BoE lowers economic growth forecast amidst Brexit worries, global economy downturn
Businessam Staff
August 1, 2019
The Bank of England (BoE) lowered its growth forecasts on Thursday due to increased Brexit worries and a slowing global economy. A day after the U.S. Federal Reserve reduced rates for the first time since the global financial crisis, the BoE said it still expected to raise borrowing costs gradually – though this now hinged […]
Senate seeks return of January-December budget cycle
Businessam StaffJuly 31, 2019
The National Assembly is working towards the return of the January – December Nigerian budget cycle, Ahmad Lawan, the senate president, has said. Lawan spoke shortly before adjourning the ninth assembly for a two-month recess. The adjournment was initially delayed to allow for the screening of the 43 ministerial nominees sent by president Muhammadu Buhari […]
NSE launches 2019 factbook with 5yr financial performance for listed companies
Adesola AfolabiJuly 31, 2019
The Nigerian Stock Exchange (NSE) Wednesday announced the launch of its 2019 factbook, created to improve knowledge base of investors for better investment decisions. The Factbook, according to the NSE contains detailed information ranging from the five-year financial performance of all listed companies, to their dividend paying history among other features. The NSE described the […]
FBN Holding posts N294bn half-year gross earnings
Businessam StaffJuly 31, 2019
FBN Holdings Plc has posted N294.2 billion gross earnings for the half-year ended June 30, 2019. The figure represents 0.3 percent year-on-year rise. Its net-interest income of stood at N146.7 billion, down two percent from N149.6 billion in June 2018. “Non-interest income of N63.6 billion, up 3.6 percent year-on-year (as against N61.3 billion in June […]
UK PM Johnson’s no-deal Brexit gamble hammers sterling
Businessam StaffJuly 30, 2019
The British pound tumbled on Tuesday as investors bet prime minister Boris Johnson’s Brexit brinkmanship with the European Union could trigger a messy divorce that would sow chaos through the world economy and financial markets. Sterling crashed through trading barriers, falling to an intraday low of $1.2120 in shallower overnight Asian trade, the lowest since […]
Trump urges Fed to do more than a ‘small rate cut’
Businessam StaffJuly 29, 2019
U.S. president Donald Trump on Monday urged the Federal Reserve to go beyond making a “small rate cut” this week, raising pressure on the central bank to lower borrowing costs by more than Wall Street expects. In a series of tweets ahead of the Fed’s meeting scheduled for Tuesday and Wednesday, Trump reiterated his criticism […]
Money market repos record three consecutive months decline
Afolabi OluwaseunJuly 29, 2019
Turnover in the repurchase agreements/buy-backs segment (repos) of the money market has declined consistently from March 2019 where turnover stood at N5.38 trillion. A repo is a form of short term borrowing mainly in government securities (employed by the Central Bank of Nigeria), where the dealer sells an underlying security to investors and buys them […]
Analysts forsee medium term naira instability as pressure on recurrent expenditure resurfaces
Businessam StaffJuly 29, 2019
The ability to maintain the long-term stability of the naira has begun to stir concerns of investors who have expressed worry over the state of the country’s foreign exchange rate and reserves for the near term. According to analysts at United Capital the anticipated pressure on recurrent spending, following the recent approval of the minimum […]
FAAC inflows to supress Tbills yield this week
Businessam StaffJuly 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, […]