Nigeria in 1min: Economic, Business & Financial Headlines – 020817




August 2, 2017 7:10 AM / Proshare News 

Manufacturing PMI Stands at 54.1% in July 2017 from 52.9% in June 2017 - CBN - The July 2017 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria, during the period July 10 - 14, 2017.  Source Proshare Read More 

NSR H2 2017 (11) - Monetary Indicators Swamped By Hawkish Dogma  - We continue with the serialization of ARM’s  “The Nigeria Strategy Report” with today’s excerpt focusing on changes in Nigeria’s monetary aggregates over H1 2017. Thereafter, we provide our outlook on same for the rest of the year. Source Proshare Read More 

NSR H2 2017 (10) - CBN’s Volte-Face Narrows FX Markets Premium - We continue with the serialization of ARM’s  “The Nigeria Strategy Report” focusing on developments in Nigeria’s currency market over H1 2017. This is followed by a careful delineation  of our NGN outlook for the coming months. Source Proshare Read More 

NSR H2 2017 (9) - Trade Balance to Survive Muddy Waters - We continue with the serialization of ARM’s  “The Nigeria Strategy Report” and review today, Nigeria’s trade balance over H1 17 and delineate our outlook for same over the rest of the year. Source Proshare Read More 

NSR H2 2017 (8) - Nigerian GDP: Recovery Signal Speaks - We continue with the serialization of ARM’s  “The Nigeria Strategy Report” but direct focus towards a review of the performance of Gross Domestic Product over 3M 2017 and outline our view on the economic landscape for the rest of the year. Source Proshare Read More 

Lagos Alone Generates 55% Of Nigeria’s VAT – Adeosun - The minister for finance, Mrs Kemi Adeosun, has said more than half of Nigeria’s value added tax (VAT) comes from Lagos state alone. Source Leadership Read More 

FG seals pact with three firms on sugar production - The Federal Government on Tuesday entered into an agreement with three sugar refining companies for the production of 1.5 million metric tonnes of sugar annually. Source Punch Read More 

No ID number, no passport from 2018 — NIS - The Nigeria Immigration Service says from January 1, 2018, anybody without the National Identification Number, issued by the National Identity Management Commission, will not be able to procure Nigerian passport. Source Punch Read More 

Nigeria loses N9.74b to public holidays in one year - Nigeria lost at least N9.74 billion in 2016 as a result of multiple public holidays observed during the year. The Guardian’s investigation revealed that in 2016 alone, about 15 national public holidays were observed, excluding others declared in some states. Source Guardian Read More

NSEASI Inches Up by +2.43% as Market Sentiment Turns Positive - Equities market closed today on a positive note, as NSE ASI appreciated by +2.43% to close at 36,720.62 basis points as against -2.77% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +36.64%. Source Proshare Read More  


FCMB Group Plc H1 2017 Conference Call & Earnings Presentation - The Key Takeaways  - FCMB Group Plc held its H1’17 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

UAC of Nigeria Plc. - Notes from H1 2017 Conference Call - According to management, the improved top-line performance over H1 17 (+31.6% YoY) reflected impact of price hikes across product portfolio, sales of completed projects at UPDC as well as higher volume at its animal feeds business (Grand Cereals Limited and Livestock).  Source Proshare Read More 

Ahead of Next T-Bills Auction Scheduled for August 2nd, 2017 - The Central Bank of Nigeria (CBN) is scheduled to hold a Treasury Bills (T-Bills) Primary Market Auction on Wednesday, the 2nd of August, 2017. Source Proshare Read More 

Fidelity Bank Plc to Audit Half Year 2017 Financial Statements - This is to inform the Market and General Public that the Board of Directors of Fidelity Bank Plc have resolved to audit the Bank's Financial Statements for the half year ended June 30, 2017 Source Proshare Read More


Margin Improvement Spurs Impressive H1'17 results for Forte Oil Plc; BUY signal - Forte Oil Plc. (FO) H1'17 results - Turnover fell by 22.2% to N65.6 billion, in line with our estimate of N66.9 billion (1.8% deviation). After tax earnings rose by 84.0% to N4.1 billion, at par with our estimate of N5.4 billion (2.8% deviation).  Source Proshare Read More  

Foreign investors pump N86b into Dangote Cement - Dangote Industries had a roaring time yesterday on the Nigerian Stock Exchange (NSE), selling 410 million shares of Dangote Cement valued at N86.1 billion to some foreign investors at N210 per share. Source THE NATION Read More 

Unilever Nigeria reduces share sale figures - Unilever Nigeria has scaled back the amount it planned to raise from shareholders via a rights issue to N1.96 billion ($5.39 million). Source THE NATION Read More 

Investors earn N902b gain in July rally - Equity ivestors in Nigerian capital market netted N902 billion in capital gains in July 2017 as expectations on corporate earnings reports and improved macroeconomic outlook boosted the market to its highest performance in more than 31 months. Source THE NATION Read More 

Stock Exchange slams N582.4m fine, expulsion on fraudulent dealer - The Nigerian Stock Exchange (NSE) has revoked the operating licence of a stockbroking firm-Bytofel Securities and Investment Limited, for allegedly engaging in fraudulent activities. In addition, the firm was fine N582.37 million. Source THE NATION Read More 

Ghana wants more Nigerian gas for electricity - The Minister for Energy, Ghana, Mr. Boakye Agyarko, has said his country will like to have more gas supply from Nigeria for power generation. Source Punch Read More 

Refineries should be located where oil is explored – Emmanuel - The Akwa Ibom State Governor and Interim Chairman, South-East/South-South Governors’ Forum, Mr. Udom Emmanuel, has said that refineries and petrochemical industries should be located in areas where oil is being explored. Source Punch Read More 

Access Bank Assures African Businesses of Global Services Support - Access Bank Plc has assured African businesses and entrepreneurs of its readiness to fill in the gap created by the big global banks in service rendition to Africa. Source Proshare Read More 

FirstBank Launches MVisa - First Bank of Nigeria Limited has partnered with Visa to launch the Mobile Payments Solution – mVisa. This mobile solution allows customers pay for goods and services by scanning a QR code using a smart phone via the FirstMobile App. Payment goes straight from the consumer’s FirstBank account into the merchant’s account and provides real-time notification to both parties. Source Proshare Read More 

N30tn leakage: Senate panel quizzes Airtel, BUA, 61 others - The Senate Joint Committee on Customs and Marine Transport, as part of its investigation into the alleged N30tn revenue leakage in the import and export value chain, has quizzed over 60 companies. Source Punch Read More 

Barclays’ drops Nigerian international banking clients with less than £100,000 - Nigerian international banking clients of Barclays Bank, with less than £100,000 to save/invest will as from yesterday (August 1) no longer have access to their accounts. Source BUSINESSDAY Read More 

Mexico's $372 Billion Corporate Bond Market Is Heating Up - Sales of the notes have climbed every month since bottoming out in January, when Donald Trump’s inauguration capped weeks of investor anxiety amid concern his proposed policies would devastate Mexico’s economy. Source Leadership Read More 

Venezuela Said to Prepare Plan B Should U.S. Ban Oil Imports - Venezuela’s state-owned oil company and its partners have quietly started working on a Plan B to find markets for the country’s crude oil if the White House ratchets up sanctions and bans imports. Source Bloomberg Read More 

Nigeria Oil Region Negotiators Threaten to Quit Peace Talks - Negotiators representing militants in Nigeria’s oil region in talks with the government said they’ll pull out of the process if some demands aren’t met by November, accusing President Muhammadu Buhari’s administration of not doing enough for peace. Source Bloomberg Read More 

Saudi Aramco IPO Pits London Against New York - Saudi Arabia aims to sell about 5 percent of Saudi Aramco in an initial public offering next year, and stock exchanges from the U.K. to Japan are vying for what may be the world’s richest IPO. Source Bloomberg Read More

China Needs to Act on $33 Trillion of Credit, Analyst Chu Says - China has made progress in slowing leverage in the economy, but still needs to do more with the total amount of financing expected to rise 13 percent this year, according to Autonomous Research analyst Charlene Chu. Source Bloomberg Read More 

Egypt's soaring inflation hits food and drinks companies' profits - Egypt's rising interest rates and soaring inflation have hit second-quarter profits at some of the country's food and drinks companies, providing evidence that consumers' purchasing power is being squeezed. Source Reuters Read More 

Nigeria is our biggest market, says Moet & Chandon ambassador - Pierre-Louis Araud is the Global Brand Ambassador for Moët & Chandon, and a connoisseur of luxury and celebration. In his second official trip to Nigeria last week, he talks about the brand’s efforts at deepening its presence in the Nigerian market through new product offerings and what makes Nigeria a destination for such a luxury drink. Source Guardian Read More 


Banks to extend 9mobile’s loan pending sale – FCMB - A group of Nigerian banks has agreed to an extension of a $1.2 billion loan made to 9mobile, formerly Etisalat Nigeria, pending when the mobile operator’s finds new investors, FCMB bank said yesterday. Source Daily Trust Read More 







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