A cautious start to a busy week

A cautious start to a busy week

A cautious start to a busy week   By Hussein Sayed, FXTM Analyst Following a solid start to the year, investors are turning more cautious as data continues to be released, corporates present their outlook for 2021, President-Elect Joe Biden sets out his economic plan, and most importantly developments around Covid-19 continue. Asian stocks traded mixed today despite data showing that China’s economy bounced back strongly in the final quarter of 2020. The world’s second-largest economy reported 6.5% growth in Q4, well above estimates of 6.1%. Industrial production also beat…

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Samsung boss Lee Jae-yong faces jail time over corruption

Samsung

Samsung boss Lee Jae-yong faces jail time over corruption   The de facto chief of South Korea’s Samsung business empire faces the verdict Monday in his retrial over a sprawling corruption scandal, a ruling that could see him jailed for years, depriving the tech giant of its top decision-maker. Officially, Lee Jae-yong is the vice-chairman of Samsung Electronics, the world’s biggest smartphone, and memory chip maker, but he has effectively been at the head of the massive Samsung group for several years after his father was left bedridden by a…

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NNPC rakes in $120.49m crude oil revenue in September

oil export proceeds

NNPC rakes in $120.49m crude oil revenue in September   The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, said the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR). The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the…

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Competition toughens as MTN, Airtel, Glo, 9Mobile trade 181,377 customers

Telcos fail in QoS test

Competition toughens as MTN, Airtel, Glo, 9Mobile trade 181,377 customers   Porting rises 56.5% YoY 9Mobile emerges highest gainer, Airtel highest loser   In a race to attract more telecoms consumers, Mobile Network Operators (MNOs) in Nigeria have exchanged among themselves a total of 181,377 subscribers via mobile number portability between January and November, 2020. Porting activities on the four MNOs, namely MTN, Globacom, Airtel and 9mobile, within the 11-month period were 56.5 per cent higher than 115,887 recorded in the same period of 2019. Also, the 11 months porting…

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COVID-19: IOSCO releases insights to help capital market regulators contain risks

IOSCO logo

COVID-19: IOSCO releases insights to help capital market regulators contain risks   The Board of International Organisation of Securities Commissions has published a report that seeks to assist regulators in responding to the retail market conduct issues caused by stress events such as the current COVID-19 crisis. According to the commissions, enhancing investor protection and investor confidence in the integrity of securities markets are fundamental objectives for IOSCO. The report examines common retail misconduct risks that have arisen in the financial services industry during the pandemic and sets out measures…

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Positive outlook on NGSE, but expect profit booking after 9 sessions of gains

Market Update for the Week Ended January 15 and Outlook for January 18-22 By Investdata Analysts The Nigerian Stock Exchange (NSE) sustained a positive momentum and bullish performance in the second trading week of 2021, which ended on Friday, reversing previous week’s profit booking on the back of a change in trading pattern. This was as bargain hunting continued ahead of the earnings reporting season. The National Bureau of Statistics (NBS), on Friday published data for December inflation rate, which spiked for the 16th consecutive month, closing at 15.78%, from…

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FMDQ admits N37bn worth fresh commercial papers

FMDQ admits N37bn worth fresh commercial papers

FMDQ admits N37bn worth fresh commercial papers   FMDQ Securities Exchange Limited has admitted for listing the quotation four new commercial papers of three companies with an aggregate value of N37 billion. The exchange admitted the Total Nigeria Plc N2.25 billion Series 1 and N12.75 billion Series 2 Commercial Papers under its N30 billion CP Issuance Programme. Also admitted is the Mixta Real Estate Plc N2 billion Series 32 Commercial Paper under its N20 billion CP Issuance Programme, as well as the registration of the Valency Agro Nigeria Limited N20 billion Commercial…

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External reserves rise by $930m in two weeks

CBN defends naira

External reserves rise by $930m in two weeks   The country’s external reserves rose by $930 million from $35.37 billion as of December 31, 2020 to $36.30 billion as of January 14, 2021. Figures obtained from the Central Bank of Nigeria (CBN) have shown. This is in line with an earlier projection by Fitch Rating that the reserves could hit $42 billion by the end of 2021 The CBN also disclosed that foreign exchange inflow through the bank in the third quarter of 2020 stood at $6.97 billion. It said,…

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COVID-19: Subscriber group calls for immediate suspension of NIN Registration

NIN-SIM linkage

COVID-19: Subscriber group calls for immediate suspension of NIN Registration   The Association of Telephone, Cable TV and Internet Subscribers of Nigeria (ATCIS) has urged the Federal government to suspend the ongoing NIN registration by telephone subscribers nationwide immediately. Making the call while addressing newsmen in Lagos recently, Prince Sina Bilesanmi, the national president of the association, said the suspension becomes necessary as more Nigerians are on daily basis being exposed to the dangers of the dreaded Covid-19 pandemic as they throng the National Identity Management Commission (NIMC) offices in…

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