Nigeria in 1min: Economic, Business & Financial Headlines – 080713

Proshare

Wednesday August 7, 2013/ The Analyst

Economy
Jonathan queries Sanusi over CBN 2012 account - President Goodluck Jonathan has queried the Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, over some items in the apex’s bank’s 2012 audit report. A confirmation of the query was made by  the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati, when he was contacted by one of our correspondents for a reaction to a publication (not by The PUNCH) on Tuesday over the report. Source: - Punch Read More
 

External reserves dropped by $1.8bn in three months - The nation’s external reserves have dropped by $1.8bn within the space of three months, according to the latest data from the Central Bank of Nigeria. The data posted on the CBN’s website on Tuesday showed that the foreign reserves dropped by $1.8bn from the peak of $48.85bn on May 2 to $46.98bn on August 5. Source: - Punch Read More


Slight recovery in oil exports moderately brightens Nigeria's Outlook - The benign trends in inflation continued in June with the NBS reporting a 60bps decline in the YoY headline CPI (0.6% MoM vs. 0.7% in May) to its lowest level since April 2008 at 8.4%, which was 40bps below our forecast. As anticipated, this subdued reading continues to reflect the favourable impact of subsidy related base effects from 2012, with YoY Core inflation continuing its 5-month long deceleration shedding 70bps to 5.5% from its reading in May. Source: - Proshare Read More
 

IFC to increase investment in Nigeria - The International Finance Corporation, the World Bank’s private-lending arm, plans to increase its investment in Nigeria to $2bn in 2014, according to the Country Manager, Mr. Solomon Adegbie-Quaynor.This represents 25 per cent increase. Source: - Proshare Read More
 

Severance package: FG begins payment of PHCN workers - The Federal Government has commenced the payment of the severance packages of employees of the Power Holding Company of Nigeria in preparation for the conclusion of the privatisation of the power sector. Source: - Punch Read More
 

AfDB: Nigeria Risks Credit Crunch as Oil Production Dips - The African Development Bank (AfDB) has warned that the Nigerian economy may face credit crunch in months ahead as the country’s crude oil production declined further by 150,000 barrels per day (bpd). The AfDB also stressed that the continued crude oil theft and vandalism of oil pipelines as well as recent developments in the global oil market posed a significant threat to the sustainability of the country's financial position with respect to oil revenues. Source: - Thisday  Read More
 

Policy / Regulations

SEC inaugurates committee to monitor financial crimes - The Securities and Exchange Commission (SEC), on Tuesday, inaugurated a new committee to ensure that the operations of the capital market are in line with regulatory guidelines.The Committee of Chief Compliance Officers in the capital market is expected to checkmate crimes such as money laundering and other forms of financial crimes in the market. Source: - Guardian Read More

 

Telecoms companies, NCC disagree over number portability sanctions - Telecommunications network operators under the aegis of the Association of Telecommunications Companies of Nigeria and the Nigerian Communications Commission have disagreed over the resolution of the regulatory body to sanction errant operators under the Mobile Number Portability scheme. Source: - Punch Read More
 

Capital Market­­­­
Proshare Daily Stock Picks for Wednesday, August 7, 2013 - These stocks below have experienced some unusual market activity, screened after last session (06 Aug 2013).  A daily review of the charts uncovers stocks that have recently started out on new trends, stocks breaking out of a consolidation pattern, or stocks that have had Positive breakouts for some other reason. Source: - Proshare Read More
 

ASI slides further amid negative breadth as sell pressure continues - The equities market closed today on a negative note, as the NSE ASI depreciated by -0.32% to close at 38,227.63 points, compared with the depreciation of -0.19% recorded previously. Its Year-to-Date (YTD) return currently stands at +36.14%. Source: - Proshare Read More

 



 

Investors Newsbeat

FCMB Plc extends bearish trend as sentiments remain negative - First City Monument Bank (FCMB) Plc recorded another modest loss of -1.5% to extend its losing streak in the new week; while the stock maintained its downtrend in the last 16 trading sessions on the bourse, indicating sustained negative sentiments towards the stock in recent times - as it plunged below its 14-weeks resistance level. Source: - Proshare Read More
 

Board of Ecobank unanimously reaffirms its confidence in Chairman - The Board of Directors of Ecobank Transnational Incorporated (ETI) has reviewed issues relating to two financial transactions involving ETI Chairman, Mr Kolapo Lawson. These comprise a personal agreement between him and AMCON and an agreement with Ecobank Nigeria on the part of a company of which he is Chairman. Source: - Proshare Read More

Oando Plc appoints Mr. Francesco Cuzzocrea Non-Executive Director - Oando Plc notified The Nigerian Stock Exchange of the appointment of Mr. Francesco Cuzzocrea as a non-executive director of company effective 25 July 2013. Source: - Proshare Read More

NNFM declares N225.1m PAT in '12 Audited result,(SP:N27.00k) - Source: - Proshare Read More

SCOA declares N41.8m PAT in Q2 '13 result,(SP:N5.32k) - Source: - Proshare Read More

FLOURMILL declares N7.7b PAT in '12 Audited result,(SP:N86.3k) - Source: - Proshare Read More

 

Wema Bank: Returning to Profitability, National Status - Wema Bank is reputed to be the longest surviving and most resilient indigenous Nigerian bank having been in operations since 1945.  Following the transformation in the banking industry that led to classification of banks in the industry, Wema Bank opted for a regional banking licence. Also the policy of the Central Bank of Nigeria (CBN), which requires the cleansing of books by banks, Wema Bank recorded a loss for the year-ended December 2012. Source: - Thisday Read More

 

Money Market

Invest in FGN Monthly Bond Auction – August 2013 - The Central Bank of Nigeria on the authority of the Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for. Source: - Proshare Read More

Foreign investors increase stake in Nigerian insurance firms - There has been an increase in foreign equity participation in the Nigerian insurance industry due to renewed interest by international investors, investigations have shown. Source: - Punch Read More

 

Commodities

NNPC expects crude oil production to hit 2.50mbpd soon - THE Nigerian National Petroleum Corporation (NNPC),expects the country’s crude oil production to hit 2.50 million barrels per day (mbpd) with the completion of Nembe Creek Trunk Line (NCTL), in the next few weeks.Besides, the corporation has faulted by Royal Dutch Shell’s claims that it lost $700 million in its global earnings in the second quarter of 2013 due to operational challenges in Nigeria. Source: - Guardian Read More

 

NNPC disagrees with Shell on $700m loss - Nigerian National Petroleum Corporation, NNPC, has disagreed with claims that Shell lost $700 million to oil theft in the second quarter of the year. NNPC said in a statement by the corporation’s Acting Group General Manager, Public Affairs Division, Ms. Tumini Green, in Abuja, yesterday, that Shell’s claim was “defective” and that the loss the multinational oil firm claimed to have suffered was not based on its operations in Nigeria. Source: - Vanguard Read More

NEITI confusing Nigerians with audit report – PPPRA - The Petroleum Products Pricing Regulatory Agency on Tuesday said the Nigerian Extractive Industries Transparency Initiative was confusing the public with its recently released audit report of the oil and gas industry covering the period 2009 to 2011. Source: - Punch Read More

 

Oil falls with stocks; gasoline down vs. Year ago - The price of oil fell amid indications the Federal Reserve could soon ease up on its stimulus program. Meanwhile, the price of gasoline costs less than a year ago for the first time in more than two months. Source: - AP News Read More

 

People

Nahco Aviance Appoints Mr. Ahmed Tijjani and Hadiza Aliko Non-Executive Directors - The Company has notified The Exchange of the appointment of a non-executive Director; Mr. Ahmed Tijjani Uwais and Hadiza Aliko Mohammed as an Independent Director. Source: - Proshare Read More

 

Vitafoam Nigeria Plc appoints Meristem Registrars Limited - Vitafoam Nigeria Plc notified The Exchange that sequel to the Board of Directors meeting held on July 25th 2013, it has appointed Meristem Registrars Limited as the new Registrar to the Company effective 1st August, 2013. Source: - Proshare Read More

 

Ashaka Cement Plc appoints Lamido Abba and HRH Alhaji Abubakar Directors - The Company has notified The Exchange of the appointment of two new Directors; Lamido Abba Tukur and HRH Alhaji Abubakar Muhammad Kwairanga (Emir of Funakaye). Source: - Proshare Read More

 

APC to Jonathan: Come, Join Us - The All Progressives Congress (APC) Tuesday invited President Goodluck Jonathan to dump the Peoples Democratic Party (PDP) and join the progressive fold.APC National Chairman, Chief Bisi Akande, extended the invitation to the president on Tuesday  in Abuja at the inaugural meeting of the Interim National Executive Committee of the party. Source: - Thisday Read More
 

Politics
We’re not after Jonathan’s job – 5 Northern govs - Five governors of the Peoples Democratic Party, PDP, who have been consulting on the state of the party and the nation, yesterday, dismissed speculations that they were after President Goodluck Jonathan’s job, insisting they were on a mission to salvage Nigeria. Source: - Vanguard Read More

Rivers crisis: Court remands Llyod in prison custody - HOPES of breathing the air of freedom on Tuesday eluded the Majority Leader of the Rivers State House of Assembly, Mr. Chidi Lloyd, as a State High Court, sitting in Port Harcourt, ordered that he should be remanded in prison custody. Source: - Punch Read More
 

Global Markets

Japan Drives Asian Stock Drop on Yen as Gas to Gold Slide - Asian stocks fell the most in a week, led by Japanese shares, and the yen strengthened on expectations the nation’s central bank will refrain from adding to stimulus in meetings this week. Gold and copper declined. Source: - Bloomberg Read More

 

U.S. accuses Bank of America of mortgage-backed securities fraud - The U.S. government on Tuesday filed two civil lawsuits against Bank of America that accuse the bank of investor fraud in its sale of $850 million of residential mortgage-backed securities. Source: - Reuters Read More


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