Nigeria in 1min: Economic, Business & Financial Headlines – 110716

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July 11, 2016 7:10 AM / Proshare News 

 

PROSHARE ECONOMY
FG releases N253bn for capital projects - The Federal Government has so far released the sum of N253bn out of the N350bn set aside for capital projects in the first and second quarters of 2016. Source Punch Read More 

Internal Revenue: State Governors Target N1.1trn IGR - States in Nigeria have started making aggressive efforts to shore up their Internally Generated Revenue (IGR) for 2016, due to the country’s dwindling income from oil proceeds. Source Leadership Read More

We didn’t approve increase in airfares – NCAA - The Nigerian Civil Aviation Authority has denied approving the increase in domestic airfares, saying all tariffs for airlines’ services, including fares, rates, add-on charges or terms and conditions of service have been liberalised. Source Punch Read More

Inflation Rate to Drop Marginally to 15.4% - FSDH - We expect the June 2016 inflation rate (year-on-year) to drop marginally to 15.39% from 15.58% recorded in the month of May 2016. We expect the marginal drop to come from decrease in the prices of tomatoes, beans and rice. Source Proshare Read More 

Firms import N10bn generators to power Nigerian industries - GENERATOR manufacturers and distributors took advantage of the dwindling electricity supply and demand gap in Nigeria  to import 75-375 KVA   diesel generating   sets valued at over   US$51 million(about N10 billion)   to power the country’s   factories, telecommunication towers. Source Vanguard Read More 

Oil is not the pillar that holds our economy- Abraham Nwankwo - With the oil sector contributing 20 percent to the Nigeria’s economy in recent times, the current economic challenges confronting the country can be exploited to facilitate the goal of being one of the 20 biggest economies by 2020. Source Vanguard Read More 

 


PROSHARE REGULATOR

CBN Mops Up N190bn From Circulation - Contrary to expectations of continued robust monetary policy by the Central Bank of Nigeria (CBN), the apex bank has mopped up cash from circulation as it sold a total of N190 billion ($673.76 million) in treasury bills last week, which pushed the interbank overnight lending rates to an average of 15 per cent on Friday from five per cent the previous week. Source Leadership Read More

 

PROSHARE MARKETS
Sentiment Analysis Report - W/E July 08, 2016 - Analysis of the market activity in the week ended July 08, 2016 technically revealed sustained pessimistic trading pattern and growing price volatility as investors maintained profit-taking tendency in the week. Source Proshare Read More 

Stocks end volatile week lower, post 1.54%WoW loss - The equities market closed today on a negative note, as NSE ASI depreciated by 0.51% to close at 28,854.98basis points, compared with the 1.04% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.74%. Source Proshare Read More 

New Skye Bank Management plans to improve asset quality - The newly constituted board of Skye Bank Nigeria by the Central Bank of Nigeria, has committed to amongst other things improve the asset quality of the bank. Source Proshare Read More

House Speaker Dogara expresses support for deepening of capital market - The Speaker of the House of Representatives of Nigeria Rt Hon Yakubu Dogara has assured the capital market, that the National Assembly remains committed to its deepening. Source Proshare Read More

Interbank rate rises on cash shortage - The nation’s interbank lending rate has risen by 10 per cent, data from the FMDQ OTC website have shown. Source Punch Read More 

FGN Bond Prices Depreciate on Profit-taking - In line with analysts’ expectation, the over-the-counter (OTC) FGN bond market witnessed renewed profit-taking activity, resulting in higher bond yields across all maturities. Source Thisday Read More 

GCR affirms Sterling Bank’s BBB rating - An international rating agency,  Global Credit Ratings (GCR),  at the weekend affirmed Sterling Bank’s national long-term and short- term ratings of BBB(NG) and A3(NG) respectively, with the outlook accorded as stable. Source THE NATION Read More 

Nigeria Skye Bank shares at three-month low on central bank action - Shares in Nigeria's Skye Bank sank to a three-month low on Friday, as investors continued to sell after the central bank replaced Skye's top executives this week. Source Reuters Read More 

Only 25% of Nigeria’s gas reserves is utilised, says Shell chief - Only 25 per cent of the country’s gas reserves is being utilised, the Managing Director of Shell Petroleum Development Company (SPDC) and Country Chair of Shell Companies in Nigeria, Mr. Osagie Okunbor, has said. Source THE NATION Read More

Oil production now 1.9m barrels daily, says Kachikwu - The country’s crude oil production stands at about 1.9 million barrels per day (bpd), the Minister of Petroleum Resources and immediate past group managing director of the Nigerian National Petroleum Corporation (NNPC), Mr Emmanuel Ibe Kachikwu Source Daily Trusy Read More

 


PROSHARE BUSINESS

Asian Shares Jump With Won After U.S. Payrolls Boost; Oil Falls - Asian stocks jumped by the most since March and South Korea’s won surged as better-than-expected U.S. jobs data and improving prospects for stimulus in Japan brightened the outlook for global economic growth. Gold and nickel rose, while oil declined. Source Blomberg Read More

Egypt non-oil business activity slows for ninth straight month in June-PMI - Business activity in Egypt shrank for the ninth straight month in June on the back of further declines in output, new orders, and employment, a survey showed on Sunday. Source Reuters Read More 

Mali says exported a record 70.2 T gold in 2015 - Mali exported a record 70.2 tonnes of gold in 2015, up from 53.2 tonnes the previous year, due to higher production by small-scale artisanal miners, the national statistics institute said on Saturday. Source Reuters Read More 

South Africa vulnerable to Brexit risks as economy struggles - Moody's - South Africa is likely to avoid a recession in 2016, but a possible rise in global risk aversion linked to Britain's decision to leave the European Union could impede its economic recovery, ratings agency Moody's said on Friday. Source Reuters Read More 

 



PROSHARE TECHNOLOGY

MTN, Glo, others to lose N109tn to WhatsApp, Facebook – Report - The growing importance of social media platforms and apps as well as Internet voice applications has hit telecommunications firms hard, claiming a chunk of their revenue, OZIOMA UBABUKOH writes Source Punch Read More 

 

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