Nigeria in 1min: Economic, Business & Financial Headlines – 270516

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May 27, 2016 6:10 PM / Proshare News 

 

PROSHARE ECONOMY
We can’t fund every project in 2016 budget – Adeosun - THE Minister of Finance, Kemi Adeosun, yesterday, said that due to the paucity of funds, agencies should not expect to get completely what was appropriated in the 2016 budget, as the government would only release funds based on necessity. Source Vanguard Read More 

Works, power contractors owed for three years —FG - Most contractors who have been working for the Federal Government in the power and works sectors are being owed for an average of three years, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said. Source Punch Read More

US carrier, United Airlines, stops flights to Nigeria - United States carrier, United Airlines, will stop flying to Nigeria next month, ending operations on its only African route because of weakness in the energy sector and difficulties in repatriating money from tickets sold in the country. Source Punch Read More

A shining Chinese example for agriculture - We know that banks in Nigeria were once subject to sectoral lending thresholds, and that many loans to agriculture ended in tears. We also know that the DMBs are still reluctant to lend to the sector. Source Proshare Read More 

FRC recovers N367bn operating surpluses from FG agencies - The Acting Chairman of the Fiscal Responsibility Commission, Mr. Victor Muruako, on Thursday said the commission had so far caused over N367bn to be remitted into the Consolidated Revenue Fund by the Federal Government’s revenue generating agencies. Source Punch Read More

States Endorse FG’s 22-Point Fiscal Reform Action Plan - State governments have agreed to reform their finances as well as that of their local governments under a Fiscal Sustainability Programme to ensure their long term viability. Source Thisday Read More 

Nigeria to Earn Additional $128.2m Annually from Intra Africa Connectivity - Enhanced intra Africa air connectivity will generate 17,400 jobs and add about $128.2 million annually to Nigeria’s Gross Domestic Product (GDP), the International Air Transport Association (IATA) has said. Source Thisday Read More 



 

PROSHARE MARKETS
Nigerian stocks erase YTD losses, hit year-high on strong breadth  - The equities market closed today on a positive note, as NSE ASI appreciated by 2.18% to close at 28,877.47basis points, compared with the 3.78% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.82%. Source Proshare Read More 

FIDELITYBK Downgraded from Neutral to Underperform on weak Q1'16 Results - Fidelity Bank’s (Fidelity) underlying Q1 2016 results came in weaker than expected, mainly due to a negative surprise in non-interest income which was down by 35% y/y and a -N3.5bn loss on the other comprehensive income line. Source Proshare Read More

RETAIL INVESTORS: How weak Oil Price may affect your portfolio  - There is no established fact that reveals strong correlation between movement in prices in Oil Market and Stock market. This technically implies that we cannot use performance in oil market to predict the price reaction in stock market as we have different combinations of factors that drive stock price movement, which are basically future earnings, earnings reports, investors’ sentiments, risk tolerance and the quality & quantity of fundamentals.  Source Proshare Read More 

FBN Holdings Shareholders Receive N5.4 Billion Dividend - Shareholders of FBN Holdings Plc on Tuesday approved a dividend of N5.38 billion proposed by the board for the year ended December 31, 2015. The dividend, which translates to 15 kobo per share, was paid despite a major fall in the profit of the bank. Source Thisday Read More 


Jaiz Bank moves to access non-interest intervention funds from CBN
- The Acting Managing Director of Jaiz Bank, Mahe Abubakar, has said that the bank is working with the Central Bank of Nigeria (CBN) to accommodate non-interest finance institutions in the apex bank’s intervention funds. Source Daily Trust
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Govt loses $2bn to tax evasion by oil firms - The Federal Government has lost about $2bn to oil companies  avoiding payment of compulsory fees, the House of Representatives ad hoc committee mandated to investigate all oil prospecting licenses (OPLs) and Oil Mining Leases (OMLs) granted by the Federal Government said yesterday. Source THE NATION Read More 

FG opens talks with militants, Chevron’s Escravos terminal attacked - The Federal Government has met with a select group of militants from the restive Niger Delta as a result of the ongoing attacks on oil pipelines in the region. Source Punch Read More 

Production down to 1.67m barrels as price rises above $50 - The Federal Government’s anticipated revenue have further been constrained by the renewed attacks on oil facilities by Niger Delta militants. Source THE NATION Read More 

 


PROSHARE BUSINESS

Asian Stocks Extend Rally Amid Yellen Countdown as Oil Retreats - Asian equities rose for a third day, supported by prospects for stimulus in China and Japan. The dollar strengthened before an appearance by the head of the Federal Reserve, while crude oil retreated with gold. Source Bloomberg Read More

Fitch warns South Africa of "quick fixes" in run up to local elections - South African authorities should avoid populist measures such as introducing a minimum wage in the run up to local elections in August, ratings agency Fitch said on Thursday. Source Reuters Read More

Kenya secures $600 mln Chinese loan to support budget: IMF envoy -  Kenya's government has secured a $600 million loan from China to support the budget, the representative of the International Monetary Fund to Kenya said on Thursday Source Reuters Read More 

 

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