Nigeria in 1min: Economic, Business and Financial Headlines – 090819

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Friday, August 09, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: WebTV

 

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PROSHARE ECONOMY

Inflation Rate Set for Lowest Level Since February 2016 - FSDH - FSDH Research expects the July 2019 inflation rate to drop to 11.01% from 11.22% recorded in June 2019, thanks largely to the harvest season. If our prediction is correct, this will be the second consecutive month for the inflation rate to have dropped and the lowest inflation rate recorded in Nigeria since February 2016. Source FSDH Read More

OPEC Production Slumps To 5-Year Low - According to data released by the S&P Global Platts Survey, OPEC, world biggest oil cartel, pumped its fewest barrels of crude oil in over 5 years (Apr 2014 – 29.70mb/d). Source CSL Research Read More

The Pentad - Urban Retail Price Tracker - August 2019 - Retail prices ended the month of July on a higher note with our Urban Retail Price Tracker – the PURP index – recording a modest increase of 0.28% MoM to 113.1 pts (vs 0.16% MoM in June). Price increases were more evident in the commodities, cement and oil & gas baskets. Source ARM Read More

Yam Output In Nigeria Estimated At 44mn Tonnes - Yam is a widely consumed staple in Nigeria. The country is the second largest producer of yams and tubers in the world (111.64million tonnes) coming next to China. Nigeria has faced serious challenges lifting its production to a level of global competitiveness. Source FDC Read More

Total Pension Assets Rise To N9.32tn - The total assets under the Contributory Pension Scheme rose to N9.32tn as of the end of June 2019. The funds, which had continued to record a steady rise, hit N8.33tn as of the end of August 2018. Figures obtained from the National Pension Commission on Thursday revealed 69.5 per cent of the assets were invested in the FGN securities. Source Punch Read More

World Bank Investments in Nigeria Hit $11bn - The World Bank Country Director for Nigeria, Mr. Rachid Benmessaoud, Thursday said its net portfolio commitment to the country currently stood at over $11 billion, with 30 operational projects in all the states of the federation. Source Thisday Read More

 

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Investors Gain N6.23bn As NSEASI Inches Up Marginally By 0.05% - Equities market closed today on a negative note, as NSEASI appreciated by +0.05% to close at 27,424.92 points as against -0.42% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.74%. Source Proshare Read More

 

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PROSHARE BUSINESS 

Plastics, Foam Emerge Top Industry Performers - Domestic and industrial plastics as well as rubber and foam emerged the manufacturing industry’s best performers in the first and second quarters of 2019. The sector gained 62.6 point, 12.6 points above the 50 points benchmark of good the performance established by the Manufacturing CEO Confidence Index. Source Punch Read More

NCC Crashes Telcos’ USSD Charge To N4.89k Per Session - The Nigerian Communications Commission (NCC) has issued an order to all telcos to bring down their Unstructured Supplementary Service Data (USSD) services to not more than N4.89k per session. Source Vanguard Read More

AfDB Seeks More Chinese Agric Investments In Africa - A statement from the ADB on Thursday further disclosed that officials of the bank, led by Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser on Industrialisation to the ADB’s President, paid a courtesy visit to Vice-President Yemi Osinbajo, who assured the consortium of ‘tremendous investment opportunities’ available in Nigeria. Source Punch Read More

Uber Loses $5 Billion, Misses Wall Street Targets Despite Easing Price War - Uber Technologies Inc (UBER.N) reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6%. Source Reuters Read More

Trade War Escalation Nudges U.S. Closer To Recession - The recent escalation in the U.S.-China trade war has brought forward the next U.S. recession, according to a majority of economists polled by Reuters who now expect the Federal Reserve to cut rates again in September and once more next year. Source Reuters Read More

 

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