FAAC inflows to supress Tbills yield this week
Businessam Staff
July 29, 2019
In anticipation of the Federal Accounts Allocation Committee (FAAC) inflows this week, market traders are expecting a slight compression in the T-bills yield curve. Rates in the money market rose higher by 7 percentage points as outflows for the federal government’s bond auction settlement pressured system liquidity lower. The open buy back (OBB) and overnight […]
New capitalisation rules set to hand over insurance sector to foreign investors
Businessam StaffJuly 29, 2019
The new minimum capitalisation policy for insurance companies set by the the National Insurance Commission (NAICOM), and the lackadaisical attitude of indigenous investors to insurance stocks, may have paved the way for the take over of the insurance sector by foreign investors. Since the new capitalistation requirements were unveiled by NAICOM, foreign investors from Europe, […]
Turnover at Nigeria’s fixed income, currency market grosses N19.12trn
Adesola AfolabiJuly 26, 2019
Turnover in the fixed income and currency (FIC) markets for the month ended June 30, 2019 grossed N19.12 trillion, data from the Financial Market Dealers Quote (FMDQ) has shown. The turnover at the fixed income and currency markets represents a 6.70 percent or N1.37 trillion month-on-month (m-o-m) decrease on the turnover recorded in May 2019 […]
Deutsche Bank analysts forecast global rate cuts
Businessam StaffJuly 25, 2019
Cuts to interest rates can be expected around the world following dovish pivots from the European Central Bank and the U.S. Federal Reserve, according to analysts at Deutsche Bank. Deutsche strategists project that a host of emerging market (EM) central banks will follow suit, as they gear up to deliver extra stimulus and “contain the […]
ECB signals a rate cut, more monetary easing ahead
Businessam StaffJuly 25, 2019
The European Central Bank (ECB) prepared markets for more easing measures on Thursday, causing the euro to briefly fall to a two-year low against the dollar. The central bank said it expects its key interest rates to remain “at their present or lower levels” at least through the first half of 2020, updating the wording […]
“You risk losing your savings,” NDIC boss cautions Nigerians who adopt cryptocurrencies
Businessam StaffJuly 25, 2019
Umaru Ibrahim, the managing director, Nigeria Deposit Insurance Corporation on Thursday called on Nigerians to exercise caution in the adoption of cryptocurrencies as their preferred mode of financial transactions. He warned that while various forms of digital currencies currently in operation have their positive and negative attributes, those who patronize them risk losing their savings. […]
ECB prepares sub-zero relief for wilting Europe
Businessam StaffJuly 25, 2019
Euro and bond yields wilted on Thursday as a slump in German business confidence piled the pressure on the European Central Bank to push interest rates even deeper into sub-zero territory later. With the chance of a ECB rate cut priced at about 50-50, the euro was at a two-month trough, as German bond yields […]
SunTrust earns Agusto & Co’s ‘Bb’ rating on acceptable liquidity, shareholder support
Adesola AfolabiJuly 25, 2019
SunTrust Bank Nigeria Limited, has been assigned a “Bb” rating by Nigeria’s foremost credit ratings agency, Agusto & Co. According to the agency, the rating which will expire on the 30th of June 2020, is underpinned by acceptable liquidity and strong shareholders’ support. The credit rating agency however explained that SunTrust’s rating is constrained by […]
NSE raises N63m to support cancer causes across Nigeria- Onyema
Adesola AfolabiJuly 24, 2019
Oscar Onyema, CEO of the Nigerian Stock Exchange (NSE) has disclosed that a total of N63 million has been raised by the local bourse through its Cancer awareness and fundraising campaign that started in 2014. According to Onyema, the money was raised through sponsorship and participation of several companies. “We are pleased that NSE Corporate […]
Extend VAT exemption on stock market transactions, investors urge FG
Businessam StaffJuly 24, 2019
Some investors in the Nigerian capital market have called on the federal government to extend the exemption of value added tax (VAT) charges on transactions on the Nigerian Stock Exchange (NSE) so as to attract more patronage to the market. The federal government, had in 2014 exempted brokerage commission and transactions fees charged by Securities […]