Nigeria in 1min: Economic, Business & Financial Headlines – 102413

Proshare

Thursday October 24, 2013/ Proshare

 

Economy 

House Summons Okonjo-Iweala, Sanusi on Naira Depreciation - This came the same day the lawmakers passed for second reading, a bill seeking to amend the Nigeria Communications Commission Act to regulate the powers of the police and other security agencies to track, intercept, monitor and record conversations, text messages and internet communications involving suspected terrorists operating in Nigeria. Source: Thisday Read More

 

BPE: N609.3bn Spent on Labour Liabilities - The Director General, Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki, Wednesday said the federal government had spent about N609.3 billion between 2000 and 2013 in settlement of labour liabilities in the privatised public enterprises. Source: Thisday Read More

 

Privatisation: FG spends N609bn on severance pay package - The Federal Government has spent about N609,398,074,485.63 between 2000 and 2013 to settle labour liabilities in privatised state enterprises. Source: Businessday Read More

 

Capital Market­

Stock Market maintains positive posture amid weak breadth- The equities market closed today on a positive note, as NSE ASI appreciated by +0.11% to close at 37,408.56 basis points, compared with the appreciation of +0.28% recorded previously. Its Year-to-Date (YTD) return currently stands at +33.23%. Source: Proshare Read More

 

Argentina records +98.38% 2013 YTD gains to lead Global Exchanges; NSE ASI makes top three - Major Global Stock Market indexes maintain uptrend as they advanced further in Q3 to record regions after rebounding from a recent dip that was sparked by uncertainties surrounding the posture/outlook of the US Fed Policy. Source: Proshare Read More

 


Investors Newsbeat

Weak beer volume by Nigeria Breweries remains a drag on EPS growth - Nigerian Breweries Plc (NB) released its 9M-13 results today 23 October, 2013. Source: Proshare Read More


CONOIL leads peer, tops 1wk performance with an upper breakout - The Oil & Gas sector on the Nigerian bourse continued to record active patronage in the recent time. Conoil and other key active stocks within the sector remained investors' toast, leading market performance in the recent times- an indication of unflinching and special focus from active investors. Source: Proshare
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CCNN EPS growth tracks ahead of FY-13E expectation - Cement Company of Northern Nigeria Plc (CCNN) released its 9M-13 results today 23 October, 2013. Source: Proshare
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UAC-PROP declares N1.9b PAT in Q3 '13 ,(SP:N16.69k)- Source: Proshare Read More


Cement Co. of Northern Nigeria Plc declares N1.1 billion PAT in Q3 2013 result,(SP:N9.50K)Source: Proshare
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CAPOIL declares N36.4m PAT in '12 Audited result,(SP:N0.50k) - Source: Proshare
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Nigeria Breweries declares N26.8billion PAT in Q3 '13 result,(SP:N176.00K) - Source: Proshare
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Halal Investment Fund grows Net Assets value by 10.3% - Source: Proshare
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Fitch Affirms 'B-' Rating for ETI Plc; Outlook Stable - The following statement was released by the rating agency. Fitch Ratings has affirmed Togo-based Ecobank Transnational Incorporated's (ETI / the holding company of the pan-African Ecobank group), Long-term Issuer Default Rating (IDR) at 'B-' with a Stable Outlook, Short-term IDR at 'B', Viability Rating (VR) at 'b-', Support Rating at '5' and Support Rating Floor at 'No Floor'. Source: Proshare Read More

 
Frauds & Scandals

EFCC insists Fayose must face trial - The Economic and Financial Crimes Commission (EFCC) insisted yesterday that former Ekiti State Governor Ayodele Fayose had a case to answer on the N1.2 billion poultry project fund allegedly mismanaged by his administration. Source: Nation Read More

 

Reps probe Fed Govt’s use of N1. 6 trn Service Wide Vote - The House of Representatives has said it is determined to lay bare the manner in which N1.6 trillion service wide votes in the 2013 budget is being utilised. Source: Nation Read More

 

 

Business

FirstRand sees West African expansion as Nigeria deals rise - FirstRand’s Rand Merchant Bank has completed more than $1.6 billion of deals in Nigeria since February, including providing credit lines for banks and finance for Dangote Group and MTN Group Ltd. (MTN)’s mobile-phone business, Larbie said. The company is looking at transactions in Ivory Coast and Senegal and is focused on other countries that are “democratically and economically stable, with good fundamentals,” he said. Source: Businessday Read More

 

Sugar producers change strategy following 55% tafiff hike - The Federal Government’s 55 percent tax increase on sugar importation is attracting investment to the sector and promises to boost domestic output. Source: Businessday Read More

 

People

ASUU ‘demands N1.5tr’ to end strike - University teachers are asking for N1.5 trillion to return to the classrooms, a senator claimed yesterday. The Academic Staff Union of Universities (ASUU) has been on strike for about four months. Source: Nation Read More

 

Politics

PDP to Understudy US, UK, S’African Party Funding Structures - The Chairman of the Peoples Democratic Party (PDP) National Finance Committee, Governor Godswill Akpabio of Akwa Ibom State yesterday said the party would under study how the Democratic and RepublicanParties in the United States of America; the Labour and Conservative Parties  in the United Kingdom; and South Africa’s African National Congress (ANC) fund their parties to enable the PDP overcome its financial needs. Source: Thisday Read More

 

House Bans Fees in Civil Service Recruitment Process - The House of Representatives Wednesday  directed the boards  of the Nigerian Prisons Service (NPS), Nigeria Security and Civil Defence Corps (NSCDC) and the Nigeria Immigration Service (NIS) to stop forthwith the collection of application fees  in their  recruitment programmes. Source: Thisday Read More

 

2015: INEC to Prosecute Voters Involved in Double Registration - As a build up to the 2015 general election, the Independent National Electoral Commission (INEC) has threatened to prosecute anyone caught in act of double registration. Source: Thisday Read More

 

Kano to Spend N1.5 Billion on Local Govt Election - The state electoral commission  which has fixed May 17, next year for the election   said the choice of the date is considerably  rational and calculative, in order to give the newly registered All Progressive Congress (APC) and other contesting parties enough time to structure and consolidate themselves. . Source: Thisday Read More

 

Products and Services

FBN Life launches new products to increase penetration for the insurance sector - FBN life a subsidiary of Nigeria’s  biggest retail banking group FBN holdings, in furtherance of its innovative drive to improve the insurance service offering platform in Nigeria, unveiled 3 new products in a media parley, that will reposition it as a major player in the Industry. Source: Proshare Read More


Global Markets

10 Best Performing Stock Markets in Q3 2013 - The Argentina Stock market had a positive YTD performance which has currently placed it as first among global exchanges. One of the factors pointed out is the outright government ban on buying dollars imposed by President Cristina Fernandez de Kirchner’s government which has pushed locals towards different investments while the election of Pope Francis also make the index to rally sometimes in March. Source. Source: Proshare Read More

 

U.S announces new procedure for drop box visa renewal - he consulate said the programme allows certain visa applicants, who have previously been issued U.S. visas, to renew them without attending an interview. Source: Nation Read More

 

Ex-Apple CEO Sculley mulling BlackBerry bid: report - BlackBerry, based in Waterloo, Ontario, once dominated the smartphone market but put itself up for sale after being overtake by Apple's iPhone and devices using Google Inc's Android operating system. Source: Reuters Read More

 

The Incredible Shrinking Plane Seat - Airlines' push to lure high-paying fliers with flatbed business seats and premium economy loungers is leaving economy-class passengers with less space. Source: Wall Street Read More

  

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