Nigerian market review

The NSE All Share Index 361 points rally on Wednesday is the key driver behind the bourse’s positive close this week. Andrew Tsaku, Trader at Kapital Care Trust joins CNBC Africa to discuss the highlights of this week’s trading on the NSE.

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Nigeria Finmin: Economy to shrink 8.9% in worst case scenario

Nigeria’s Minister for Finance, Budget and National Planning, Zainab Ahmed says Nigeria's economy could shrink by as much as 8.9 per cent this year in a worst-case scenario without stimulus. Ahmed stated that the contraction could reach 4.4 per cent in a best-case scenario, without any fiscal measures. But with a stimulus, the contraction could be kept to just 0.59 per cent. Pabina Yinkere, Chief Investment Officer at Sigma Pensions joins CNBC Africa for more.

COVID-19 mutes Momentum Metropolitan’s upward curve

Momentum Metropolitan has canned its target to deliver normalised headline earnings of as much as R4 billion in 2021, due to the impact of Covid-19. The financial services group says it’s not certain how the health and economic consequences of the pandemic will impact future earnings or sales. Hillie Meyer, CEO of Momentum Metropolitan Holdings joins CNBC Africa for more.

Afrimat FY HEPS surge, withholds final dividend

Afrimat’s annual operating profit surged 27.5 per cent to R471.2 million, boosted by strong demand from its iron ore operations. However, the construction and mining group withheld its final dividend to use the cash to cement its balance sheet from Covid-19. Afrimat CEO, Andries Van Heerden joins CNBC Africa to review the numbers.

Moody’s: Tanzania’s monetary policy to support banks’ liquidity

According to a Moody's report, measures taken by Tanzania's Central Bank will support the market-funded banks in meeting their funding and liquidity needs amid the Covid-19 pandemic. However, these measures are not enough to prevent a decline in bank asset quality. Peter Mushangwe, Banking Analyst at Moody’s joins CNBC Africa for more.

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Netcare CEO on the impact of COVID-19 lock-down & medical sector readiness for virus peak

Hospital group Netcare saw a plunge in its hospital admissions in March and April with last month’s figures falling by 49.5 per cent. However, the group has noted that the easing of lock-down restrictions in May has seen a slight uptick in hospital patients. The group has scrapped its interim dividend and has committed R150 million to prepare its ICU and high care facilities to deal with Covid-19 cases. Dr Richard Friedman, CEO, Netcare joins CNBC Africa for more.

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Food producer Tiger Brands reported a 35 per cent fall in half-year headline earnings and has deferred its interim dividend due to uncertainty by the Covid-19 outbreak. The group expects Covid-19 to unfold significant challenges to the business in the near future. Tiger Brands CEO, Noel Doyle joins CNBC Africa for more.
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