Nigeria in 1min: Economic, Business and Financial Headlines - 090320

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Monday, March 9, 2020 / 06:40 AM / By News Aggregator /  Headert Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY 

Steady Decline in Nigeria's External Reserves Spark Fresh Concerns Around Exchange Rate Regime - The steady decline in Nigeria's external reserves has sparked fresh concerns around the country's exchange-rate regime. The principal reason for the trend decline has been the exit of foreign portfolio investors (FPIs).  Source FBNQuest Read More 

Nigeria's Merchandise Trade Grew in Q4 2019; Imports Rose Faster Exceeding Falling Exports - In Q4 2019, the value of total trade was N10.1trillion, or 10.2%  higher than the value recorded in Q3, 2019 and 25.9% higher than in Q4 2018. On an annual basis, the value of total trade in 2019 was recorded at N36,152.1 billion, representing a 14.05% increase over 2018. Source NBS Read More 

Outlooks On Six Nigerian Banks Revised To Negative After Same Action On Sovereign - S&P Global Ratings today revised its outlooks to negative from stable on Access Bank PLC (Access), Ecobank Nigeria Ltd. (ENG), Guaranty Trust Bank PLC (GTBank), Stanbic IBTC Bank PLC (Stanbic IBTC), United Bank for Africa Plc (UBA), and Zenith Bank PLC (Zenith).  Source S & P Global Ratings Read More

Rating Actions Taken On Several Corporate Issuers With Exposure To Nigeria - S&P Global Ratings said today that it had taken rating actions on corporate issuers that are rated at or above the Nigeria sovereign under its criteria for rating issuers above the sovereign. Source S & P Global Ratings Read More 

The World's Most Powerful Oil Alliance Is Falling Apart - OIR 060320 - Oil prices plunged by more than 8 percent after the OPEC+ meeting broke up with no deal. Saudi Arabia and Russia negotiated behind closed doors in Vienna, but Moscow refused to sign on to deeper production cuts. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Mar 06, 2020 - This week, we witnessed significant fall in oil prices (-8% WoW to $47/bbl as at the time of the report) reflecting the impact of corona virus on oil demand. Consequently, the FG announced plans to review the 2020 budget which is currently benchmarked at $57/bbl. Source ARM Read More 

Oil Set To Plunge Another $10 On The Open - Veteran oil trader Mark Fisher tells CNBC's Scott Wapner that oil is indicated to open below $32 per barrel - nearly $10 less than where it closed on Friday, and about $15 per barrel below where it closed on Thursday. Source Stephen Alpher, SA Read More 

Oil Drops 31% in Worst Loss Since Gulf War as Price Fight Erupts - Oil markets tumbled the most since the Gulf War in 1991 after the disintegration of the OPEC+ alliance triggered an all-out price-war among the world's biggest producers. Source Bloomberg Read More 

MDAs Record N13.72bn Revenue Shortfall - The sum of N622.9bn was remitted to the Federal Government by its ministries, departments and agencies between January and December last year as captured under the Fiscal Responsibility Act. The revenue collection of N622.9bn when compared to the N631.08bn target set by the Federal Government for the 2019 fiscal period represents a shortfall of N13.72bn. Source Punch Read More 

Nigeria Exposed On Low Buffers As Oil May Fall To $20 - It could be 2016 again for the Nigerian economy, or even worse, as Saudi Arabia's sudden oil price war in response to Russia's hard ball over production cuts threatens to send oil prices tumbling towards unprecedented lows. "The cost of OPEC+ failure to agree on a production cut is too great. Businessday Read More           

Exxon To Cut Activity In Permian Basin As Oil Prices Plummet - Exxon Mobil said Thursday it plans to reduce the number of oil rigs operating in an oil-rich region in the Southwest and may cut planned capital expenditures as the spreading coronavirus saps energy demand. Source abc News Read More 

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week - 090320 - Nigeria's industrial activities sustained its expansionary trajectory for the thirty-fourth consecutive month, as the composite PMI settled at 58.5 index points. However, relative to the prior month, the index grew at a slower pace (-1.0 index points), indicating inherent macroeconomic weaknesses. Source Proshare Read More 

Oando Becomes First Oil and Gas Company in Nigeria to be ISO 27001 Certified - Oando PLC (referred to as "Oando" or the "Group"), Nigeria's leading indigenous energy group listed on both the Nigeria and Johannesburg Stock Exchange, is pleased to inform the public that on Tuesday, January 21, 2020, it became the first Oil and Gas Company in Nigeria to receive the prestigious ISO 27001 Certification from Certification Partner Global FZ LLC.  Source Oando Read More 

ARDOVA 2019FY: Divestment & Subsidy Gains Provide Facelift for Earnings - ARDOVA PLC, previously known as Forte Oil (FO) in its 2019FY results, recorded a 31.07% growth in revenue to NGN176.55bn. The impressive topline growth rode on the back of a Q4:2019 standalone turnover of NGN53.00bn, the highest in 2019. Source Meristem Read More 

NOVA Merchant Bank Limited Declares N1.65bn PAT  in FY 2019 - NOVA Merchant Bank Limited has released its audited results for the financial year ended December 31st, 2019, recording impressive performances across its major financial lines. Specifically, the Bank declared a profit after tax of N1.65 billion for the 2019 financial year representing an impressive 44% growth compared to N1.15bn recorded at the end of the 2018 financial year. Source NOVA MFB Read More 

South Africa's Economy: At The Mercy Of Power Sector - Recently, the South African Statistical body - Statistics South Africa (Stats SA) - published the country's GDP report for Q4-2019. According to the report, South Africa slipped into a technical recession during the quarter (second time in two years) as the seasonally adjusted and annualized real GDP contracted for the second successive quarter (Q42019: -1.4% q/q and Q3-2019: -0.8% q/q). Source United Capital Read More 

Dangote Cement Q4 2019 Results Review: Downgrading to Neutral Post Q4 2019 Results - Dangote Cement's (DangCem) Q4 2019 PBT came in -9% behind our forecast due to negative surprises in sales and gross margin. As such, we have cut our 2020-21E earnings forecasts by c.5% on average. Our new price target of N187.1 is also -7% lower. Source FBNQuest Read More 

Investors Gain N37.36bn WoW As NSEASI Inches Up By 0.24% To Close The Week Positive - Equities market closed today on a negative note, as NSEASI depreciated by -0.55% to close at 26,279.61 points as against +0.04% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.10%. Source Proshare Markets Read More 

ACCESS Declares N97.5bn PAT in 2019 Audited Results, Proposes N0.40k Final Div. (SP:N8.50k) - Access Bank Plc, Banking  company in Financial Services  sector announced 26.1% Gross Earnings growth in Q4 2019 Result. Source NSE Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 060320 - The equities market recorded mixed performance - the listed equities market recorded +0.24% gain WoW while the NASD OTC recorded loss of -1.09%. Source Proshare Markets Read More 

Corporate Earnings For The Week Ending 060320 - 11 in All - Nine (9) out of the Eleven (11) firms declared growth in revenue. CHAMPION records 45% growth in earnings to emerge as the firm with highest growth in earnings while TRANSCORP records 27% negative growth in earnings to emerge as the firm with the least growth rate. MTNN tops with the highest PAT figure while CHAMPION declared the least. Source Proshare Research Read More 

NSE CEO Opening Remarks At The 2020 International Women's Day Symposium - Good morning distinguished ladies, gentlemen, friends and colleagues. I would like to warmly welcome you all to the 2020 edition of The Nigerian Stock Exchange (NSE) International Women's Day symposium, themed "Each for Equal". I am especially grateful to our keynote speaker, panel discussants and all our guests for honouring us with their esteemed presence. Source WebTV Read More 

NASD OTC Market CAP Decreased By -1.09% WoW to Close At N498.09bn - We were pleased to partner with the Lagos Chamber of Commerce and Industry (LCCI) to host the International Women's Day Forum 2020 on March 5, 2020 at the Commerce House, Idowu, Taylor, Victoria Island, Lagos.  Source NASD Read More 

Frantic Treasury Rally Sees Yield Curve Under 1% For First Time - Treasury yields tumbled, with the entire curve trading below 1% for the first time in history. Markets are now pricing for the Federal Reserve to cut rates to 0% in the coming months. Source Bloomberg Read More


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PROSHARE BUSINESS 

CBI Regulatory Conversations 6.0 Explores Transparency in The Nigerian NIN Process -The Convention on Business Integrity, CBi, as part of its commitment to public policy engagement and driving the advocacy on Anti-Corruption in the business environment, hosted the 6th edition of its Regulatory Conversations. Source WebTV Read More 

Dangote Subsea Pipeline To Boost Nigeria's Gas Supply, Reduce Flaring - The Dangote Subsea Gas Pipeline Project will unlock significant gas supply for industrial activities and considerably reduce flaring in Nigeria. The pipeline project is part of Dangote's multi-billion dollars' gas pipeline, fertilizer, petrochemicals and refinery projects. Source Vanguard Read More

Weaker China imports to affect Nigeria - Augusto & Co Consulting has predicted that Nigeria's inflation rate would become slightly higher than the long-term rate of 12 per cent. The consulting firm has also envisaged that the negative outlooks for the economy within this period, include the normalisation of cash reserve requirements by the Central Bank of Nigeria (CBN), the recent COVID-19 virus, the net capital expenditure by businesses in the real sector and the net foreign investments, especially the Foreign Direct Investment FDI component. Source TheNation Read More

Trade Deficit: Experts Call For End To Fuel Subsidy - With Nigeria posting negative trade balance in fourth quarter of 2019, stakeholders have called for the removal of fuel subsidy, increased local refining of crude and the exploration of non-oil products in which it has comparative advantage to boost its exports. Source Leadership Read More

World Shares Trampled In Coronavirus Panic, Oil Prices Plunge - Global share markets tumbled on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

NCC Deactivates Additional 2.2m SIM Cards for Improper Registration - In order to ensure that all registered Subscriber Identification Module (SIM) cards are traceable to their real owners, in the event of doubt or suspicion, the Nigerian Communications Commission (NCC), the telecoms industry regulator, has said it has successfully deactivated the remaining 2.2 million improperly registered SIM cards across the networks of all telecom operators. Source Thisday Read More 


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PROSHARE FINANCE 

Insurances You Have, Unknown to You - Quite often, in the course of sharing insurance knowledge, most people respond to the question of what insurance policies they have, by simply referring to their car insurance and, for some, may be the one their employers, put in place for them, as required by the law.  Source Ekerete Ola Gam-Ikon Read More 

IWD2020: Women Should Adopt A Paradigm Shift From Competition To Collaboration - Alero Awoyemi - All over the globe, as women celebrate their special day 2020 which focuses on the theme "Each for Equal", the Executive Director of Proshare Foundation Mrs Alero Awoyemi has called for a paradigm shift from competition to collaboration. Source WebTV Read More 

Stanbic IBTC Shariah-Compliant Fund Grows by 400% in Q1,2020 - The Stanbic IBTC Shariah Fixed Income Fund has grown 400% since its launch in Q4, 2019. The growth in the Fund translates to a rise from N1bn in Q4 2019 to N4bn as at February, 2020. Source WebTV Read More 

Coronavirus: How Nations Tackle The Disease As The Global Economy Slows Down - As the Global economy responds to the pressures of COVID-19, the impact of the disease on key economic sectors like aviation , tourism, technology, financial services, stock markets, infrastructure, oil & energy, sports, arts and entertainment amongst other sectors continues to dominate the news. Source WebTV Read More 


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