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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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Investors lose N33bn as bears reclaim NGX floor

Investors lose N33bn as bears reclaim NGX floor

Investors lose N33bn as bears reclaim NGX floor     Negative sentiments resurfaced in the local bourse on Thursday as bears displaced by the bulls the previous session managed to reclaim trading floor of the Nigerian Exchange Group (NGX). The benchmark index that tracks share prices at the bourse shed 64.26 points equivalent to 0.16 % decline to close at 38,571.89 basis points following profit-taking on WAPCO (-3.1%) and UBN (-7.1%) stocks. The aggregate value of stocks in the market followed suit with N33 billion loss to close lower at…

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SEC to engage fintech players

SEC to engage fintech players

To sanction operators frustrating e-dividend     The Securities and Exchange Commission has stated that it will continue to engage players in the Fintech space and support them to operate lawfully in a bid to ensure the delivery of safe products and services without stifling innovation. Mr. Lamido Yuguda who stated this at a post-Capital Market Committee Meeting press briefing webinar held Thursday, said the recent Circular was issued by the Commission in its desire to ensure that only fit and proper persons continue to operate in the capital market. According…

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Overnight rate expands on CBN’s OMO auction

OMO Auction Overnight rate

Overnight rate expands on CBN’s OMO auction     The overnight lending rate expanded by 275bps to 15.0%, following outflows for CBN’s weekly OMO auction. The Nigerian Treasury Bill (NTB) secondary market was bullish, as the average yield contracted by 7bps to 4.4%. Across the curve, the average yield was flat at the short end but contracted at the mid (-3bps) and long (-13bps) segments, following buying interests in the 154DTM (-5bps) and 350DTM (-117bps) instruments, respectively. Elsewhere, the OMO segment’s average expanded by 11bps to 7.0%. Trading in the…

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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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FirstBank convenes webinar on information security Friday

FirstBank unveils FirstSME account for small businesses

FirstBank convenes webinar on information security Friday     FirstBank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has announced a webinar to sensitise individuals and businesses with useful information on being protected in today’s digital age. The virtual event is scheduled to hold by noon on Friday, 16 April 2021 with “Staying Protected Amidst the Pandemic Chaos” being the topic to be discussed at the event. According to a statement from the lender, registration for the event is ongoing via the link https://firstbanknigeria.zoom.us/webinar/register/WN_PUnqA7enTMG8o0OfOaWxlg The bank explained that today’s…

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JUST IN: FG relaxes ban on new SIM Card activation​

JUST IN: FG relaxes ban on new SIM Card activation​

JUST IN: FG terminates ban on new SIM card activation ​ Federal Government of Nigeria has approved the activation of new SIM Card with mandatory National Identification Number (NIN) in line with the revised National Digital Identity Policy for SIM Card registration. A statement from the Ministry of Communications and Digital Economy, today explained that this is in line with the Nigerian Communications Act (NCA) 2003, Section 23(a), which specifies the role of the Minister to include the formulation, determination and monitoring of the general policy for the communications sector. In line with…

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NCC sets new rules for collocation and infrastructure sharing

NCC sets new rules for collocation and infrastructure sharing

NCC sets new rules for collocation and infrastructure sharing     The Nigerian Communications Commission (NCC) has released fresh guidelines bounding on access provider for rejecting any request for telecoms infrastructure sharing and collocation. According to a 31-page document containing the guidelines obtained by Business Metrics from the commission, the NCC sounds tough against practices capable of jeorpardising essence of the collocation and infrastructure sharing. The NCC stated that while an access provider has the right to refuse an application for infrastructure sharing by another player, the refusal can only…

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Inflation risesfor 19th consecutive months as food prices remain the culprit

Inflation in Nigeria

Inflation rises for 19th consecutive months as food prices remain the culprit     The latest inflation data released today by the National Bureau of Statistics (NBS) for March 2021, has shown that the headline inflation rose for the 19th consecutive month, rising by 84 basis points (bps) to 18.17%. The print is 7bps lower than an earlier projection by Cordros Capital Research, put at 18.24% year-on-year (y/y) and 27bps higher than Bloomberg median consensus estimate of 17.90% y/y. Beyond the increase from both the food (+116bps) and core (+29bps)…

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