Author: Marketforces Africa

Brent Crude Price Drops Ahead of OPEC Technical Meeting. Ahead of schedule meeting of the Oil cartel, the price of crude dropped this morning amidst fear of second wave of coronavirus in China.

Federation Accounts: Tiers of Government Share ₦547.309 billion for May. The Federation Accounts Allocation Committee (FAAC) on Wednesday shared ₦547.309 billion to the three tiers of government for the month of May.

Fixed Income Market Records Mix Performance amid Rising Inflation Concern. Amidst rising inflation rate, the fixed income market recorded a mixed performance. Chapel Hill Denham said while average secondary T-bills rate remained unchanged at 3.02%, average discount rate on secondary OMO bills fell further by 5 basis points (bps) to 4.62%.

Equities Market Rebounds amidst Renew Bullish Activity. The Nigerian Stock Exchange rebounds amidst renewed bullish activities. This is coming just as the Bureau of Statistic data shows inflation rate increase to 12.40% in May.

Battle for Supremacy: BUA, Dangote ‘Duel’ over Mining Lease. Battle for supremacy between two largest Cement companies is purely business and protection of self-interest taken to the peak, sentiment aside.

Nigeria’s Headline Inflation Rate Rises to 12.40%. The Nigerian Bureau of Statistics (NBS) recent data shows that the consumer price index (CPI) which measures inflation increased by 12.40 % year-on-year in May 2020.

2020 Budget: Debt Service Cost Includes Capital Repayment, Interest – FG. The Federal Government has said debt service provision in the 2020 budget includes capital repayment, interest obligations and other charges.

African Development Bank joins Nasdaq Sustainable Bond Network. African Development Bank (AfDB), has been included in the issuer of social bonds, the Nasdaq Sustainable Bond Network (NSBN). The AfDB’s Communications and External Relations Department made this known in a statement on Wednesday.

Nigeria Records Highest COVID-19 Deaths, says NCDC. The coronavirus pandemic has dealt a heavy blow on Nigerians families as the nation’s recorded highest fatality rate, first time since the outbreak.

Fitch Ratings Estimates 31% Debt to GDP for Nigeria. Fitch Ratings has projected 30.7% debt to gross domestic product (GDP) for Nigeria in 2020, the data is contained in a special report on Sub-Saharan Africa.