independent Review Panel set up to investigate Dr Akinwunmi Adesina has submitted its independent report and exonerated the AfDB President. The panel stated in its report that it is satisfied that the Ethics Committee considered the complaints in a comprehensive and responsible manner and also said It has considered the President's submissions on their face and finds them consistent with his innocence. Source Proshare Research Read More

VAT Collection Edges Higher but Indicates Weaker Economy - Yesterday, the Nigerian Bureau of Statistics (NBS) published data on Value Added Tax Collection (VAT) collection for the first half of 2020. According to the data, VAT collection increased by a modest 8.5% y/y to N651.8bn in H1 2020 from N601.0bn in H1 2019. Source CSL Research Read More

OPEC Prepares for Long-Term Demand Risks - OIR 280720 - Oil prices have been on autopilot for weeks, and the start of this week is no different. Prices remain trapped in the low -$40s, hemmed in by supply curtailments on the one hand, and concerns about depressed demand on the other. Source Tom Kool of Oilprice.com Read More

We Saved N21bn Through IPPIS, Says FG - The Federal Government on Tuesday announced that it saved N21bn by implementing the Integrated Personnel Payroll Information System across ministries, departments and agencies. Source Punch Read More

 

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PROSHARE MARKETS 

Lafarge Africa Plc H1 2020 Result: A Fall in Expenses Buoys Earnings - Lafarge Africa Plc grows revenue by 2.3% in H1 2020. The revenue increased to N120.5bn in H1 2020 from N117.9bn in H1 2019. However, the firm recorded revenue of N56.8bn in Q2 2020 as against N59.9bn in Q2 2019. This represents a drop of -5.1% YoY. Source Proshare Research Read More

Investors Lose N69.61bn as NSEASI Dips by -0.54% Amid Negative Market Turnover - Equities market closed today on a negative note, as NSEASI depreciated by -0.54% to close at 24,650.16 basis points as against +1.46% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.17%. Source Proshare Markets Read More

Domestic Commodity Prices In Lagos Up On Bridge Closure And Eid Kabir Festival - The inverse relationship between the price of oil and the value of the US dollar is playing out again in oil market volatility and the unusual spike in the price of gold, which has now reached an 11-year high of $1,994/t oz. Source FDC Read More

ACI Experiences Positive Performance - AFEX Commodities Weekly Report 230720 - The AFEX Commodities Index composite experienced a marginal uptick in market activity, averaging 249.40 points in the week under review. The index performance appreciated by 2.19% W-on-W primarily due to the positive market performance in the soybean and paddy rice sub-index of the Exchange against previous weeks' performance. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Heavy Market Liquidity Continues to Drive OMO Rates Down the Tide - The FGN bond space started on a quite interesting note as actions from profit-takers gingered slight action especially at the tail of the curve. The day kicked off with better offers for the 2035 and 2050s papers which were matched with available bids in the market. Source Zedcrest Capital Read More


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PROSHARE BUSINESS 

President Buhari Appoints Sabiu Bello Abubakar and Oba Olufemi as Deputy Insurance Commissioners - President Muhammadu Buhari has approved the appointments of Alhaji Sabiu Bello Abubakar and Mr. Oba Olufemi Oluniyi, FCA as Deputy Commissioners for Insurance, National Insurance Commission, NAICOM. Source Proshare Research Read More

Power Crisis Deepens, NBET Fails to Pay Gencos N181.39bn - The liquidity crisis in the nation's power sector has taken a turn for the worse as payment to generation companies for the electricity produced and fed into the national grid has slumped to 14.55 per cent. Source Punch Read More

Senate Summons Fashola, Ahmed, UBA, Others - The Senate on Tuesday, summoned the management of the United Bank for Africa to appear before it over its alleged N41bn indebtedness to the creditors and liquidators of the defunct Nigerian Telecommunications Limited and the Mobile Telecommunications Limited. Source Punch Read More

CBN Disburses N635bn to 608 Projects in Agric Credit Scheme - The total amount released by the Central Bank of Nigeria (CBN) to farmers under its Commercial Agriculture Credit Scheme (CACS) since inception stood at N635.39 billion as at the end of the first quarter 2020. Source THISDAYLIVE Read More

Dollar Teeters, Gold Takes A Breather as Markets Await Fed - The U.S. dollar hovered just above a two-year low on Wednesday, while stocks struggled, as growing worries about the U.S. economy had investors cautious and looking to Congress and the Federal Reserve for a boost. Source Reuters Read More

Big Tech CEOs to defend their companies before U.S. Congress by listing competitors - The chief executives of four of the world's largest tech companies, Amazon.com Inc (AMZN.O), Facebook Inc (FB.O), Apple (AAPL.O) and Alphabet's Google (GOOGL.O), plan to argue in a congressional hearing on antitrust on Wednesday that they face intense competition from each other and from other rivals. Source Punch Read More

 

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PROSHARE FINANCE 

Asset Under Management Rose by 17% YoY in May to N10.8trn - We see from Pencom's latest report that the assets under management (AUM) of the regulated pension industry in Nigeria rose by 17.0% y/y in May to N10.80trn (US$27.9bn). The share of domestic equities in AUM peaked at 16% in 2007, ie before the blowout on the NSE, and has since fallen below 5%. Source FBNQuest Reserch Read More


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