Author: Marketforces Africa

Oil prices climb on improve demand in United States. Oil prices rose on Wednesday after an industry report showed crude stockpiles in the United States staged a bigger drop than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

Conoil Lifts Revenue by 14.4%, declares ₦2 dividend per share. Conoil Plc has lifted its revenue as the company recorded a turnover of ₦139.8 billion in its audited financial statement for 2019.

NSE Reviews Eligibility Criteria for Pension Index. The Nigerian Stock Exchange (NSE), on Tuesday, announced the review of the eligibility criteria for the NSE Pension Index in line with changes in the regulatory and market requirements.

Zenith Bank: Profitability to Remain Best in Class in 2020 – Vetiva. Equity analysts at Vetiva Capital have said Zenith Bank Plc.’s profitability will remain best in class for financial year 2020.

Debt Distress Rising in Sub-Saharan Africa, says Fitch. Sub-Saharan Africa (SSA) government debt burdens are rising at a faster pace and to a higher level than for other emerging markets (EM), heightening the risk of further downgrades and defaults, Fitch Ratings says.

FSDH Advises PFAs to Adjust Risk Appetites, Rally Return on RSAs. FSDH Merchant Bank Limited has advised Pension Fund Administrators (PFAs) about the need to take on more risk to generate superior inflation-adjusted return on their clients’ retirement savings accounts (RSAs).

Equity Analysts Advise Investors on 57% Upside in ARDOVA’s Stock. Ardova Plc, an indigenous energy group, recorded a 22.31% year on year increase in revenue to ₦52.05 billion in the first quarter (Q1) of 2020.

FMN Struggles to Find Value as Rising Costs Squeeze Earnings. Flour Mills of Nigeria (FMN) Plc, the largest food and agro-allied company listed on the Nigerian Stock Exchange could be bought for ₦80.162 billion.

CBN Hints on FX Convergence around NAFEX rate, Put backlog at $2.5bn. The Central Bank of Nigeria says the nation’s external reserve remains substantial to service foreign exchange obligations as it estimated foreign exchange backlog at $2.5 billion.

Fiscal Deficit: FG Raised 67% of External Borrowing Plan – DMO. The Debt Management Office has told investors that the federal government has raised 67% of its external borrowing plan to finance its fiscal deficit for 2020.