Nigeria in 1min: Economic, Business and Financial Headlines – 020819

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Thursday, August 02, 2019 / 06:50 AM / By News Aggregator / Header Image Credit: @jidesanwoolu

 

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PROSHARE ECONOMY

PMI Reading No 76: Again Below Water - Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, sank a little further below water in July to 49.5 from 49.9. Our partner, NOI Polls, has gathered and compiled the data. Source FBNQuest Read More

Manufacturing PMI Stands at 57.6% in July 2019 from 57.4% in June 2019 - The July 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period July 8-12, 2019. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). Source CBN Read More

Oil Price Drops to $63 on Fed Outlook, Ample Supply - Crude oil price dropped to around $63 per barrel Thursday, declining for the first time in six days after the United States Federal Reserve dampened hopes for a string of interest rate cuts and rising US output helped keep the oil market well supplied. Source Thisday Read More

FG Invests N14bn In Mineral Exploration - Dr Muazu spoke at a stakeholders’ workshop of the National Integrated Minerals Exploration Project (NIMEP) in Abuja, yesterday. “One of the constraints identified that seems to be scaring away investors is the issue of quality geoscience data. It is in view of that fact that government is investing about N14 billion to undertake an unprecedented National Integrated Mineral Exploration Project for some specific selected minerals,” he said. Source Dailytrust Read More

 

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PROSHARE MARKETS

Bond Yields Moderate Further Amid Continued Local Demand - The FGN Bond market saw sustained demand pressures across the curve, notably from local portfolio investors. We noted demand concentrated across the mid- (FGN 2028s) and long-dated maturities (FGN 2036s and 2049s). Yields consequently compressed by c.4bps on the average across the sovereign bond curve. Source Zedcrest Capital Read More 

Investors Gain N14.72bn As Market Sentiment Turns Positive; NSEASI Inches Up By 0.11% - Equities market closed today on a positive note, as NSEASI appreciated by 0.11% to close at 27,748.46 points as against 0.37% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.71%. Source Proshare Read More 

11 PLC Q2 2019 Results Review: Slight Changes To 2019-21E EPS ests - 11 Plc’s Q2 2019 earnings of N2.1bn beat our estimate by around 6%, primarily on the back of positive surprises on the topline and opex line. As such, we have made negligible changes to our earnings forecast over the 2019-21E period. Source FBNQuest  Read More 

 

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PROSHARE BUSINESS

London Stock Exchange to Buy Refinitiv for $27 Billion - The London Stock Exchange Group agreed on Thursday to buy Refinitiv, the financial information service, for about $27 billion as it seeks to enter the lucrative business of market data and compete with giants like Bloomberg L.P. Source  The New York Times Read More

CBN’s Survey Shows Manufacturing Sector Expanding - The Purchasing Managers’ Index in the month of July stood at 57.6 index points, indicating expansion in the manufacturing sector for the 28th consecutive month. The Central Bank of Nigeria’s statistics department disclosed in its July survey report on Purchasing Managers’ Index on Wednesday. Source Punch Read More  

Trump Hits China With More Tariffs, Sharply Escalating Trade Dispute - U.S. President Donald Trump vowed to impose a 10% tariff on $300 billion of Chinese imports from Sept. 1, sharply escalating a bruising trade war between the world’s largest economies and jolting financial markets. Source Reuters Read More

$10bn Agro Export Loss Threatens Nigeria AfCFTA Share - As Nigeria laments its reported annual loss of $10bn in commodity exports, stakeholders say the country may face a bleak future and lack of competitive edge in the African free trade market unless something is done to improve the situation. Source Punch Read More


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