Nigeria in 1min: Economic, Business and Financial Headlines – 010719

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Monday, July 01, 2019 / 06:30 AM / By News Aggregator / Hader Image Credit: NBCC

 

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PROSHARE ECONOMY

Sugar Prices Up By 0.8% Owing To Weather Concerns In India - Brent is currently trading at $66.26pb, which is 5.7% lower than the average price in May. Oil price volatility will remain higher than expected until global growth alignment is streamlined at the G-20 meeting and the response of OPEC at its bi-annual meeting in July. Source FDC Ltd Read More 

The Nigerian Palm Oil Sector - H2-19 Outlook: Foundation Laid for a Leap of Faith - Over Q1 19, Nigerian palm oil producers had to grapple with the twofold setback of lower domestic crude palm oil (CPO) prices and benign volume growth, with both OKOMUOIL and PRESCO reporting declines in revenue 43% y/y and 16% y/y, respectively. Source Cordros Capital Read More

Oil Markets Await Two Vital Decisions– OIR 280619 - Oil prices moved higher at the end of this week, on the eve of a highly anticipated meeting between Donald Trump and Xi Jingping, which could result in a breakthrough in trade negotiations, an agreement to resume talks, or a collapse and subsequent increase in tariffs. On Monday, OPEC kicks off its meeting in Vienna.  Source Oilprice Read More

Weekly Economic and Financial Commentary – WE 28th June, 2019 - Recent data from the US shows that the core PCE index, which is the Fed’s preferred inflation measure, kept steady over May (+1.6% YoY), giving the Fed ample room for interest rate cuts this year as it deliberates on how best to respond to slowing growth momentum. Source Read More

The Oil Crisis Saudi Arabia Can't Solve - Looking at the current volatility in the Persian/Arabian Gulf and the possibility of a temporary closure of the Strait of Hormuz, the Aramco CEO's message might be a bit overoptimistic. Source Oilprice Read More 

Commercial Operations Begin On Lagos-Ibadan Railway In September –NRC - The transportation of passengers, goods and services on a commercial basis will commence on the Lagos-Ibadan railway between September and October this year, the Nigeria Railway Corporation has said. Source Punch Read More

NERC Earned N6bn In 2018, Spent N4.9bn On 7 Commissioners, Others - The Federal Government generated N5.994 billion from licence fees and regulatory charges in 2018 but spent N4.938bn on salaries, post-employment benefits and other allowances for the seven commissioners and 165 support staff at the Nigerian Electricity Regulatory Commission (NERC). Source Dailytrust Read More

National Debt Heading For N27trn As FG’s Borrowings Continue - Nigeria’s public debt will rise above N27 trillion this year triggered by increased Federal Government borrowing to fund the 2019 budget. The nation’s debt stock has been on a steady and sharp upward trend since 2011, due to increased borrowing by the Federal Government and depreciation of the naira. Source Vanguard Read More 

 

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PROSHARE REGULATORS 

SEC Reiterates Its Mandatory For CMOs To Have Managing Directors And Compliance Officers - The attention of the Securities and Exchange Commission (“the Commission“) has been drawn to the recent trend by which CMOs carry on operations without Compliance Officers and Managing Directors, in violation of the SEC Rules and Regulations. Source SEC Nigeria Read More 

 

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PROSHARE MARKETS 

Summary of FGN Bond Auction Results For June 2019 - Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 14.55%FGN APR 2029 (Re-opening 10-Year Bond) & 14.80% FGN APR 2049 (Re-opening 30-Year Bond) Source Read More 

June 2019 FGN Bond Oversubscribed - The high level of demand shown by Investors at FGN Bond Auctions in recent months continued at the FGN Bond Auction for June 2019 which was conducted by the Debt Management Office (DMO) on Wednesday, June 26, 2019. The DMO offered three instruments totalling N100 billion to the investing public at the Auction with 5, 10 and 30-year tenors. Source DMO Read More 

Corporate Earnings For The Week Ending 280619 – NPFMCRFBK Declares N194.34mln PAT in Q1 2019 Results - During the week ending 280619, five (5) quoted firms declared their results.   The five (5) firm declared growth in revenue. CHELLARAM records 34.4% growth in earnings to emerge as the firm with highest growth in earnings while TRIPPLEG records 6% positive growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More 

Investors Gain N50.93bn WoW As NSEASI Inches Up By 0.39% To Close The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by 0.73% to close at 29,966.87 points as against 0.47% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.66%.  Source Proshare Markets Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 280619 - The equities market recorded positive performance – the listed equities market recorded +0.39%  gain WoW while the NASD OTC recorded +3.01% gain WoW. Proshare Markets Read More 

NASD OTC Market CAP Increased By 3.01% WoW To Close At N536.20bn - As at close of trade week on 28 June 2019, market Capitalisation increased to 536.20 billion from last week's previous 520.52 billion, which shows a 3.01% increase in Capitalisation. Also the USI for the week ended 28 June 2019 recorded a increase from 724.52 points to 746.34 points. Source NASD Plc Read More

CBN Injects $242.04m, CNY 32.3m Into Retail SMIS - In continuation of its intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, June 28, 2019, injected the sum of $242.04million into the retail Secondary Market Intervention Sales (SMIS) and CNY 32.3million in the spot and short tenored forwards segment of the inter-bank foreign market. Source CBN Read More

What To Expect From The Markets This Week - 010719 - With system liquidity still fairly healthy, the Interbank Call rate declined by 50bps to 4.00%. Meanwhile, trading was relatively positive in the T-bills secondary market, with buying pressure observed at the mid to long end and average yield on T-bills declining by 5bps (-32bps w/w). Source Read More

Lafarge Africa Plc: Equity Update - Lafarge Africa Plc is embarking on aggressive business and capital restructuring that should deliver great value to its shareholders in the short-to-medium term. The company is selling its loss-making South African subsidiary to its parent company, LafargeHolcim Group. Source FSDH Read More

Forex: I&E Window Records $29.6bn Turnover In H1’19 - This represents the fourth consecutive monthly decline in the volume of dollars traded (turnover) in the window since February. Monthly turnover in the window rose by 204 percent to $9.13 billion in February, courtesy of increased inflow from foreign portfolio investors (FPIs). But it dropped by 22 percent to $7.48 billion in March from where it nosedived to $4.6 billion in April and $4.1 billion in May. Source Vanguard Read More

 

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PROSHARE BUSINESS

Ìgbòrò Tì Dàrú: Governance, Leadership, Ethics - How To Build A Thriving Nigerian Economy - As a nation, we have allowed the bearers of bad news become the pallbearers of our happiness. We have, for too long, focused on the plant instead of the soil that nourishes, and must now live with the inconvenient truth of our existence. Source Olufemi Awoyemi  Read More

New TIN System Will Bring Convenience To The Tax Payer; Boost Tax Compliance, Revenue Collection – Fowler - We call it a new TIN Registration process and will be launched by the Vice President on 1 July. Before now, we have had people undergoing training on how to utilize this. And what this system basically does is to take information already in our system plus what we have in our national tax database. Source Vanguard Read More

OPEC+ Is Close To Finalizing A Charter For Long-Term Cooperation - OPEC+ nations are close to finalizing a “charter” for a long-term alliance, with a document likely to be signed as soon as this week, said two delegates. Members of the group received a revised draft of the document on Sunday that appeared to have broad support, one of the delegates said, asking not to be named because the information was private. There were only a few final details of the charter to resolve, another delegate said. Source Bloomberg Read More 

 

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PROSHARE FINANCE

Islamic and Ethical Financing: Harnessing New Asset Class to Empower the Nigerian Economy - Islamic and Ethical Finance in Nigeria holds great potential, especially in this era where more stakeholders and investors are fully aware of the direct benefits. The development of the Islamic and Ethical Finance Industry within the Capital Markets is vital to economic empowerment as it provides funding for corporate financing and other capital-intensive projects. Source FBNQuest Merchant Bank Read More 

Insurance Sector Recorded N400bn Premium in 2018 - The Nigerian insurance sector, in 2018, grew its total premium from N363 billion in 2017,  to N400 billion in 2018. This represented a 10 per cent growth in the volume of business written by the industry operators. But it was below the decade old target of N1 trillion. Source Thisday Read More 

 

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PROSHARE MSME

Osun Set To Disburse N615m Soft Loans To Small Businesses - Osun State Government is set to begin the disbursement of over N615 million to micro and small businesses, General Manager of Osun Micro-credit Agency, Mr. Dayo Babaranti said at the weekend. Babaranti added that the state had so far given out about N4.8 billion to about 28,000 residents to support their businesses. Source TheNation Read More


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