Analysts forecast inflation to print higher rate in April

Analysts forecast inflation to print higher rate in April

Analysts forecast inflation to print higher rate in April   By Olamide Onabanjo   Following release of purchasing manager index (PMI) report on Thursday which revealed heightened inflationary trends in Nigeria for the month of March, analysts have said the trend of spending more to get less is not subsiding any time soon. Latest data by the National Bureau of Statistics (NBS) showed that, for the 19th consecutive month, inflation rose by 84 basis points to 18.17%, driven principally by acute rises in the prices food items in the country.…

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Dangote Cement Q4 2020 Results Review: Bullish Outlook for ’21f Driven by Capacity Addition

Dangote Cement Q4 2020 Results

By FBNQuest Research Negligible changes to our EPS forecasts over the ’21-22f period DangCem delivered strong Q4 ’20 results with earnings up +55% y/y to N86.8bn. However, we have made negligible changes to our EPS forecast over the ’21-22f period because Q4 figures were broadly in line with our expectations. Our new price target of N239.5 is down by around -1% because we have raised our risk-free rate assumption by +100bps to 11%. Looking ahead, we expect DangCem to produce a stellar performance in FY’21 projecting an EPS growth of…

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Binance and FTX list coinbase stock tokens ahead of exchange’s Nasdaq debut

Binance and FTX list coinbase stock tokens ahead of exchange's Nasdaq debut

As Major exchanges elbow for exposure to Coinbase’s listing.     Major global cryptocurrency exchanges including Binance and FTX have announced the listing of Coinbase’s stock token ahead of its direct listing on Nasdaq. According to a Wednesday announcement, Binance will list Coinbase’s stock token (COIN) today, allowing its users to trade fractional Coinbase stock on the Binance website. The new stock token will trade against Binance USD (BUSD), Binance’s stablecoin pegged to the United States dollar and issued by Paxos Trust Company. Binance said that Coinbase stock tokens are…

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Dynamics Within the FX Market

Dynamics Within the FX Market

Dynamics Within the FX Market   By FBNQuest Research Today we turn our attention to Nigeria’s exchange-rate market. Over the past four years, the CBN’s fx reforms have assisted with improved liquidity. However, in light of the COVID-19 outbreak, there has been additional vulnerability to swings in oil prices as well as increased exit of foreign portfolio investors (FPIs) which have both adversely affected exchange rate stability. Demand for fx remains high and the supply is inadequate for regular uses. The CBN’s Investors and Exporters (I&E) window rate is currently…

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Survey: 20% of workloads are in the cloud

Survey: 20% of workloads are in the cloud

Survey: 20% of workloads are in the cloud   ITWeb, in partnership with IBM, conducted a Hybrid Cloud Survey to examine the state of cloud adoption across South African businesses. The majority (89%) of respondents say they play a role in their organisation’s decision making process around cloud adoption. Craig Holmes, Southern Africa Technology Leader at IBM, says: “Given the response statistics are representative of CXOs and senior IT leaders, this high percentage illustrates how prevalent cloud is as a topic in business today.” As many as 85% of respondents…

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Morgan Stanley: Oil prices stuck in $60 range this summer

Morgan Stanley

Morgan Stanley: Oil prices stuck in $60 range this summer     Oil prices will likely be stuck in the $65-$70 range this summer, Morgan Stanley says in a new note, tempering its previous forecast for $70 oil with temporary overshoots because of rising U.S. drilling activity and the potential return of Iranian exports. Although some supportive factors for oil prices are still in place, the recovery of U.S. drilling activity and the return of Iranian oil barrels are two headwinds that are “appearing to take the steam out of…

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UBA to empower SMEs with performance management strategies

performance management strategies

UBA to empower SMEs with performance management strategies     As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series. The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the…

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MTN says its mobile money operation worth $6bn

MTN says its mobile money operation worth $6bn

MTN says its mobile money operation worth $6bn   South Africa-based MTN, the mobile phone company, has plans to value its mobile money arm at over $5 billion, a report from Financial Times (FT) says. The company is preparing to sell or list a minority stake in order to draw more global investors, who are seeking to capitalize on quickly-growing FinTech assets. MTN currently has 280 million global subscribers and added almost 12 million new users to its mobile money arm for a total of over 46 million in 2020. Ralph Mupita, company…

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NCC Renews MTN’s Licence For 10 Years

NCC Renews MTN’s Licence For 10 Years

NCC Renews MTN’s Licence For 10 Years   Telecommunications regulator, Nigerian Communications Commission (NCC), has renewed the operating licence of MTN Nigeria, it has been learnt. According to the licensees’ database of the Commission, MTN’s current Unified Access Services (UAS) licence, which is to expire by August 31, 2021, has now been extended by another 10 years to expire on August 31, 2031. MTN’s operating spectrum, which was issued along with the digital-mobile licence in 2001, had an original expiry date of February 2016. The company, however, paid the sum…

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Investors lose N87bn as NSE resumes from Easter holidays

Investors lose N87bn as NSE resumes from Easter holidays

Investors lose N87bn as NSE resumes from Easter holidays   By Olamide Onabanjo with Agency Report   The Nigerian stock market resumed after the Easter public holidays on Tuesday with a loss of 0.39 per cent due to persistent bearish trend, the News Agency of Nigeria reports. Specifically, the All-Share Index lost 150.13 points or 0.39 per cent to close 38,766.61 compared with 38,916.74 achieved on Thursday. Also, the market capitalisation lost N78bn to close at N20.28tn from N20.361tn achieved before the break on Thursday. The market loss was driven…

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