Naira slumps to 523 against dollar at parallel market

Your Morning Snippets – July 29, 2021

On this day in 1909, the newly formed General Motors Corporation (GM) acquires the country’s leading luxury automaker, the Cadillac Automobile Company, for $4.5 million. Cadillac was founded out of the ruins of automotive pioneer Henry Ford’s second failed company (his third effort, the Ford Motor Company, finally succeeded).

Happening in the Markets

Bitcoin: $39,857.15
Ethereum: $2,295.62
Gold: $1,817.00
Crude Oil: $73.25
Naira/US Dollar: N410.16/$ (NAFEX) | N525/$ (Parallel)

Happening in the Homeland

Shoprite out, Pick ‘N Pay in – The Nigeria strategy for S.A’s 2nd largest retailer [Nairametrics]

At the beginning of the month, the Shoprite Group announced the completion of their exit from Nigeria after a few rough years in Africa’s ‘largest’ economy. As this occurs, Pick ‘n Pay, South Africa’s 2nd largest retailer by market cap, has finally made its long-anticipated entry, following over 12 years of deliberation and research. Read more

Naira slumps to 523 against dollar at parallel market [Punch]

The naira slumped further to 523/$ at the parallel market on Wednesday, a day after the Central Bank of Nigeria stopped the allocation of foreign exchange to Bureau de Change operators in the country. Read more

Foreign investment in Nigeria slumps to 4yr low [BusinessDay]

Foreign investment into Nigeria slumped to the lowest level in four years in the first six months of 2021, according to data published Wednesday by state data agency, the National Bureau of Statistics (NBS) Read more

Happening In Foreign Lands

U.S. Senate advances roughly $1 trillion bipartisan infrastructure bill [Reuters]

A roughly $1 trillion bipartisan infrastructure investment bill advanced in the U.S. Senate on Wednesday, passing a key milestone that moves the emerging legislation toward formal debate and possible passage. Read more

China will still allow IPOs in the United States, securities regulator tells brokerages [CNBC]

China will continue to allow Chinese companies to go public in the U.S. as long as they meet listing requirements, China’s securities regulator told brokerages late Wednesday, according to a source familiar with the matter. Read more

Nokia lifts full-year outlook as turnaround takes root [Reuters]

Nokia on Thursday raised its full-year outlook after reporting a stronger-than-expected second-quarter operating profit, as the telecom equipment maker benefits from a sharp turnaround in its business. Read more

Robinhood valued at $32 billion after selling shares in IPO at $38 per share [CNBC]

Robinhood, whose stock trading app has surged in popularity among retail investors, sold shares in its IPO at $38 a piece, valuing the company at about $32 billion. Ahead of its Nasdaq debut on Thursday, Robinhood priced shares at the low end of the $38 and $42 range. Read more

Snippets

AstraZeneca vaccine sales jump to $894 million, submission for U.S approval delayed
Puma reaffirms positive outlook despite supply chain strain
Airbus secures jet deliveries after crisis workarounds
NESG calls for economic reforms as it unveils theme of 27th annual summit
Nissan ‘cannot be optimistic’ about the ongoing global chip shortage, CEO says

Learn the Lingo

What is a Chinese Wall?

In finance, a Chinese Wall (or a Wall of China) is a virtual information barrier erected between those who have material, non-public information, and those who don’t, to prevent conflicts of interest.

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