Nigeria in 1min: Economic, Business and Financial Headlines – 190619

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Wednesday, June 19, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @AfDB_Group

 

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PROSHARE ECONOMY

Are Oil Markets At A Turning Point? – OIR 180619 - Oil prices started down on Tuesday but jumped quickly on hopes of a U.S.-China trade deal. President Trump said that he will have an “extended meeting” with Xi Jingping next week in Japan on the sidelines of the G-20. The Dow Jones Industrial Average surged by more than 300 points on the news. Source Oilprice Read More

EU Invests N53.9bn In Nigeria’s Power Sector - The European Union on Tuesday announced that it had committed over €156.3m (N53.9bn at N344.88 to one euro) in different financing instruments in Nigeria’s power sector. It, however, regretted that the country’s power sector was losing N1.3bn daily despite efforts by stakeholders to address the challenges in the industry. Source Punch Read More

Nigeria Records Stable Oil Production Level of 2.3mbpd  - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru yesterday stated that the corporation as at June 2019 recorded 2.3 million barrels per day of crude oil production. Baru also disclosed that the corporation attracted $3.6 billion and $3 billion in 2017 and 2018, respectively, adding that negotiations were currently ongoing to attract several billions of dollar worth of investments into the oil and gas sector. Source Thisday Read More

  

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PROSHARE REGULATORS

SEC Grants Final Approval For Lagos Commodity Exchange - The Securities and Exchange Commission (SEC) has finally approved the application from Lagos Commodity and Futures Exchange, LCFE, for the commencement of commodities and futures trading. The LCFE is promoted by the Association of Securities Dealing Houses of Nigeria (ASHON). Source Vanguard Read More

 

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PROSHARE MARKETS

CBN’s Exchange Rate Policy: Possibility of Unification? - The exchange rate has been a subject of political and market acrimony in Nigeria. For an oil-dependent economy with a high marginal propensity to import (approximately 70%) and where smuggling is still paramount, exchange rate management remains a sensitive issue. Source FDC Ltd Read More

NSE Identifies Lafarge, Conoil, 32 Others As Companies That Fell Short of Minimum Listing Standard - The Nigerian Stock Exchange, in its latest X-Compliance Report of June 14, 2019, has identified thirty-four (34) companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial statements. Source Proshare Read More

Update: Huge Volume Traded on WEMABANK Shares Yesterday Was A Cross Deal -  Latest information at our disposal on the huge volume transaction witnessed on WEMABANK shares yesterday after the close of trading on NSE have shed more light on the unusual trading statistics. Proshare Read More

ALERT: 82.38% of Total Market Volume Traded on WEMABANK Shares Today - Just like we reported yesterday of a huge volume traded on WEMABANK shares yesterday which turned out to be a cross deal as earlier updated today, another huge volume trade also occurred today. Proshare Read More

Investors Lose N51.79bn As Market Sentiment Turns Negative; NSEASI Dips By - 0.39% - Equities market closed today on a negative note, as NSEASI depreciated by 0.39% to close at 29,818.80 points as against 0.37% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.13%. Source Proshare Read More

 

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PROSHARE BUSINESS 

Discos’ Collections Rise to N831bn in Two Years - Electricity consumers who are hooked on to the national grid paid N831 billion to the Distribution Companies (Discos) out of about N1.3 billion worth of electricity that was sent to their homes and offices between the second quarter of 2017 (Q2 2017) and first quarter of 2019 (Q1 2019). Source Thisday Read More

U.S., China Rekindle Trade Talks Ahead Of Trump-Xi G20 Meeting - China and the United States are rekindling trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, cheering financial markets on hopes that an escalating trade war between the two countries would abate.  Source Reuters Read More

West African Finance Ministers Inch Closer to Single Currency - West African finance ministers and central bank governors agreed on technical issues surrounding the creation of a single currency for the Economic Community of West African States next year. Source Bloomberg Read More

CBN Releases N607bn Agriculture Credit For 587 Projects - The Central Bank of Nigeria has released a total of N607.87bn credit to selected Deposit Money Banks to disburse for 587 agricultural projects, latest figures from the CBN have shown. In its most recent economic report, the apex bank stated that the money was under its Commercial Agriculture Credit Scheme, adding that a total of N345.06bn had been repaid by beneficiaries of the scheme. Source Punch Read More 

 

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PROSHARE TECHNOLOGY  

‘Facecoin’ Is Here - Facebook has unveiled its ambitious and hotly anticipated plan to create an alternative financial system built on a cryptocurrency named Libra, Mike Isaac and Nathaniel Popper of the NYT write. Source Mike Isaac and Nathaniel Popper of The New York Times Read More 

Huawei Has 56,492 Patents and It's Not Afraid to Use Them - As Huawei Technologies Co. comes under unrelenting pressure from the Trump administration, the Chinese telecom giant has one advantage that the U.S. can’t undermine: a vast, global portfolio of patents on critical technology. Source Bloomberg Read More


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PROSHARE FINANCE

Pencom: 15 States Implementing CPS - The number of states that have enacted laws on the Contributory Pension Scheme (CPS) rose in the first quarter of the year. This was made known in this year’s Quarterly Report of the National Pension Commission (PENCOM). Source TheNation Read More

 

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