Nigeria in 1min: Economic, Business & Financial Headlines - 281016

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 October 28, 2016 7:10 AM / Proshare News  

PROSHARE ECONOMY
FBN Quest 2016 Investor Conference, discusses thriving in new economic realities - One of Nigeria’s leading investment banks FBN Quest, hosted its 2016 edition of the “Investor conference” focusing on the theme “An economy at a crossroads: Thriving in the Face of New Economic Realities”. Source Proshare Read More 

2016 budget: FG has released N2.5trn so far, say Adeosun, Udoma - THE Senate was told yesterday that the Federal Government has so far released a total of N2.5 trillion from the 2016 budget, which is N6.6 trillion. Source Vanguard Read More 

Buhari to Launch $10bn Niger Delta Reconstruction Fund - The federal government under the watch of President Muhammadu Buhari plans a $10 billion infrastructure development fund for the oil-rich but restive Niger Delta, the Minister of State for Petroleum, Dr. Ibe Kachikwu, said yesterday in Abuja. Source Thisday Read More 

FG to perform first mining road show in China - The Federal Government plans to perform the first Mining Road show in China in November, Alhaji Bawa Bwari, Minister of State, Mines and Steel Development, has said. Bwari said some miners, government delegations and relevant stakeholders would showcase progress made in the sector and also learn from China’s success story. Source BUSINESSDAY Read More 

Okonjo-Iweala: Financial Inclusion of Women Can Raise Nigeria’s GDP By 12%  - A former Minister of Finance, Dr. Ngozi Okonjo-Iweala on Thursday called for policies that would ensure that more women are brought into the financial system. Source Thisday Read More 

FG has $500m commitment for $1bn Eurobond – Adeosun - The Federal Government has $500m commitment for the $1bn Eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, the Minister of Finance, Mrs. Kemi Adeosun, has said. Source Punch Read More  

 

Heads Up On Forcados Terminal - Some days back, the Presidency announced the resumption of crude exports from the 250-300kbpd Trans-Forcados Pipeline (TFP) terminal in the Niger Delta region following completion of repairs after a militant attack in February. Source Proshare Read More 

Dismal Infrastructure Depriving Nigeria 2% Economic Growth Annually-Ezekwesili - The Senior Economic Advisor of Open Society Foundation on the Africa Economic Development Policy Initiative, Dr Oby Ezekwesili has regretted that the dismal stage of infrastructure is currently robbing Nigeria a minimum of two per cent economic growth annually, a situation she linked to poor governance and incompetent engineers and other professionals in the built sector. Source THE NATION Read More 

 

PROSHARE MARKETS
Forte Oil Plc Sustains FREE-FALL Pattern as Sell-Down Persists, 64% Fall To Date  - Today, the share price of Forte Oil Plc ended in the red zone to sustain the prolonged bearish outlook noticed in the stock as investors’ sentiments remain negative. Source Proshare Read More   

TOTAL jumps to record high as stocks extend gains - The equities market closed today on a positive note, as NSE ASI appreciated by 0.43% to close at 27,236.78basis points, compared with the 0.08% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.91%. Source Proshare Read More 

Dangote Cement Plc: Group Q3-16 Earnings Negatively Impacted by Weaker Margins - DANGCEM released results for nine months and third quarter ended September 2016. The key features of the Group's third quarter result are Source Proshare Read More 

Challenging Q3 2016: Even Nigerian Breweries Plc is not Spared - NB released results for nine months and third quarter ended September 2016. The key features of the third quarter result Source Proshare Read More 

Unilever Nig Plc Delivers a Cosmetic PAT in Q3-2016 - UNILEVER released results for nine months and third quarter ended September 2016. The key features of the third quarter result Source Proshare Read More 

CBN meets BDCs as Naira depreciates to N466/$ - THE Naira yesterday de preciated further to N466 per dollar in the parallel market prompting the Central Bank of Nigeria (CBN) to meet with Bureaux De Change (BDC) operators and Travelex to evolve measures to halt the persistent slide of the currency. Source Vanguard Read More 

ExxonMobil Makes Significant Oil Discovery Offshore Nigeria, Well Holds Estimated 1 Billion Barrels  - Exxon Mobil Corporation has announced the significant discovery of crude on the Owowo field, offshore Nigeria, with a potential recoverable resource of between 500 million and 1 billion barrels of oil. Source THE WILL Read More 

Refineries will be fixed before sale –Kachikwu - Nigeria will consider the sale of the country’s four refineries only after they have been rehabilitated to work efficiently, minister of Petroleum Resources, Ibe Kachikwu, has said. Source Daily Trust Read More 

DisCos’ monthly energy payment falls to 30% - The monthly payment for energy by the 11 electricity Distribution Companies (DisCos) has fallen to 30 per cent, the Market Operator (MO) in the electricity market has said. Source Daily Trust Read More

Union Bank’s non performing loans hit 34.29% - Union Bank of Nigeria Plc has declared 34.29 per cent increase in the Non-Performing Loan (NPL) ratio for the nine months ended 30th September, 2016. Source Daily Trust Read More  



PROSHARE BUSINESS

S. Africa's fiscal consolidation mostly on track; spending pressures to rise: Moody's - South Africa's fiscal consolidation is largely on track, albeit at a slower pace and also hampered by uncertainty over structural reforms, ratings agency Moody's said on Thursday. Source Reuters Read More 

Zambia's inflation slows to 12.5 percent year/year in October - Zambia's inflation slowed sharply to 12.5 percent year-on-year in October from 18.9 percent in September, official data showed on Thursday. Source Reuters Read More 

 Afreximbank, KEXIM seal $100m Africa trade pact - The volume of trade deals between African countries and the South Korea would soon record increased numbers courtesy of a $100 million deal sealed in Seoul, on wednesday. Source Reuters Read More 

Yuan Set for Biggest Monthly Drop Since August 2015 Devaluation - The yuan headed for the biggest monthly drop since last year’s shock devaluation, spurring concern that China’s policy makers are becoming more tolerant of declines as exports slump and the dollar advances. Source Bloomberg Read More

European Stocks Little Changed Amid Earnings From ABB, Barclays - European stocks were little changed as earnings updates from ABB Ltd. to Barclays Plc gave investors mixed signals on the outlook for corporate health. Source Bloomberg Read More 

U.K.’s Economy Headed Into ‘Greater Uncertainty,’ Hammond Warns - U.K. Chancellor of the Exchequer Philip Hammond warned that Europe’s second-biggest economy could be heading into the unknown as his government negotiates an exit from the European Union and the Treasury prepares to tackle any unexpected economic turns. Source Bloomberg Read More 

The Russian Economy in a Bowl of Borscht - The 5,453 hardy residents of this outpost in the country’s far east (much closer to Alaska than Red Square) might think they’ve enough to put up with, what with winter temperatures plunging to minus 35 Fahrenheit and there being few roads out of town that go anywhere. Source Bloomberg Read More  



PROSHARE TECHNOLOGY

Twitter Beats Revenue, User Estimates and Cuts 9% of Workforce - Having failed to find an acquirer, Twitter Inc. has sketched out a restructuring plan aimed at becoming profitable by next year. Source Bloomberg Read More  

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