Nigeria in 1min: Economic, Business & Financial Headlines – 090913

Proshare

Monday September 09, 2013/ Proshare

Economy
Jonathan kicks off Diaspora export programme on global trade - PRESIDENT Goodluck Jonathan has kicked off the implementation of the Diaspora Export Programme (DEP), designed to bolster Nigeria’s favourable trade balance with other countries. Source: Guardian Read More

Global Economic update…changing baton! - The third quarter of this year has indeed proven to be one in which the baton of growth was changed from emerging economies to the developed ones. As global interest rates begin to rise, investors seem to be wary of the effects this will have on the emerging currencies, hence a flight to safety! Source: Proshare Read More
 
FG to Hold Bidders’ Conference on Sale of 10 Power Plants - Indications have emerged that the federal government will later this month hold a bidders’ conference on the 10 power stations built under the National Integrated Power Project (NIPP) that are undergoing privatisation, THISDAY has gathered. Source: Thisday Read More
 
FG unveils N10bn cash transfer scheme in Ekiti -The Federal Government has inaugurated its Conditional Cash Transfer scheme in Ekiti State under the Millennium Development Goals framework. Under the scheme, the government said it would empower over 56,000 indigent Nigerians from 24 states with about N10bn, and sustain 224, 000 children of school age. Source: Punch Read More
 
NCP moves to decide on Enugu Disco - UNLESS there is a last-minute change of plan, the Power Sub-Committee of the National Council on Privatisation (NCP) will meet today to decide on the sale of Enugu Electricity Distribution Company (Disco). The Technical Sub-Committee will meet tomorrow. Source: Guardian Read More
 
Policy / Regulations
CBN: Fed Govt earned N938b in June - The Central Bank of Nigeria (CBN) at the weekend said Federal Government retained revenue was N938.29 billion in the second quarter ended June. The CBN said in its Economic Report for the second quarter that total expenditure was N1.2 trillion. Source: Guardian Read More
 
SEC, NSE Tasked on Investor Education - The Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) have been urged to intensify investor sensitisation and education so as to create necessary atmosphere for the growth and development of the capital market. Source: Thisday Read More
 
Award Is To Encourage Investment Scheme –SEC - The Securities and Exchange Commission (SEC) has said its integrity award is to encourage investment in Collective Investment Schemes (CIS) in the nation’s capital market. Source: Daily Trust Read More
 
NAICOM tasks insurers on professionalism, ethics - THE National Insurance Commission (NAICOM) has challenged insurance professionals in the country to work towards the attainment of professionalism and high ethical standards needed to drive the Nigerian insurance industry to appreciable level of growth and development. Source: Guardian Read More 



Capital Market­
Sentiment Analysis Report – W/E September 06, 2013 - Analysis of the market activity in the week ended September 06, 2013 technically revealed improved bargain activities along with sustained low price volatility. The outlook reveals continued waning sell pressure in the week amid renewed moderate bargain appetite, just as we had envisaged in the previous report. Source: Proshare Read More
 
Proshare Daily Stock Picks for Monday, September 9, 2013 - These stocks below have experienced some unusual market activity, screened after last session (06 Sept 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                          

Market closes bearish; NSE ASI records +0.43% WTD Performance - The equities market closed today on a negative note, as NSE ASI depreciated by -0.20% to close at 36,403.95 basis points, compared with the appreciation of +0.72% recorded previously. Its Year-to-Date (YTD) return currently stands at +29.65%. Source: Proshare Read More

Onyema Lists Benefits of Integrating W’African Capital Markets - The Chairman the West African Capital Markets Integration Council(WACMIC) and Chief Executive Officer   of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has said the integration of the markets would speed up the development of the various domestic financial systems in the region.WACMIC is saddled with the task of ensuring successful integration of the various stock exchanges in the West African sub region. Source: Thisday Read More

Investors Newsbeat
ARM retains NEUTRAL rating on Conoil Plc -
Conoil Plc recently released its long overdue FY 12, Q1 13 and Q2 13 results. Revenues declined 4.7% YoY to N149.9 billion for FY ended 31st December, 2012 with  Q4 12 revenues 5.3% lower YoY (-8.7% QoQ) to N35.2 billion – 34% behind our forecast—extending a trend which began in Q2 12.  We believe the decline was driven by lower PMS volumes due to subsidy payment delays which impacted the broader industry sales. Source: Proshare
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Corporate Earnings for the Week Ending September 6, 2013 -  Source: Proshare Read More
 
Wema Bank Plc refutes AMCON Take-over News - Our attention has been drawn to a spurious publication in The Nation Newspaper of Wednesday, September 4, 2013 with the title, “SEC set to okay AMCON’s takeover of Wema Bank”. The publication is also fraught with irregularities and misrepresentation of facts relating to our recently concludedN40billion Special Private Placing. Source: Proshare Read More
 
West African Capital Markets Integration Council Meets to Chart A Way Forward - It gives me great pleasure to welcome you all here today, and to chair the 2nd meeting of the West African Capital Markets Integration Council (WACMIC).Today’s event marks another major milestone for West African capital markets as we continue to execute initiatives geared towards achieving our goal to integrate West African capital markets. This program is the foundation for financial market cooperation and collaboration in the sub-region. Source: Proshare Read More
 
Dangote’s oil refinery loan has 7-year tenor – Banking sources - The $3.3 billion syndicated loan secured by Dangote Industries last week to build a 400,000-barrel per day oil refinery and petrochemical plant is said to have a seven-year pay back period. A banker who was part of the negotiation disclosed this, saying that Dangote Group may have to work extra hard to meet the payment. Source: Vanguard Read More
 
ETI’s 3.13 billion shares admitted into DOL - The Nigerian Stock Exchange has admitted Ecobank’s Transnational Incorporated’s 3.13 billion ordinary shares of 50 kobo each into its Daily Official List.The NSE’s report for the week ended September 6, 2013 noted that the equities were added to the company’s shares outstanding and were admitted for trading on the floor of the Exchange last week. Source: Punch Read More
 
Stanbic IBTC to finance agriculture business - Stanbic IBTC, a member of Standard Bank Group, has said it has improved access to financing for the agriculture sector, for smallholders and commercial farmers. Source: Punch Read More
 
Keystone Bank introduces trade portal - Keystone Bank Limited has introduced a trade portal to support the international trade activities by its customers.A statement from the bank on Sunday quoted the Managing Director/Chief Executive Officer, Mr. Philip Ikeazor, as saying the new trade portal solution supported manufacturers, importers and other companies that were engaged in foreign exchange transactions. Source: Punch Read More
 
Oando Dividend Increases By 61% - Oando Plc made a total dividend payout in the sum of N5.1 billion to its shareholders on September 2, 2013. Shareholders have expressed satisfaction with the disbursement, as the substantial payout represents a 61 per cent increase from the last dividend payments made by the company. Source: Daily Trust Read More

Money Market
Naira weakens to fresh 20-month low - The naira weakened to a fresh 20-month low against the United States dollar on the interbank market on Friday, as direct Central Bank of Nigeria foreign exchange sales to lenders failed to meet demand, traders said. Source: Punch Read More
 
N640bn Treasury Bills to Mature this Month - Treasury bills valued at a total of about N640.99 billion is expected to mature in the money market this month.This includes both primary market auction (PMA) and open market operations (OMO) instruments.A breakdown of the amount showed that for PMA, 91-day treasury bills totaling  N22.97 billion, 182-day bills valued at N40 billion and N90 billion 364-day bills are expected to mature this month. Source: Thisday Read More
 
Mobile Payment Gaining Grounds in Nigeria - the central bank of nigeria (cbn) has said the use of mobile payment platform in the country is gaining a lot of ground in the country.the cbn’s director of banking and payment system department, mr. dipo fatokun, said this in lagos at a one-day conference themed: “mobile money and financial inclusion: what’s the next big thing?” organised by the leeds bryan international limited and the brookings institution, washington, dc. Source: Thisday Read More

Heritage Bank floats MSME investment protection fund - Heritage Bank has announced the take-off of its Micro Small and Medium Enterprises Investment Protection Fund.According to the bank, the MSME Investment Protection Fund is a non-collateralised funding option with embedded insurance for the default risk inherent in the SME scheme to assist the growth and rejuvenation of the sector. Source: Punch Read More



Commodities
Budget: Oil Production Estimates Short By N1.1tr - About 65 million barrels of crude oil worth N1.1 trillion was short in the first half of this year, using the 2013 budget estimate by government, Daily Trust can reveal. Source: Daily Trust Read More

‘Why investors are shunning Nigeria’s oil, gas sector’ - A MIX of disincentives may have contributed to the dwindling foreign investment in the nation’s oil and gas sector, according to conclusions reached at the just-concluded oil and gas forum in Aberdeen, Scotland. Source: Guardian Read More

GDP growth slows on oil outages - The nation’s economy grew at a slower rate in the second quarter than the previous quarter, as oil output slipped due to theft and pipeline shutdowns, according to the latest data from the National Bureau of Statistics. Source: Punch Read More
 
Gold Declines as Investors Expect Fed to Press On With Tapering - Gold fell, extending two weeks of losses, as investors weighed the prospects of reduced stimulus in the U.S. against signs of increased demand.  Source: Bloomberg Read More

Politics
OBJ/PDP elders to Jonathan: Sack Tukur, Baraje; hold new convention - The Kawu Baraje and Bamanga Tukur factions of the Peoples Democratic Party, PDP were last night poised for a long standoff, following apparent efforts by the Presidency to fight off proposals being articulated by the Chief Olusegun Obasanjo-led elders’ committee.The elders committee which met at the weekend following meetings with the two factions, it was learnt, had made some proposals towards resolution of the crisis in the party. Source: Vanguard Read More
 
The Factionalisation of PDP - The ruling Peoples Democratic Party (PDP) has been in turmoil for quite some time.  The possibility that the party has entered a stage of inevitable terminal implosion is now the subject of most political discussions among Nigerians. The walkout by seven governors elected under the party’s platform along with many other influential leaders and members at the August 30th special convention is only a more open dramatisation of an intrinsic incoherence and  long standing dysfunction. Source: Thisday Read More
 
People
The Opportunity Cost Of Tompolo’s Private Jet - For those who haven’t heard, 43 year old ex-militant, High Chief Government Oweizide Ekpemupolo (aka Tompolo) on Monday 26th August 2013 received his Bombardier SE60 LearJet. The Jet according to aviation sources cost a whopping sum of $13.3 million (N2.12 billion). Source: The Will Read More
 
Global Markets
Asian Stocks Gain as Yen Drops on Olympics; Metals Rise - Asian stocks rose, with Japan’s benchmark index reaching a one-month high, and the yen weakened after Tokyo was selected to host the 2020 Olympics. Metals rallied and the won gained on improving Chinese exports and easing concerns over a reduction in U.S. stimulus. Source: The Will Read More 

Why are emerging economies failing? - Emerging markets are having a tough time the world over, but who is to blame? Is it the rich world's monetary policies or have more deep-seated problems merely been masked for years by stellar economic growth?Source: Aljazeera Read More
 
Kenya offers 46 oil blocks to Nigerian investors - AS part of its desire to attract foreign prospectors into its oil and gas industry, Kenyan authority has reportedly offered its 46 newly-discovered oil blocks to interested Nigerians to prospect for the development of the sector. Source: Guardian Read More

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