Author: Marketforces Africa

Single Currency: ECOWAS Heads of State to meet for Discussion. Heads of State of the Economic Community of West African States (ECOWAS) are set to meet to discuss issues bordering on the adoption of the single currency – the Eco – for the sub-region.

NASCON: Steep Rise in Finance Cost Dwarf Shareholders Returns. Equity analysts’ have set ₦13.60 price target for NASCON Allied Industries (NASCON), a member of the indigenous conglomerate, Dangote Industries Limited for 2020.

Tight Liquidity Elevates Interbank Rates, T-Bills Unchanged. Amidst tightened liquidity in the money market, interbank funding rates remained elevated. Analysts explained that rates were largely elevated within double digits following liquidity tightening.

Profit Takings Wipes Off ₦49.6 Billion from Stock Market. The Nigerian Stock Exchange (NSE) traded southwards for the third consecutive day this week, as investors continue to take profit.

CBN Rationalises Policies to Prevent Imminent Recession. The Central Bank of Nigeria has come out to defend its unorthodox policies, said it will not be deterred in its efforts to steer the economy away from looming recession.

World Bank approves $750m power sector recovery operation for Nigeria. The World Bank has approved a 750 million dollars International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO) to improve electricity supply.

Nestlé NG: Most Profitable Consumers Goods Leader Sets for Bumper Harvest. Amidst bumps and bruises in the economy, Nestlé Foods Nigeria Plc is leading competition to finding value for its shareholders.

Fixed Income Investors Stay Bullish on Government Securities. In the fixed income market, sentiments were broadly bullish on Tuesday, despite persistent funding pressures in the interbank market.

Stock market cap declines ₦2bn as investors’ sentiment fade. Weak investors sentiment has necessitated sell-offs that knocked off ₦2 billion from the Nigerian Stock Exchange. This pushed the stock market capitalisation down to ₦12.9 trillion on Tuesday. The benchmark All Share Index declined 2 basis point (bps) to close at 24,750.06 points.

Sterling Bank offers Customers Opportunity to Earn Passive Income. In its newly introduced One Partner Programme, Sterling Bank says its customers that referrals its products can would be compensated for the effort. Sterling Bank Plc said the programme would allow customers the benefit of enjoying passive monthly income.