Nigeria in 1min: Economic, Business & Financial Headlines - 201114

Proshare

 

November 20, 2014 7:13 AM / Proshare News


NIGERIAN ECONOMY
Jonathan proposes N4.661tn for 2015 budget - President Goodluck Jonathan on Wednesday sent a revised version of the 2015 Medium Term Expenditure Framework and Fiscal Strategy Paper to the Senate for necessary adjustments. Source Punch Read More
 

FG unveils criteria for top 100 companies - The Federal Government on Wednesday unveiled the criteria to be used in the selection of the top 100 companies in Nigeria. Source Punch Read More
 

Govs call for withdrawal of $2bn from Excess Crude Account - For the fourth month running, statutory revenue available for distribution between the three tiers of government dropped as the total revenue for October stood at N593.34 billion. The amount is about N10.192 billion lower than the N603.529 billion shared in September. Source Vanguard Read More
 

FEC votes N273m for Abuja rail project - The Federal Executive Council (FEC) on Wednesday approved the award of a N272.7 million contract for consultancy services for the feasibility study and conceptual design of some sections of the Abuja Rail Mass Transit network. Source Daily Independent Read More
 

Picking sectors, and sometimes stocks - From the national accounts for Q3 2014 we have identified the five fastest growing sectors. We have limited our scope to what the NBS terms activity sectors, which are often subdivided into segments, and only those accounting for at least 1% of GDP at constant market prices. Source Proshare Read More

Nigeria, S’Africa, Kenya’s mobile subscriptions hit 880m in Q3 - AS at the third quarter of 2014, mobile subscriptions in Nigeria, South Africa, Kenya, Egypt, Morocco and other part of Africa have hit 880 million.  Source Guardian Read More
 



POWER
Ghana plans electricity supply to Nigeria, Ivory Coast, others - IN a paradoxical turn of events, Ghana may soon become a net importer of electricity to Nigeria, going by its current plan to raise its generating capacity. Source Guardian Read More
 

IPP: FG targets marginal fields for gas - The Federal Government is looking up to the operators of marginal fields for gas supply to power a number of completed power projects currently bogged down by gas supply challenges. Source Punch Read More
 

Seplat, CBN, others sign gas-to-power deal - Seplat Petroleum Development Company Plc, operator of the NNPC/Seplat Joint Venture, has signed a Memorandum of Understanding with the Central Bank of Nigeria and other stakeholders in the power and petroleum sectors to boost gas supply to the Nigerian electricity supply industry. Source Punch Read More
 

Power: Elumelu Proposes Genco, Disco Ownership of Transmission Network - he Chairman of Transcorp and Heirs Holdings, owners of the Transcorp Ughelli Power Plant, Mr. Tony Elumelu, has asked the federal government to consider privatising the Transmission Company of Nigeria (TCN) and allowing generation and distribution companies in the electricity value chain to own and operate it if privatised. Source Thisday Read More
 

POLICY / REGULATIONS
50 debtors owe 32% of bank loans – Emefiele - The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Wednesday disclosed that 50 biggest bank debtors accounted for 32.02 per cent of lenders’ total loans to the private sector as of May 2014. Source Punch Read More

 
Domestic and Foreign Portfolio Participation in Equity Trading – October 2014 -On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their foreign portfolio investments (FPI). The table below shows an analysis of transactions on The Exchange at the end of October 2014. Source Proshare Read More
 

 

The new CBN forex policy  - Last week, the Central Bank of Nigeria (CBN) rolled out a new foreign exchange market policy, which excluded finished products, information technology, telecommunication equipment, imported generating sets and invisible trades from the purchase of foreign exchange in the Retail Dutch Auction System (RDAS) window. Source Daily Independent Read More
 

CBN depreciates Naira by 182 kobo - The declining fortunes of the Naira continued, yesterday, as it suffered another182 kobo depreciation at the foreign exchange auction conducted by the Central Bank of Nigeria, CBN. Source Vanguard Read More
 

Stop placing unrealistic targets on marketers, CBN tells banks - The Central Bank of Nigeria, CBN has warned commercial banks operating in the country against placing unrealistic deposit targets on their marketers. Source Vanguard Read More
 

Stock PICKS
Dangcem: Bullish sentiments will be there above N220 level. - The daily chart reveals that a range bound territory followed by a ‘V’ shape recovery where the bulls and bears have both participated very well. In the first half of the year, the bears led and took the price from N220 to N161, after which we witnessed a short recovery rally and the bulls arrived near the N210 level. Source Proshare Read More

 
DangSugar: sit aside and wait for the right time …. - The daily chart reveals that DANGSUGAR is making successive lower lows and lower highs and trading in A downtrend. In the last one week, we witnessed a steep short recovery where the bulls dominated the bears and surged from N4.90 to the N7 level. Well after retesting the moving averages, the stock turned southwards. Source Proshare Read More

 

CAPITAL MARKET
Bears return to bourse in full gear as NSE-ASI sheds -3.78% in 2days - The equities market closed today on a negative note, as NSE ASI depreciated by -2.15% to close at 34,145.79 basis points, compared with the -1.65% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -17.38%. Source Proshare Read More
 

MONEY MARKET
President Jonathan to meet with Investment Advisers in London - President Goodlcuk Ebele Jonathan will travel to London tomorrow evening to preside over a meeting of Nigeria’s Honorary International Investment Council (HIIC) which opens in the British capital on Friday. Source Proshare Read More
 

MPC likely to devalue the Naira?…as oil price shocks test CBN’s resolve - The Monetary Policy Committee (MPC) will be meeting on the 24th - 25st November, 2014 to determine policies directions on key monetary variables. In our view, key considerations for the committee will include amongst others; declining oil prices and the pass through effect on FX rate, external reserves and general price level. Source Proshare Read More
 

Credit Bureaux Record 26 Million Registered Borrowers - The total number of registered borrowers in Nigeria has increased significantly from 78,189 as at December 2010 to 26,623,156 as at May this year. Source Thisday Read More
 

Naira crashes further to N174 - The naira on Wednesday crashed further against the dollar for the third consecutive time this week at the interbank market as it fell to a new low of N174.15 at the close of trading. Source Punch Read More
 

WHO WILL SAVE THE NAIRA? - The persistent drop in the price of crude oil at the international market is presently causing disquiet in the Nigerian economy. The development as well as the production losses occasioned by shut-ins and shut-down of trunk-lines at various oil terminals have led to a drop in the country’s revenue. Source Thisday Read More
 

BoI reduces unemployment by 793,428 - Bank of Industry says its empowerment funds have so far taken a total of 793, 428 Nigerians off the street as they have been gainfully employed across four key sectors of the economy in the last three years. Source Vanguard Read More
 



INVESTORS NEWSBEAT
Investors should temper fear with caution– Proshare - Bear market is inevitable, but so is the recovery. It is quite better to plan your bear market investing approach with realistic time horizon. Investors should prepare to buy and hold for long term as more sell pressure may hit market. Source Proshare Read More
 

FBNH may break key support level at N9.00 as sell pressure mounts - FBNH recorded a moderate loss of -4.8% as sell pressure towards the stock gained tempo, following the prolonged and active sell activities recorded in the recent weeks while investors’ sentiments strongly remained negative so far in the year. Source Proshare Read More
 

Schedule of Analyst Conference Calls in the Market: Nov - Dec 2014 - Kindly find below the updated analyst/investor conference calls for listed entities on the Nigerian bourse that have declared their Q3 2014 results as well as on the proposed merger between Nigerian Breweries and Consolidated Breweries Plc. Source Proshare Read More

ARM reiterates its SELL rating for MRS Oil Nigeria Plc - MRS Oil Nigeria Plc (MRS) released 9M 14 unaudited results, wherein revenue was flat (+0.4%) YoY at N69.2 billion. However, largely reflecting softer input costs, PBT and PAT increased 9 and 6 folds to N1.2 million and N577 million, respectively. Source Proshare Read More
 

PRODUCT & SERVICES 
UBA’s Ruby Account Offers Perks for Women - Women who chose Ruby, a female focused current account offered by the United Bank for Africa (UBA) Plc will now enjoy more perks as the bank has expanded its list of exclusive partners offering special services to its female account holders. Source Thisday Read More
 




PEOPLE
Elumelu, Kalu join Africa’s top 50 richest persons - Two Nigerians, Tony Elumelu and Orji Uzor Kalu, with four other persons have joined Forbes list of 50 richest people in Africa. Source Vanguard Read More


FRAUD & SCANDALS

Online Fraud : CBN Approves Implementation of Virtual Card Solution in Banks - PrepayGo Technologies has partnered SIBS International to introduce the SIBS virtual card solution that will help combat 'Card Not Present Fraud' in Nigeria. Source Thisday Read More

 
Senate, Reps to Begin Harmonisation of Cybercrime Bill - Following last month's passage of the long awaited cybercrime bill by the Senate and the House of Representatives at separate occasions, the lawmakers have said they will soon begin harmonisation of the bill. Source Thisday Read More
 

 

 

Court Reserves Judgment in Alison-Madueke’s Suit to Stop House Probe - A Federal High Court in Abuja has  fixed December 17 for judgment in the suit filed by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and the Nigeria National Petroleum (NNPC) seeking to stop the House of Representatives from inviting her over an allegation that she spent N10 billon on aircraft charter. Source Thisday Read More
 

PEOPLE
Nigeria Overtakes South Africa, Has the Highest Number of Wealthy People in Africa - Nigeria has overtaken South Africa by topping the Forbes’ list of Africa’s richest people.In the list of 50 richest people in  Africa released recently, business mogul, Alhaji Aliko Dangote, topped the list with12 other wealthy Nigerians on the continent’s 50 richest people. Source Thisday Read More

POLITICS
Untold story of how 14 journalists were abducted - THE accepted rule of engagement between journalists in the Warri flank of Niger-Delta and ex-militants in Gbaramatu Kingdom, Warri South-West Local Government Area, Delta State, was shattered, Sunday, when the violent youths abducted 14 journalists and six other persons, including Itsekiri youth leaders. Source Vanguard Read More
 

COMMODITIES
Top Oil Trader Trafigura to Disclose Payments to NNPC - Trafigura Beheer B.V, one of the world’s leading commodity trading firms and a major lifter of Nigeria’s crude oil, has announced its commitment to opening up on its payment to Extractive Industries Transparency Initiative (EITI)-compliant and candidate countries like Nigeria, starting from 2015. Source Thisday Read More

 
Implementation of Nigerian Content is Working, Says Alison-Madueke - The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has stated that the implementation of the Nigerian Oil and Gas Industry Development Act (NOGICD Act), signed into law in 2010 by President Goodluck Jonathan is yielding the desired results. Source Thisday Read More

 
Nigeria: Oil Price gains $1.36 above 2015 benchmark - 191114 -  Source Proshare Read More
 

 

 

Oil Revenue: Jonathan Tasks NEITI On Audit Of LGAs - President Goodluck Jonathan has personally tasked the Nigerian Extractive Industries Transparency Initiative (NEITI) to include the probe of funds disbursed to local government areas in its Fiscal Allocation and Statutorily Disbursement Audit (FASD). Source Leadership Read More

 



GLOBAL MARKETS

Asian Stocks Retreat on Fed Minutes; Japan Shares Climb on Yen - Asian stocks fell a second day after Federal Reserve minutes showed some U.S. policy makers were concerned about low inflation. Shares in Japan gained as the yen weakened past 118 per dollar. Source Bloomberg Read More
 

 

WTI Trades Below $75 as U.S. Crude Stockpiles Gain; Brent Steady - West Texas Intermediate traded below $75 a barrel as crude inventories rose in the U.S., the world’s biggest oil user, and investors weighed the likelihood of OPEC reducing production. Brent was steady in London. Source Bloomberg Read More
 

European shares erase gains ahead of Fed minutes - European shares ended flat after hitting a seven-week high earlier on Wednesday, with investors trading cautiously ahead of minutes from the most recent Federal Reserve policy meeting. Source Reuters Read More
 

Senate Report Criticizes Goldman and JPMorgan Over Their Influence in Commodities Market - A two-year Senate-led investigation is throwing back the curtain on the outsize and sometimes hidden sway that Wall Street banks have gained over the markets for essential commodities like oil, aluminum and coal. Source Deal Book Read More
 

 

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 The proposed merger between Nigerian Breweries & Consolidated Breweries Plc- TNI Q4/E8

 

 

 

 

 

 

 

 

 

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