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BUSINESS NEWS
Business and Economic News from Nigeria
The Index that tracks the American dollar against a bouquet of other major currencies (like the Japanese yen, British pound sterling, Swedish Krona, Euro), closed 0.10% lower to trade at 98.275 after global investors retreated from the safe-haven asset.
The bank has approved and disbursed N10.15billion for some projects for the establishment of advanced diagnostic and health centres and the expansion of some pharmaceutical plants for essential drugs and intravenous fluids.”
It saw steep monthly gains due to falling global crude oil production and expectations for demand growth around the world.
"At RED | For Africa, we have always embraced an increasingly progressive work culture in response to the extant global research on the subject matter." - RED
Big Four firms and other leading brands are working with several crypto and blockchain firms on ways to combat interoperability, regulatory challenges and development of the technology.
Trading at FY 2020 EV/EBITDA of 7.0x compared to its EM peer average of 9.2x and its 5-year average of 7.7x, we believe the company’s valuation remains attractive.
Zoom's share price now trades at an eye-watering 55 times estimated revenue compared with an average of 7 times for information technology stocks in the S&P 500, according to information obtained from Bloomberg.
The continuous rally of the local currency against the dollar can be attributed to the improved liquidity in the foreign exchange market due to the intervention of the Central Bank of Nigeria (CBN), as well as the decline in the activities of currency speculators.
"Therefore, the deadline for submission has been extended by three months. For the avoidance of doubt, all Other Financial Institutions are required to submit the 2019 Audited Financial Statements on or before July 31, 2020."
A total of 325.61 million shares valued at N4.47 billion was traded in 5,647 deals on Friday. FBNH was the most traded stock by volume of 75.1 million units, while GUARANTY topped by value at N904.25 million.
CBN is releasing cheap funds to strategic sectors of the economy to hopefully restart the economy and possibly save the Nation from looming recession.
Reports from the Addendum to the 2020-2022 MTEF/FSP reveal that the revised fiscal deficit is estimated at N4.58 trillion from N1.85 trillion