Nigeria in 1min: Economic, Business and Financial Headlines – 040319


 Monday March 04, 2019 / 7:00 AM / Proshare News



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PMI Reading No 71: Election-driven Drift - Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, declined in February from 51.5 to 50.4. Our partner, NOI Polls, has gathered and compiled the data. Source FBNQuest Research Read More 

Wheat Prices down Due to Robust Supplies from Ukraine and South America - Brent declined by 0.59% to $66pb driven by a surge in US crude production. President Trump has renewed pressure on OPEC to soften its production cuts as prices edge towards politically-sensitive levels in the U.S. Source FDC Read More 

Manufacturing PMI Stands at 57.1% in February 2019 from 58.5% in January 2019 - The February 2019 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period February 11-15, 2019. Source CBN Read More 

Total Trade Declined By 5.1% QoQ in Q4 2018; Rose By 42.9% YoY - Total trade declined by 5.1% in Q4 2018 compared to Q3 2018, but rose by 42.9% relative to the corresponding quarter in 2017. Source NBS Read More 

The End Of A Record-Breaking Oil Rally? - Oil was down a few days ago, but is set to close out the week with another gain, pushing WTI and Brent close to their highest level in three months. Source Oilprice Read More 

FAAN To Decongest Lagos Airport - The Federal Airports Authority of Nigeria says it plans to decongest the Murtala Muhammed International Airport, Lagos.This is as the agency said the new terminal at the MMIA, Lagos, would be inaugurated soon. Source Punch Read More 

Nigeria’s Oil Exports Drop as Aiteo Shuts Pipeline The nation’s crude oil export has suffered a setback following the shutdown of the Nembe Creek Trunk Line, one of the major crude oil transportation channels used for export.  Source Punch Read More

Nigeria Loses $16bn in 10 years from Non-Review of PSCs – NEITI- The Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, disclosed that Nigeria lost at least $16 billion over a 10-year period, from 2008 to 2017, due to non-review of the 1993 Production Sharing Contracts, PSC, with oil companies. Source Vanguard  Read More

Elumelu Urges Buhari to Fix Power, Support MSMEs - The Chairman of the United Bank for Africa (UBA) Group, Mr. Tony Elumelu, has advised President Muhammadu Buhari, to address Nigeria’s epileptic power situation as well as ensure that operators of micro, small and medium scale enterprises (MSMEs) are given the necessary support in his second term. Source Thisday Read More

Oil Rises on U.S.-China trade deal hopes, OPEC's Ongoing Supply Cuts - Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth. Source Reuters Read More 

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ABCON Seeks N250/$1 Exchange Rate -  The Association of Bureaux de Change Operators of Nigeria has urged President Muhammadu Buhari to work towards an exchange rate of N250 to a United States dollar in his second term in office.The President, ABCON, Alhaji Aminu Gwadabe, said achieving a lower exchange rate for the economy would benefit Nigerians and lift businesses. Source Punch Read More

SEC Moves To Improve Capital Market Dispute Resolution System - In a move to improve dispute resolution mechanism in the capital market, Securities and Exchange Commission (SEC) has expressed support for a dispute resolution symposium that is expected to gather stakeholders to address some of the issues affecting the market. Source Vanguard Read More


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CBN Cuts 1yr OMO rate by 70bps following N1.2trn Demand - The FGN Bond Market remained significantly bullish in today’s session with demand witnessed mostly from offshores on the 2028 bond which compressed by c.43bps to trade as low as 13.90% during the session. Source Zedcrest Capital Read More

First SEC Approved 15-Year Corporate Green Infrastructure Bond in the Nigerian Debt Capital Markets - Following the receipt of Board’s approval on 26th September 2018 to raise additional capital and the receipt of regulatory approval from the Securities and Exchange Commission on the 31st of December 2018. Source United Capital Read More 

Who Manages the Forex Market? - Forex is the largest financial market. It operates 24/5. The main commodity on Forex is the currency, so the market has high liquidity. Source Just Forex Read More 

Corporate Earnings for The Week Ending 010319 – DANGCEM Declares N390bn PAT in 2018 Audited Results - All three (3) firms declared growth in revenue. AFRIPRUD records 35% growth in earnings to emerge as the firm with highest growth in earnings while CUTIX records 8% growth in earnings. Source Proshare Read More 

NSE Organizes Fixed Income Trading Workshop to Enhance Capacity of Dealing Members - In line with its commitment to improve the capacity of its members and enhance investors’ participation in the Fixed Income Market, The Nigerian Stock Exchange (“The Exchange” or “NSE”) will organize a Fixed Income Workshop on Monday, March 4, 2019, at the Stock Exchange House. Source NSE Read More 

Investors Lose N256.67bn WoW as NSEASI Dips By -2.12% - Equities market closed today on a positive note, as NSEASI appreciated by 0.34% to close at 31,827.24basis points as against -1.63% depreciation recorded previously. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 010319 - The equities market recorded mixed performance – the listed equities market recorded -2.12% loss WoW while the NASD OTC went up by +2.09% WoW. Source Proshare Read More 

NASD OTC Market CAP Moved Up By 2.09% WoW To Increase To N538.29bn - As at close of trade week on 01 March 2019, market Capitalisation increase to 538.29 billion from last week's previous 527.25 billion, which shows a 2.09% increase in Capitalisation. Source NASD Read More 

Bond Yields Retreat Following Slight Profit Taking on 10-Year - The FGN Bond Market retreated slightly in today’s session with yields trending higher by c.11bps due to some profit taking mostly on the 2028 bond towards the end of the trading session. Source Zedcrest Capital Read More 

What To Expect From The Markets This Week – 040319 - After a broadly negative week, the Nigerian Bourse gained 34bps today for the second time, leading to a cummulative loss of -212bps w/w. Source Proshare Read More 


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First Bank’s Kicks Off 125th Anniversary Celebration With Hoisting of Official Flag - Nigeria’s Oldest financial institution First Bank Nigeria, today flagged off  activities for its 125th anniversary celebration  in Lagos. Source Proshare Read More

UBA Group Launches Full Banking Operations In The United Kingdom - Three weeks after the UBA group launched its operations in Mali, the global financial city of London hosted a high level gathering of business and public sector leaders on Thursday February 28, 2019, as the new UBA franchise, UBA UK was formally birthed in the United Kingdom amidst high expectations. Source UBA Read More

Banks Risk $350bn Loss To Cyber-Attacks — IMF - IMF Managing Director, Christine Lagarde disclosed this while making the call for better regulation of the banking system as a requirement for building a safer, more sustainable and ethically sound financial sector. Source Vanguard Read More 

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Assessing Efficiency in the Pharmaceutical Sector of Nigeria - The pharmaceutical sector in any economy plays a prominent role in the general health of citizens residing in the country. Source CBN Read More


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