Nigeria in 1min: Economic, Business & Financial Headlines – 011214

Proshare

 

December 1, 2014 7:30 AM / Proshare News
 

NIGERIAN ECONOMY
FG sets Jan deadline for local content enforcement on marine vessels - The Federal government says as from January 1st, 2015, maritime vessels purchased overseas without inputs from local ship builders in-country will no longer be allowed to operate in Nigeria. Source Daily Trust Read More
 

FG Highlights Benefits of IFRS Adoption - The federal government has said the adoption of International Financial Reporting Standards (IFRS) will enable investors make appropriate investment decisions in Nigeria. Source Thisday Read More
 

FCT minister seeks CBN’s support for security fund - The Minister of Federal Capital Territory, Senator Bala Mohammed, has solicited the support of the Central Bank of Nigeria for the establishment of FCT Security Trust Fund to boost crime-fighting in the FCT. Source Punch Read More
 

OPEC Meeting, Devaluation and Monetary tightening... Some Implications - Global oil prices have plunged 36.62% so far in the year, as the Brent crude price settled at USD70.40 vs. USD115.00 year high. Economies of highly oil dependent economies like Nigeria, Venezuela, and Iran have seen crashing oil prices impact negatively on government revenue, as well as fiscal and monetary buffers. Source Proshare Read More
 

Presidential Aspirant, Atiku Abubakar’s rebuttal of MPC’s Decision - The Monetary Policy Committee of the Central Bank of Nigeria rose from its meeting of 25th November, 2014 to announce a string of measures ostensibly to reduce pressure on the Naira and achieve macroeconomic stability. Source Proshare Read More
 



POLICY / REGULATIONS
NSE suspends further trading in Oando Rights Issue - The Nigerian Stock Exchange today suspended further trading in Oando Rights until further notice.This action was necessitated by information received yesterday, November 27, 2014 from Vetiva Securities Ltd, the Lead Stockbroker to the Issue, that Oando Plc has not obtained a formal clearance of the Offer documents and registration of the shares from the Securities and Exchange Commission. Source Proshare Read More
 

CBN Seeks Improved Monetary, Fiscal Coordination to Tackle Macroeconomic Challenges - The Deputy Governor, Economic Policy, the Central Bank of Nigeria (CBN) Dr. Sarah Alade, has said achieving macroeconomic growth and stability require enhanced coordination between monetary and fiscal policy instruments. Source Thisday Read More
 

Emefiele and inherited “curse” of surplus Naira - There has been a palpable feeling of economic uncertainty in the land, since the Central Bank officially devalued the Naira exchange rate from N155 to N168 last week; the public’s anxiety is probably, the recognition of the pervasive impact of the Naira/Dollar exchange rate on the general cost of goods and motor-spirits (aka petrol) in a heavily import dependent economy such as ours. Source Vanguard Read More
 

SEC targets bond market to finance $3.9 trn infrastructure deficit - The Director General of the Securities and Exchange Commission, SEC, Ms Arunma Oteh, who stated this at the 4th Capital Market Committee retreat held in Abuja said” The bond market has a lot of room for growth with debt-to-GDP ratio at only 11 percent compared to over 200 percent in Japan, 110 percent in Singapore, 103 percent in the United Kingdom, 103 percent in the United States (US) and over 60 percent in China. Source Guardian Read More
 

55 insurance firms generate N40.7b gross premium in Q2 - About 55 insurance firms out of 59 firms recorded combined N40.7 billion in the second quarter, it was learnt Source THE NATION Read More
 

NSE probes stockbrokers’ accounts -The Nigerian Stock Exchange (NSE) is investigating financial and trading transactions by stockbrokers, a stormy move that has pitted the management of the Exchange against the largest trade group in the capital market. Source THE NATION Read More
 

CBN releases fresh list of recapitalised BDCs - For the third time after the July 31 deadline given Bureaux De Change (BDC) operators to meet the new capital requirement of N35 million expired, the Central Bank of Nigeria (CBN) has again updated the list of BDC operators that successfully scaled the recapitalisation hurdle. Source Daily Independent Read More
 

 

CAPITAL MARKET
Sentiment Analysis Report – W/E November 28, 2014 - Analysis of the market activity in the week ended November 28, 2014 technically revealed an improved bargain postures as investors engaged in active value investing, particularly towards blue chips with weathered prices in medium and big capped categories. The market outlook came inline with our position as envisaged in our previous report. Source Proshare Read More
 

Market Value appreciates by N163.17bn in the week amid Naira devaluation - The equities market closed today on a negative note, as NSE ASI depreciated by -0.47% to close at 34,543.05 basis points, compared with the +0.35% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.42%. Source Proshare Read More
 

STOCK PICKS
MANSARD: Bulls are playing at their front foot… - Mansard is making successively higher highs and higher lows for the past couple of weeks; and is trading and moving above all major & minor EMA lines and trading into purely uptrend. An uptrend line is also lying on the daily price chart which is boosting up the bulls once they come down. Source Proshare Read More

 
Honyflour: A correction is overdue... Buying can be initiated.- A closer look at the daily technical chart reveals that the stock is making successively lower lows and lower highs over the last couple of months. The stock is headed southwards taking any correction or counter attack. Source Proshare Read More




BONDS MARKET

The Nigeria Bond Watch - Review and Outlook @120114 - Besides the OMO bills auction by the CBN, the major highlight of the review week was the meeting of the Monetary Policy Committee (MPC), which significantly influenced the direction of activities in the market. Source Proshare Read More

 
MONEY MARKET
NIBSS: PoS Transactions Rise to N241 Billion - The Nigeria Interbank Settlement System (NIBSS) has disclosed that transactions through point of sale (PoS) terminals have risen by 191 per cent to N241 billion since the beginning of the year. The company also reported a 249 per cent increase in its profit before tax, which it said, rose to N2.82 billion for the year ended December 31st, 2013. Source Thisday Read More
 

N1.7bn Debt: Court Dismisses NICON Group’s Appeal against Ecobank - The Court of Appeal in Lagos, Friday, dismissed an appeal filed by NICON Group of Companies Plc challenging a Federal High Court judgment, which ordered it to pay Ecobank Plc N1.7billion. Source Thisday Read More
 

Devaluation: Banks’ stocks set for tougher times - Some developments in the domestic and global economy are causing bank stocks to lose their attraction, it has been gathered. Source Punch Read More
 

Naira depreciation persists in interbank, parallel market - The Naira fell to an all time low against the dollar at the interbank and parallel exchange markets despite measures announced by the Central Bank of Nigeria (CBN). Source Vanguard Read More
 

Naira devaluation to curb banks’ Eurobond bonanza - Nigerian banks’ overseas borrowing bonanza looks to be over in the wake of a dramatic currency devaluation this week, but while risks are rising, repaying existing debt should not be a problem for most. Source BUSINESSDAY Read More
 

CBN sells $667m at forex market post-devaluation - CBN sells $667m at forex market post-devaluation - THE Central Bank of Nigeria (CBN) sold $667 million at the foreign exchange market window during its second weekly auction, as a test of the waters of the devaluation programme Source Guardian Read More
 

INVESTORS NEWSBEAT
Mansard Insurance Plc Principal Shareholder to Transfer Ownership to AXA - AXA announced it has entered into an agreement to acquire 100% of Assur Africa Holdings (AAH), owners of 77% stake in Mansard Insurance plc. With this acquisition, AXA becomes the beneficial majority owner of Mansard Insurance plc. Source Proshare Read More
 

Nigerian Cement Sector Report - Cement Price: Litmus Test for FY-15E Earnings - The average ex-factory price of cement in Nigeria has moderated to US$145/tonne (our estimate) from US$177/tonne, below our estimated average price of US$151/tonne for Sub-Saharan African (SSA) countries. Source Proshare Read More
 

Union Bank Bags PCI DSS Certification - Union Bank of Nigeria Plc at the weekend announced that it has been certified with the latest Payment Card Industry Data Security Standard (PCI DSS) - Version 3.0. Source Thisday Read More
 

Shareholders approve DAAR Communications bonus dividend - Shareholders of DAAR Communications Plc have approved a bonus dividend of one for every two shares held by them. Source Punch Read More
 

PHN to invest $1m in Nigeria’s health sector - NIGERIA’S health care sector is to get a major push courtesy of a $1million public-private coalition investment to save one million lives of women and children from preventable diseases such as malaria, malnutrition, lack of access to life-saving commodities and suboptimal supply chain systems, among others. Source Guardian Read More


PRODUCT & SERVICES

UBA Launches Reward Scheme for Electronic Channels Customers - United Bank for Africa (UBA) Plc has announced incentives to encourage its customers to use electronic channels for their transactions in December. Source Thisday Read More
 

PEOPLE
Tony Elumelu Foundation Commits $100m to African Entrepreneurs - The Chairman of Heirs Holdings, Mr. Tony Elumelu, will this Monday commit $100 million to launch the Tony Elumelu Foundation (TEF) entrepreneurship programme.The launch, which would take place in Lagos, is expected to be the flagship entrepreneurship programme of the TEF. Source Thisday Read More
 

FRAUDS & SCANDALS
Bank sells Akingbola’s London houses to recover debt - Access Bank Plc said it had sold some London properties of a former Managing Director of the defunct Intercontinental Bank Plc, Erastus Akingbola, in a bid to recover a debt of N164bn from him. Source Punch Read More
 

POLITICS
APC rules out Fashola as vice presidential candidate - The Lagos State Governor, Mr. Babatunde Fashola (SAN), has been ruled out as a running mate to the presidential candidate of the All Progressives Congress anytime the candidate emerges, investigation by The PUNCH has revealed. Source Punch Read More
 

INEC asks court to nullify suit on new polling units - THE Independent National Electoral Commission (INEC) has prayed the Federal High Court, Abuja Division to terminate an action initiated by three politicians to challenge the legality of its (INEC) planned creation of 30,000 new polling units in the country ahead of the 2015 general election. Source Guardian Read More
 

COMMODITIES
Nigeria to increase gas supply to Ghana, others - Nigeria has reiterated its commitment to increase gas supply to neighbouring Benin, Togo and Ghana through the West African Gas Company (WAPco), as criticism mount over the shortfall in supply to her neighbours. Source Daily Trust Read More

 
‘Flared gas can generate 40% of electricity needs’ - The volume of gas flared in Nigeria can provide 40 per cent of the country’s total electricity requirement based on the current needs assessment, the Minister of Environment, Mrs. Laurentia Mallam, has said. Source Punch Read More
 

Needle on Zero: Nigeria's Economy Tanking as U.S. Oil Exports Dry Up - When the terrorist group Boko Haram kidnapped more than 250 Nigerian schoolgirls last spring, many news reports noted that Nigeria had long been one of the biggest suppliers of oil to the United States, suggesting that economic relationship gave Washington a strong incentive to help track down the kidnappers. Source NBC News Read More
 

How Low Can Oil Go? - Six months ago, I wrote a detailed report warning about the bubble in crude oil and why it was likely headed for a bust. That was on June 9th, when light sweet crude oil was trading at $102 per barrel; in less than two weeks, the crude oil bubble reached its peak, and plunged to just $66 today – 35 percent decline that took the world by surprise. Since then, this report has gone viral with over 175,000 views. Source Forbes Read More
 

China plays big role in oil’s slide -  All eyes have been on OPEC after its failure to agree to a production cut triggered the latest dramatic slide in the price of crude oil. Source Market Watch Read More
 

OPEC Inaction Spurs Survival of Fittest as Oil Below $65 - West Texas Intermediate tumbled below $65 a barrel to the lowest level since July 2009 amid speculation prices have further to drop before OPEC’s decision to maintain output slows U.S. shale supply. Source Bloomberg Read More
 

Gold Hidden in Underwear Shows How India Curbs Upset Rupee Trade - Traveling by land into India from Pakistan across one of the world’s most militarized borders isn’t easy on a normal day. Doing so with $120,000 worth of gold stuffed in your underwear is even harder. Source Bloomberg Read More
 



 

GLOBAL MARKETS
Asia Stocks Fall With U.S. Futures on China, Holiday Data - Asian stocks fell with U.S. index futures as a Chinese manufacturing gauge dropped, American holiday spending slowed and oil tumbled to a five-year low. Malaysia’s ringgit headed for the biggest two-day retreat since 1998 and precious metals slumped. Source Bloomberg Read More
 

European shares eke out weekly gain after late recovery - European shares posted their second consecutive weekly gain after a late recovery on Friday, as heavy falls in energy stocks, hit by a slump in oil prices, were offset by gains in airlines and consumer companies. Source Bloomberg Read More
 

 

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