Nigeria in 1min: Economic, Business and Financial Headlines – 210619

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Friday, June 21 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY

Average Price of 1kg of Rice Increased By 1.07% MoM to N361.39 in May 2019 - NBS - Selected food price watch data for May 2019 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -15.27% and month-on month by -0.49% to N464.87 in May 2019 from N467.18 in April 2019 while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 2.52% and month-on-month by 2.08% to N42.82 in May 2019 from N41.95 in April 2019. Source NBS Read More

Again, Global Manufacturing Growth Down In Q1 2019 - The slowdown in global manufacturing growth evident since the end of 2017 continued in the first quarter of 2019, a report by the United Nations Industrial Development Organisation (UNIDO), has said. It attributed the slowdown to emerging trade and tariff barriers involving the United States and China, as well as the European Union (EU), which exposed markets to a significant amount of uncertainty, which in turn affected investment and future growth. Source TheNation Read More

 

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PROSHARE MARKETS 

Presco Q1 2019 and Q4 2018 Results Review: Weak Earnings Outlook for FY 2019E - Presco’s Q1 2019 and Q4 2018 results both disappointed. Compared with our estimate, Q1 2019 earnings of N2.1bn, which declined by -18% y/y, missed by around 25%. Following the firm’s earnings conference call, we conclude that topline pressure is very likely to persist through the year. Source FBNQuest Research Read More

NSEASI Records -0.02% Marginal Loss As Market Sentiment Remains Negative – Equities market closed today on a negative note, as NSEASI depreciated by 0.02% to close at 29,765.31 points as against 0.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.30%. Source Proshare Read More

Nigerian Eurobonds Maintain Strong Rally as Global Central Banks Turn Dovish - The FGN Bond market remained relatively stable, with yields compressing marginally by c.4bps following some demand mostly on the short end of the curve. Source Zedcrest Capital Read More

Mutual Funds Investment Hits N746.5bn - The value of mutual funds investment hit N746.5bn at the end of May 2019, data from the Securities and Exchange Commission revealed. Mutual funds are professionally-managed investment programmes that pool money from many investors to purchase securities. Source Punch Read More

 

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PROSHARE BUSINESS 

Deloitte Issues Press Statement on OANDO Forensic Audit - Our attention has been drawn to a press statement issued by OANDO Plc on Tuesday, 18 June 2019. We believe that the press statement contains material contains material factual inaccuracies relating to our conduct of the forensic audit as commissioned by the Securities and Exchange Commission (SEC). Source Deloitte Press Release Read More

Asian Stocks Fail To Catch Wall Street's Fed Rally As Trade Angst Persists - Asian stocks struggled on Friday to follow Wall Street’s euphoria about a possible U.S. rate cut next month as anxiety over Sino-U.S. trade negotiations clouded investor sentiment in the region. Source Reuters Read More

Ramaphosa Pledges Relentless Focus on South African Growth - South African President Cyril Ramaphosa unveiled a host of measures to get the struggling economy back on track, including the imminent sale of additional spectrum to mobile-network operators and increased spending on new water infrastructure, roads and student accommodation. Source Bloomberg Read More


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Oil Pares Advance as Trump U-Turns on Retaliatory Iran Strike - Brent oil pared its biggest weekly gain in four months after President Donald Trump pulled back from retaliatory strikes on Iran for downing a U.S. drone as tensions flare in the Middle East. Source Bloomberg Read More

Gas Shortage, Others Cut Power Generation By 3,109.5MW - A total of 3,109.5 megawatts of electricity could not be generated on the country’s power grid on Wednesday as a result of gas, frequency and water management constraints in the sector, latest figures from the industry released on Thursday showed. Source Punch Read More

 

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PROSHARE TECHNOLOGY

Ahead of the 2019 Online Trading Ranking Report – How the Top 3 Rank in Previous Editions – The 2019 edition of the Proshare Online Trading Ranking Report, which will be the fifth of its kind, is work in progress and will be published as soon as the report is completed in early H2 2019.  Source Proshare Read More        

Osinbajo, Sanwoolu, Laud PwC On Its Innovation Centre Launch in Lagos - The Vice-President of the Federal Republic of Nigeria Prof. Yemi Osinbajo and Lagos State Governor Mr. Babajide Sanwoolu both commended Price Water House Coopers, on the launch of its Innovation Experience Centre. Source Proshare Read More

Nigeria’s e-Commerce Value To Rise To N15trn In 10yrs - Nigeria’s e-commerce market value could rise to $50 billion (N15.45 trillion) over the next decade. Speaking, yesterday, in Abuja at the Public-Private Sector Dialogue on E-Commerce and Digital Economy, the President of Abuja Chamber of Commerce and Industry, Prince Adetokunbo Kayode, said the value of e-commerce market in Nigeria at the moment is estimated at about $13 billion (about N4.01 trillion). Source Dailytrust Read More

 

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