Author: Marketforces Africa

NSE equities market cap drops N39.1bn as sell-pressures hit banking stocks. Activities in the Nigerian Stock Exchange (www.nse.com.ng) resulted to decline in index on Monday as bear visits the local bourse after bullish run in the past weeks.

Sell-offs Push Average Yield to 3.5%, as market expects N495bn inflow. Afrinvest www.afrinvest.com, a leading investment banking firm has said sell offs pushed average yield up to 3.5% last week.

Global actors gather to forge a common front against illicit trade. The United Nations Conference on Trade and Development (www.unctad.org) said that the global economy loses more than US$2 trillion annually due to smuggling, counterfeiting, trafficking of humans and wildlife and other forms of illicit trade that hold back progress on the global development agenda.

Zenith Bank Partners Facebook on free SME Digital Workshop. Zenith Bank Plc www.zenithbank.com says it has partnered Facebook to offer small and medium scale enterprises owners a free digital workshop starting on Wednesday this week.

Access Bank Marathon Winners to share $500,000. Access Bank Plc (www.accessbankplc.com) has offered the cumulative price of 500,000 USD be won by contestants in this year’s edition of marathon billed for February 8.

CBN hawkish bias to inverse yields, fragment N900bn from Banks Vaults. Experts have said that the apex bank hawkish bias on cash reserve ratio (CRR) requirement would reverse negative yields, though about N900 billion would be quarantine from Banks vaults.

Africa remains attractive as global investments flow flat in 2019.. Africa continued to register a modest 3% rise in foreign direct investment attraction at the same time when flows to developing Asia fell by 6%. 

FBN Wins Best Mobile Banking App, Fastest Growing Retail Bank awards. First Bank of Nigeria www.firstbanknigeria.com Limited has been named 2019 “Best Mobile Banking App” and “Fastest Growing Retail Bank” winner by Global Business Outlook.

MPC raises Cash Reserve Ratio by 500 basis points. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Cash Reserve Ratio by 500 basis points to 27.5%.

Airtel partners Western Union on mobile remittance services. Airtel Africa Plc (www.airtel.com), a leading provider of telecommunication and mobile money services has signed a strategic partnership with Western Union, a global leader in cross-border, cross-currency money movement and payment.