Author: Marketforces Africa

Brent oil rises to $40 amid hopes for output cuts. Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and recovery from the coronavirus pandemic will spur fuel demand.

UPDC Lists ₦16 Billion Rights Issue On Nigerian Stock Exchange. UACN Property Development Company (UPDC) Plc on Tuesday, listed ₦16 billion rights issue of 15.96 billion ordinary shares at ₦1 per share on the Nigerian Stock Exchange (NSE).

Nigerian Senate Up Oil Price Benchmark For Budget 2020 to $28. In what looks like improved optimism about global prices of oil, the Nigerian Senate on Tuesday raised oil price benchmark for budget 2020. The Senate on Tuesday lifted the price outlook from $25 per barrel oil price benchmark proposed by the executive.

Lagos Licenses 184 Mini-Micro Money Lenders. The Lagos State Government says it has licensed 184 money lenders to enhance money lending activities in the state.

FirstBank Leverage Technology to Promote Virtual Bank Account Opening For Customers. First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced that it has reinforced its technology infrastructure to enable anyone in the country

FBN Holdings completes sale of Insurance to Sanlam. FBN Holdings (FBNH) Plc and Sanlam Emerging Markets (Proprietary) Ltd (Sanlam) have announced the completion of the sale and transfer of FBNH’s 65% shareholding in FBN Insurance (FBNI) to Sanlam.

Dangote Cement: Resilient Q1 earnings in ‘virus infected’ economy. Analysts at WSTC Securities Limited downgrade Dangote Cement Plc to hold, cite weak earnings outlook in financial year 2020.

Ghana’s External Deficits Account Estimated to 4.4% of GDP. In the Sub-Saharan African (SSA), Ghana has been noted to have low external financing risk, though virus induced pressure is estimated to widen the country’s external deficit. The Institute of International Finance (IIF) in a report noted that the country financing risk is relatively low compare with Nigeria, Zambia others.

NCDC records 416 new cases of COVID-19, total infections hit 10,578. The Nigeria Centre for Disease Control (NCDC) on Monday recorded 416 new cases of the Coronavirus (COVID-19) in the country, bringing the total number of infections in Nigeria to 10,578.

NSE Index appreciates by 0.19% to open the week positive. The Nigerian Stock Exchange resumed the week positive as the All-Share Index rose 21 basis points (bps). All Share Index to close at 25,316.15 points following buying interest in GUARANTY (+2.3%), DANGSUGAR (+9.7%) and BUACEMENT (+0.7%).