Nigeria in 1min: Economic, Business & Financial Headlines - 050914

Proshare

 Thursday September 05, 2014 6:50 AM / Proshare News

 
NIGERIAN ECONOMY
FG unveils newly approved cement bags labeling - The Federal Government on Thursday unveiled the newly  approved cement bags labeling/packaging in line with the recently approved Nigeria Industrial Standard for cement. Source Daily Independent Read More

 
BoI approves N25.322b loans in first quarter - Acting Managing Director/Chief Executive Officer of the Bank of Industry (BoI), Waheed Olagunju, has said that the bank has approved loans valued at N25.322 billion to 968 enterprises in the first quarter of 2014. Source Daily Independent Read More

95% of blocks not moulded to specifications – SON - The Director-General, Standards Organisation of Nigeria, Dr. Joseph Odumodu, on Thursday said only five per cent of concrete blocks sold in the market were moulded according to specifications. Source Punch
Read More

 
Lagos owes $1bn of states’ $3bn external debts - The Lagos State Government owes 33.86 per cent of the country’s total sub-national external debts (debts owed by state governments), investigation has shown. Source Punch  Read More 
 

21 automakers to set up assembly plants in Nigeria - A total of 21 automobile dealerships in Nigeria have made commitments with some foreign technical partners to set up assembly operations in the country since the announcement of the new automotive policy last year. Source BUSINESSDAY Read More
 

New Abuja Airport Terminal Ready In 6 months – Chidoka - A new terminal at the domestic wing of Abuja airport will be ready in six months.This was disclosed by the minister of aviation, Mr Osita Chidoka, during an inspection tour of facilities at the Abuja airport. Source Leadership Read More
 

AfDB releases North Africa’s report - The African Development Bank (AfDB) North Africa 2014 report which focuses on inclusive growth, providing an overview of the lender’s activities in the region has been released. Source THE NATION Read More
 

Fund Crunch Hits Airlines, as Experts Fear More Air Disasters - Aviation industry experts have expressed fears that Nigeria may witness more air accidents, as some airlines now compromise scheduled maintenance of their aircraft due to paucity of funds. Source Thisday Read More
 


 

CAPITAL MARKET
Sell Pressure gains tempo, Market Value sheds 169.99billion in 4days - The equities market closed today on a negative note, as NSE ASI depreciated by -0.46% to close at 41,017.49 basis points, compared with the -0.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.75%. Source Proshare Read More
 

BOND MARKET
45% of government bond yields drop - Forty-five percent of all government bonds yield less than one percent, Bank of America Corporation said, as central bankers in Japan, Europe and the United Kingdom decide on how to support their economies. Source Punch Read More

 

MONEY MARKET
$350,000 mobile money activation project begins - eTranzact has announced the investment of $350,000 in a mobile money activation project in collaboration with EFInA, a financial sector development organisation Source Punch Read More
 

PERSONAL FINANCE
Low-Income-Earners: Building Investment Portfolio- Practical & Simplified Tips - Those who fail to structure their investment portfolio properly or early enough, particularly their stock portfolio would find this article more interesting. The performance of Nigerian stock exchange in this current year could be described as unimpressive as most portfolios would record below 3yrs average returns compared with average returns recorded last year. Source Proshare Read More
 



Stock PICKS
Stock Forecast: Stocks to Watch Out in the Next 3 months - The equity market recorded a 47% return during 2013, on the back of strong macro-economic indicators. Overall we believe that the Nigerian stock market will move up further over Q4 2014 on the back of a positive trend in key indicators such as increasing GDP, exports, currency stability, growing investment in infrastructure and power/electricity, etc. Source Proshare Read More

FBNH: Retracement over, it's time to short again.. - A closer look on the daily technical chart reveals that stock has entered into the downtrend as every swing is making successively lower highs and lower lows. Furthermore, stock is trading below the moving average and every time it came up and after retesting the 50 EMA line, it is falling down. Source Proshare Read More
 

Eterna: Trend reversed from downward to upward…. - A closer look on the daily technical chart reveals that the stock was earlier moving in a downward trend where it was trading below the moving averages and was making successively lower lows and lower highs but in the month of August bulls did not allow bears to move further downside. Source Proshare Read More
 

INVESTORS NEWSBEAT
Continuous improvement in the market sustained amidst regulatory breeze – Aug’ 14 SSS Report - The continuous development and improvements witnessed since the beginning of the current year took a breather as market operators took time to take in the deluge of regulations coming from the SEC in the month. Source Proshare Read More
 

ETI: New institutional investor joins the fray - The NSE announced that Qatar National Bank SAQ (“QNB”) –  the Gulf’s largest bank was acquiring 1,767,612,630 ordinary shares and 732,277,056 preference shares of ETI. Notably the transaction was consummated today with a total volume of 1,767,612,630 units of ETI changing hands at N20.01 in 3 deals in an off market trade – ~10% of ETI shares outstanding. Source Proshare Read More
 

Ecobank announces strategic partnership with Qatar National Bank - Ecobank Transnational Incorporated (ETI) today welcomed the acquisition of a 12.5(1) percent minority stake in ETI by Doha-based Qatar National Bank (QNB) through QNB’s purchase of both ordinary and convertible preference shares. Source Proshare Read More
 

IKEJAHOTEL hits new 59wk high, defies bearish market sentiment - IKEJAHOTEL recorded active bargain tendency to close with impressive daily gain of +9.50% against flat posture recorded yesterday with an upper breakout, extending the 3-day gaining streak in the week despite bearish market atmosphere. Source Proshare Read More
 

ETI Announces Acquisition of Own Shares by Qatar National Bank - Qatar National Bank SAQ (“QNB”) announces that it has today acquired (the "Acquisition") 1,767,612,630 ordinary shares and 732,277,056 preference shares in the capital of Ecobank Transnational Incorporated (“ETI”). Source Proshare Read More
 

ACCESS: Cheaper Funding and Robust Lending Boost Earnings in Q2'14 Result - Access Bank Plc (Access) recently held a Q&A session with analysts on its H1-14 results and outlook for the group. We revise our 12-month target price (TP) for the bank up to N11.97 from N11.78, and maintain our BUY recommendation on the stock. Source Proshare Read More
 

Dangote Cement commends stockbrokers for supporting company’s market growth - Dangote Cement company, Sub-Saharan Africa’s leading cement producer, visited the Nigerian stock exchange to explain its financials to the investment community. Source WebTVng Read More

Access Bank meeting investors over possible share sale - Access Bank has been meeting with domestic investors over the past week to gauge interest in a possible rights issue of 60-70 billion naira ($369-$431 million) by the fourth quarter, a fund manager and a banking source with knowledge of the roadshow, said on Thursday. Source BUSINESSDAY Read More
 

Flour Mills invests in GE’s new engine to improve fuel efficiency - United Kingdom-based distributed power provider Clarke Energy is supplying GE’s new diesel engines to Flour Mills of Nigeria plc as the company seeks to deliver higher fuel efficiency at its facilities in Lagos and Kano. Source BUSINESSDAY Read More
 

Bob Diamond in Talks to Buy Stake in Union Bank - Atlas Mara, the African investment vehicle of former Barclays boss, Bob Diamond is in talks to buy a $275 million stake in Union Bank of Nigeria (UBN), a source familiar with the matter said yesterday. Lagos-based UBN was established as Colonial Bank in 1917, and from 1925 until the 1970s was owned by Barclays, the British bank that Diamond led before he was ousted two years ago. UBN's market capitalisation is about $850 million. Atlas Mara has to make a decision on whether to buy the minority stake in UBN by Sunday. Source BUSINESSDAY Read More
 

 

POLICY / REGULATIONS
CBN commences monitoring of BDCs as forex abuses persist - The Central Bank of Nigeria (CBN) has increased its surveilance of Bureau de Change (BDC) operators following reported cases of fereign exchange abuses, BusinessDay has learnt. Source BUSINESSDAY Read More

 

PRODUCTS & SERVICES
MTN, IHS sign $1.8b mobile tower outsourcing deal - The management of MTN, Nigeria’s largest GSM services provider, on Thursday, in Lagos, announced a deal that would see it outsource the management of 9,151 mobile network towers across the country to IHS Holding Limited. Source Daily Independent Read More
 

UBA named “Best Transaction Bank” in Africa - The United Bank for Africa (UBA)  has been named the “Best Transaction Bank” from Africa in 2014 by UK based magazine “The Banker”. This is hinged on the Bank’s e-banking platforms that have positively changed the way businesses manage their cash flow, payments, collections, liquidity, trade and value chain management across their business operations in Africa . Source Daily Independent Read More
 

PEOPLE
Adadevoh for burial September 12 -The remains of the late Dr (Mrs) Stella Adadevoh who was infected with Ebola after treating Patrick Sawyer, the Liberian who brought the disease to Nigeria will be buried  Friday next week . Source THE NATION Read More

Ebola: US Govt Urges Nigeria to Assist Other Endemic Countries - Amid growing fears that Ebola Virus Disease (EVD) could turn out to be a bigger threat to Nigeria, the United States government yesterday urged the federal government to extend assistance to Guinea, Sierra Leone and Liberia. Source Thisday Read More
 



FRAUD AND SCANDALS
IPMAN invites EFCC over alleged missing N500m - The Independent Petroleum Marketers Association of Nigeria, Mosimi depot, Sagamu, Ogun state has disclosed that it will invite the Economic and Financial Crimes  Commission  to probe the alleged missing of N500 million  from  the association’s account. Source Vanguard Read More
 

POLITICS
Ribadu withdraws from guber race - Malam Nuhu Ribadu will not take part in Saturday’s primary for the October 11 governorship election in Adamawa State. Source THE CABLE Read More


US Election Security Experts to be Deployed for 2015 Polls - As preparations continue to heat up towards the 2015 general election, the United States has expressed readiness to deploy teams of election security experts to contribute towards achieving free, fair and peaceful elections. Source Thisday Read More
 

US to Launch Border Security Programme, Troubled over ''Apparent Capture'' of Bama - Despite denials by the Borno State Government and the youth vigilante group that Bama had fallen under the control of Boko Haram terrorists, the United States said Thursday that it was troubled over the “apparent capture” of the town and the prospects of an attack on Maiduguri, as the sect pursues its goal to carve out an Islamic enclave in North-east Nigeria. Source Thisday Read More
 




COMMODITIES
Gold Near 12-Week Low as Dollar Strengthens Before Payroll Data - Gold headed for a weekly loss after sinking to a 12-week low as the dollar strengthened before data that may back the case for higher U.S. borrowing costs at a time when the European Central Bank is boosting stimulus Source Bloomberg Read More
 

GLOBAL MARKETS
Asian Stocks Fall for Second Day on Material Producers - Asian stocks fell, with the regional benchmark index poised to erase its weekly advance, as material companies slid. Source Bloomberg Read More

 
Euro under water as ECB opens liquidity spout -  The euro was deep under water on Friday having suffered its steepest daily fall in three years after the European Central Bank stunned markets by cutting interest rates and embarking on a trillion-euro asset-buying binge. Source Reuters Read More

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