Nigeria in 1min: Economic, Business and Financial Headlines - 030220

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Monday, January 3, 2020 / 06:45 AM / By News Aggregator / Header  Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY 

6th CIBN National Economic Outlook Forum Calls For Diversification of Revenue Base - Stakeholders at the recent 6th National Economic Outlook forum hosted by the Chartered Institute of Bankers of Nigeria (CIBN) agreed that Nigeria needs an enabling environment to attract foreign direct investments. Source WebTV Read More 

Oil Market Falls Deeper Into Abyss - OIR 310120 - Oil posted its largest monthly loss since May 2019, as fears of the coronavirus continue to rise. The 15 percent price decline is also the worst January performance since 1991, according to Bloomberg. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Jan 31, 2020 - This week, data released from the National Bureau of Statistics (NBS) revealed Nigeria's debt rose by N513.3 billion in Q3 2019 to N26.2 trillion relative to the prior quarter. Source ARM Read More 

Lagos Orders Travellers from China to Observe 14 Days' Self-quarantine - Following the rate of the spread of the novel Coronavirus outbreak from China, the Lagos State Government has directed all returning travellers from the Asian nation and those exposed to travellers from the country to observe self-quarantine for 14 days on arrival in Lagos. Source Thisday Read More 

External Reserves To Drop Below $37.5bn In February - The nation's external reserves are expected to continue the seven months downward trend to drop below $37.5 billion by the end of this month. Source Vanguard Read More 

Senate Plans Public Hearing On Buhari's $29bn Loan Request - The Senate has said it will seek the opinion of stakeholders on the foreign loan borrowing plans of the President, Major General Muhammadu Buhari (retd.). The 8th National Assembly had rejected the President's proposed borrowing of $29.96bn because the proposal was not accompanied by expenditure details. Source Punch Read More

 

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PROSHARE MARKETS 

Nigeria Cement Market's New Chess Play; Understanding The Market Dynamics - As cement marketers reposition to face likely increases in their costs in 2020, cement makers themselves are reacting to several moving competitive parts. The retirement of Mr. Joseph Makoju, Managing Director, Dangote Cement in Q4 2019 saw the recruitment of Mr.  Michel Purchercos of Lafarge Africa, Dangote's largest local competitor as his replacement as chief executive officer (CEO). The move was a coup. Source Proshare Read More 

What To Expect From The Markets This Week- 030220 - In its latest report, Nigeria's Debt Management Office (DMO) reported that the country's debt stock stood at NGN26.21 trillion (USD85.39 billion) in Q3-19; representing a 1.8% increase over the prior quarter. Source Proshare Read More 

Insider Dealing Disclosures By Access Bank: Understanding the Issues, Regulation and Lessons - Herbert Wigwe, Managing Director, Access Bank Plc, recently stirred the hornets' nest as he sold off 15.5m units (6.97% of his shareholding in Access Bank Plc) at a price of N10.45 for the first 13.8m units and N10.78 per share for a further 1.7m units. Source Proshare Read More 

Increase In VAT On Stockbroking Transactions Takes Effect From February 1st 2020 - Sequel to the implementation of the Finance Act 2019, kindly be informed that effective 1st February 2020, Value Added Tax (VAT) charged on commissions applicable to capital market transactions will increase from 5% to 7.5%. Source News Read More 

CSCS Issues Statutory Fee Update Following Increase of VAT to 7.5% - The Central Security Clearing System (CSCS) has issued an update to all market participants notifying that statutory charges will be updated to reflect the increase in VAT from 5% to 7.5% effective from February 1st, 2020. Source CSCS Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 310120 - The equities market recorded negative performance - the listed equities market recorded -2.65% loss WoW while the NASD OTC also declined by 1.13% WoW. Source Proshare Markets Read More 

NASD OTC Market CAP Decreased By -1.04% WoW To Close At N502.29bn - As at close of trade week on 31 January 2020, market Capitalisation decrease to N502.29 billion from last week's previous N507.59 billion, which shows a 1.04% decrease in Capitalisation. Also the NSI for the week ended 31 January 2020 recorded an decrease from 706.52  points to 698.56 points. Source NASD Read More 

Corporate Earnings For The Week Ending 310120 - 39 in All - Twenty-six (26) out of the Thirty-nine (39) firms declared growth in revenue. TRIPPLEG records 85% growth in earnings to emerge as the firm with highest growth in earnings while CHELLARAM records 33% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Read More 

NCM2020 (12) - Forty-two Financial Services Stocks Are Penny Stocks in 2019 - The Financial Services Sector boasts of several penny stocks with 42 stocks making the list, followed closely by the Services sector with 23 stocks and the Healthcare sector with 9 stocks. ICT (7), Oil and Gas (6), Conglomerates (5), Construction/Real Estate and Industrial Goods (4 each) and Agriculture (3) Natural Resources (2) sectors contributed to the penny stock basket. Source Proshare Read More 

NCM2020 (13) - 83 Stocks Off 52-Week Highs and 70 Near 52-Week Lows - A recent evaluation and analysis of the list of stocks that are Off 52-week highs and Near 52-Week Lows as at 12th December 2019 revealed that eighty-three (83) stocks were off 52-week highs and seventy (70) stocks are near 52-week lows. Source Proshare Read More 

Insider Dealing Disclosures By Access Bank: Understanding the Issues, Regulation and Lessons - Herbert Wigwe, Managing Director, Access Bank Plc, recently stirred the hornets' nest as he sold off 15.5m units (6.97% of his shareholding in Access Bank Plc) at a price of N10.45 for the first 13.8m units and N10.78 per share for a further 1.7m units. Source Proshare Read More 

NCM2020 (14) - Twelve Financial Services Stocks Dominate The List of Stocks You Should Not Touch - 33 or 20% of the 164 companies listed on the Nigerian Stock Exchange currently record no price movement as at December 20, 2019 as against 17% in 2018 and 37% of such stocks recorded in 2017. Source Proshare Read More

 

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PROSHARE BUSINESS

DCSL Leads Discourse On Role of HR In The  21st Century - The DCSL Corporate Services hosted the second edition of its Human Resources breakfast seminar in Lagos. It brought together HR practitioners and leaders from several organizations. Dr. Uche Attoh, a Senior lecturer at the Lagos Business School (LBS) gave a presentation on the theme "The Strategic Role of the 21st Century HR".  Source  WebTV Read More

 

Visa Policy 2020 Will Position Nigeria As a Leading Investment Destination - NIS - The proposed Visa Policy 2020 developed by the Nigeria Immigration Service (NIS) will reposition Nigeria as a leading global investment destination when the President approves it. Source WebTV Read More  

Banks Took N950b Loan From CBN In Three Months - Commercial and merchant banks took cumulative loans worth N949.91 billion from the Central Bank of Nigeria (CBN) within three months, the apex bank's quarterly economic report has shown. The report released at the weekend showed that the loans came through CBN's Standing Facilities meant for the lenders to square up their liquidity positions and meet customers' needs. Source TheNation Read More 

FG Abolished Minimum Tax To Grow Insurance - Osinbajo - He said this in Abuja while delivering the National Defence College Course 28 Lecture. Osibanjo said, "We expect to see growth in the insurance industry because they are now to be treated like just any other company and a lot of restrictions on their growth have been removed by the Act." Source Punch Read More 

Shanghai Stocks Hit By $370 Billion Wipeout As Virus Fears Pound Chinese Markets - Chinese stock and commodity markets fell heavily at the open on Monday, in the first trading session after an extended Lunar New Year break, as investors dumped risky assets in response to rising fears about the spread of a new virus across China. Source Reuters Read More 

Germany Ran World's Largest Current Account Surplus In 2019 - Ifo - Germany's current account surplus remained the world's largest last year despite trade tensions, the Ifo economic institute will say on Monday, in an estimate likely to renew criticism of Chancellor Angela Merkel's fiscal policies. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

MTN Nigeria Communications Plc Resolves Legal Action Against AGF and Minister of Justice - Today, MTN Nigeria appeared before the Federal High Court sitting in Lagos, Nigeria to formally discontinue its legal action against the Attorney General of the Federation and Minister of Justice (the "AGF").Source NSE Read More 

75% Dealers Trade on Devices Not Approved by NCC - Licensed dealers of tracking devices and equipment, who made the disclosure during the second Type Approval Sensitisation Workshop, organised by the NCC in Lagos recently, called on the NCC to protect the remaining 25 per cent licenced equipment dealers who have genuinely invested in the business, and to also sanitise the business environment in order to boost customers' confidence. Source Thisday Read More

 

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PROSHARE FINANCE 

Increased Awareness, Key To The Growth Of Islamic Finance - Charles Fakrogha - With the plan by the Debt Management Office of Nigeria (DMO) to issue a third Federal Government Sukuk bond, Islamic Finance Weekly engaged Mr. Charles Fakrogha Chief Learning Officer for City Code Trust Investment Company Limited and also a broker-dealer at the Nigerian Stock Exchange, to share his perspective on this development and how Non-Interest Finance can deepen the capital market. Source WebTV Read More

 

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