Nigeria in 1min: Economic, Business & Financial Headlines - 171114


November 17, 2014 7:00 AM / Proshare News

FG Cuts 2015 Budget Benchmark to $73 as Oil Prices Head South - With the price of oil in the international market continuing its downward spiral, the federal government yesterday announced a number of measures to cushion the economy from exogenous shocks. Source Thisday Read More
GDP growth drops to 6.23% –NBS - The National Bureau of Statistics on Sunday released the country’s Gross Domestic Product figure for the third quarter of 2014, stating that the economy, in real terms, grew by 6.23 per cent. Source Punch Read More
Govt’s lethargy traps $720bn Nigeria gas finds - Nigeria’s huge gas finds with an estimated value of $720 billion have been left trapped and unproductive for decades, on account of  lethargy by a government that is unable to create the policy environment to turn this huge resource into prosperity dividend for the country and its people. Source BUSINESSDAY  Read More
Recalibrating Market Sentiment - Macro and Market Resilience - The architecture of the global oil map is evolving dramatically. This evolution can be linked with the increasing exploration and production of shale oil by the world’s    largest energy consumer, the United States. Source Proshare Read More

US investors to deliver 1,200MW solar power – FG - A consortium of American investors in renewable energy, under the auspices of Motir Seaspire, has signed a Memorandum of Understanding with the Federal Ministry of Power to deliver in two years, 1,200 megawatts of solar powered electricity in Nigeria. Source Punch Read More

CBN recertifies another 15 Bureaux De Change - For the second time in three months, the Central Bank of Nigeria (CBN) has updated the list of Bureaux De Change (BDC) operators that successfully met the new capital requirement of N35 million, saying a total of 2, 512 BDCs have scaled the recapitalisation hurdle. It means the CBN has recertified 15 more BDCs. Source Daily Independent Read More

NDIC Pays N102bn to Failed Banks' Depositors - The Nigeria Deposit Insurance Corporation (NDIC) has put the total amount paid to depositors and shareholders of closed banks at N102.49 billion Source Thisday Read More


ASHAKACEM: Correction is over, time to buy on dips...- The daily technical chart reveals many phases of the ‘Dow Theory’ where we witnessed an accumulation phase followed by participation phase and then the distribution phase. Source Proshare Read More

GT Bank: Rounding top pattern completed, now it's time take a U turn. - The daily technical chart reveals a long term rounding top pattern. Earlier on, we witnessed an uptrend in a range bound territory followed by a downtrend. Source Proshare Read More


Sentiment Analysis Report – W/E November 14, 2014 - Analysis of the market activity in the week ended November 14, 2014 technically revealed a renewed and active optimistic trading pattern as investors engaged in active value investing in the week. Source Proshare Read More

NSE ETF market gains traction with Lotus Halal listing - The growth prospects of the Nigerian stock exchange 'Exchange Traded Fund' received a boost, with the official listing of the Lotus Halal ETF. Source WebTVng Read More

Nigerian stocks sustain reversal trend, end week with +6.52% gain - The equities market closed today on a positive note, as NSE ASI appreciated by +2.51% to close at 35,381.02 basis points, compared with the +1.61% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.39%. Source Proshare Read More

NASD approves DPF trading, Acorn Petroleum shares - NASD Plc, which operates an over-the-counter market for unlisted securities, says it has opened up its market to trade the ordinary shares of Dufil Prim Foods Plc and Acorn Petroleum Plc. Source Punch Read More

UPDC REIT to pay unit holders N1.4bn - UPDC REIT has said that it will distribute 56 kobo, representing N1.4 billion to its unit holders before the end of the year. Source Daily Trust  Read More

Unity Bank names 111 bad debtors - Unity Bank Plc has released the names of 111 customers with bad loans that have failed to make good their obligations to the bank. Source Punch Read More

FRC renews fight against Intercontinental Bank’s sale - THE last may not have been heard about the acquisition of Intercontinental Bank by Access Bank, as the Financial Reporting Council of Nigeria (FRC) has decided to appeal against the judgment of a Federal High Court, sitting in Lagos, which declared that the FRC lacked the powers to investigate the takeover. Source Guardian Read More


Interbank rate up as CBN supports naira - The overnight interbank lending rate spiked 287 basis points, about three per cent, to 10.87 per cent on Friday. Source THE NATION Read More

The Nigeria Bond Watch - Review and Outlook @111714 - The activity of the week under review was influenced by 1) the November 2014 FGN bond primary market auction held by the Debt Management Office (DMO); 2) the release of October inflation figures (headline: 8.10%); 3) issuance and maturity of OMO bills– which influenced liquidity levels and also affected market behavior. Source Proshare Read More

PZ Cussons Nigeria Plc - Price pullback presents re-entry opportunity - One of the major developments in PZ within the past one month is the appointment of a new Chairman of the Board of Directors. Last week, PZ announced the appointment of Chief Kola Jamodu as the new Chairman of PZ, succeeding Professor Emmanuel Edozien, who was the Chairman of the board for 11 years. Source Proshare Read More

Stanbic IBTC Holdings Plc - 9M-14 results further point to a strong FY-14E - Stanbic IBTC Holdings Plc (Stanbic) recently held a Q&A session with analysts on its 9M-14 results and outlook for the group. We revise our 12-month target price (TP) for the group up to N31.87 from N30.14, and maintain our HOLD recommendation on the stock. Source Proshare Read More

Corporate Earnings for the Week Ending November 14, 2014 – Source Proshare Read More

Ghana SEC DG, Elumelu, Okoya-Thomas, others for 2014 PEARL Awards - The Director-General of Ghana Securities and Exchange Commission (SEC); Mr Adu Antwi, Chairman, Heirs Holdings; Mr. Tony Elumelu and Mr. Tonye Cole, CEO of Sahara Group are among dignitaries that have confirmed their participation as Special Guests of Honour and Guest of Honour respectively at the 19th edition of the Performance Earnings and Returns Leadership Awards, popularly known as the PEARL Awards. Also confirmed as Chairman of occasion is Chief Molade Okoya-Thomas, Chairman, CFAO Nigeria PLC, while the Director- General, SEC Nigeria, Arunma Oteh is also expected as Special Guest of Honour. Source Proshare Read More

PHEDC, Ecobank collaborate on prepaid meters - Determined to put an end to widespread complaints about estimated billings, the Port Harcourt Electricity Distribution Company and Ecobank Nigeria have signed a Memorandum of Understanding through which electricity consumers can finance the acquisition of prepaid meters. Source Punch Read More

Investment One inaugurates online trading platform - Investment One Stockbrokers International Limited, a fully owned subsidiary of Investment One Financial Services Limited, has inaugurated an online trading platform to encourage more participation in the capital market. Source Punch Read More

Airtel Money Transactions Hit $3.3bn, Wins Awards - Airtel Money in Africa users have increased to 5.3 million, compared to 1.8 million in the corresponding quarter last year while, the total number of transactions on the platform increased threefold to 131 million in the quarter, up from just 44 million in the same period in 2013; and the total value of transactions grew almost fourfold to $3.3 billion compared to $867 million last year Source Leadership Read More

UBA’s ‘Naija Sends’ as Impetus to Globalisation - Raheem Akingbolu writes on the introduction of outbound money transfers, otherwise tagged ‘Naija Sends’, by the United Bank of Africa (UBA) and Moneygram, and how it will help transnational transactions Source Thisday Read More

2014 Pearl Awards gathers momentum - Ahead excitements generated by impending 2014 Pearl Awards Nite, Philip Braide revisits the Awards success story and writes on the high expectations among capital market stakeholders. Source Proshare Read More

Otudeko Bags Ernst & Young Lifetime Achievement Award - The Executive Chairman of Honeywell Group,  Mr. Oba Otudeko, has emerged the winner of the 2014 Ernst and  Young (EY) Lifetime Achievement Award for creating wealth, value and employment. Source Thisday Read More

Lagos to sue tax defaulters - Lagos State Government has said it will henceforth prosecute corporate organisations and individuals that default in the payment of their taxes. Source Punch Read More

Voters’ registration: INEC grants two-day extension to six states - THE Independent National Electoral Commission, INEC, has granted a two-day extension of the Continuous Voter Registration, CVR, in six states of the Federation. Source Vanguard Read More

Slump In Oil Prices: A Progressive Way Out - BAT - Awash in the great tide of politics, we must not forget why politics can be a noble endeavor. It leads to governance when done correctly and governance can reform a nation and improve the lot of the people. In the hands of the ignorant and the mean, governance cast abundant misfortune upon a nation and upon the welfare of its citizens. Source Proshare Read More

WTI Drops After Biggest Gain in Two Months on OPEC Speculation - West Texas Intermediate resumed its decline after the biggest gain in almost two months as investors weighed the likelihood that OPEC will cut output when the group meets this month. Brent fell in London. Source Bloomberg Read More

Gold Holds Near Two-Week High as Bets on Lower Prices Ended - Gold traded near the highest level in two weeks as some investors ended bets on lower prices after the metal posted the first back-to-back weekly gain in a month. Platinum fell while palladium advanced. Source Bloomberg Read More

Asian Stocks Drop as Japan Enters Recession; Bonds Rally - Japanese shares tumbled with U.S. index futures and sovereign bonds rallied after the world’s third-largest economy unexpectedly entered recession. Chinese shares fluctuated and the yuan gained as a link between Hong Kong and Shanghai began, while New Zealand’s dollar advanced. Source Bloomberg Read More

France, Germany outpace European indexes on economy relief - French and German stocks outperformed skittish European bourses on Friday after data showed Germany narrowly avoided recession in the third quarter and France grew more than expected. Source Reuters Read More


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