Author: Marketforces Africa

Fidelity Bank bolsters earnings; beats analysts’ consensus estimates. Fidelity Bank Plc has set quite a steep performance record as the leading retail lender bolster earnings to beat consensus analysts’ estimates.

‘Stimulus bailouts worth 2% of GDP measly to stem potential shocks from crisis’. Cardinalstone Partners, an investment banking firm has said policy responses to the recent development in the economy is likely to provide calming effects.

Banks hack retail customers’ dollar spending limits by half. Deposit money banks in Nigeria have started to low down dollar spending limit on debit cards due to paucity on greenback in the economy.

COVID-19: SEC in lockdown mode for capital market activities  The Securities and Exchange Commission (SEC), has suspended the registration of prospective capital market operators till further notice. The commission also introduced electronic filing and processing of applications by Capital Market Operators (CMOs) in response to the effect of COVID-19. A statement by Efe Ebelo, the Head, Corporate Communications of SEC, in Abuja on Tuesday, said the interim market-focused adjustments would mitigate the impact of COVID-19 on capital market operations. Ebelo said the commission has also extended its deadline on 2019 annual reports and Q1 2020 reports as well as postponed the Q1 Capital Market…

COVID-19: Analysts say CBN’s stimulus measure marginal on economy as MPC holds rates The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has bucked the world central bankers’ policy trend, hold policy rates amid COVID-19. The Committee has unanimously voted for a hold of the policy rates, as CBN waits to see how the recent stimulus packages would impact the economy. All the policy parameters which include MPR at 13.5% with asymmetric corridor of +200bps/-500bps, liquidity Ratio at 30% and the Cash Reserve Ratio (CRR) at 27.5% were held. In its review, MPC cited the need to…

COVID-19: A time for opportunistic buys? The global economy and financial markets have been roiled by the global pandemic of the coronavirus following its outbreak in Wuhan, China in February 2020. Number of cases across the globe have climbed to over 250,000 cases with over 10,000 deaths. Global supply chains have been severely hampered, demand for discretionary items have been subdued. This has consequently forced several monetary authorities to cut rates while fiscal authorities have announced massive stimulus packages to ease a potential economic downturn. Across the globe, economic researchers have revised downwards growth outlook for 2020 with expectations of…

Dangote Cement goes to market for series 1 bonds issuance   Dangote Cement Plc. has stated intention to raise bond from its N300 billion shelf registration programme. The company is raising the fund to refinance existing short term facilities. The largest quoted company on the Nigerian Stock Exchange said it has obtained approval from its Board of Directors to access the market for medium term debt fund. The cement company which is the largest in the sub-Saharan African has an installed capacity of 45.6 Mta. The management stated that the company wants to use its maiden series of bonds, imminently.…

Treatments for COVID-19: Drugs being tested against coronavirus

As COVID-19 continues to knock off value from the global market, the Nigerian Stock Exchange

Weak structure permits barrage of externalities threatening Nigeria’s economy – Experts Increasing numbers of experts in the investment banking sector have stated that the nation’s productive position has been weaken, as many projected a rough economic ride into 2020. Experts observed that recent developments in the global space has exposed weaknesses in the Nigeria’s economic structure as stakeholders call for necessary adjustment from monetary and fiscal authorities. They chronicle that declining in global prices of oil exposed the faulty economic structure of the country. Analysts noted that gross domestic product expands in line with pricing position of crude at international…