Nigeria in 1min: Economic, Business and Financial Headlines – 120619

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Wednesday, June 12, 2019 / 06:50 AM / By News Aggregator / Header Image Credit: @officialEFCC

 

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PROSHARE ECONOMY

AFEX to train Journalists and Media Personnels on Commodities Trading in Nigeria - The commodities market in Nigeria has a wide sphere of influence impacting people and processes from our rural areas to our cities both big and small. Prices established through the activities in the market directly impact our lives, determining a range of important things from the price we pay to fill up our cars to how much we pay for a bag of rice. Source AFEX Nigeria Read More

Fitch Affirms Nigeria at 'B plus'; Outlook Stable - Nigeria's ratings are supported by the large size of its economy, a track record of current account surpluses and a relatively low general government (GG) debt-to-GDP. This is balanced against poor governance and development indicators, structurally low fiscal revenues and high dependence on hydrocarbons. Source Fitch Ratings Read More

Fitch Affirms Nigeria's Lagos State at 'B plus'; Outlook Stable -  Fitch Ratings has affirmed Lagos State's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B+' with Stable Outlook and Short-Term Foreign-Currency IDR at 'B'. Source Read More

US Threat Of 5% Tariff On Mexican Goods Likely To Weigh On Avocado Prices - Oil prices are now in bear territory – down 13.91% since April to $62.67pb and trading precariously close to the budget benchmark ($60pb). This could be a big threat to Nigeria’s macroeconomic stability. In the same vein, the country’s trade surplus declined by 67.65% to $2.2bn in Q1’19 from $6.8bn in Q4’18. Source FDC Ltd Read More

 

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PROSHARE MARKETS

Gross Official Reserves Increased By US$330m in May 2019 to US$45.12bn - Gross official reserves increased by US$330m in May to US$45.12bn. Whether the modest accretion of the past two months continues for a third hinges upon foreign portfolio investors (FPIs) on the fixed income side and the direction of the oil price. Source FBNQuest Research  Read More

Nigerian Stock Market Maintains Negative Posture as NSEASI Dips By -0.73% - Equities market closed today on a negative note, as NSEASI depreciated by 0.73% to close at 30,099.83 points as against 0.36% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.23%. Source Proshare Read More

Union Bank Shareholders Okay N54.4bn Share Premium Reduction - Shareholders of Union Bank of Nigeria Plc have approved the proposed reduction of N54.4bn from the bank’s share premium account in a bid to restructure its balance sheet for optimal performance. The shareholders endorsed the move during the bank’s Extraordinary General Meeting in Lagos, according to a statement. Source Punch Read More 

 

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PROSHARE BUSINESS 

Oando PLC’s Official Response To SEC’s Suspension Of Its 42nd AGM - We have received notification from the Securities and Exchange Commission (SEC) by a letter dated today, Monday, June 10, 2019 at 12:42pm directing the suspension of the validly convened 42nd Annual General Meeting (“AGM”) of Oando PLC (“the Company”). Source NSE Press Release Read More 

Nigeria’s Refineries Operate At 5.55% Capacity, Record N16b Deficit In March - Nigeria’s four refineries operated at just 5.55 per cent of their combined nameplate capacity of 445,000 barrels daily (b/d), according to latest data released by Nigerian National Petroleum Corporation (NNPC), underlining that the oil-rich nation still relies heavily on imported products for its fuel needs. Source Guardian Read More  

Africa’s Fastest-Growing Region Banks on More Spending for Growth - East African countries plan to increase spending dramatically on infrastructure projects in budgets to be released Thursday. It’s not clear they can afford it. Source Bloomberg Read More


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PROSHARE TECHNOLOGY      

Cloud Computing May Put Big Tech Ahead In Future Of Video Games: Citi - Cloud-based gaming could allow Big Tech - particularly Amazon.com Inc, Microsoft Corp and Alphabet Inc’s Google - to pull revenue away from traditional video game publishers in the coming years, Citi analysts said in a research note on Tuesday. Source Reuters Read More

 

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PROSHARE FINANCE 

8.57m Workers Are Registered Under The Pension Scheme As At Q1 2019 - NBS - The Pension Asset and RSA Membership Data Q1 2019 reflected that 8,569,037 workers are registered under the pension scheme compared to 8,410,184 registered workers in Q4 2018 while the Pension Fund Asset under Management as at Q1 2019 stood at N9.03trn as against N8.63trn in Q4 2018. Source NBS Read More 

 

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