Author: Marketforces Africa

‘Economic, Regulatory Pressures to Suppress Banks Q2 Earnings by 8%’. Amidst concern for economic recession which has generally clouded earnings outlook for 2020, analysts have estimated 8% cuts in banks second quarter earnings.

FirstBank Upgrades Mobile Banking App for Stronger Customers’ Experience. First Bank of Nigeria Limited has announced that its mobile banking application, FirstMobile has been upgraded with new and improved features to promote safe and convenient mobile banking experience for customers.

Bargain Hunting Drives Equities Market Upward by ₦37.3 billion. Bargain hunting lifted the performance of the Nigerian Stock Exchange On Tuesday as the All Share Index gain 30 basis points to close at 24,097.48.

UBA Group appoints Deputy Managing Directors Nigeria, Africa. The United Bank for Africa Plc (UBA), a pan-African financial services group, on Tuesday announced the appointments of Mr Ayoku Liadi and Oliver Alawuba as Deputy Managing Directors.

Brent Crude Price Drops 0.4 Percent on COVID-19 Concern

‘Concerns around FX adjustment to Dampen Foreign Inflow’. United Capital Plc has said that concerns around further foreign exchange adjustment are likely to discourage large-sized foreign investment, both portfolio and direct inflows for the rest of 2020.

Nigeria’s COVID-19 infections Exceed 29,000 – NCDC. Nigeria’s coronavirus infections (COVID-19), on Monday, surpassed the 29,000 cases as the Nigeria Centre for Disease Control (NCDC) announced 575 new confirmed cases.

Net FX Position, Hedge Contracts to Help Banks Survive Pressure. The Nigerian banks abilities to survive regulatory and ‘virus’ triggered economic challenges would depend on their structure, net dollar position…

NSE opens negative as investors lose ₦162 billion. The Nigerian Stock Exchange (NSE) opens the week negative as investors lose ₦162 billion while NSE All Share Index shed 1.27% to 24,026.05 points

NSE upgrades X-Issuer to enhance market integrity The Nigerian Stock Exchange (NSE) has upgraded its Issuers’ Portal (X-Issuer) to enhance market integrity. Oscar Onyema, the Chief Executive Officer, NSE, made this known in a statement made available to newsmen in Lagos on Monday. Onyema said the X-Issuer was one of the Exchange’s dedicated efforts to improve the level of services it provided to the market. The NSE boss said: “This upgrade affirms our commitment to eliminating information asymmetry in our market and protecting investors. “The X-Issuer has, therefore, been enhanced to ensure that investors, analysts and other stakeholders are better…