Author: Marketforces Africa

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…

Fixed Income: Liquidity to Dictate Market Direction. Vetiva Capital’s analysts said system liquidity will dictate the behaviour of the participants in the fixed income market this week.

Nigeria records 544 new cases of COVID-19, total infections now 28,711 Nigeria has recorded 544 new COVID-19 cases, a development which has taken the country’s total infection tally to 28,711. The Nigeria Centre for Disease Control (NCDC) disclosed this on its official twitter handle on Sunday. NCDC said that as of July, 5. 2020, 544 new confirmed cases and 11 deaths were recorded in the country. The health agency added that no new state has reported a case in the past 24 hours. According to it, till date, while 28,711 cases have been confirmed, 11,665 cases have been discharged and…