Nigeria bourse up 2 basis points on price gains in Nigeria Breweries, Interbrew, Stanbic IBTC
Charles Abuede
October 13, 2020
Charles Abuede Investors make N3.4bn profit See more bargain hunt ahead After a bearish start to the week Monday, the Nigerian stock market posted its first gain Tuesday as price appreciation in Nigerian Breweries (+1.0%), Stanbic IBTC (+3.5%) and International Breweries (+9.6%) drove a two basis points increase in the benchmark index to 28,344.04 points. As a result, the market capitalisation improved to N14.81 trillion […]
IMF revises 2020 world economic growth forecast to -4.4%
Aderemi OjekunleOctober 13, 2020
Charles Abuede Warns of slower 2021 as global economy climbs to pre-pandemic levels Nigeria’s output to grow by 1.7% in 2020 and -4.3% in 2020 The International Monetary Fund (IMF), a multilateral financial institution, has upgraded its world economic forecast to -4.4 per cent for 2020; this forecast signals a less severe contraction than forecast […]
MultiChoice maintains stance on Pay-As-You-Go service in Nigeria
Onome AmugeOctober 13, 2020
Onome Amuge The management of MultiChoice Nigeria, operators of DSTV satellite television and GOtv, a digital terrestrial television service, has reiterated its stance that the PAY-AS-YOU-GO (PAYG) services Nigerian subscribers are demanding for is technically and commercially not practicable. John Ugbe, chief executive officer of MultiChoice Nigeria, made the disclosure when he faced the […]
IFC report says women-led SMEs represent great opportunity to banks
Charles AbuedeOctober 13, 2020
Charles Abuede Reveals best practices banks looking to capitalise on NFS opportunities can follow A recent study by the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, in conjunction with the FMO, a Dutch entrepreneurial development bank and […]
Oil gets a rebound on positive demand data from China
Onome AmugeOctober 13, 2020
Onome Amuge Oil prices soared on Tuesday and sales were revived following a strong China demand, but anxieties continue to affect supply restart in Norway, Libya as well as the Gulf of Mexico hurting gains. According to a report by customs data released on Tuesday, China, the world’s biggest oil importer, brought in 11.8 million […]
Covid-19 shrinks mobile phone sales by 70% in West Africa’s biggest computer and phone market
Kenneth AforOctober 13, 2020
By Kenneth Afor Daily sales of mobile phones in West Africa’s biggest computer and mobile phones market, the popular Computer Village in Ikeja, Lagos State, Southwest of Nigeria, have shrunk by as much as 70 percent in the wake of the coronavirus pandemic and the lockdowns that came with it, it has emerged from Business […]
Global DFIs canvass trade continuity in sub-Saharan Africa to avoid second wave insolvency crisis
Onome AmugeOctober 12, 2020
Ben Eguzozie, with wire report As fears heightens over a ‘second wave insolvency crisis’ from the Covid-19 pandemic, and the greater fear of its massive socio-economic hit on countries of sub-Saharan Africa, a consortium of multilateral development banks (MDBs) and trade research institutions have mounted calls for measures to support trade continuity in the region. […]
Port Harcourt DisCo accounts for N2.5bn of N30bn lost monthly nationally to energy theft
Onome AmugeOctober 12, 2020
Ben Eguzozie, in Port Harcourt $96bn lost globally to electricity fraud US alone loses $6bn Port Harcourt Electricity Distribution Company (PHED), one of Nigeria’s 11 DisCos, says it is losing N2.5 billion each month due to energy theft and other associated infractions by some customers in the system, Henry Ajagbawa, PHED managing director lamented in […]
Nigeria manufacturers’ export group demands payment of N200bn outstanding EEG debt
Onome AmugeOctober 12, 2020
Onome Amuge The Manufacturers Association of Nigeria Export Promotion Group (MANEG) has charged the federal government to pay the outstanding Export Expansion Grant (EEG) debt amounting to N200 billion to revitalise the non-oil export sector. Ede Dafinone, chairman, MANEG, who spoke on behalf of the exporters said companies that exported different kinds of products or […]
Commodities open with mixed prices for base, precious metals as sentiments bullish on China’s demand
Onome AmugeOctober 12, 2020
Onome Amuge Base metal prices on the London Metal Exchange (LME) and Shanghai Futures Exchange were mixed on Monday morning, October 12, but investors are optimistic, especially in the aluminium market since China, the world’s largest consumer resumed operations after its Golden Week holiday. China’s markets appear strengthened due to its steady economic recovery and […]