Nigeria in 1min: Economic, Business and Financial Headlines - 291020

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Thursday, October 29, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

 

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COVID-19 Health Updates

  • 28th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 62,371 cases (New: 147)
  • Discharged:  58,095
  • Deaths: : 1,139 (New: 4)

Source: NCDC Read More


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PROSHARE ECONOMY 

Manufacturing PMI Stands at 49.4% in October 2020 from 46.9% in September 2020 - The October 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period April 9-13, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). Source CBN Read More

China Sets Its Sights On Global EV Dominance - The world's largest automotive market, China, is looking to become a dominant player in the rising global electric vehicle market. Chinese EV manufacturers are expected to start expanding overseas, while Beijing already controls a large part of the global EV supply chain, beginning with critical minerals processing. Source Tstevana Paraskova of Oilprice Read More

Manufacturing Sector Hits Sixth-Month Slow Growth - The Purchasing Managers Index for the manufacturing sector which started contracting in May recorded another contraction in October according to the Central Bank of Nigeria. The statistics department of the CBN disclosed in its 'Purchasing Managers' Index survey report for October, that this contraction hit the sixth month. Source Punch Read More

 

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PROSHARE MARKETS

Banks in H1 2020: Banking Strategies Post-COVID - Nigeria's banks have been barged from side-to-side by a variety of problems as a general economic slowdown and vicious coronavirus pandemic puncture earlier growth projections. Source Proshare Markets Read More

Investors Gain N239.03bn as NSEASI Inches Up by 1.58%, Closes Above 29,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by +1.58% to close at 29,437.60 basis points as against +0.70% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.67%. Source Proshare Markets Read More

NSE Back Above Water, Nairobi Still in Difficulties - The NSEASI crossed a notable threshold on 02 October, returning to positive territory ytd for the first time since 26 February. The advance has now widened to 8.0%, compared with a -3.8% ytd contraction for the Jo'burg all-share and a -32.3% slump in Nairobi (NSE20). Source FBNQuest Research Read More

Lagos Commodities Exchange Targets 10m Youth Traders - The newly-licensed Lagos Commodities and Futures Exchange (LCFE) is targeting no fewer than 10 million Nigerian youths for empowerment as commodities traders under its proposed seamless capacity building. Source The Nation Read More


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PROSHARE BUSINESS 

The Legal Side of Doing Business in Nigeria: Compliance Checklist You Need as a Small Business Owner - Setting up a business in Nigeria is one of the roads to financial independence. As most persons who have started a business will know, the task of setting up shop is not an easy one as it is fraught with many false starts and setbacks. Source FCMB Business Zone Read More

Okonjo-Iweala Suggested as New WTO Chief, But US Vetoes - The World Trade Organization's General Council Chair David Walker said Wednesday that Nigeria's Ngozi Okonjo-Iweala had garnered the most support among WTO members to become the next global trade chief, a WTO spokesperson said. Source POLITICO Read More

U.S. Sows WTO Turmoil by Vetoing Front-Runner for Top Job - The World Trade Organization's effort to select a leader and chart a new course for the global trading system hit a roadblock Wednesday after the Trump administration vetoed a bid by front-runner Ngozi Okonjo-Iweala, who is a U.S. citizen, to be the WTO's next director-general. Source Bloomberg Read More

NIRSAL MFB Gets Framework for N75bn Youth Fund Disbursement - The Central Bank of Nigeria has released the framework for NIRSAL Microfinance Bank to commence the disbursement of the N75bn Nigeria Youth Investment Fund. It said this in its statement titled 'Framework for the operation of the NIRSAL Microfinance Bank window of the Nigeria Youth Investment Fund' released on Wednesday. Source Punch Read More

Nigeria's Earnings Threatened as Oil Sheds $2.33/Barrel - Brent, the oil against which Nigeria's crude is benchmarked, dropped in price on Wednesday, shedding $2.33/barrel. The bulk of Nigeria's foreign exchange earnings comes from the sale of crude oil and a crash in global oil prices often leads to a drop in the country's earnings. Source Punch Read More

Oil climbs as Hurricane Shuts U.S. Output, Bouncing Back From 5% Slide overnight - Oil prices rose in early trading on Thursday, regaining some of the ground lost in a 5% slump overnight, amid the prospect of tighter short-term supply with two-thirds of U.S. output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

MTN, 9mobile Get National Roaming Service Approval - The Nigerian Communications Commission (NCC) has granted approval for two mobile network operators (MNOs) to carry out trial on National Roaming Service for a period of three months, commencing from August 1, 2020 and to end by October 31, 2020. Source THISDAYLIVE Read More

 

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PROSHARE FINANCE

Coronation Insurance Plc Puts in Place a Claims Response Platform for Real-time Communication - It is with deep sadness that all of us at Coronation Insurance (formerly Wapic Insurance) have observed the recent tragic events unfolding in Nigeria. We support the right to non-violent protest but deplore the unnecessary loss of human lives. Source NSE Read More

 

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