Nigeria in 1min: Economic, Business and Financial Headlines - 011119

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Friday, November 01, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @SECNigeria

 

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PROSHARE ECONOMY

Fitch Affirms Stanbic IBTC Bank at 'AAA(nga)' - Fitch Ratings has affirmed the National Long-Term Ratings of Stanbic IBTC Bank PLC (SIBTC) and its non-operating holding company, Stanbic IBTC Holding Company PLC (SIBTCH), at 'AAA(nga)' and National Short-Term Ratings at 'F1+(nga)'. A full list of rating actions is at the end of this rating action commentary. Source Fitch Ratings Read More 

Fitch Affirms Zenith Bank Plc at 'B' plus; Outlook Stable - Fitch Ratings has affirmed Nigeria-based Zenith Bank's Long-Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook and Viability Rating (VR) at 'b+'. Source Fitch Ratings Read More 

The Economics of the Rice Conversation - Between A Rock and a Hard Place - Following the closure of the Nigerian land borders by the Federal Government in a bid to curb excessive smuggling into the country.Source Ade Adefeko of Olam Read More 

Fitch Affirms Bank of Industry at 'B' plus; Outlook Stable - Fitch Ratings has affirmed Nigeria-based Bank of Industry Limited's (BOI) Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook for the IDR is Stable. Source Fitch Ratings Read More 

Fitch Affirms United Bank for Africa PLC at 'B' plus; Outlook Stable - Fitch Ratings has affirmed United Bank for Africa PLC's (UBA) Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable. Source Fitch Ratings Read More 

Fitch Affirms Access Bank at 'B'; Stable Outlook - Fitch Ratings has affirmed Access Bank Plc's (Access) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. The Viability Rating (VR) is also affirmed at 'b'. A full list of rating actions is at the end of this rating action commentary. Source Fitch Ratings Read More 

Fitch Affirms Guaranty Trust Bank at 'B' plus; Stable Outlook - Fitch Ratings has affirmed Guaranty Trust Bank Plc's (GTB) Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+' with Stable Outlook and Viability Rating (VR) at 'b+'. Source Fitch Ratings Read More 

Fitch Revises Outlook on FBNH to Stable; Affirms at 'B-' - Fitch Ratings has revised the Outlook on the Long-Term Issuer Default Ratings (IDR) of FBN Holdings Plc (FBNH) and its primary operating company, First Bank of Nigeria Limited (FBN), to Stable from Positive and affirmed the Long-Term IDRs at 'B-'. A full list of rating actions is below. Source Fitch Ratings Read More 

Foreign Reserves Fall By $1.26bn In Four Weeks - Nigeria's foreign reserves fell by $1.26bn from $41.76bn in October 2 to $40.5bn as of the end of October 30, according to figures from the Central Bank of Nigeria on Thursday. Source Punch Read More 

Buhari Seeks More US Capital for Infrastructure - President Muhammadu Buhari has met with the United States' Treasury Secretary, Steven Mnuchin, to request for additional capital from the US development finance institutions to upgrade critical infrastructure in Nigeria. Source Thisday Read More

 

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PROSHARE REGULATORS 

CBN Spends N113.56b To Print Naira In Two Years - The Central Bank of Nigeria (CBN) spent N113.56 billion to print naira in two years, a report has said. The report from the Currency Operations Department of the CBN said the regulator spent N64.04 billion on printing banknotes in 2018 and N49.52 billion in the corresponding period of 2017 bringing the total to N113.56 billion in two years. Source TheNation Read More

 

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PROSHARE MARKETS

VFD Group Q3 2019 Result; Resisting Economic Headwinds - A daring pushback against current economic headwinds remains a major characteristic of the financial result of VFD Group, a local financial supermarket.  The group saw earnings grow by +144% between Q3 2018 and Q3 2019, the group's top line grew from N1.43bn in Q3 2018 to N3.48bn in Q3 2019. Source Proshare Read More

Royal Exchange Plc Notifies of Completion of Investment By InsuResilience Investment Fund - In furtherance of our notification on the Nigerian Stock Exchange on July 18, 2019, we are pleased to notify the Nigerian Stock Exchange, our Shareholders and the investing public of the completion/close out of the acquisition of 39.25% equity stake in Royal Exchange General Insurance Company Limited. Source NSE Read More 

Investors Gain N21.70bn As NSEASI Inches Up Further By 0.17% - Equities market closed today on a positive note, as NSEASI appreciated by +0.17% to close at 26,355.35 points as against +0.25% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.15%. Source Proshare Markets Read More 

UBN Declares N15.19bn PAT in Q3 2019 Results,(SP:N7.05K) - Union Bank of Nigeria Plc released its Unaudited third quarter results for the period ended September 30, 2019. Gross Earnings declined by -4.13% to N117.15bn from N122.19bn in the previous quarter. Source NSE Read More

CBN's T-Bills Auction Oversubscribed By N433.06bn - The Central Bank of Nigeria has recorded a N433.06bn (327 per cent) oversubscription in its Treasury Bills auction, which took place on Wednesday. The CBN offered N132.56bn worth of treasury bills in a Dutch auction across the 91-day, 182-day and 364-day tenors. Source Punch Read More


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PROSHARE BUSINESS 

Nigeria-South Africa: Strengthening Relations Between Two Regional Powerhouses - Historically, Nigeria and the republic of South Africa have so much in common. The two countries are former British colonies and they both belong to same Commonwealth of Nations family. The two are also the most influential members of the African Union as the biggest economies on the continent. Source Ade Adefeko of Olam Read More 

New Data Privacy Compliance Considerations in Cross Border M and A Transactions Facing Africa - Perhaps, one of the most defining developments in global data privacy enforcement which also speaks to how increasingly important, data privacy compliance issues, will be for private equity investors, is the recent announcement  by the ICO. Source Olubunmi Abayomi-Olukunle Read More 

African Development Bank Approves Capital Increase To $208 Billion - The African Development Bank's board approved a 125% capital increase to $208 billion on Thursday, the largest in the lender's history, AfDB President Akinwumi Adesina said. Source Guardian Read More

Deepwater Royalty: Nigeria May Lose $15bn, Say IOCs - International oil companies and their local counterparts under the aegis of the Oil Producers Trade Section have said the Federal Government's planned increase in deepwater royalty will worsen Nigeria's competitiveness and make its $15bn planned deepwater investments economically unviable. Source Punch Read More

Stocks Mixed as Traders Mull China Talks, Data: Markets Wrap - Stocks were mixed in Asia as investors mulled uncertainty about an interim U.S.-China trade deal and better-than-expected Chinese manufacturing data. Treasuries held their mid-week gains ahead of Friday's American jobs and manufacturing data. Source Bloomberg Read More

  

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PROSHARE TECHNOLOGY  

Government Officials Around The Globe Targeted For Hacking Through Whatsapp - Senior government officials in multiple U.S.-allied countries were targeted earlier this year with hacking software that used Facebook Inc's (FB.O) WhatsApp to take over users' phones, according to people familiar with the messaging company's investigation. Source Reuters Read More

 

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PROSHARE FINANCE 

Estate Planning and the Role of Corporate Trustees - Estate Planning is the preparation of a plan to carry out an individual's wishes as to the administration and disposition of his/her property before or after his/her death. Planning also covers management of personal affairs in the event of incapacity. Source Samson Adetola for STL Trustees Read More

 

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