Author: Marketforces Africa

Fitch revises stance on Zenith, GTB, UBA, BOI to negative. Fitch Ratings, a global rating agency, has revised the outlooks on the Long-Term Issuer Default Ratings (IDR) of Zenith Bank, Guaranty Trust Bank Plc. United Bank for Africa Plc. and Bank of Industry Limited (BOI), to Negative from Stable and affirmed their IDRs at ‘B+’.

Stock Market Records 16% YTD Loss, Awaits Santa Claus Rally. On the back of the bearish performance that underscores trading activities on the floor of the Nigerian Stock Exchange in the year, the stock market year to date loss has reduced investors’ fortune significantly.

ARM Holding Invests in Trove Technologies to deliver access to global investment. The Asset & Resource Management Holding Company Limited (ARM) said it is making an equity investment in Trove Technologies Ltd (Trove) – a micro-investing application that allows users to invest in financial securities in Nigeria and international markets.

CBN reduces transactions charges to deepen financial inclusion. The apex bank is set to drive financial inclusion with low financial services charges offering by banks and non-banking operators.

The Central Bank of Nigeria https://www.cbn.gov.ng/ has directed deposit money banks (DMBs) to reduce automatic teller machine (ATM) charges to N35 from N65 effectively from January, 2020.

Lafarge appoints El Dokani as GMD. Lafarge Africa Plc. www.lafarge.com.ng has announced the appointment of Khaled Abdelaziz El Dokani as Group Managing Director and Chief Executive Officer.

FIRS serves tax defaulters notice. The Federal Inland Revenue Service (FIRS) www.firs.gov.ng has served a seven-day notice to tax defaulters across the country.

Nigeria’s headline inflation hit 11.85%. The National Bureau of Statistics (NBS) www.nigerianstat.gov.ng said inflation increased by 11.85% year on year in November 2019.

FBNQuest estimates 30% Debt to GDP, say policies convergence long overdue. Analysts at FBNQuest Capital www.fbnquest.com have shown their support for monetary and fiscal policies convergence towards pushing strategic economic course that would find equilibrium solution for prosper

Banks 65% LDR target marks yields crashing unsustainable – FBNQuest | FBNQuest Capital has stated that the crashing yield in the fixed income market may not be sustainable because of banks’ loans to deposit ratio requirement.