Nigeria in 1min: Economic, Business and Financial Headlines – 240419

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Wednesday, April 24, 2019 / 06:35 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY

Can Saudi Arabia Still Sway The Oil Market? - Saudi Arabia, the world’s top oil exporter and OPEC's largest producer, has influenced the oil market and oil flows since the middle of the 20th century. Source Oilprice Read More

Oil Hits 2019 High On Iran Sanctions – OIR 230419 -  Oil prices shot up to new highs for the year on this week after the U.S. announced that it would let waivers on Iran sanctions fully expire. In early trading on Tuesday, WTI topped $66 per barrel and Brent moved above $74.  Source Oilprice Read More

FG To Process Mining Licences In 15 Days - The Minister of State for Mines and Steel Development, Bwari Abubakar, disclosed this in Lagos on Tuesday, during the Nigeria Mining Business Investment Summit, jointly organised by the Lagos Chamber of Commerce and Industry and the Association of Metals Exporters of Nigeria. Source Punch Read More

Nigeria’s N24tn Debt Still Sustainable, FG Insists - The Minister of Finance, Mrs Zainab Ahmed, has said that Nigeria’s debt which currently stands at about N24.3tn is still within sustainable limit. She said that the country’s debt, which is about 19 per cent to the Gross Domestic Product, was still low compared to Ghana, Brazil, South Africa, Egypt and Angola. Source Punch Read More

Lagos Alone Contributed 70% Of Nigeria’s N5.2tr Tax Revenue - The development, which shows a lopsided tax base, is also an indication that the long four-year tax reforms and campaign have less impact in the remaining 35 states given the huge untapped potential. Source Guardian Read More

 

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PROSHARE REGULATORS

SEC, Pencom Collaborate On Financial Literacy - The Securities and Exchange Commission (SEC) and the National Pensions Commission (Pencom) have agreed to work together to ensure more Nigerians are brought into the financial literacy net. The resolution was reached  at a meeting between the Technical Committee on Financial Literacy and Pencom, held in Abuja. Source TheNation Read More

 

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PROSHARE MARKETS 

Proshare To Release Its Report On The Impact of IFRS9 Rules On Banks 2019 Financials - While banks’ welcomed the boost in profits from Day One adjustments in their 2018 financial results; the reality of the imminent impact of IFRS9 on the 2019 financial results is beginning to dawn on the industry; as financial controllers agonise over options open to them. Source Proshare Read More 

Access Bank Q1 2019 Results Review: Still Sizable Upside Potential Post Q1 Results - Access Bank’s (Access) Q1 2019 results beat ours and consensus forecasts on every criterion. In particular, funding income was exceptionally strong, with a growth of 27% y/y and a positive variance of 23% relative to our forecast. Source FBNQuest Read More 

ZENITHBANK Redeemed Its US$500m Eurobond Due April 22, 2019 - Zenith Bank Plc (Bloomberg: ZENITHBA NL) (“Zenith” or the “Bank’’) has announced the redemption of its matured US $500 million Eurobond due April 22, 2019. These Notes were issued on April 22, 2014 with a 5 year tenor at a coupon of 6.250%, under the Bank’s US $1 billion Global Medium Term Note Program. Source NSE Read More 

NSE Releases Latest X-Compliance Report; Includes Fine for Disclosure Violations, Free Float Deficiencies - The companies namely ACCESS, DIAMONDBNK and FIRSTALUM  were fined N4.41m, N3.23m and N476,280 respectively. This amount to a fine of N8.12m so far in 2019 as against a fine 0f N4.06m in 2018.  Source NSE Read More 

Olam Acquires Dangote Flour Mills; DANGFLOUR Declares N1.16bn Loss in 2018 FYA; To Delist - Global food and agri-business leaders, Olam International is set to acquire full ownership of Dangote Flour Mills Plc (DFM), a flour and pasta manufacturer in Nigeria, for US$ 361 million, amid growing demand for bakery and snack foods in the country. Source Proshare | NSE Read More 

Average Money Market Rate Fell By 10.72% To Settle At 10.22% - The money market rate decreased significantly last week as the Overnight rate (OVN) and Open Buy Back (OBB) dropped to 10.57% and 9.86% from 21.57% and 20.29% respectively. Source Anchoria AM Research Read More 

Average Yield Moderates to 13.3% on Absence of OMO Auctions - Last week, the T-Bills secondary market sustained its bullish run for the third consecutive trading session amidst the absence of OMO auctions throughout the four trading sessions. Source Afrinvest Read More 

NSEASI Dips By -0.03% Amid Positive Market Breadth; Opens The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.03% to close at 30,076.00 points as against 0.39%  appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.31%. Source Proshare Read More

UBA Declares N28.66bn PAT in Q1 2019 Results,(SP:N6.85k) - United Bank For Africa Plc released its unaudited first quarter results for the period ended March 31, 2019. Source NSE Read More

 

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PROSHARE BUSINESS 

NCC Declares 95.7 Million Subscribers’ SIM Registration Invalid - The Nigerian Communications Commission has declared the registration of 95.7 million Subscriber Identity Module cards invalid because of improper capture of fingerprints and faces. Thus, the telecommunications regulatory agency may soon send the owners of the SIM cards back to registration centres where their details would be properly captured. Source Punch Read More

 

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PROSHARE TECHNOLOGY

FG Hails Huawei Over Impact On Nigeria’s ICT Sector - The impact of world’s leading communication giant, Huawei Technologies, has made noticeable impacts in Nigeria, the country’s Federal Government has said. Source Vanguard Read More

 

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