Equities rebound as Dangcem, MTN, 9 others net N83bn gain

investors gain

Equities rebound as Dangcem, MTN, 9 others net N83bn gain   The domestic equities rebounded on Tuesday from the bearish close the previous session, following investors’ buying interest in bellwethers – DANGCEM (+3.6%) and MTNN (+1.2%). Accordingly, the benchmark index advanced by 0.41% or 158.97 points to 38,720.81 points. Similarly, market cap of stocks appreciated by N83 billion to close at N20.259 trillion from N20.176 trillion it opened the session. Consequently, the Month-to-Date (MtD) and Year-to-Date (YtD) losses moderated to -2.7% and -3.9%, respectively. The total volume traded increased by…

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Ardova proposes fresh N60bn bond issuance programme

FG to auction N150bn bonds in April

Ardova proposes N60bn bond issuance programme   Ardova Plc has notified the Nigerian Exchange Regulation Limited (The Exchange) and the general public of a proposed establishment of a ₦60 billion bond issuance programme by the company and potential issuance of series of bonds under the Programme. In a filling at the domestic bourse on Tuesday, Ardova said its board of directors via a resolution dated 25 February 2021 have resolved to recommend the proposed transaction for the approval of the shareholders of the Company, subject to obtaining requisite regulatory approvals…

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The Nigerian double whammy of inflation and unemployment… more of structured than event

inflation and unemployment

By PFI Analysts Earlier today, the National Bureau of Statistics (NBS) released the February 2020 inflation figures. According to the report, inflation rose for the 18th consecutive month in February 2021 and the highest in four years. Notably, headline inflation edged higher to 17.33% compared to the 16.47% recorded in January which is 0.10% higher than our estimate of 17.23%. On a month-on-month basis, the index advanced by 1.54%, this represents  a 0.05% increase  to the  1.49% recorded in January 2021. Food Prices Remain Pressured…Overarching Impacts of Insecurity & Exchange…

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Stanbic IBTC launches own insurance subsidiary

Stanbic IBTC launches own insurance subsidiary

Stanbic IBTC launches own insurance subsidiary   Stanbic IBTC Holding Plc., a member of Standard Bank Group has expanded the scope of its operation in the financial services industry with the launch wholly-owned insurance subsidiary focusing on life insurance. This came following approval and license issuance by the National Insurance Commission (NAICOM) which granted the new insurance group the right to commence business operations. Akinjide Orimolade, chief executive, Stanbic IBTC Insurance, while speaking at the launch of the business stated that the new insurance provider will continue in line with…

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AfDB commits $530m to renewable power transmission in Angola

AfDB commits $530m to renewable power transmission in Angola

AfDB commits $530m to renewable power transmission in Angola   The African Development Bank (AfDB) has committed $530 million to finance the construction of a 343 km, 400 kV central-south transmission line that will connect the north and south transmission grids in Angola and allow for the distribution of clean energy between the two regions. The north of Angola has a surplus of more than 1,000 MW of mostly renewable power, whereas the south relies on expensive diesel generators, supported by government subsidies. Transmission capacity will increase by 2,250 MW…

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Banks, MNOs agree on new charges for USSD transactionss

Recapitalisation drive pushes Microfinance banks’ assets to N856.3bn

Banks, MNOs agree on new charges for USSD transactions     Mobile Network Operators (MNOs) and Deposit Money Banks (DMBs) have reached new resolutions on the modalities charging their customers for banking transactions carried out through Unstructured Supplementary Service Data services (USSD). Both the MNOs and the DMBs have had protracted disagreements concerning the appropriate USSD pricing model for financial transactions. This resulted in the accumulation of outstanding fees estimated at N42 billion for USSD services rendered leading to threat of service withdrawal by the MNOs. To resolve the lingering…

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Bitcoin eyes bull revival as dip below $54,000 wipes out millions more in leverage

Bitcoin eyes bull revival

Bitcoin eyes bull revival as dip below $54,000 wipes out millions more in leverage   Bitcoin has erased the losses from its latest price dip and could soon see more gains as normalcy returns to the derivatives market. Having hit a low of $53,350 during the Asian hours the cryptocurrency is trading 1% higher on the day near $56,200 at press time, according to CoinDesk 20 data. Selling pressure faded near the widely tracked monthly volume-weighted average price (VWAP) of $53,000. The market now looks ready for a fresh move…

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Japan prepares for possible launch of digital currency

Japan prepares for possible launch of digital currency

Japan prepares for possible launch of digital currency   Haruhiko Kuroda, governor of the Bank of Japan (BOJ), has said the central bank must “prepare thoroughly” for the possible future need to issue a digital yen. The BOJ has no plans at present for central bank digital currency (CBDC) launch, but Kuroda believes it must be prepared for a change in circumstances that could necessitate one, Reuters reported Tuesday. “From the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, it’s important to prepare thoroughly…

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FINAL CALL: Applications for Tony Elumelu Foundation entrepreneurship programme closes March 31

Applications for Tony Elumelu Foundation

 Applications for Tony Elumelu Foundation entrepreneurship programme closes March 31     The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, will close applications for the Tony Elumelu Entrepreneurship Programme on its TEFConnect digital platform (www.tefconnect.com) on March 31. The foundation stated this in a press release on Tuesday, adding that this year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities. To address the unique challenges arising from the pandemic, lift…

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Zinox Technologies donates tech devices to EbonyLife Creative Academy

Zinox Technologies donates tech devices to EbonyLife Creative Academy

Zinox Technologies donates tech devices to EbonyLife Creative Academy   Foremost tech giant, Zinox Technologies Ltd. has been hailed for its contribution to the creative industry in Nigeria, with the donation of its high-end laptops, desktop computers and other devices to the EbonyLife Creative Academy. The donation was handed over by the Leo Stan Ekeh Foundation, a futuristic Non-Governmental Organization dedicated to the promotion of quality education, practical entrepreneurship, wealth creation and healthy living. Commending the donation of the tech devices, Chief Executive Officer (CEO) of EbonyLife Creative Academy, Mo Abudu,…

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