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Business News Archives - Inside Business Africa
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Tag: Business News

Stock market reverses gains as index drops by 0.59%

Stock market reverses gains as index drops by 0.59%

Capital Market
The Nigerian Stock Exchange (NSE) has reversed positive sentiment to close on a downturn yesterday as the shares of Nestle Nigeria and 25 others decline, leading to a fall of the All-Share Index (ASI) by 0.59 per cent.    At the close of trading, ASI contracted by 234.01 absolute points, representing a decrease of 0.59 per cent to close at 39,697.62 points while the overall market capitalisation value lost N122 billion to close at N20.77 trillion.    The downturn was driven by price depreciation in large and medium capitalised stocks including Nestle Nigeria, Flour Mills of Nigeria, Ardova Plc, Lafarge Africa and Unilever Nigeria. Analysts at Vetiva Dealing & BrokerageAs measured by market breadth, market sentiment was negative, as 26 stocks declined relative to 18 gainers. Academy...
CBN may have to do more about NPLs as consumer loans account for a mere 10% of total credit

CBN may have to do more about NPLs as consumer loans account for a mere 10% of total credit

Finance
Individual and consumer borrowing from Nigerian banks account for a meagre twelve per cent of the total loan basket of banks and the central bank may need to do more to cut the sector’s level of non-performing loans. The size is even smaller at around five per cent of total loans for large banks according to analysts at FBNQuest Capital. Early this week, the CBN rolled out global standing instruction (GSI) guidelines for various classes of individual accounts including savings, current, domiciliary, electronic wallets and Investment accounts in a last resort to facilitate the recovery of past due obligations by creditor banks without recourse to the borrower. Once this platform comes online on August 1, 2020, creditor banks will be enabled to make direct debits from other deposit/invest...
‘Why investors must increase understanding of investment risks’

‘Why investors must increase understanding of investment risks’

Capital Market
As the nation’s investment climate continues to pose a challenge to stakeholders, a new report on the Nigerian investment landscape says investors must increase their understanding of investment risks to enable them to enhance their returns. The report by Coronation Research titled, “Navigating the Capital Market: ‘the Investors Dilemma’,” argued that Nigerian investors are faced with difficult investment choices following the unprecedented crash in interest rates. According to the Head of Research at Coronation Asset Management, Guy Czartoryski, investors are left with the alternatives to either wait for rates to rise again in future, or accept more risk in order to increase returns. Czartoryski, while explaining the nitty-gritty of the report at a Webinar, Monday, said the repor...
Nigeria, Others Turn to SWF Savings to Mitigate Oil Price Slump

Nigeria, Others Turn to SWF Savings to Mitigate Oil Price Slump

Oil & Gas
Nigeria, Norway, Iran and other oil-producing countries have resorted to drawing down on savings in their sovereign wealth funds (SWFs) to help mitigate the impact of the global slump in crude prices largely induced by the COVID-19 pandemic, according to findings by THISDAY. Oil price volatility has been worsened in the last few months owing to a supply glut due to low demand occasioned by the pandemic and price war among some top producers. Crude oil price, which stood at $20 a barrel on Wednesday, rose marginally yesterday to $21.97, spurred by rising tensions in the Middle East, output cuts by producing nations to tackle oversupply and the promise of more government stimulus to ease the economic pain of COVID-19 pandemic. A sovereign wealth fund is a state-owned investment fun...
IMF Urges African Countries to Remain Committed to AfCFTA

IMF Urges African Countries to Remain Committed to AfCFTA

Business
The Managing Director, International Monetary Fund (IMF) Mrs. Kristalina Georgieva has advised Africa not to deviate from its plans to enforce the African Continental Free Trade Agreement (AfCFTA). She described the initiative as a catalyst for enhanced growth. Georgieva said this recently at the just concluded Virtual Spring Meetings of the IMF/ World Bank in Washington. Responding to a question on how badly the pandemic has affected African economies, she said: “Sub-Saharan African had a lot of countries stepping up over the last years and it is so tragic to see that momentum being stopped and then a number of countries that have even before the coronavirus had been experiencing very dramatic difficulties, conflicts and natural disasters. “Sub Saharan Africa ought to be the ...
Sanofi Partners GSK on Vaccine against COVID-19

Sanofi Partners GSK on Vaccine against COVID-19

Growth & Insight
French biopharmaceutical giant, Sanofi and British rival GlaxoSmithKline Plc (GSK), have gone into partnership to develop a vaccine against the COVID-19, which, if successful, will be commercialised in the second half of next year, the French firm said in a release. “This collaboration brings together two of the world’s largest vaccines companies. By combining our scientific expertise, technologies and capabilities, we believe that we can help accelerate the global effort to develop a vaccine to protect as many people as possible from covid-19,” GSK chief executive officer (CEO), Emma Walmsley, said in the release. According to the statement, Sanofi would contribute its S-protein covid-19 antigen, which has produced an exact genetic match to proteins found on the surface of the viru...
NSE Hosts First Digital Closing Gong Ceremony, Commits to Access to Market

NSE Hosts First Digital Closing Gong Ceremony, Commits to Access to Market

Business
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, yesterday restated the Exchange’s commitment to providing corporates and investors access to market in meeting their financial and investment needs during this period and beyond. Onyema said this during the first-ever digital closing gong ceremony hosted via Instagram Live, in honour of the contribution of Sterling Bank Plc to the fight against the COVID-19 pandemic in Nigeria. “Following the activation of our Business Continuity Plan and our transition to remote working and trading, The exchange has been resolute in its commitment to ensure that there are no disruptions to operations for any of our stakeholders. “We have leveraged our existing digital assets to ensure there is continuous flow of ...
KBL Insurance Assures Customers of Continuous Services, Offers Advise on COVID-19

KBL Insurance Assures Customers of Continuous Services, Offers Advise on COVID-19

Business
Insurance underwriter, KBL Insurance, has assured its customers that their risk management needs will still be met by the Company despite the challenges occasioned by the COVID-19 pandemic. The company, has also advised its customers to stay safe in the face of the COVID- 19 pandemic encouraging them to stick to proper maintenance of good hygiene, regular hand-washing, use of hand sanitisers, keeping hands away from the face, and adherence to social distancing guidelines of the government and WHO. The Company, in a statement by its corporate communications Manager, Mr Ike Nwakerendu to the customers also encouraged them to stay informed and updated by educating themselves and those around them on other precautionary measures to adopt as advised by credible authorities such as World ...
NSE All-Share Falls 3.5% as Lockdown Impacts Market Negatively

NSE All-Share Falls 3.5% as Lockdown Impacts Market Negatively

Capital Market
The Nigerian equities market fell by 3.51 per cent last week following continuing bearish trading brought by the COVID-19 on global stock markets. Sell pressure on bellwethers amidst rising cases of coronavirus made the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to close lower at 21,094.62, from 21,861.78 the previous week. Similarly, the market capitalisation shed N399.8 billion to close lower at N10.994 trillion. All other indices finished lower with the exception of NSE Oil/Gas which appreciated by 2.33 per cent while NSE ASeM Index closed flat. Analysts at Cordros Securities believe the bearish trend would persist this week, as weakened market sentiments are expected to pressure market returns. They, however, advised investors to take a position in fundamentally justifi...
Mercedes-Benz Offers Support with Production of Medical Equipment

Mercedes-Benz Offers Support with Production of Medical Equipment

Growth & Insight
The Mercedes-Benz Group has offered its support efforts to curb the COVID-19 pandemic with the production of medical equipment. The automaker’s statement on this initiative said, “Mercedes-Benz is ready: The COVID-19 pandemic is affecting everyone. Especially in times like these, it is important for Mercedes-Benz to meet its social responsibilities.” The statement said with the aid of 3D printers, individual components could be produced that are urgently needed in medical technology as a result of the current COVID-19 pandemic. “With our highly competent team and years of experience in 3D printing technology, we are ready to make our contribution to the production of medical devices,” says Jörg Burzer, Member of the Board of Management of Mercedes-Benz AG, Production and Supply C...