Nigeria in 1min: Economic, Business and Financial Headlines – 220719

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Monday, July 22, 2019 / 06:35 AM / By News Aggregator / Header Image Credit: 

 

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PROSHARE ECONOMY

Sugar Prices Inched Down By 0.08% Due To Concerns Of Weak Global Demand - Oil prices declined on the news of lower US stockpiles of 3.1 million barrels. Brent remained at $63.70pb. A major cause for concern amongst analysts is the introduction of VAT on brokers fees on all stock market transactions on the same day as the implementation of the minimum wage. Source FDC Read More 

AFEX Nigeria Discusses Risk Management Approaches for Agricultural Finance and Trading - In its lineup of necessary issues to be discussed around agriculture and food security for the 2019 Agribusiness and Food Security Summit held on the 18th of July 2019 in Lagos, Nigeria, BusinessDay hosted a panel session on ‘Risk Management Approaches and Solutions in Agricultural Finance and Trading.’ Source AFEX Nigeria Read More

MPC Preview: Growth Concern to Spur Dovish Stance - The Central Bank of Nigeria (CBN) is set to commence its two-day monetary policy committee meeting next week Monday. As its usual practice, the committee will assess developments on both the domestic and global landscape, which we believe will inform its decision at the end of the meeting on Tuesday. Source ARM Read More

Weekly Economic and Financial Commentary – WE 19 July 2019 - Headline Inflation for the month of June dipped by 18bps to 11.22% relative to the prior month. Food inflation spearheaded the moderation, declining by 24bps to 13.50% YoY due to softening farm produce – a fallout of increased market supplies observed during the month. Source ARM Read More

Oil Capped By Shaky Demand Outlook - OIR 190719 - Oil prices fell this week on rising fears of weakening demand and a renewed supply surplus.  Source Oilprice Read More

Inequality in Nigeria – Exploring The Drivers - Despite the prevailing recession Nigeria is still seen as Africa’s largest economy and one of the fastest-growing in the world. Yet, more than half of the Nigerian population still grapples with extreme poverty, while a small group of elites enjoys ever-growing wealth. Source OXFAM Read More   

 

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CEO Remuneration: Making Sense Of The Numbers For Listed Companies In Nigeria - The pay of corporate executives have always been strange alchemy of objective performance metrics, perceived organizational status and personal hubris. Trying to draw a straight line between a chief executive officer’s (CEO) remuneration and corporate performance is a difficult enterprise that tends to lead to frustration if not irritation. Source Proshare Read More

Investors Lose N315.45bn WoW As NSEASI Dips By -2.27% To Close The Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by 0.20% to close at 27,919.50 points as against 0.64% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.17%. Source Proshare Read More 

Corporate Earnings For The Week Ending 190719 – TRANSCORP Declares N4.61bn PAT in Q2 2019 Results - One (1) out of the four (4) firms declared growth in revenue. CADBURY records 10.8% growth in earnings to emerge as the firm with highest growth in earnings while TRANSCORP records 30% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More

Flour Mills of Nigeria Q4 2019 Results Review: Earnings Hurt By Competitive Headwinds - We have cut our earnings forecasts for Flour Mills of Nigeria (FMN) following its disappointing Q4 2019 results. FMN reported a loss of –N1.1bn in Q4 versus our PBT forecast of N144m, and missed our FY 2019 forecast by 11%. Source FBNQuest Research Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 190719 - The equities market recorded negative performance – the listed equities market recorded -2.27% loss WoW while the NASD OTC recorded -0.43% loss WoW. Source Proshare Read More

NASD OTC Market CAP Decreased By -0.43% WoW To Close At N522.80bn - As at close of trade week on 19 July 2019, market Capitalisation decreased to 522.80 billion from last week's previous 525.05 billion, which shows a 0.43% decrease in Capitalisation. Source NASD Read More

What To Expect From The Markets This Week - 220719 - In spite of system liquidity being at a healthy level of ?365 billion, the Interbank Call rate advanced 564bps to 11.93%.  Source Proshare Read More

NIDF Delivers Over 55% Total Returns To Investors - Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) has marked its second anniversary, delivering over 55 per cent of returns to unitholders during the period. It also announced its eight consecutive quarterly distribution, of N4.34 per unit for the second quarter of 2019, making a total distribution of N4.67 billion in cash, amounting to N33.86 per unit to NIDF unitholders since inception.  Source Guardian Read More

 

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PROSHARE BUSINESS

Pencom Issues Compliance Certificates To 4,657 Employers - The commission disclosed this in its third quarter report on ‘Update on compliance by the private sector.’ Part of the report read, “During the period under review, the commission received 6,630 applications for the issuance of compliance certificate out of which 4,657 certificates were issued, while 1,973 applications were declined due to non-remittance of pension contributions for the appropriate period and/or non-provision of Group Life Insurance Policy for the employees. Source Punch Read More

NNPC Trading Surplus Rises By 13% To N6.33 Billion In One Month - In a statement on its Monthly Financial and Operations Report for May 2019, the NNPC disclosed that the trading surplus recorded in the month under review, represented an improvement of 13 per cent over the N5.60 billion surplus recorded in April 2019. Source Vanguard Read More

Oil Gains As Middle East Gulf Tensions Flare, Libya Field Shut - Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East and after Libya reported the shut down of its largest oil field. Source Reuters Read More

Cement Companies Are Starting to Get a $33 Trillion Headache - The world’s biggest cement makers have been under pressure from environmental groups, regulators and lawmakers to cut pollution. Now, some of the world’s most powerful investors are echoing those calls.Members of the Institutional Investors Group on Climate change and the Climate Action 100+, a coalition of money managers with more than $33 trillion under management, is asking that European construction-material companies commit to a target of reducing net carbon dioxide emissions to zero by 2050.  Source Bloomberg Read More

US Partners Nigeria on ‘Feed the Future’ Initiative - The United States government via the US Agency for Internal Development (USAID), which works to sustainably reduce global poverty, malnutrition and hunger, has partnered with Nigeria government as one of the 12 countries on the ‘Feed the Future’ initiative targeted at improving food security in the country. Source Thisday Read More

Banks Freeze Interests On N800b Oil Marketers’ Loans - Commercial banks have frozen interests on the N800 billion loans granted oil marketers, The Nation has learnt. They did so in compliance with a Central Bank of Nigeria (CBN) directive that all income on the facilities be suspended. Source TheNation Read More

 

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PROSHARE TECHNOLOGY  

FSDH Holds Roundtable on “Women, Money and Building a Financial Legacy” with Dolapo Osinbajo - Nigerian women have been encouraged to imbibe a strong savings and investment culture, in order to be well position to build financial legacies for their children. Source Proshare Read More

Blockchain Offers Efficiency but Untested in Securitization - Blockchain distributed ledger technology (blockchain or DLT) has the potential to improve the transparency and execution time of traditional securitizations and covered bonds, says Fitch Ratings. Source Fitch Ratings Read More 

 

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