Nigeria in 1min: Economic, Business and Financial Headlines – 200519

Monday, May 20, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @AVONHMO

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PROSHARE ECONOMY

The Price of 50kg of Tomatoes Moved Up By 70% to N13,000 - Domestic food prices are trending upwards after months of relative stability. In particular, tomatoes (50kg) have jumped by over 70% to N13,000 and a 50kg bag of rice is up 21% to N17,000. Source FDC Read More

From Recession to Growth: The Story Of Nigeria’s Recovery From The 2016 Economic Recession - Being a Paper presented by Godwin I. Emefiele, Governor, Central Bank of Nigeria at the Special Convocation of the University of Nigeria, Nsukka, on Friday, May 17, 2019 at the Princess Alexandra Auditorium, University of Nigeria, Nsukka, Enugu State. Source CBN Read More

Weekly Economic and Financial Commentary – WE 17th May, 2019 - This week, the National Bureau of Statistics (NBS) released inflation data for the month of April earlier than scheduled. In a twist from the downtrend observed from the start of the year, inflation for the month of April ticked up by 11.37% YoY, far from 11.25% YoY recorded in the prior month. Source ARM Read More

Middle East Tensions Put Oil Markets On Edge – OIR 170519 - Oil rose on Friday morning on supply outages and Middle East tensions before trade war fears dragged prices down again. Sentiment continues to swing between fears of weak demand in the wake of the U.S.-China trade war and fears of supply outages due to conflict in the Middle East. Source Oilprice Read More 

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PROSHARE REGULATORS

SEC Announces Guidelines For Cross-Border Securities Issuance - The Securities and Exchange Commission says the West African Securities Regulatory Authorities has drawn up draft guidelines on cross-border issuance of fixed incomes and a mutual recognition agreement for the region. Source Punch Read More

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PROSHARE MARKETS

Forte Oil Plc - Business Repositioning Signals New Dawn - After the recent sale of the power and upstream businesses in Nigeria as well as the downstream operation in Ghana, Forte Oil Plc (FO) is well positioned for growth through an expansion of its retail footprint in the Nigerian downstream oil and gas space. Source Cardinal Stone Read More 

Bullish Post Listing Market Reaction on MTNN Stock - It was all yellow at the Nigeria Stock Exchange yesterday as one of the most anticipated transactions was consummated with the listing of 100% of the issued and paid up ordinary shares of MTN Nigeria Communication by way of introduction. Source Anchoria AM Read More 

NSEASI Inches Up By 0.08% WoW As Market Closes The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by 1.53% to close at 28,871.93 points as against 0.54% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.14%. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 170519 - The equities market recorded mixed performance – the listed equities market recorded +0.08% gain WoW while the NASD OTC also recorded -0.59% loss WoW. Source Proshare Read More

NASD OTC Market CAP Decreased By -0.59% WoW To Close At N546.27bn  - As at close of trade week on 17 May 2019, market Capitalisation decreased to ₦546.27 billion from last week's previous ₦549.50 billion, which shows a 0.59% decrease in Capitalisation. Also the USI for the week ending 17 May 2019 recorded an decrease from 764.86 points to 760.36 points. Source NASD Plc Read More 

MTN Nigeria Signs N200bn Medium Term Loan Facility - Leading Information and Communications Technology (ICT) company, MTN Nigeria Communications Plc (“MTN”), today announced the signing of a 7-year N200 billion. Source NSE Read More 

What To Expect From The Markets This Week - 200519 -  The CBN held off conducting an OMO auction today. Despite this, market liquidity moderated to ₦99 billion, however, the Interbank rate declined 129bps to settle at 4.57%. Source Proshare Read More 

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PROSHARE BUSINESS 

AMCON, AMPs and Debt Recovery Turnaround – First Glance - The Asset Management Company of Nigeria (AMCON) and its debt recovery partners (AMPs) are in a bind as the debt recovery process has so far proven to be long and arduous. Source Proshare Read More 

PoS Transactions Hit 117,131 In Four Months — NIBSS - Nigeria recorded 117,131 transactions on Point of Sales terminals from January to April, a report from the Nigerian Interbank Settlement System has indicated. The report, obtained by the News Agency of Nigeria on Sunday, showed an increase of 42,817 when compared to the 74,314 transactions that were recorded in the corresponding period of 2018. Source Punch Read More

What Will Define My Second Term As CBN Governor – Emefiele - Mr. Emefiele who spoke to journalists at the weekend in Nsukka shortly after he delivered a special convocation lecture at the University of Nigeria (UNN) Nsukka, Enugu state, said he would focus on policies that would drive down inflation, improve price stability and drive economic growth. Source Dailytrust Read More

Dangote Rated 11th Of 50 World Greatest Leaders - The rating carried out by Fortune Magazine, an American multinational business magazine headquartered in New York City, United States was released recently and focused mainly on the businesses run by the men and how they have used them to impact their society positively. Source Vanguard Read More

US-China Trade War: Nigeria Faces More Pain Than Gain - Nigeria, Africa’s top oil producer, like many other economies, is not immune to the impact of the escalating trade battle between the US and China, with both countries levying tariffs on each other’s imports. Source Punch Read More

Google Suspends Some Business With Huawei After Trump Blacklist - Alphabet Inc’s Google has suspended business with Huawei that requires the transfer of hardware, software and technical services except those publicly available via open source licensing, a source familiar with the matter told Reuters on Sunday, in a blow to the Chinese technology company that the U.S. government has sought to blacklist around the world. Source Reuters Read More

Oil Jumps as OPEC Signals Continued Cuts and U.S. Threatens Iran - Oil started the week strongly after Saudi Arabia and other OPEC+ members signaled intentions to keep supplies constrained for the rest of the year, while U.S. tensions with Iran ratcheted up as President Donald Trump threatened the country in a tweet. Source Bloomberg Read More

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PROSHARE TECHNOLOGY  

South Africa Works On Policy As Fintech Gives Rise To Innovation - South Africa’s complex financial technology (fintech) domain is in flux and morphing into never-seen-before services across every aspect of the financial sector, with regulators and policymakers working on a coordinated approach to policymaking that will leverage fintech innovation in a way that meets the needs of the local market. Source Read More

Paving the Way for Fintech - Fintech can support economic growth and poverty reduction, by strengthening financial development, inclusion and efficiency. Yet they may also pose risks to financial stability and integrity, as well as to consumer and investor protection. Source IMF Read More

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