Nigeria in 1min: Economic, Business and Financial Headlines – 240619

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Monday, June 24 2019 / 06:50 AM / By News Aggregator / Header Image Credit: @followlasg

 

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PROSHARE ECONOMY

Adverse Weather Conditions To Increase Grain Prices - The downing of a US drone by Iran and hard words by Trump triggered an oil price (Brent) rally to $64.22pb. This commodity price move will help Nigeria’s external reserves which has been slipping recently. Source FDC Ltd Read More

Weekly Economic and Financial Commentary – Week Ended, June 21, 2019 - The Nigerian Bourse closed negative for the third consecutive week, with the NSE ASI shedding 0.65% WoW to close at 29,851.29 points and market capitalization shedding N78.1 billion. Source ARM Read More

War Worries Send Oil Prices Soaring – OIR 210619 - Oil prices spiked by roughly 5 percent on Thursday as the U.S. considered a military strike against Iran. Late Thursday, the U.S. military appeared poised to carry out such a strike, but the operation was called off at the last minute. Source Oilprice Read More 

 

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PROSHARE MARKETS

What To Expect From The Markets This Week - 240619 - Despite current market liquidity at 289.363 billion, the Interbank Call rate advanced 428bps to settle at 8.71% in todays session. Source Proshare Read More 

DMO Clarifies Media Reports on Eurobond Issuance by Nigeria in 2019 - The Debt Management Office (DMO) wishes to refute reports carried out in various media on June 19, 2019 stating that the Federal Government has no plans to issue Eurobonds as part of its external borrowing in 2019. Source DMO Read More 

Invest in FGN Monthly Bond Auction – June 2019 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for. Source DMO Read More 

What Nigerians Need To Know About Airtel Africa Global IPO – Earlier, Airtel Africa Plc ("the Company") released the prospectus for a global Initial Public Offer (IPO) of ordinary shares worth $780mn (or N270.0bn). The expected price of the offer is set at a range of 80 pence and 100 pence/share or (£0.8-£1.0/share).  Source United Capital Research  Read More 

Investors Lose N78.10bn WoW As NSEASI Dips By -0.65% To Close The Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by 0.29% to close at 29,851.29 points as against 0.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.02%. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 210619 - The equities market recorded negative performance – the listed equities market recorded -0.65%  loss WoW while the NASD OTC recorded -3.99% loss WoW. The IEFX rate depreciated, the NAFEX and the CBN rates appreciated while the BDC rate closed flat. Source Proshare Read More 

Moody’s Downgrades the Democratic Republic of Congo’s Rating to Caa1 - Earlier this week, Moody’s took a rating action on the Democratic Republic of Congo (DRC) in a move that saw the Central African country move one notch deeper into the junk bond region. The credit rating agency moved the country from B3 to Caa1, effectively placing the country at par with Iraq, Lebanon, Gabon and Ukraine on the Caa1 scale. Source United Capital Research Read More 

Domestic and Foreign Portfolio Participation in Equity Trading - May 2019 – On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 31 May 2019, total transactions at the nation’s bourse increased by 48.49% from N148.91 billion (about $485.9 million) 5 recorded in April 2019 to N221.13 billion (about $713.7 million) in May 2019. Source NSE Read More 

NASD OTC Market CAP Decreased By -3.99% WoW To Close At N520.52bn - As at close of trade week on 21 June 2019, market Capitalisation decreased to 520.52 billion from last week's previous 542.14 billion, which shows a 3.99% decrease in Capitalisation. Also the USI for the week ended 21 June 2019 recorded a decrease from 754.61  points to 724.52 points. Source NASD Plc Read More

FG To Inaugurate SEC Nigeria Board With Olufemi Lijadu As Chairman - The Federal Government will today inaugurate the board of the Securities and Exchange Commission of Nigeria in Abuja, the Federal Capital Territory.  Source Proshare Read More

 

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PROSHARE BUSINESS 

Airtel Signs N50bn Loan Agreement With Banks - Airtel Nigeria has signed a five-year loan agreement with a number of Nigerian banks. The telecommunication company, which is set to list its shares on the Nigerian Stock Exchange by July 4 and its African unit on the London Stock Exchange, disclosed this in its offer prospectus. Source Punch Read More

Mauritius Rule Changes May Hit Offshore Funds - The Mauritius government’s proposal to amend tax residency rules for companies is giving jitters to foreign funds operating from the tax haven. Mauritius has recently announced that it is amending rules for determining tax residency for companies so that a company will not be considered tax resident in the country if it is centrally managed and controlled outside Mauritius. Source Asianage Read More

Stocks Trade Mixed; Oil Climbs on Iran Tensions: Markets Wrap - Stocks in Asia were mixed, while U.S. futures edged higher, as investors monitored geopolitical risks and prepared for the high-stakes meeting between Presidents Donald Trump and Xi Jinping. Oil climbed as the U.S. said it was planning sanctions on Iran. Source Bloomberg Read More

MPC Members Advocate Strong Consumer Credit System - Members of the Monetary Policy Committee, MPC, of the Central Bank of Nigeria have called for development of a strong consumer credit system in the country, stressing that this is a requirement for boosting economic growth. Source Vanguard Read More

ECOWAS Adopts Global Certification Benchmark For Products - The European Union and the ECOWAS Commission have developed standards for the certification of some major products to boost the level of international trade. The five priority products selected by the member states are water, cashew nuts, vegetable oil, cement and fish. Source Punch Read More

China Says Both U.S., China Should Make Compromises In Trade Talks - Both China and the United States should make compromises in trade talks, Chinese Vice Commerce Minister Wang Shouwen said on Monday, ahead of a much anticipated meeting between the Chinese and U.S. presidents at this week’s G20 summit in Japan. Source Reuters Read More

 

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PROSHARE TECHNOLOGY      

Broadband: VDT Set To Provide Nigerians 4G LTE Data Service - As Nigeria seeks to deepen it's broadband space to expand digital and telecommunications services, VDT Communications is set to launch in July, 2019  its retail data network "4G LTE Advanced Service" into the market. Source Proshare Read More

 

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