Nigeria in 1min: Economic, Business & Financial Headlines - 013014

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Thursday January 30, 2014 6.14 AM / Proshare News
 

Economy
FEC Approves N240.2m for Procurement of 44 Innoson SUVs - The Federal Executive Council (FEC) Wednesday approved N240.2million for 44 units of G5 sport utility vehicles (SUVs) produced by a local manufacturer, Innoson, for state coordinators of Subsidy Re-investment Empowerment Programme (SURE-P). Source Thisday Read More 


Economic Update- Nigeria: Analysis Of 2014 Budget - Key highlights of the 2014 Budget. In the appropriation bill for the 2014 fiscal year, Nigeria's federal government is proposing a N4.91trillion spending plan, representing a decline of c.1.52% over the N4.99trillion appropriated for the 2013 fiscal year. In our opinion, the year-on-year decline in the 2014 budget is noteworthy as it compares favourably to the increase in aggregate expenditure recorded between 2010 and 2013 which averaged c.18.31percent (fig.1). Source Proshare Read More
 

 

Nigeria raises $700m for Trans-Sahara gas project - Nigeria has raised $700 million to support the completion of the Nigeria to Algeria gas pipeline project.President Goodluck Jonathan broke the news yesterday while giving a report on the status of the Trans-Saharan gas pipeline project at the 30th meeting of the NEPAD Heads of State and Government Orientation Committee in Addis Ababa, Ethiopia. Source THE NATION  Read More
 

FG plans to phase out water satchets, other plastics - The Federal Ministry of Environment has developed a draft action plan for the phasing out of light weight non-biodegradable plastics in the country, a top official of the ministry, said, yesterday. Source Vanguard Read More
 

FG to spend N14bn on computers, stationery - The Ministries, Departments and Agencies of the Federal Government will spend N14.07bn on the acquisition and maintenance of Information Technology equipment like computers as well as stationery this year.This is N1.69bn or 13.65 per cent higher than the N12.38bn, which the MDAs earmarked to spend on the same items in 2013. Source Punch Read More
 

S Africa tops FDI recipient in 2013, as Nigeria declines - Foreign direct investment flows to Africa increased nearly 7 percent to an estimated $56 billion last year, nearly a fifth of which went to top recipient South Africa, a United Nations report said on Tuesday. Source BUSINESSDAY Read More

 



Capital Market
Stock Market Sustains Three-day Losing Streak by -0.97% as Sell Sentiments Persist - The equities market closed today on a negative note, as NSE ASI depreciated by -0.97% to close at 40,792.07 basis points, compared with the depreciation of -1.11% recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.30%. Source Proshare Read More
 

Increased Growth Expectations from FMCG Stocks despite Uncertainties - In recent time, analysis has shown that stocks in the fast moving consumer goods (FMCG) sector continue to witness uptrend in their prices, notwithstanding the uncertainties associated with the diversification of most of the companies in this sector to smaller cities and towns which make them struggle to boost revenues. Source Proshare Read More 


IOSCO Publishes Recommendations Regarding the Protection of Client Assets - The International Organization of Securities Commissions (IOSCO) today published the final report on Recommendations Regarding the Protection of Client Assets, which seeks to help regulators improve the supervision of intermediaries holding client assets. Source Proshare Read More


Policy / Regulations
Six banks lead on deposits, asset concentration, says CBN - Six of the 23 Deposit Money Banks (DMBs) dominate the banking industry in terms of deposits and asset concentration, the Central Bank of Nigeria (CBN) has said. Source THE NATION  Read More 


Nigerian Bourse Joins Global Surveillance Group - The Nigerian Stock Exchange (NSE) is the latest bourse to be admitted by the Intermarket Surveillance Group (ISG) as the alliancerecently informed The NSE that its application to join the ISG was successful after a rigorous review process. The admission of the NSE to the ISG is an indication that the NSE’s surveillance capacity is of international standard and will contribute to raising investor confidence in the Nigerian capital markets. Source Proshare Read More


Investors Newsbeat
FBNH hits 16-months low as investors sustain sell-down positions - First Bank Holding Plc recorded another moderate loss of -2.00% to extend the prolonged pessimistic trading pattern observed in the recent weeks while both investors and the shareholders maintained a lacklustre postures towards the stock to remain weak in a bearish zone. Source Proshare Read More 


Improvement in profit on the back of lower input costs - PZ Nigeria increases sales revenue by 4.7% y/y. In its six months result to November 2013, the company reported sales revenue of N32.46billion, i.e. an increase of 4.7% compared with N31.00billion recorded in the same period of 2012. Also, the sales revenue posted in the review period is below our estimates of N32.99billion by 1.6%. On a quarterly basis, PZ’s sales revenue of N17.40billion during the second quarter is 15.4% higher than the N15.07billion posted in the first quarter, and 4.8% higher than N16.60billion recorded for the same quarter of the previous year. Source Proshare Read More
 

 

INTBREW declares N1.92b PAT in Q3 '13 result,(SP:N30.00k) - Source Proshare Read More
 

Oando to Increase Share Capital to N7.5bn for Future Growth - As part of efforts to reduce reliance on debt and loans, Oando Plc is to raise its authorised share capital from N5 billion to N7.5 billion  so as to make room for future capital raising opportunities. Source Thisday  Read More





Money Market
Naira Remains Stable amid Strong Dollar Demand - The naira was firm against the United States dollar at the Retail Dutch Auction System (RDAS) arm of the foreign exchange market yesterday in spite of the strong demand for the greenback.Specifically, the nation’s currency maintained its value of N155.75 to a dollar at the RDAS, which is also known as the official market. Source Thisday  Read More


Commodity
Bonga Oil Spill: FG fines Shell N1.84trn - Shell Nigeria Exploration and Production Company, SNEPCO, was, yesterday, ordered by Nigerian Maritime Administration and Safety Agency, NIMASA, and the National Oil Spill Response and Emergency Agency, NOSREA, to pay a total of $11.5 billion, about N1.84 trillion, as fines and compensation for the 2011 Bonga oil spill incident. Source Vanguard  Read More 


Why gold lost its lustre for investors - It is the biggest producer of gold products in the UK and Baird, based in east London, uses scrap metal supplied by pawnbrokers, traders and industry.On the commodity markets, gold prices soared 170% between late 2008 and 2011. Source BBC News Read More
 


 

Global Markets
South Africa Central Bank Raises Interest Rate to 5.5% - South Africa's central bank raised its key interest rate on Wednesday, aiming to break free of a rush out of bonds and currencies of vulnerable emerging markets around the world.South African Reserve Bank Gov. Gill Marcus said the bank's monetary policy committee voted to raise the so-called repo rate 0.5 percentage point to 5.5%. Source Proshare Read More

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