Nigeria in 1min: Economic, Business & Financial Headlines – 231015

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October 23, 2015 7:00 AM / Proshare News
 

NIGERIAN ECONOMY
Countercyclical Spending, the Remedy for Stagflation - The Nigerian economy has witnessed three consecutive quarters of slowing growth and rising inflation, a situation economists refer to as stagflation. Second quarter growth slowed to 2.35% while third quarter growth is estimated at 2%. On the other hand, inflation has increased steadily eight out of the nine months this year to 9.4% in September. Source Proshare Read More
 

Update on Nigeria's Economy - Some Indicators - Short term interbank rates averaged 6% p.a. from October 2 – 22, 2015, 841bps lower than the corresponding period in September. This was as a result of increased market liquidity as inflows exceeded outflows during the period under review Source Proshare Read More
 

Nigeria: Of Ministers, Clowns, Hazards, and Lazard - After a four-month hiatus, the ministerial orchestral band of thirty seven noisemakers finally arrives on the stage. The Ministerial list is a mix of professionals and politicians; party loyalists and non-party members. Source Proshare Read More
 

Nigeria’s Half Year Air Ticket Sales Hit N10bn - The monetary value of all air tickets sold by both domestic and foreign airlines operating in Nigeria totalled over N10 billion between January and July 2015, the director-general of the Nigerian Civil Aviation Authority (NCAA), Captain Mukhtar Usman disclosed yesterday. Source Leadership Read More
 

Nigeria can earn N3.8bn from shea export – Experts - Experts have said that shea export has the capacity to fetch Nigeria N3.8bn in foreign exchange earnings. Source Punch Read More
 

FAAN Poised to Generate N70 Billion Revenue Annually - If all loopholes are closed and revenue systems automated, the Federal Airports Authority of Nigeria (FAAN) can increase its annual revenues from the present N45 billion to about N70 billion, THISDAY checks have revealed. Source Thisday Read More
 

Aisuebeogun: Private Sector Should Take over Airports - What we witnessed prior to the elections cannot be said to be growth; it is at best a bubble. This bubble was partly fed by a bubble in the oil and gas industry and a rise in political activities. Source Thisday Read More
 

Concessionaire Boosts Trade with N29 Billion - One of the concessionaires in the nation’s seaports, West Africa Container Terminal (WACT) has enhanced trade in Nigeria with an investment of N29 billion. Source Thisday Read More
 

West Africa Container Terminal Boost Trade At Onne Port After N29bn Investment - Onne Port in Rivers State, South-south Nigeria is seeing new heights in trade, with China leading with at least three vessels calling at the port weekly after one of the concessionaires, West Africa Container Terminal invested N29 billion in port infrastructure. Source Leadership Read More
 

Gas Master Plan: Buhari ? Commissions $150m Steel Pipe Mill - The effort of the federal government towards making gas accessible and affordable to Nigerians through its national gas master plan received a boost on Thursday with the commissioning of a new ultra-modern steel mill worth $150 million ‎ by President Muhammadu Buh Source Thisday Read More
 


 

POWER
‘Only 33% of sub-Saharan Africans have access to electricity’ - ONLY one in three people in sub-Saharan Africa has access to electricity and, when available, it can be unreliable and unaffordable, the World Bank Group President, Jim Yong Kim, said in speech presented at the Global Launch of “Poverty In A Rising Africa” Report. Source Guardian Read More
 

 

RULES & REGULATION
CBN Publishes Guidelines for Approved Persons' Regime for Financial Institutions - The CBN after reviewing and incorporating comments from various stakeholders in respect of the Exposure Draft on the “Revised Assessment Criteria for Approved Persons’ Regime for Financial Institutions” dated September 30, 2014, issues the following Guidelines and accompanying Questionnaire on Approved Persons’ Regime for compliance for Banks and Other Financial Institution in Nigeria. Source Proshare Read More

 
CBN Directs the Use of BVN for all Foreign Exchange Transactions Effective 1st Nov - In continuation of efforts to stabilize the foreign exchange market, stem and rampant cases of foreign exchange leakages and illicit the money and transfers out of the country , the use of Bank Verification Number (BVN)for all Foreign Exchange transactions SHALL come into effect from 1st November,2015. Source Proshare Read More

 

CAPITAL MARKET
The Unintended Consequences of the 1Kobo Stock Rule - The Nigerian Stock Exchange was set to change in August with the introduction of the 1 kobo stock rule. By removing the 50 kobo price floor, the new rule was supposed to boost liquidity and investor confidence, as well as bring the Nigerian Stock Exchange (NSE) more in line with advanced trading markets, which have no price restrictions. Source Proshare Read More

 
Equities trade below-d-line all-day as profiteering persists - The equities market closed today on a negative note, as NSE ASI depreciated by 0.57% to close at 30,025.62basis points, compared with the 0.42% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 13.36% Source Proshare Read More
 

 

MONEY MARKET
IMF urges Nigeria to devalue naira - The IMF is pressing Nigeria to further devalue its currency amid uncertainty over the political and economic outlook for Africa’s biggest oil producer and economy a news agency has reported. Source Vanguard Read More

 


 

PENSIONS
Contributory Pension Scheme Hits N5.03 trillion - Pension assets invested in various sectors of the economy under the Contributory Pension Scheme introduced in 2004 in the country have hit more than N5.03 trillion, the Director General of the National Pension Commission (NPC), Mrs Chinelo Anohu-Amazu, has disclosed. Source Thisday Read More


INVESTORS NEWSBEAT

CADBURY: Sell-off depletes value further, unattractive at 20Mths low - CADBURY sustained prolonged bearish outlook to close with a huge loss of 5.00%, extending the active sell-off pattern amid growing negative sentiments while both investors and shareholders maintained strong pessimistic postures. Source Proshare Read More

 
Analyst Maintains Outperformed Rating for UBA in Q3'15 - Following United Bank for Africa’s (UBA) Q3 2015 which came in slightly behind our forecasts (-8% on the PBT line), we have cut our earnings estimates by around 4% on average over the 2015-16E period and our price target by 2.5% to N7.2. Source Proshare Read More

 
GUINNESS Records 18% Spike in Cost of Sales in Q1 - Guinness Nigeria Plc (GUINNESS) reported Q1-15/16 3% y/y revenue growth and 76% y/y decline in post-tax profit. Source Proshare Read More

 
NB Grows Sales by 19% YoY as Gross Margin Expands by48.9% in Q3'15 - Although gross profit grew by 25% y/y on the back of a 229bps expansion in gross margin to 48.9%, the growth on this line was completely offset by a 47% y/y rise in opex and a 43% y/y increase in net interest expense. Source Proshare Read More

 
GUARANTY: Rise in OPEX Contributes to Weak PBT; Analyst Rates Shares HOLD - GTBank today published its Q3 2015 results which came in mixed. While net interest income of c.N40bn was slightly weaker q/q, down -2.3%, a stronger non-interest income of c. N16.3bn, up +9.8% was more than enough to help deliver a flattish q/q profit before provision performance at N56.3bn. Source Proshare Read More
 

GUINNESS Rated NEUTRAL as Gross Margin Contracts; PBT Declines by 74% - This afternoon, the NSE published Guinness Nigeria’s (Guinness) Q1 2016 (end-Sep) results which showed that PBT and PAT fell by 74% y/y and 76% y/y to N519m and N364m respectively. Source Proshare Read More

 
CORPORATE EARNINGS
GUINNESS Records 76% Decline in PAT in Q1'16 Result,(SP:N150.80k) - Source Proshare Read More

 
FIRSTALUM declares N25.4 million PAT in Q3 '15 Result,(SP:N0.50k) - Source Proshare Read More

 
COURTVILLE Declares N254.82 million PAT in Q3'15 result,(SP:N0.50k) - Source Proshare Read More

 

 
BERGER declares N206.29 million PAT in Q3 '15 result,(SP:N9.36k) - Source Proshare Read More

 

 
MOBIL Records 34% Decline in PBT in Q3'15 Result,(SP:N154.00k) - Source Proshare Read More

 
CAPOIL Declares N131.16 mln Loss in 2014 Audited Result ,(SP:N0.50k) – Source Proshare Read More

 
CAP Propose N1.25k per share Interim Dividend in Q3'15 2014 Result ,(SP:N38.00k) - Source Proshare Read More




TELCOs
SIM registration: MTN cuts off 5.1 million subscribers - More than five million MTN subscribers in Nigeria were on Thursday disconnected from the network after the review of their registration documents, thereby cutting the company’s full-year forecast for subscriber numbers. Source Punch Read More
 

 

PRODUCTS & SERVICES
FirstBank promotes visual arts through First@arts platform - First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc and a prime promoter of the creative arts industry in Nigeria is supporting the visual arts festival in Enugu tagged “Life in my City”. The Bank is supporting this event under the auspices of the First@arts initiative which is driven by the quest to promote the arts and preserve cultural heritage. Source Proshare Read More


PEOPLE
Food Security: No One Eats Oil Or Gas – Adesina - The president of African Development Bank (AfDB), Dr Akinwumi Adesina, has emphasised the importance of agriculture and food security to the growth and development of Africa. Source Leadership Read More
 

 

POLITICS
Dogara Names 96 House Committees - The Speaker, House of Representatives, Yakubu Dogara, yesterday constituted 96 Standing Committees to oversight various ministries, departments and agencies (MDAs) of government. Source Leadership Read More
 


 

COMMODITIES
FG to represent PIB in 1st quarter of 2016 - The Federal Government said it will represent the Petroleum Industry Bill, PIB, to the National Assembly in the first quarter of next year, as its delay deters investment in Africa’s largest crude producer. Source Vanguard Read More

 
91 companies bid for NNPC bunkering services - A total of 91 companies have submitted bids to the Nigerian National Petroleum Corporation to secure contracts for the provision of coastal and bunkering vessel services to the national oil firm. Source Punch Read More
 

Unprecedented data release by the NNPC - The NNPC has provided another pleasant surprise with the launch of a new monthly report (dated August).We dwell upon the data for output by operating structure, which shows the share for production sharing contracts (PSCs) to be above that of the joint ventures (JVs). Source Proshare Read More

No plans to sell refineries, JV assets – Osinbajo - Vice President Yemi Osinbajo has said the Federal Government is not currently planning to sell the nation’s four refineries or part of its stakes in joint venture assets in the oil and gas sector. Source Punch Read More
 

Work begins on 650,000bpd Dangote refinery - Work on the 650,000 barrels per day Dangote refinery being constructed at the Lekki Free Trade Zone in Lagos is currently at the sand-filling and soil piling stage, while some portions of the complex are being cleared of vegetation. Source Punch Read More
 

Oil Rises Back Over $48 - Oil prices rose on Thursday, moving over 48 dollars a barrel.Brent for December delivery rose 38 cents to 48.23 dollars a barrel. U.S. crude for December delivery climbed 40 cents to 45.60 dollars a barrel. Source Daily Independent Read More
 

World Bank Revises Oil Price Forecast to $52 - The World Bank has said it is lowering its 2015 forecast for crude oil prices from 57 dollars per barrel in its July report to 52 dollars per barrel. Source Thisday Read More

 

 

Shipping Firm Seeks Review of Offshore Support Vessels Contracts - A wholly owned Nigerian shipping firm, Slok Nigeria Limited, has called for a review of all offshore support vessels (OSVs) contracts in the country. . Source Thisday Read More
 

‘Nigeria Lost $14bn To Pipeline Vandalism In 2014’ - A civil society group, Stakeholders Democracy Network has estimated that the Federal Government and oil companies operating in the Niger-Delta region lost over $14billion dollars to pipeline vandalism in the previous year 2014. Source Daily Independent Read More
 



 

GLOBAL MARKET
Asian Stocks, Currencies Jump as ECB Stimulus Bets Spark Rally - Asian stocks and currencies jumped as the prospect of more stimulus from the European Central Bank combined with better-than-estimated technology earnings in the U.S. and rising Chinese home prices. Source Bloomberg Read More
 

European shares leap as ECB keeps up monetary support programme - European stocks rallied on Thursday after the European Central Bank decided to stick with its monetary support programme and reassess in December whether further measures might be needed. Source Reuters Read More

 
Oil's Big Slump Looks Like the 1980s 'Lost Decade' - Crude oil’s collapse is bringing back memories of the decade of low prices that started in 1985 when Saudi Arabia began targeting market share. Source Bloomberg Read More

 
The Cloud Is Raining Cash on Amazon, Google, and Microsoft - Amazon.com, Google, and Microsoft all topped profit estimates last quarter, highlighting the widening gulf between companies that deliver computing via server-laden warehouses and a generation of latecomers to the cloud boom. Together, the three companies added more than $90 billion in market cap in after-hours trading following their earnings reports on Thursday. Source Bloomberg Read More
 

 

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