Nigeria in 1min: Economic, Business and Financial Headlines - 300620

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Tuesday, June 30, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov

 

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COVID-19 Health Updates

  • On the 29th of June 2020, 566 new confirmed cases and 8 deaths were recorded in Nigeria
  • Till date, 25133 cases have been confirmed, 9402 cases have been discharged and 573 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 566 new cases were reported from 20 states- Lagos (166), Oyo (66), Delta (53), Ebonyi (43), Plateau (34), Ondo (32), FCT (26), Ogun (25), Edo (24), Imo (15), Bayelsa (13), Benue (12), Gombe (11), Kano (11), Kaduna (11), Osun (8), Nasarawa (7), Borno (5), Katsina (2), Anambra (2). Source NCDC Read More


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PROSHARE ECONOMY

Coronanomics (24) - Sectorial Analysis of Nigeria's Oil Sector - The oil sector is one of the hardest-hit sectors of the economy.  Despite the negative effect of the coronavirus on the oil sector, the sector recorded a growth rate of +5.06% in Q1 2020, an improvement from a growth rate of -1.46% in Q1 2019 and a decline from the growth rate of 6.36% recorded in Q4 2019. Source Proshare Content Read More 

Manufacturing PMI Still Weak - According to the Purchasing Managers Index (PMI) data released by the Central Bank of Nigeria (CBN) for the month of June, activity levels remained weak. Specifically, Manufacturing PMI declined to 41.1 in June from 42.4 in May, the second consecutive month of decline in the sector. Source CSL Research Read More 

CBN Issues Draft Framework for Regulatory Sandbox Operations - The Central Bank of Nigeria (CBN) is committed to building a financial services sector that promotes innovation in financial services, effective service delivery, healthy competition and financial inclusion. In this regard, the Bank has implemented several reform initiatives towards the achievement of these objectives. Source Read More 

SSA Regional Economic Outlook June 2020 Update - A Cautious Reopening - The outlook for 2020-21 is considerably worse than expected in April and subject to much uncertainty. It reflects a weaker external environment and measures to contain the COVID-19 outbreak, which has been accelerating in the past few weeks in several sub-Saharan African countries. Source IMF Read More

Andrew Nevin to Speak Tomorrow on WebTV Economy and Politics Show - Andrew is PwC West Africa's Financial Services Leader across Assurance, Tax, and Advisory. His own clients include numerous African banks, insurance companies, and capital market players across strategy, technology, operational, and regulatory issues. Source WebTV Read More

N'Assembly Leadership Halts Planned Hike In Electricity Tariffs - The leadership of the National Assembly on Monday waded into the controversy on the planned hike in electricity tariffs from July 1st, 2020 and succeeded in convincing the Distribution Companies(DISCOs) to defer the plan till the first quarter of 2021. Source Vanguard Read More 

FG Lifts Ban On Interstate Travel, Okays Local Flights - President Muhammadu Buhari, yesterday, approved the lifting of restrictions on interstate travel effective tomorrow. He also extended the second phase of the relaxed lockdown by four weeks beginning Tuesday, June 30, 2020 to midnight of Monday, July 27, 2020. Though all schools will remain closed, arrangements would be made for graduating students in Primary 6, JS3 and SS3 to resume and prepare for examinations. Source Guardian Read More

COVID-19: Nigeria, Ghana, Others Need $110bn, Says IMF - The International Monetary Fund on Monday said there was urgent need for international financial support to Nigeria and other Sub-Saharan countries of Africa, as the nations need $110 to manage the impact of COVID-19 pandemic. Source Punch Read More

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PROSHARE MARKETS 

Investors Gain N15.58bn as NSEASI Inches Up by 0.12% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.12% to close at 24,858.89 points as against +0.83% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.39%. Source Proshare Markets Read More

Bond Yields Continue To Tank Despite A Sluggish Start To The Week - The bond market started off the new week on a very sluggish note even as yields fell further across the benchmark curve. We observed few transactions at the belly and tail of the curve, particularly on the 2027s and 2035s which traded around 8.40% and 9.90% respectively. The 2049s and 2050s papers for most of the trading session were bided around 10.95%, but there were very few offers to match. Source Zedcrest Capital Read More

SSA Stock Markets Below The Water - Of the three sub-Saharan Africa (SSA) stock markets we periodically cover, the Jo'burg all-share has performed the best this year and Nairobi has been the laggard by some distance. As the global economy has risen off the floor, so has the JSEASI picked itself up. By virtue of its liquidity and transparency the market has developed into a barometer of broad EM sentiment. Source FBNQuest Research Read More 

NSE Lists Out Requirements on the Adoption and Reporting of the NCCG 2018 - This is to notify all Listed Companies that further to the issuance of the Regulation on the Adoption and Compliance with the Nigerian Code of Corporate Governance (NCCG) 2018 by Dr. Okechukwu Enyinnaya Enelamah, Former Minister for Industry, Trade and Investment on 15 January 2019; the Financial Reporting Council of Nigeria (FRC) has released a reporting template for companies to report their compliance with the NCCG. Source NSE Read More 

Afrinvest Stock Recommendation for the Week 290620 - Last week, the equities market closed in the green, rising 1bp w/w to settle at 24,829.02 points. Consequently, market capitalisation rose N1.2bn w/w to close at N13.0tn while YTD return stood to -7.5%. Source Afrinvest Research Read More

Hemense Orkar , VP, Commercial AFEX Commodities Exchange To Speak Tomorrow on WebTV - Hemense Orkar is the Vice President for Commercial Operations at AFEX. Prior to this role, he was an Associate at Goldman Sachs working on various teams across the Operations and Investment Management divisions. Hemense has a bachelor's degree of Science in Accountancy from Calvin University in Grand Rapids... S0urce WebTV Read More


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Anchoria FI Monitor: MSCI Express Concern on the Depreciation of Liquidity in the Nigerian FX Market - The Naira/USD exchange rate rose marginally by 4bps during the week from N386.50/$ to N386.33/$ in the previous week. However, at the parallel market Naira to dollar rate appreciated by 2.22% from N450/$ to N460/$, while the official rate remained unchanged at N361/$. FX liquidity continues to dwindle due to supply deficit across markets. Source Anchoria AM Research Read More

A More than Expected Slowdown in Global Growth - PFI Capital - The IMF last week, released the June 2020 World Economic Outlook (WEO) update with growth forecasts declining more than the April Outlook. Unlike the January and April Outlook, growth outlook is now projected to decline more than expected as the global pandemic is having acute and adverse impact on the low-income households and low-skilled workers who do not have the options of working from home. Source PFI Capital Read More

Coming Soon: NOVAMBL Investments SPV Plc N10bn Series Bond Issuance - We are pleased to inform you of the imminent commencement of book building, for a N10 billion issuance of seven-year Fixed Rate Subordinated Unsecured Bonds by Nova Merchant Bank Limited ("NOVA" or the "Bank"), via a funding vehicle- NOVAMBL INVESTMENTS SPV PLC ("NOVAMBL SPV PLC" or "the Issuer"). The Bonds are being issued under a SEC-approved N50 billion Debt Issuance Programme. Source Stanbic IBTC Read More

Coronation Capital organizes 2nd Edition of its Corporate Finance and Business Valuation Training - Leading Private Equity Firm in Nigeria, Coronation Capital, is set to host the 2nd edition of its Corporate Finance and Business Valuation online training ("Valuation Master Class"). Scheduled for the 20th, 21st, 27th and 28th of July, 2020. Source Coronation Capital Limited Read More

NASD Grows Total Assets To N660.81m In 2019 - NASD Plc, the securities exchange platform for unlisted securities, has grown its total assets by seven percent to N660.82 million for the year ended December 31, 2019 from N617.87 million in the corresponding period in 2018. Source Vanguard Read More


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PROSHARE BUSINESS 

SEC Notifies of the Activities of an Illegal Operator IBSmartify Nigeria - The attention of the Commission has been drawn to the activities of iBSmartify Nigeria the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation. Source SEC Nigeria Read More

CAC to Issue Incorporation Certificates with Tax Numbers - Certificates of incorporation of companies registered under Part A of the Companies and Allied Matters Act will now be issued with Tax Identification Numbers. According to the Corporate Affairs Commission, the registration certificates of business and non-business entities captured in the Act will henceforth be issued with TIN. Source Punch Read More

CBN Plans Increased Local Production in Agric Sector - The Central Bank of Nigeria has said it is stimulating local production in the agriculture business to enhance growth and boost employment in the country. Source Punch Read More

Ajaokuta-Kano Pipeline'll Be Completed in Two Years - NNPC - The Nigerian National Petroleum Corporation targets to complete the $2.59bn Ajaokuta-Kaduna-Kano gas pipeline project in 24 months. Source Punch Read More

CBN Disburses N49bn COVID-19 Intervention Fund to 80,000 Beneficiaries - The Central Bank of Nigeria (CBN) has so far disbursed N49 billion out of its N50 billion Targeted Credit Facility meant to cushion the impact of the COVID-19 on the economy. Source THISDAYLIVE Read More

Insurance Generates N490 Billion In 2019 Financial Year - The Nigerian Insurers Association (NIA), has revealed that the volume of business written by the industry rose to N490 billion in 2019, a 15.55 per cent over 2018 level of N413.8 billion. Source Guardian Nigeria Read More

Aviation Restart: FAAN to Implement Flight Spacing at Airports - The Managing Director of Federal Airports Authority of Nigeria (FAAN), Capt. Rabiu Yadudu said the agency would implement flight spacing at all its airports in order to ensure total safety once the airspace is reopened for flight services. Source The Nation Read More

From Bank Machines to Real Estate: Cleaning the Dirty Money - A light snow was falling in Craiova, southern Romania, when Sorin Velcu called his mother in December 2018 to ask for 20,000 euros he had given her for safekeeping. But the funds were frozen - buried in the ice-cold earth in her backyard. Source Organized Crime and Corruption Reporting Project Read More


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