Nigeria in 1min: Economic, Business & Financial Headlines - 032613



March 26, 2013/ The Analyst


Capital market
Foreign Portfolio Participation in Equity Trading at NSE: 2007 – February 2013 - On a monthly basis, the Exchange polls trading figures from major custodians and market operators on their foreign portfolio clients. The table below shows the breakdown of the portfolio inflow and outflow between 2007 and February 2013. Source: Proshare
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Stock Exchange Committed to Innovative products that will drive the market- Mr. Ade Bajomo - The Nigeria Stock Exchange has restated its commitment to making the Capital market a viable and dynamic with the release of 2 new products. Source: Proshare Read More

Stocks maintain unstable trend, start week with -0.12% loss on low enthusiasm - The equities market closed today on a negative note, as the NSE ASI depreciated by -0.12% to close at 33,467.77 points, compared with the appreciation of +0.43% recorded on Friday. Its Year-to-Date (YTD) return currently stands at 19.19%. Source: Proshare Read More

Price movement: NSE’s 10% ceiling for all stocks - The Nigerian Stock Exchange, NSE, will extend the 10 per cent ban on share price movement to include other stocks not covered by the market makers by April, said Ade Bajomo, Executive Director, IT and Market Operations, NSE. Source: Vanguard Read More

FG sets up body to review investment climate -The Federal Government on Monday inaugurated a special task force to review the country’s investment climate. Source: Punch
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FG depletes excess crude account to $7.8bn - The country’s Excess Crude Account (ECA) was last week depleted to $7.82 billion from $9.242 billion, following approval of the National Economic Council to deduct $2 billion for fuel subsidy payments and sharing among the three tiers of governments. Source: Daily Independent Read More

FG, labour in power play over PHCN sale - Members of Nigeria’s House of Representatives were last Wednesday forced to adjourn plenary session, due to power outage at the lower arm of the National Assembly. Source: Daily Independent Read More 

 Local product bill: Ministers shun Senate hearing - The Minister of Trade and Investments, Mr. Olusegun Aganga, his colleagues in Agriculture, Akinwumi Adesina, and Education, Prof. Ruquyyatu Rufa’i, on Monday shunned the Senate’s public hearing on the Local Industry Patronage Bill. Source: Punch Read More 

Investors Newsbeat

Unilever gains +347.98% in 5yrs, Justifies 'Buy' when there was blood on the street - Post market crash analysis conducted recently revealed significant patronage in the consumer goods sector, particularly towards Unilever Plc as it hits 12yrs high, while majority of the active stocks in the sector have erased their losses experienced during the downtrend in the market. Source: Proshare Read More

FBN Holdings satisfied with tax issue resolution - FBN Holdings Plc has commended the efforts of the Ministry of Finance, the Federal Inland Revenue Service and other relevant authorities in the resolution of tax issues for bank holding companies. Source: Punch Read More

Oando Changes Business Strategy, Focuses on Mega Stations - Oando Marketing Plc has made a new addition to its growing network of 600 stations nationwide with the opening of another mega station at Berger, along the Lagos-Ibadan Expressway. Source: Thisday Read More



Policy/ Regulations
VAT accounts for 16% of total FIRS collection - VAT accounts for 1Fhe Federal Inland Revenue Service has described Value Added Tax as the third highest contributor to the nation’s tax revenue in the past eight years, accounting for 16 per cent of total collection in the period.6% of total FIRS collection  Source: Punch
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Frauds and Scandals
Justice Ministry, EFCC Flout Court Order on Cecilia Ibru's Assets - More than four weeks after a Federal High Court in Lagos issued an ultimatum to the Economic and Financial Crimes Commission (EFCC), to declare the details of the asset recovered from the former Oceanic Bank Managing Director, Mrs. Cecilia Ibru, the agency is yet to comply, investigation by Premium Times has revealed. Source: Thisday
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Global Markets
FSA to set out proposals for new banks to challenge high street 'big four'
- Proposals to allow new banks to challenge established high street players will be announced this week, as the Bank of England prepares to announce the size of any capital shortfalls at the major lenders. Source: the guardian
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Abe’s Inflation Exceeds Merkel’s After 14-Year Lag - Prime Minister Shinzo Abe’s pledge to halt falling prices has caused bond investors’ expectations for inflation to surpass Germany’s by the most on record, after 14 years in which Japan’s living costs have lagged behind. Source: Bloomberg Read More

Asia Stocks Decline on Cyprus Fall-Out Fears, China Curbs - Asian stocks fell amid concern that Cyprus’s bank-restructuring plan will be used as a template for other European nations, imperiling bondholders and depositors, and on a report China is stepping up property curbs. Source: Bloomberg Read More

BRICS Nations Plan New Bank to Bypass World Bank, IMF - The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund. Source: Bloomberg Read More


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