Nigeria in 1min: Economic, Business and Financial Headlines – 151018

Monday October 15, 2018 / 7:00 AM / Proshare News

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PROSHARE ECONOMY

Weekly Economic and Financial Commentary – WE 12th Oct, 2018 - Global equities market witnessed landslide loss during the week, with the MSCI World index reaching a 1-year low on Thursday and set to close the week with a record loss. The sell-off largely reflected a shift in investors’ appetite for fixed income instruments following rising rates on long dated assets. Source Proshare Read More 

Stable Exchange Rate Best Choice For Nigeria – Emefiele - The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said that maintaining stable exchange rate to avoid depreciation of the naira is better than building foreign reserve buffers. Source Punch Read More 

FG Fixes Dec 31 Next Year For Final Review of DISCOs’ Performance - The Federal Government, yesterday, announced December 31, 2019, as date for final performance review of the privatised electricity Distribution Companies, DISCOs. Source Vanguard Read More 

FG Rejects IMF’s Recommendation on Taxes - In response to the International Monetary Fund’s recommendation that Nigeria increases its revenue through tax, Finance Minister Zainab Ahmed has said the country has no plans to effect any such hike. Source Daily Trust Read More 

FG to borrow $2.8bn With Eurobond - the Federal Government, yesterday, confirmed it would soon be heading to the international financial market to raise about $2.8 billion in Eurobond to fund capital projects in the budget. Source Sun Read More 

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PROSHARE MARKETS

Bond Market Turns Bearish Following Selloff on Mid-Tenors - The bond market turned bearish in today’s session, with yields trending higher by c.6bps, following slight selloff on the mid-tenors (26s – 28s). Except for slight interests on the 21s, other maturities remained scantily traded, even as their bids weakened in tune with the overall sentiment on the day. Yields consequently close c.13bps higher W-o-W. Source Proshare Read More 

What To Expect From The Markets This Week - 151018 - During the week, there was a flurry of economic data hinting on the current position of qualitative indicators, which hinge largely on the health of human endeavors.  Although, such indicators are backward looking in nature, however they serve as a barometer in measuring the effectiveness of policy over time. Source Proshare Read More 

NASD OTC Market CAP Drops by -1.53% to N478.73bn - As at close of trade week on 12 October 2018, market Capitalisation dropped to ₦478.73 billion from last week's previous ₦486.17 billion, which shows a 1.53% decrease in Capitalisation . Also the USI for the week ending 12 October, 2018 recorded a 1.53% decrease from 699.50 points to 688.80 points. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 121018 - The equities market recorded mixed performance – the listed equities market recorded +0.23% gain WoW while the NASD OTC also went down by -1.56% WoW. Source Proshare Read More 

NSEASI Extends Uptrend as Bellwether Stocks Lift Market; Records 0.23% Gain WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.12% to close at 32,456.98 basis points as against +0.11% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.13%. Source Proshare Read More

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PROSHARE BUSINESS

PMB Bans 50 High-Profile Nigerians From Travelling; Directs Implementation Of Executive Order No. 6 - The Federal Government has banned 50 high-profile Nigerians from travelling abroad following the implementation of the Executive Order 6 signed by President Muhammadu Buhari. Source Proshare Read More 

SEC Suspends Former BDO Accountants For Improperly “Predating” Audit Work Papers - The Securities and Exchange Commission today suspended three former BDO USA LLP accountants for their improper professional conduct during an audit of an exchange-listed insurance company. Source Proshare Read More 

Court Orders Unity Bank to Reinstate Executive Director - A National Industrial Court in Lagos has ordered Unity Bank to reinstate Mrs. Arese Alonge to her position as Executive Director of the bank. Source Thisday Read More 

Telcos Set to Drive Financial Inclusion, Inaugurates Committee - Nigeria’s major telecoms operators, Globacom, 9Mobile, Airtel, MTN Nigeria, and ntel, have inaugurated the Telecommunications Financial Inclusion Committee, and also laid out the roadmap for deepening financial inclusion and financial literacy across Nigeria. Source Thisday Read More  

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