#EndSARS Crisis: Investors count losses as stock market sheds N113bn

#EndSARS Crisis: Investors count losses as stock market sheds N113bn

The Nigerian bourse on Wednesday closed lower to reverse the previous day’s gain on the back of what market analysts called fear of insecurity arising from #EndSARS protest that degenerated into mayhem across the country. In the last two days, the country has witnessed spate of attacks on some public and private properties and infrastructure while more sadly, many Nigerians and security officials, especially in the country’s economic capital, have lost their lives to the crisis As the situation degenerates, there is panic in the capital market, and this contributed…

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Don’t miss a thing! Here’s President Buhari’s complete 2021 budget presentation speech

Nigeria commences fiscal journey to 2021 as lawmakers get N13.08trn budge draft

2021 Budget Speech: Budget of Economic Recovery and Resilience Delivered By: His Excellency, President Muhammadu Buhari President, Federal Republic Of Nigeria At The Joint Session Of The National Assembly, Abuja Thursday, 8th October 2020. Protocols It is with pleasure that I present the 2021 Federal Budget Proposals to this Joint Session of the National Assembly. Distinguished and Honourable Leaders, and Members of the National Assembly, at this juncture, I wish to commend your tremendous efforts in approving the revision of the 2020 – 2022 Medium-Term Expenditure Framework and Fiscal Strategy…

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NGSE Indicators Close In Red, As Investors Adjust Portfolios, Position For Q3 Earnings

Amid Positive NGSE Outlook, Time For Short, Medium-term Positions

Market Update for October 7 By Investdata Analysts The bullish stance of the Nigerian equity market took a hit at the midweek, when profit takers cashed out some of their gains from 12 successive sessions of rally driven by the increased liquidity inflow to the stock market in search of better return. This is just as more OMO, Treasury Bills and other fixed income instrument continue to mature, and since they can no longer be rolled over, these funds are being channeled into blue chip companies and high dividend paying…

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Heritage Bank celebrates 2020 Customer Serve Week

customer serice week ifie sekibo heritage bank

In a bid to deepen its partnership and create wealth for their individual customers, Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider joins the rest of the world to celebrate the annual Customer Service Week themed, “Dream Team.” Customer Service Week is an annual event dedicated to celebrating customers and serves as an opportunity to renew dedication to service excellence, which is usually marked within the first full week of October and this year is being celebrated from October 5th – 9th, 2020. As part of the actions to extol…

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Fitch affirms Guaranty Trust Bank at ‘B’; off RWN; Outlook Stable

GTBank Fitch ratings

Fitch Ratings has affirmed Guaranty Trust Bank (GTB) Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and removed it from Rating Watch Negative (RWN). The Outlook is Stable. The removal of GTB‘s Long-Term IDRs, Viability Rating (VR) and National Ratings from RWN reflects Fitch’s view of receding near-term risks to the bank’s credit fundamentals from the economic fallout arising from the oil price crash and coronavirus pandemic. In our opinion, the impact of the economic downturn on GTB‘s credit profile is tolerable at the current rating and it will take several quarters before the…

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Global stocks rise as signs of Trump’s improving health calm markets

Global Stocks NYSE Trump

Stock markets rose on Monday on hopes that President Donald Trump could be discharged from hospital later in the day, easing some of the political uncertainty that shook global bourses in the previous session. Trump, 74, was flown to hospital for treatment for the coronavirus on Friday, but his doctors say he has responded well and could return to the White House on Monday. That helped U.S. S&P 500 e-mini futures rise 0.82% in Asian trading, while Nasdaq futures gained 1.11%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose…

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Risk off as Trump tests positive for Covid-19

By Han Tan  A wave of risk-off sentiment swept through the global financial markets after US President Donald Trump tweeted that he and First Lady Melania Trump have both tested positive for Covid-19 and will begin their quarantine and recovery process. US and European equity futures, along with Asian benchmark indices, all sank on the news. The safe haven Japanese Yen surged by as much as 0.68 percent to hit its strongest level in over a week against the US Dollar, dragging the Dollar index (DXY) back below the 94.0…

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IATA: Global airline traffic to fall by 66% in 2020

IATA: Global airline traffic to fall by 66% in 2020

The fortune of airline operators across the globe is dwindling and any hope of quick recovery from the abyss is fading due to the lingering negative impact of conavirus movement restrictions that has continued to bite deep into their revenue. This became more pronounced in the latest outlook for airline patronage for the the rest of the year 2020 just released by  Airthe International Transport Association (AITA) which further downgrade prospects for the last quarter of the year. Global airlines have revised traffic forecasts lower, IATA, the sector federation said…

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Access Bank gets CBN’s nod to become a HoldCo

access bank gets CBN's nod to become a HoldCo

Extends footprint to South African market Access Bank Plc on Tuesday announced that it has received the Central Bank of Nigeria’s approval-in-principle for the bank’s restructuring to a holding company (“HoldCo”). The proposed HoldCo structure would enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance. The bank said in a disclosure notice to the Nigerian Stock Exchange that further details regarding the HoldCo structure will be communicated to the market in due course. A holding company is a…

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Defaulting employers cough out N17.52bn unremitted pensions — PenCom

Pension fund

As pension fund assets hits N11.09trn___________________________________ The National Pension Commission (PenCom) has recovered N17.52 billion from employers who deducted monthly pensions from their workers’ monthly salaries but refused to remit to their Retirement Savings Accounts (RSA) with the respective Pension Fund Administrators (PFAs). PenCom disclosed this in its second quarter 2020 report which was released on Friday. The amount consists of principal contribution of N8.89 billion and penalty of N8.63 billion. Part of the report read, “Following the issuance of demand notices to some defaulting employers whose outstanding pension contribution…

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