Author: Julius Alagbe

Foreign Investment Hits 3-Year Low as Nigeria Battles Currency Crisis. Total foreign investment inflow into the economy hits 3-year low as Nigeria battles currency crisis. The National Bureau of Statistics (NBS) data shows that total capital imported into Nigeria contracted 78.6% year on year and 7

Substantial Naira Devaluation Inevitable to Unlock FX Liquidity –CHD. As the Central Bank of Nigeria’s planned foreign exchange (FX) intervention sales set to commence, Chapel Hill Denham has said that substantial naira devaluation is inevitable to unlock liquidity.

Onyeagwu Seeks Expansion of Non-Oil Exports Post COVID-19. The Group Managing Director/Chief Executive of Zenith Bank, Mr. Ebenezer Onyeagwu has called for a concerted effort towards diversifying the country’s export base through the promotion of non-oil exports.

UACN: Virus-induced Operating Loss Insults Restructuring Efforts. The Coronavirus outbreak disrupted United African Company of Nigeria’s (UACN) restructuring effort earlier seeing in the year, but analysts still maintain positive sentiment on its earnings outlook.

PMA: Lack of Alternative Investments to Keep Participation Strong. Shortage of alternative investments is expected to keep investors participation in the Nigeria’s central bank primary market auction (PMA) strong today, analysts have noted.

FMDQ Turnover Jumps 13.66% to ₦18.72 trillion in July FMDQ Securities Exchange has posted 13.66 % turnover growth in the Fixed Income and Currency (FIC) for the month of July. The Exchange in its monthly FIC reported turnover of ₦18.72 trillion in July as against ₦16.47 trillion reported in June. Breakdown of the report indicates that open market operations (OMO), money market transactions and unsecured placements remained the highest contributors in the month under review. Specifically, they accounted for 60.16 % of the total FIC market turnover compare to 55.44% recorded in June. Meanwhile, total foreign exchange (FX) market turnover…

World Bank Calls for Debt Relief Plan for Poorer Nations The World Bank President, David Malpass, said that a more ambitious debt relief plan is needed to save poorer countries from sliding into pandemic-induced “depression”. “This is worse than the financial crisis of 2008, and for Latin America, worse than the debt crisis of the 1980s,’’ Malpass said. He added that the problem had emerged before the coronavirus crisis but now further deepened. The World Bank chief, in particular, raised the prospect of the first systematic debt write-off since the 2005 G8 summit. He warned that next month’s figures would…

Brent Crude Price Drops amidst Uncertainty around Demand Brent crude future drops 33 cents to $45.12 earlier on Wednesday amidst uncertainty around demand. The Organisation of the Petroleum Exporting Countries and allies including Russia (OPEC+) will be meeting today to review adherence to a previously agreed deal on oil output cuts. Oil prices eased on concerns that U.S. fuel demand may not recover as quickly as expected due to stalled talks on an economic stimulus package. Already the stimulus package in the U.S. is overshadowing a bigger-than-expected drawdown in crude stocks. Read Also: Nigeria’s Inflation Rate for July Hits 12.82%,…

Unfair Labour Practices: FG Wades into MTN, Union Dispute. The Federal Government has waded into the trade dispute between MTN Nigeria Communication Plc and Private Telecommunication and Communications Senior Staff Association of Nigeria (PTECSSAN).

FLOURMILL: Bullish Analysts Advised Dividend Seeking Investors to Buy Stock Flour Mills of Nigeria (FMN) Plc. is doing well as the company bolstered earnings and increase market share amidst rising competition for consumers wallets in virus damaged economy. The company’s earnings size has increased significantly due to border closure as substitute products and producers have been locked out from competing in the local space. The stock is recommended to investors on the back of positive earnings outlook in the year as United Capital upgrade price target to ₦25.5. Traded at ₦18.50 on the Nigerian Stock Exchange (yesterday, investors valued the…