Nigeria in 1min: Economic, Business & Financial Headlines – 171115

Proshare

 

November 17, 2015 7:00 AM / Proshare News

 

NIGERIAN ECONOMY
Inflation in October slower but above target - Headline inflation slowed in October from 9.4% y/y to 9.3%. Our expectation in a newswire’s poll of analysts was a gentle increase to 9.5% y/y. The core measure slowed for the second month, from 8.9% y/y to 8.7%, and food price inflation from 10.2% y/y to 10.1%. Source Proshare Read More
 

CSR-in-Action Seeks to Unlock Over the $100bn Potential in Nigerian Mineral Resources - CSR-in-Action, Nigeria’s premier business and ethical networking platform and consultancy  for sustainability, has announced plans to host governments, captains of industry, experts and investors in the country’s capital, Abuja, to stimulate meaningful exchange of ideas on how to unlock over $100bn potential in the extractive industries within the next four years. Source Proshare Read More
 

‘Nigeria is third largest consumer of lubricants in Africa’ - Nigeria has emerged the third largest consumer of lubricants in Africa, even as agitations evolve on the need for the Federal Government to review the regulatory and statutory guidelines on the establishment of lubricating oil blending plants in the country. Source Guardian Read More
 

FG’ll focus on non-oil revenue – Adeosun - Following the global slump in crude oil prices, the Minister of Finance, Mrs. Kemi Adeosun, has said the Federal Government will henceforth focus on raising non-oil revenues. Source Punch Read More
 

86% of Nigerian youths pro-enterprise—Survey - Eighty-six per cent of  Nigerian youths are pro-enterprise according to a research findings conducted by Djembe Communications, a  pan-African Communications Consultancy firm in association with Forbes Insight. Source Vanguard Read More
 



 

POWER
Power supply drops by 480MW as vandals attack Okpai-Onitsha tower - The power transmission to the national grid has suffered a major setback as the Okpai-Onitsha 330kV double circuit transmission line, evacuating power from the Okpai Power Station in Delta State was attacked by vandals. Source Vanguard Read More
 

Fed Govt to explore mixed energy sources for power - The Federal Government is considering a mix of energy sources for electricity supply.Vice President Yemi Osinbajo stated this yesterday while receiving a delegation of the Nigeria Atomic Energy Commission (NAEC) led by its Director-General, Dr. Erepamo Osaisai, at the Presidential Villa,  Abuja. Source THE NATION Read More
 

Abuja Disco Expands Vending Operations - The electricity distribution company (Disco) with the franchise to distribute power to consumers in Kogi, Abuja, Nasarawa and parts of Niger, Abuja Electricity Distribution Company (AEDC) has upgraded and launched its information technology and vending operations within its coverage areas to 350, adding 300 more to the existing 50 vending points. Source Thisday Read More
 

 

RULES & REGULATION
Why we ignored calls for naira devaluation, by CBN - The Central Bank of Nigeria, CBN, yesterday, disclosed that it refused to further devalue the  Naira because it would not have had direct impact on the country’s exports as a mono-economy. Source Vanguard Read More
 

Nobody Can Access Depositors’ Money With BVN – Emefiele - Following recent fears that depositors’ money can be assessed and defrauded electronically using the Biometric Verification Number (BVN), the governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has faulted the claim, saying “nobody can tamper with your money using you BVN”. Source Leadership Read More





STOCK PICKS

UBN: Descending Triangle Pattern is formed - A closer look on the daily chart of UBN reveals that stock is consistently falling down from N11.70 to N5.25 level and stock is trading in pure downtrend where every swing is making successive lower lows and heading towards downside. Source Proshare Read More
 

DANGFLOUR: Bulls are trying to engage in counter-attack at an initial phase - A closer look on the daily chart of DANGFLOUR reveals that earlier stock is consistently falling down from N5.54 to N2.30 level and stock is trading in pure downtrend where every swing is making successive lower lows and heading towards downside. Source Proshare Read More
 

GTI 5 Weekly Stock Picks - 161115 -  The NSE All-Share Index and Market Capitalization depreciated by 1.14% to close the week at 28,841.67 and N9.915 trillion respectively. Similarly, all other Indices finished lower during the week with exception of NSE Insurance and NSE Lotus Islamic Index that chalked up by 0.93% and 0.17% respectively, while NSE ASeM Index closed flat. Source Proshare Read More
 

 

CAPITAL MARKET
Week starts bearish, overwhelming supply depresses stocks further - The equities market closed today on a negative note, as NSE ASI depreciated by 1.07% to close at 28,532.81basis points, compared with the 0.15% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 17.67% Source Proshare Read More
 

 

MONEY MARKET
Zenith, UBA, First Bank Lead in Transfers to TSA - With the sum of N513.425 billion of federal government’s funds paid into the treasury single account (TSA) as at October 27 by Zenith Bank Plc, United Bank for Africa (UBA) Plc and First Bank of Nigeria Limited (FirstBank), the three banks have made the most payments into the government’s treasury relative to their peers. Source Thisday Read More
 

 

BOND MARKET
The Nigeria Bond Watch - Review and Outlook @111615 - Activities during the week under review were influenced by the November 2015 FGN bond auction by the Debt Management Office (DMO) and OMO bills redemption – which influenced liquidity levels and affected market behavior. Source Proshare Read More
 




 

INVESTORS NEWSBEAT
Tiger Brands Decides Against Further Financial Support for DANGFLOUR as Dangote Resigns from Board - Shareholders are advised that Tiger Brands Limited has informed the Board of Directors of Tiger Branded Consumer Goods Plc that Tiger Brands Limited has reached a decision not to provide any further financial support with respect to its investment in Tiger Branded Consumer Goods Plc Source Proshare Read More

 
AVONCROWN Changes Company Registrars; Appoints PAC Registrars Limited - Avon Crowncaps & Containers Plc notified The Nigerian Stock Exchange that the Company has changed its Registrars from BOI Investment & Trust Company Limited to PAC Registrars Limited with effect from 27 October 2015. Source Proshare Read More
 

Oando to raise N80b, sell subsidiaries - Nigeria’s Oando Plc plans to seek shareholders’ approval next month to raise up to N80 billion ($402 million) through a rights issue and spin off its power and gas subsidiaries, the energy firm said yesterday. Source THE NATION Read More
 

CORPORATE EARNINGS
NCR declares N162.12 million PAT in Q1 '15 results,(SP:N11.02k) - Source Proshare Read More

 
GUINEAINS Declares N48.89 mln PAT in Q1'15Result,(SP:N0.50k) – Source Proshare Read More
 

 

TELCOs
NCC agrees to make MTN fines not payable until the negotiations have been concluded - Shareholders are referred to the announcements issued by the Company on the Stock Exchange News Service (“SENS”) of the JSE Limited on 26 October 2015, 30 October 2015, 2 November 2015, 3 November 2015 and 9 November 2015, respectively. Source Proshare Read More

 
Free Basics by Facebook expands internet access to millions of people in Africa - Free Basics Platform is now live - more than 60 new services are available across the 29 countries where Free Basic services are available, including 14 in Africa Source Proshare Read More
 

PEOPLE
Sen. Udoma Udo Udoma and Dr. Okechukwu Enelamah Resign from UAC Board Effective 12th November - Pursuant to Rule 1(a) (ii) of the Nigerian Stock Exchange Listing Requirements, We wish to inform you of the following changes on the Board of UAC of Nigeria Plc. Source Proshare Read More
 

NSE CEO Speaks at the 19th Annual ASEA Conference in Johannesburg - It is with great pleasure that I, on behalf of African Securities Exchanges Association (ASEA), welcome you to the 19th Annual ASEA Conference holding in Johannesburg, South Africa. Source Proshare Read More
 

CCNN Announces Resignation of Mr. Alf Karlsen as MD/CEO; Appoints Acting CEO - Cement Company of Nigeria has notified The Nigerian Stock Exchange of the resignation of Mr. Alf Karlsen as Managing Director/CEO of the Company with effect from 31 December 2015 and the appointment of Mr. Ibrahim Aminu, FCCA as the acting Managing Director/CEO with effect from 1 January 2016. Source Proshare Read More
 

 

PRODUCTS & SERVICES
Africlear announce groundbreaking initiatives to promote financial inclusion across Africa - Africlear has announced a number of groundbreaking initiatives designed to promote financial inclusion and improve market integration across Africa by planning to launch a platform that will enable investors attend general meetings electronically and vote in real-time Source Proshare Read More
 



 

PROFESSIONALS 
ACCA Global Chief Executive to deliver Keynote Lecture at IoD Nigeria - The Global Chief Executive of the Association of Chartered Certified Accountants (ACCA), Helen Brand, OBE, will be the guest of the Institute of Directors Nigeria (IoD Nigeria) on Wednesday 2nd of December 2015 from 5.30pm at the Secretariat, to deliver a keynote lecture on “The Relevance of Governance and Ethics as the Key driver for Sustainability in 2020 and Beyond”. Source Proshare Read More

 
POLITICS
N'Assembly Asks President to Submit Revised PIB - The National Assembly monday tasked President Muhammadu Buhari as the new Minister of Petroleum to as a matter of urgency send a revised Petroleum Industry Bill (PIB) to it for quick consideration. Source Thisday Read More
 

 

COMMODITIES
OPEC export price falls below $40 per barrel - The average price of crude oil sold by the Organisation of Petroleum Exporting Countries (OPEC) fell below $40 a barrel for the first time since 2009, underscoring the financial cost of the group’s strategy to defend its market share. Source Guardian Read More

 
Losses from gas-flaring rise to N122bn - Barring other unforeseen arrangements, Nigeria lost about N122.232 billion ($611.16 million) between January and September 2015, as oil and gas companies flared 203.72 billion cubic feet, bcf, of gas. Source Vanguard Read More
 

Buhari seeks approval to pay N413b subsidy claims - There  is good news for fuel marketers. President Muhammadu Buhari has asked the National Assembly to approve the payment of their N413 billion claims, it was learnt yesterday. Source THE NATION Read More
 

Marketers Demand Probe of PPPRA over Fuel Import Allocations - Some Oil Marketing and Trading (OM &T) companies have accused the Petroleum Products Pricing Regulatory Agency (PPPRA) of operating a regime of secrecy in the quarterly allocations given to marketers to import petrol and appealed to President Muhammadu Buhari to probe the agency over allegation of corruption in the fourth quarter 2015 allocations. Source Thisday Read More

 
Lagos Reviews Agreements for Oil and Gas Production -The Lagos State Government has commenced a review of the governing agreements on oil and gas exploration and production as the state prepares to attain the status of the 11th oil producing state in the country. Source Thisday Read More

 
NNPC Pumps over 25m Litres of Petrol as Scarcity Bites - Despite growing queues for petrol by motorists at service stations across the country, the Nigerian National Petroleum Corporation (NNPC) monday said its downstream marketing arm, the Pipelines and Products Marketing Company (PPMC), had distributed a total of 25,042,686 million litres of petrol to 11 of itsdepots across the country as at monday. Source Thisday Read More
 

Pinnacle Oil to Begin Work on N49.5bn Storage Facility - Pinnacle Oil and Gas Limited has unveiled plans to commence work on the N49.5 billion storage facility in Lekki Export Processing Zone to boost the efforts by the various stakeholders to decongest the gridlocks caused  by petroleum tank farms  in Apapa area of Lagos. Source Thisday Read More

 



GLOBAL MARKET

Asia stocks surge after Wall St. takes Paris attacks in stride - Asian stocks rose across the board on Tuesday, relieved after seeing Wall Street take the Paris attacks in stride and surging overnight, while expectations for a December rate hike by the Federal Reserve kept the dollar on a bullish footing. Source Reuters Read More

 
Ghana's central bank raises benchmark policy rate to 26.0 pct - The Bank of Ghana raised its main policy rate by 100 basis points to 26.0 percent on Monday to offset the risk of inflation, its governor Henry Kofi Wampah said. Source Reuters Read More

 
Luxury-Jet Market Value Seen Slipping for First Time Since 2009 - Global long-term spending on private jets is starting to slow for the first time since 2009 as slumping commodity prices sap demand in emerging markets, according to an industry forecast Source Bloomberg Read More

 
Zimbabwe consumer prices fall 3.29 pct in October: Zimstats- Zimbabwe's consumer prices fell by 3.29 percent year-on-year in October after a 3.11 percent decline in September, statistical agency Zimstats said on Monday. Source Reuters Read More

 

 
Ivory Coast inflation rises to 2.5 pct in September: stats office -  Ivory Coast recorded consumer price inflation of 2.5 percent year-on-year in September, up from 1.2 percent in August, data from the National Statistics office showed on Monday. Source Reuters Read More

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