FG secures AfDB’s $350m for power intervention

FG secures AfDB’s $350m for power intervention

The Federal Government has secured a $350 million intervention fund from the Africa Development Bank (AfDB) for power sector just as the sale of three power assets near completion. A document of the Ministry of Power sighted at the weekend, which showed this, added that the stations slated for sale included the Afam Power Station and the Afam Three Fast Power as well as the re-privatisation of the Yola Electricity Distribution Company (YEDC) to boost current efforts aimed at providing reliable power supply in the country. “The AfDB has signaled…

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INFOGRAPHICS: The technical highlights & stock chart patterns

Stocks higher while acrimony rules

By Investdata Analysts The technical highlights and chart patterns of this week’s market action The technical highlights and chart patterns of this week’s market action are the following: The risk level remained high despite the expected quarterly earnings and undervalued state of the market Market Phases on key NSE Indexes are all bullish with ADX running positive and strong High Caps and Growth stocks are taking center stage Volume patterns improved across the board Banking, Telecoms and Agribusiness are surging Market Internals are running rich Investdata sentiment report revealed mixed,…

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W’Bank Group reveals least developed nations’ debt hits $744bn in 2019

World Bank: COVID-19 to push over 100mn people into extreme poverty in 2020

The World Bank Group has again raised concerns over the bloating debt burden of the globe’s 73 least developed countries, which rose by 9.5 per cent to $744 billion at the end of 2019, from the previous year according to the latest edition of the International Debt Statistics (IDS) report. It is a response to an urgent need for greater debt transparency, a statement by the World Bank noted. The statement recalled that in response “to a call from the World Bank and the International Monetary Fund, the G20 endorsed…

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Volatility, Profit Taking May Slowdown, Amidst Reversal Ahead Of Q3 Earnings

Volatility, Profit Taking May Slowdown, Amidst Reversal Ahead Of Q3 Earnings

Market Update for October 12 By Investdata Analysts The nation’s stock market opened the week marginally down, as the benchmark All-Share index continued its bearish trend for the fourth consecutive trading session due to lingering profit taking and price corrections. This is, however, happening in the midst of, and despite rising inflow of funds to the equity space even as the Q3 earnings season has kicked off last week. The expected corporate earnings and September inflation report are likely to further push prices up or down, depending on the numbers…

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PwC’s update on Nigeria’s 2021 budget

PwC

Nigeria’s 2021 Budget of Economic Recovery and Resilience Following the approval of the 2021 – 2023 Medium-Term Expenditure Framework and Fiscal Strategy Paper, President Buhari has presented the 2021 Budget (Appropriation Bill) to the joint session of the National Assembly. Below are the other highlights:   The 2021 Finance Bill will be forwarded to NASS for consideration Tax expenditure statement for 2019 to be provided Inclusion of the revenue and expenditure of 60 State Owned Enterprises  Provision for the payment of allowances to 5,000 teachers under the Federal Teachers Scheme…

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Buhari to Iweala: We’ll push until you clinch WTO job

Buhari to Iweala: We’ll push until you clinch WTO job

President Muhammadu Buhari, on Monday assured former Minister of Finance and Economy, Ngozi Okonjo-Iweala, that he would do all within his power to ensure that she became the Director-General of World Trade Organisation (WTO). According to a statement by his senior special assistant on media and publicity, Garba Shehu, the President made the promise while receiving Okonjo-Iweala at the Presidential Villa, Abuja. The statement was titled “We’ll push, push until you win, President Buhari assures Okonjo-Iweala.” The former minister and South Korea’s Yoo Myung-Hee are the two remaining candidates contesting…

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PZ Cussons posts N212m loss in Q1

PZ Cussons posts N212m loss in Q1

PZ Cussons Nigeria Plc has reported a loss after tax of N212.358 million for the first quarter ended August 31, 2020 as against a loss of N1.095 billion posted in 2019. While the group’s revenue increased by 18.3 per cent to N18.700 billion from N15.808 billion in 2019, cost of sales stood at N13.808 billion from N7.620 billion in 2019. The group posted a loss after tax of N7,239 billion for the full year ended May 31, 2020 as against profit after tax of N1.155 billion in 2019. Revenue was…

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Nigerian bourse sustains downtrend by N41bn

Nigerian bourse sustains downtrend by N41bn

Trading activities on the floor of the Nigerian Stock Exchange on Monday witnessed another drop in share prices for the fourth trading session as bears sustained their grip on the local bourse following profit takings by investors. The local bourse recorded only 13 gainers and 16 losers apiece to close on a negative sentiment measured by market breadth. Consequently, the All- Share Index (ASI) dipped 143.91 basis points or 0.27 per cent to close at 28,337.49 index points as against 28,415.31 recorded the previous trading session. Similarly,  market capitalization reflected…

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Shareholders partner SEC, NSE to tackle investors’ irregular accounts

Shareholders partners SEC, NSE over investors’ irregular accounts

The Association of Securities Dealing Houses of Nigeria (ASHON) has said it is working closely with the Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) alongside other key stakeholders to address the issue of irregular accounts of investors. Irregular accounts are those that fall below minimum standard of disclosure for Know Your Client (KYC) and capable of distorting transparent transaction processes. Chief Onyenwechukwu Ezeagu, ASHON’s chairman, explained that the association had begun collaboration with all stakeholders, including the Central Securities Clearing System Plc (CSCS Plc)  Registrars and Shareholders…

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