Nigeria in 1min: Economic, Business and Financial Headlines – 110319


Monday March 11, 2019 / 7:00 AM / Proshare News



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Expectations of Bumper Harvest in Top Cocoa Exporting Countries to Weigh on Prices in the Near Term - Nigeria’s textile industry is highly import-dependent, with a smuggled import bill of approximately $2-3bn. As part of the FGN’s import substitution and diversification strategy, the CBN has included textiles and garments in its forex restriction and prohibition list. Source FDC Read More 

The Pentad Urban Retail Price Tracker - Prices On Tepid Rise - Our Urban Retail Price Tracker – the PURP index – recorded a slight uptick of 0.28% MoM to 111.6 pts in February (vs 0.42% MoM in January). On an annual basis, prices were 8% higher relative to same period in the prior year.  Source ARM Read More 

Headline Inflation To Inch Up To 11.4% in February 2019 - FDC - Nigeria’s headline inflation is expected to increase marginally by 0.03% to 11.4% in February, thus, reversing the downward trend recorded in the previous month. In the last three years, the PMI level in February was higher than in January. Source FDC Read More 

Oil Prices Sink On Negative Economic Data – OIR 090319 - Oil prices sold off on Friday on weak data from China, poor jobs figures in the U.S., and news that Norway’s sovereign wealth fund was divesting from the oil sector.  Source Oilprice Read More 

US Slashes Imports of Nigerian Crude By 43% - The United States cut its imports of Nigerian crude oil by 48.87 million barrels or 43 per cent in 2018, according to the latest data released by the Energy Information Administration. Source Punch Read More

Arbitration Tribunal Awards FG $1.69bn over Dispute on Brass, Forcados Assets-An Arbitral Tribunal sitting at the Lagos Court of Arbitration has awarded the federal government a whopping $1.69bn in a dispute between the Nigerian Petroleum Development Company (NPDC) Limited and Atlantic Energy Drilling Concepts Nigeria Limited and Atlantic Energy Brass Development Ltd. Source Thisday Read More

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SEC Issues Public Notice on Default in Repayment on Visionscape Bond - The attention of the Commission has been drawn to news media publications regarding the default in repayment on Visionscape Bond and the Commission’s role in the transaction. Source SEC Nigeria Read More

SEC Calls For Merger Of Capital Market Shareholder Associations - The Securities and Exchange Commission (SEC) for called for effective shareholder associations in the Nigerian capital market, saying it would strengthen corporate governance and increase shareholder value in quoted companies. Source Leadership Read More


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Corporate Earnings For The Week Ending 080319 – NESTLE Declares N43.01bn PAT in 2018 Audited Results - Four (4) firms declared growth in revenue. SEPLAT records 109% growth in earnings to emerge as the firm with highest growth in earnings while MCNICHOLS records 19% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Read More 

Stanbic IBTC FY 2018 Results - Strong Profitability and Growth in Several Key Areas - Stanbic IBTC released its FY 2018 results today and, at least in terms of loan growth and Net profits, the report looks stellar. Net profits were up 53.9% y/y, with growth largely driven by Fee & commission income. Source Coronation Read More 

Investors Gain N36.27bn WoW As NSEASI Inches Up By 0.31% To Close The Week Positive - Equities market closed today on a negative note, as NSEASI depreciated by 0.27% to close at 31,924.51basis points as against 0.35% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.57%.  Source Proshare Read More 

Stanbic IBTC Holdings Plc FY 2018 Conference Call and Earnings Presentation - The Key Takeaways - Stanbic IBTC Holdings Plc held its FY 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 080319 - The equities market recorded mixed performance – the listed equities market recorded +0.31% gain WoW while the NASD OTC went down by -1.72% WoW. Source Proshare Read More

CBN Intervenes With $269.92m, CNY31.34m in Retail SMIS - In continuation of its periodic intervention in the inter-bank segment of the foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, March 8, 2019, injected the sums of $269.92 million and CNY 31.34 million in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange market. Source CBN Read More

NASD OTC Market CAP Moved Down By -1.72% WoW To Close At N529.05bn - As at close of trade week on 08 March 2019, market Capitalisation decrease to 529.05 billion from last week's previous 538.29 billion, which shows a 1.72% decrease in Capitalisation. Source NASD Read More

What To Expect From The Markets This Week – 110319 - This week, we turn our attention to the ongoing business environment reforms started by the President Buhari administration in 2016. The Presidential Enabling Business Environment Council (PEBEC) is the institution tasked with the reforms that make it easier to do business in Nigeria. Source Proshare Read More

Coronation Merchant Bank Group records 46% growth in Non-Interest Earnings for 2018 FY - Coronation Merchant Bank Limited (‘CORONATION MB);Africa’s leading financial institution,  has released its 2018 Full Year Results to stakeholders in which the Bank posted a Profit Before Tax of N5.3billion. Source Coronation Read More

Monthly Fixed Income Review For February 2019 - The FGN Bond market maintained a bullish run in the month of February with increased demand from foreign portfolio investors pressuring bond yields c.100bps lower to c.14.20% on average from c.15.21% closing the previous month. Source Zedcrest Capital Read More

Meristem, NSE Launch Two Indices On Investment Direction - Meristem Securities Limited and Nigerian Stock Exchange (NSE) have developed two new indices that will further enable investors and investment experts to track the performance of certain categories of stocks. Source TheNation Read More

I&E Forex Window: Foreign Investors Increase Dollar Injection By 94% To $3.5bn - Dollar inflow from foreign investors through the Investors and Exporters (I&E) foreign exchange window rose by 94 percent in the first two months of the year. Source Vanguard Read More 

FG Seek Measures to Stem Volatility in Equities Market-The federal government has declared its commitment to work with the capital market community to stem the volatility in the stock market. Source Vanguard Read More

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Indigenous Importers May Abandon Nigerian Ports Over High Charges - There are strong indications that indigenous importers may abandon the country’s seaports over excessive port charges. This is despite the 50% reduction on the proposed registration fee by the Nigeria Shipper’s Council (NSC) on importers and other operators at the ports. Source Dailytrust Read More

Leadway Capital introduces online Will - Leadway Capital and Trusts Limited, a subsidiary of Leadway Assurance Company Limited, has launched its digital Will writing service for various categories to minimise legacy crises among Nigerians. Source Punch Read More

NSE Hosts 2019 International Women’s Day, Discusses Gender Diversity and Women Empowerment - The Nigerian Stock Exchange in Partnership with IFC, UN Women, World Federation of Exchanges, United Nations Global Compact Sustainable Stock Exchanges Risk Initiative and supported by House of Tara, Olori, ShugaPlum plus Modara hosted the International Women’s Day 2019 as an avenue to discuss bridging the gender parity gap, gender diversity and women empowerment. Source Proshare Read More

Bank Loans to Real Estate Industry Drop by N162bn-Credit allocation by banks to the real estate industry has maintained a downward trend in the last year. Data obtained from the National Bureau of Statistics showed that the industry got about N622bn out of the N15.13tn credit to the private sector in the last quarter of 2018. Source Punch Read More

China Orders its Airlines To Suspend Use of Boeing 737 MAX 8 Aircraft-China’s aviation regulator on Monday grounded nearly 100 Boeing Co 737 MAX 8 aircraft operated by its airlines, more than a quarter of the global fleet of the jets, following a deadly crash of one of the planes in Ethiopia. Source Reuters Read More

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Active Voice Subscribers Grew By 6.66% in Q4 2018 - NBS - Telecoms data for Q3 and Q4 2018 reflected that a total of 172,824,239 and 162,032,481 subscribers were active on voice as against 162,522,772 in Q2 2018 which represented 6.66% increase in subscribers' base. Source NBS Read More


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Africa Alliance Insurance Unveils New Identity to Drive Efficiency in Nigeria's Insurance Sector - One of Nigeria's foremost insurance company, Africa Alliance as part of its objective to reinvent itself, unveiled a new corporate identity in Lagos. Source Proshare Read More


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