Nigeria in 1min: Economic, Business and Financial Headlines – 090719

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Tuesday, July 09, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: NSE

 

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PROSHARE ECONOMY

Nigeria Macroeconomic Outlook H2 2019 - Walking On Eggshells - Against the backdrop of a pessimistic global outlook for 2019, we maintain our growth forecast for the Nigerian economy at 2.1% y/y in 2019. We expect growth from the non-oil sectors, led by the information and communication sector as the adoption of information and communication technology (ICT) by the country’s teeming population continues. Source CSL Research Read More

Loan-to-Deposit Requirement Credit-Negative for Nigerian Banks - The requirement for Nigerian banks to have a loan-to-deposit ratio (LDR) of at least 60% at end-September is credit-negative for the sector, Fitch Ratings says. We believe it will push some banks to significantly increase lending to riskier borrowers, potentially with looser underwriting or underpricing of risk.  Source Fitch Ratings Read More

Nigeria’s 1.97mbpd June Volume Highest Since 2015, Says Survey - Organisation of the Petroleum Exporting Countries (OPEC’s) compliance with its production quotas fell sharply in June, as output gains in the month by Saudi Arabia and Nigeria, along with Iraq’s continued flouting of its cap, shrank the bloc’s margin despite its supply cut agreement. Source Guardian Read More

Job Losses: 10,733 Affected Workers Get N4.5bn Part Pension Payment - As the gale of job losses continue due to weak economy, a total of 10,733 Retirement Savings Account, RSA, holders who lost their jobs were paid the sum of N4.5 billion as 25 percent of their pension contributions in the first quarter of 2019. Source Vanguard Read More 

 

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PROSHARE MARKETS

Bullish Run Extends to Fourth Consecutive Week as Average Yield on T-Bills Dips to 11.9% - The performance in the T-Bills secondary market last week was bullish for the fourth consecutive week following a sustained robust system liquidity (N721.9bn long as at Thursday). Source Afrinvest Research Read More

Afrinvest Stock Recommendation for the Week 080719 - The local bourse performance turned bearish as the All Share Index (ASI) shed 2.3% W-o-W to settle at 29,270.95 points following losses on all trading days; accordingly, YTD loss worsened to -6.9%. Similarly, market capitalisation fell to N12.9tn as investors lost N303.7bn. Source Afrinvest Research Read More

Airtel Africa To List On The NSE On Tuesday July 09, 2019 - The Nigerian Stock Exchange (NSE) has announced that Airtel Africa, Africa’s second largest telecoms operator, will be listing its shares on the main board of the Exchange tomorrow, 09, July 2019 . The company’s listing will give it a market capitalisation of c.US$3.8bn, making it the third most capitalised stock on the Exchange after Dangote Cement and MTN Nigeria. Source NSE Read More

Fidson Healthcare Plc Lists Additional 586,360,250 Ordinary Shares Issued by Way of a Rights Issue - An additional 586,360,250 ordinary shares of Fidson Healthcare Plc were listed on the Daily Official List of The Nigerian Stock Exchange on Monday, 1 July 2019. The additional shares listed arose from Fidson Healthcare’s Rights Issue of 750,000,000 ordinary shares of 50 kobo each at N4.00 per share on the basis of 1 new ordinary share for every 2 ordinary shares held as at 28 December 2018. The Rights Issue was 78.18% successful. Source FBNQuest Research Read More

Investors Gain N7.46bn To Open The Week Positive; Halts Negative Market Posture - Equities market closed today on a positive note, as NSEASI appreciated by 0.06% to close at 29,287.87 points as against 0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.82%.  Source Proshare Read More 

Lafarge’s U-turn on LSAH and Valuation Implications - Lafarge is likely to experience low volume growth in FY’19E. Lafarge’s Nigerian operation faced slight moderation in market share between FY’15 and FY’18 (i.e. -5.7 pps to 23.4%), largely reflecting additions to industry capacity. Source Cardinal Stone Read More

 

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PROSHARE BUSINESS

Signing AfCTA Agreement; Our Concerns for Nigeria - Over the weekend, the president as earlier announced, signed the African Continental Free Trade Area (AfCTA) agreement at an extraordinary summit of the African Union (AU) in Niger Republic. Source CSL Research Read More 

AFCTA: LCCI Harps On Competitive Nigerian Economy, Ghana To Serve As Secretariat - With the take-off of the much awaited Africa Continental Free Trade Area, AFCTA, signed onto by 54 of 55 countries in Africa, Ghana was nominated to serve as the continental Secretariat for the Economic Trade Area. Source Proshare Read More

New NNPC Boss Targets 40bn Crude Reserve By 2023 - Speaking shortly after taking over from his predecessor, Dr. Maikanti Baru, in Abuja on Monday, Kyari also assured that the four major refineries in the country will become fully functional by 2023, even as he pledged to support private refineries including Dangote’s to come on stream to support government owned facilities. Source TheSun Read More

British Airways Faces $230m Fine - British Airways faces a record $230 million fine after a website failure compromised the personal details of roughly 500,000 customers. It would be the largest penalty yet under a tough privacy rule known as the General Data Protection Regulation, which came into force last year in the European Union (EU). Source TheNation Read More

Court Stops SEC From Enforcing N90m Fine Against Oando - Justice Ayokunle Faji, sitting at a Federal High Court in Lagos, has granted leave to Oando Plc to file a motion for a judicial review of the Securities and Exchange Commission (SEC)’s decision imposing a fine of N89,675,000 on it. Source Dailytrust Read More

CBN Releases N35.9b For Agric Credit Scheme - The Central Bank of Nigeria (CBN) has released N35.9 billion for 166 projects under the Commercial Agriculture Credit Scheme. CBN Governor, Godwin Emefiele disclosed this at  a meeting with vice chancellors of University-based Poultry Revival Programme in Abuja yesterday. Source TheNation Read More

 

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PROSHARE FINANCE 

How States Can Drive a Robust Health Insurance Scheme Process - Nigeria’s 36 State Governors were recently urged by President Mohammadu Buhari to improve healthcare access in their States and provide better risk protection coverage or insurance.  Mr. Ekerete Ola Gam-Ikon, a management consultant in an interview with Proshare WebTV reporter Bukola Akinyele, explained the critical issues around deepening Health insurance in the country. Source Proshare Read More 

 

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