Nigeria in 1min: Economic, Business & Financial Headlines - 050816

Proshare

August 05, 2016 6:20 AM / Proshare News  

PROSHARE ECONOMY
The Nigerian Forex Situation  - The floating of the Naira termed as a Flexible Foreign Exchange Regime remains one of the long awaited policies introduced into the Nigerian economy at a time when an FX denominated economy was experiencing obvious scarcity. Source Proshare Read More  

Economic Recession: Manufacturing Capacity Drops By 20% – MAN - As the Nigerian economy slips further into recession, manufacturers in the country say their production level has dropped by 20 per cent, blaming dollar scarcity, declining purchasing power, fuel scarcity and infrastructure challenges for their woes. Source Leadership Read More 

Foreign Airlines Lost N6.4bn to Naira Devaluation - The Country Manager of British Airways, Kola Olayinka has disclosed that foreign airlines operating in Nigeria lost N6.4billion in the N157.6 billion ($800) of their revenues trapped in the Central Bank of Nigeria (CBN) when the Naira was devalued from N197 to N280 by the apex regulator. Source Thisday Read More 

Aviation Stakeholders Berate FG over Failure to Establish MRO in Nigeria - Industry stakeholders on Wednesday berated the federal government for what they described as “wrong-headed policies, lack of vision and self-centredness”, which they said have been responsible for the retrogression of the aviation industry over the years. Source Thisday Read More 

NCS Realised N27.4 Billion in July - The Nigeria Customs Service (NCS) realised N27.4 billion as revenue in the month of July alone. The revenue was generated from its flagship command, Apapa which also has Nigeria’s premier port Apapa Quay in its jurisdiction. Source Thisday Read More 

Lagos, Japanese Firm Seal Deal On $1bn Rail Project - Japan International Cooperation Agency (JICA) and the Lagos State Government have unveiled the Lagos Urban Railway Development project which is aimed at paving the way for a new transportation system to be called the Automated Guide Transit (AGT) – a type of monorail. Source Leadership Read More 

 



PROSHARE REGULATOR

2016 Hajj: Sell dollars to pilgrims @ N197, CBN authorises banks  - The Central Bank of Nigeria, CBN, on Thursday, directed banks and authorised forex dealers to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of N197 to $1. Source Vanguard Read More  

CBN resumes dollar sales to BDCs today - The Central Bank of Nigeria (CBN) will today resume dollar sales to Bureaux De Change (BDCs) seven months after it stopped the practice. Source THE NATION Read More 

PROSHARE MARKETS
The Nigerian Online Trading Report  - A move by capital market operators (CMOs), one log in the making did not come via fiat (an age old approach to decisions in the capital market) but was driven by the changes in social relations that underpins the nexus between markets and people. Source Proshare Read More  

Best and Worst Performing Markets in Africa - Investors continued to scramble for profits as a way of reducing exposure on the Nigerian bourse, following impressive rally of 16.69% in Q2'16, which puts H1 performance at +3.34% gain. Source Proshare Read More 

Stocks halt 5days losing streak- thanks to bellwether stocks - The equities market closed today on a positive note, as NSE ASI appreciated by 0.23% to close at 27,753.34 basis points, compared with the 0.53% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.11%. Source Proshare Read More 

Fidelity Bank Half-Year Earnings Presentation: The key takeaways  - There is no doubt that microeconomic challenges that influenced business outlook in 2015 financial year are largely unresolved in 2016 as banks are facing headwinds within a tougher operating environment. Source Proshare Read More 



International Breweries Plc Records 32% Sales Growth YoY in Q1'17 Results
- This morning, the NSE published International Breweries’ Q1 2017 (end-Jun) results which showed that sales of N6.9bn were up 32% y/y. However, the company recorded pre-tax and post-tax losses of –N1.3bn and –N1.7bn respectively. Source Proshare
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Nestle Nigeria Plc Q2-16 Earnings Impacted by Rising Costs and Currency Headwinds - Despite 15% y/y revenue growth, NESTLE reported 21% y/y EBITDA decline and lost after tax (the first in the company's recent history) in the second quarter. The key drivers were (1) elevated cost pressure and (2) foreign exchange losses. Source Proshare Read More 

Diamond Bank Plc: OCI Gains Masking Weak Underlying Results - Despite a material boost from fx trading income, Diamond Bank’s Q2 2016 PBT fell -35% y/y and missed our forecast by 13%. Source Proshare Read More 

Economic Partnership Agreement is EU's Current Model Framework - The economic partnership agreement (EPA) is the EU’s current model framework governing trade, investment and cooperation with developing countries on a reciprocal basis. It is the successor to the Cotonou Agreement of 2000 with African, Caribbean and Pacific (ACP) countries. Source Proshare Read More 

eTranzact International Plc Appoints Two Non-Executive Directors - eTranzact International Plc recently appointed two (2) non-executive directors to join the boardof the company. The profile of the directors are as follows Source Proshare Read More 

Strong FCMB Q2 Earnings Boosted by FX Gains - FCMB Group’s (FCMB) Q2 2016 headline earnings were strong and beat our forecast by a considerable margin. Source Proshare Read More 

TIGERBRANDS declares N1.02 billion PAT in Q2'16 result,(SP:N4.70k) – Source Proshare Read More 

Transcorp suspends N320bn power plan on gas scarcity - Transnational Corporation  of Nigeria, Transcorp Plc has suspended plans to build one of the nation’s biggest power plants as  local gas shortage makes it difficult to obtain fuel and a downturn  in the economy hinders efforts to raise funds for the project. Source Vanguard Read More 

We turn to coal as gas becomes elusive – Dangote Cement -  The Dangote Cement Plc says that scarcity of gas for industrial use in Nigeria made it to resort to using coal for power generation in its factories. Source Daily Trust Read More 

Naira hits 400/dollar as banks sell forex to BDCs -The naira plunged to 400 against the dollar at the parallel market on Thursday as shortage of foreign exchange continued to have negative effects on economic activities in the country. Source Punch Read More 

Stop Selling Tickets In Foreign Currencies, NCAA Warns Airlines - The Nigerian Civil Aviation Authority (NCAA) has warned all airlines selling flight tickets in foreign currencies in Nigeria to desist from the practice forthwith. Source Leadership Read More 

Eleme Indorama Petrochemicals Plans $2.2bn Expansion Project - The managing director, Eleme Indorama Petrochemicals Company Limited, Mr Manish Mundra, has disclosed that the company was planning a $2.2billion petrochemicals expansion by 2020, which if completed would make them the largest petrochemical hub in Africa. Source Leadership Read More 

Spain buys €4.6bn oil, gas from Nigeria – Envoy - The Spanish Ambassador to Nigeria, Mr. Alfonso Barnuevo, on Thursday said that his country was currently spending about €4.6bn (N1.6tn) on the purchase of Nigerian oil and gas. Source Punch Read More 

Manufacturers to build mini-power plants - As part of efforts to solve the power challenges in the manufacturing sector, operators have turned to power firms to develop small capacity Independent Power Plants in industrial clusters across the nation Source Punch Read More 

Power generation steadies around 3,000MW - The partial cessation in the disruption of oil and gas installations by vandals and the rise in water levels for hydroelectric plants have resulted in a steady increase in electricity generation in the last one month, according to operational reports from the System Operator. Source Punch Read More  



PROSHARE BUSINESS­­­

Asian Shares Climb With Bonds as Oil Declines While Aussie Gains - Asian stocks rose amid a surge in government debt after the Bank of England’s policy easing soothed concern over the impact of the Brexit vote and as oil declined toward $41 a barrel. The dollar meandered ahead of U.S. jobs data. Source Bloomberg Read More  

FTSE 100 Leads European Stock Advances After BOE Economic Boost - European shares rose, with those in the U.K. capping their biggest jump since June, after the Bank of England unveiled fresh stimulus measures to help the economy cope with the fallout from the Brexit vote. Source Bloomberg Read More 

Ghana pulls planned $500 million Eurobond issue - Ghana said it will not to go ahead with a $500 million Eurobond issue, and while it gave no reason for the decision, investors said it had likely balked at the higher yields fund managers had demanded of the junk-rated credit. Source Reuters Read More 

Ethiopia inflation falls to 6.0 pct in July - Ethiopia's year-on-year inflation dropped to 6.0 percent in July from 7.5 percent the previous month, thanks to a drop in food prices, the statistics office said on Thursday. Source Reuters Read More 

PROSHARE TECHNOLOGY
MTN ties first half loss to Nigeria’s fine - The MTN Group, yesterday, blamed its half-year loss on the heavy fine imposed on the company by the Nigeria government. Source Daily Trust Read More  

NCC Says Internet Users Remain At 92m In June - The Nigerian Communications Commission (NCC) on Thursday said that internet users on Nigeria’s telecommunications networks have reduced to 92,281,921, as at June 2016. Source Leadership Read More  

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