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BUSINESS NEWS
Business and Economic News from Nigeria
The T-bills secondary market closed on a bullish note last week as the average yield fell by 38bps to close at 2.28% compared to 2.66% the previous week due to the trading activity in the market following the auction held during the week.
The financial institution got the approval of its financial statements for the fiscal year 2019 by the shareholders, declared a dividend of N3.30 kobo per 50 kobo share payable as of May 1, 2020; appointment of a new director and re-election of retiring directors.
Despite the substantial growth in loan book in 2019 (up 33% y/y) amidst frail macro conditions, we do not envisage a significant deterioration in Fidelity Bank's asset quality.
Net Finance Cost declined significantly, down 64.6% y/y to N2.5bn, on the back of a steep moderation in Finance Cost (down 69.1% y/y to N2.6bn) which offset the decline in Finance Income (down 91.7% y/y to N115mn).
The U.S. Dollar Index that tracks the American dollar against a basket of other major currencies dropped 0.10% to trade at 100.338
Although we expect the recent increment in the VAT rate to support growth in VAT on locally produced goods, in the short term, we expect the momentum as aggregate demand weakens due to a reduction in income levels and job losses brought about by the global pandemic.
In times of economic uncertainty, gold is touted as a safe haven for those who are wary of volatile investments such as stocks, as it is less risky.
Ethereum, the second-most valuable cryptocurrency has done far better than almost any other financial asset over the past weeks.
The cocoa mid-crop output is expected to be weak as measures to curb the spread of the coronavirus hindered farmers and exporters, creating a backlog of unshipped beans.
Brent crude increased by $1.71, 5.49%, as it closed a barrel at $32.84,
“It is quite clear that the President is committed to supporting existing MSMEs and encouraging the rise of new ones, as a sure way energizing and sustaining our economy through these times." –Osinbajo
Tezos, which was designed as a "self-amending cryptographic ledger" and uses the so-called verification model, has emerged a big fan of tokenized real-estate and security tokens.