Nigeria in 1min: Economic, Business and Financial Headlines – 290319

Friday March 29, 2019 / 7:00 AM / By News Aggregator

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The World's Largest Oil Company And Petrochemical Company Merge - With a statement to the press, Aramco CEO Amin Nasser reported that Aramco has acquired a 70 percent stake in SABIC, with an estimated value of $69.1 billion.  Source Oilprice Read More

MPC Cut Benchmark Interest Rate By 50bps - The monetary policy committee (MPC), at its meeting on March 25/26, took investors by surprise by cutting the monetary policy rate (MPR) by 50bps to 13.5%pa. This happened after it maintained status quo for 16 consecutive sessions (33 months). Source FDC Read More

FG Issues 21 Hydropower, Other Licences - The Nigeria Integrated Water Resources Management Commission has issued licences to Nestle Water and Winners Power Gardens companies for water supply and hydropower construction respectively. Source Punch Read More

External Reserves Rise To Six-Month High Of $44.14bn - The nation’s foreign exchange reserves have increased to a six-month high of $44.14bn, data obtained from the Central Bank of Nigeria on Thursday showed.The external reserves have gained over $1.8bn since February 28, when it dropped to its 2019 low of $42.296bn. Source Punch Read More 

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PZ Cussons Nigeria Plc Q3 2019 - Lower Sales, Sticky Cost, Poor Earnings - The intense cross product competition in the home and personal care (HPC) segment further exerted pressure on PZ Cussons’ operation over its FQ3 191 financial year (to recall, the company’s financial year runs from June to May) results released after the close of market yesterday.  Source ARM Read More 

Ahead Of FY2018 Results: Unity Bank Likely To Turn A Corner - Market analysts are keeping vigil over the FYE 2018 results of Unity Bank Plc with a slight sense of unease. Running off the back of a dismal 2017 performance stakeholders are troubled by the fact that the bank’s recent problems with non -performing assets (NPLs) could poke holes in its profit numbers. Source Proshare Read More 

NSEASI Inches Up By 0.01% Amidst Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by 0.01% to close at 30,833.50basis points as against 0.67% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.90%.  Source Proshare Read More 

ETI Declares N102.17 bln PAT in Q4'18 Results,(SP:N13.20k). Source NSE Read More 

ALERT: 88.81% of Total Market Volume Traded on WEMABANK Shares Today - This represents 88.81% of the total market volumes of 1.27bn and while the value of WEMABANK shares traded represents 45.48% of the total market value traded which was put at N2.80bn.  Source Proshare Read More

United Capital Holds 2019 AGM, Pays 30k Dividend To Shareholders - One of Nigeria’s leading investment banking groups United Capital, today hosted its 2019 Annual General Meeting at the Oriental Hotel, Lagos.  Source Proshare Read More

Bond Market Trades Flat, Despite Significant Cut in Auction Rates - The FGN Bond market traded on a relatively flat note despite the significant cut in stop rates at yesterday’s auction. We witnessed slight demand on the short end of the curve (23s & 24s) countered by some profit taking on the 2028s which trended higher by c.20bps on the day, (having compressed significantly in the previous session).  Source Zedcrest Capital Read More

FG Plans To Borrow N1.6tn In 2019 —DMO - The Director-General, Debt Management Office, Ms Patience Oniha, has said the Federal Government plans to borrow N1.6tn to fund the 2019 budget. Oniha said the government had been reducing its level of new borrowings, as it dropped from N2.2tn in 2017 to N1.6tn in 2018. Source Punch Read More 

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How Nigeria can Leverage The AfCFTA - Prof Oramah - Barriers to trade have kept African economies in silos of underperformance; not only have the trade walls prevented economic growth, but they have also led to a social distancing of people and cultures. Source Proshare Read More

Dangote, Ovia, Elumelu, Others Named Nigeria’s Top 10 Philanthropists -  In the latest edition of the magazine which looks at the stakes and contributions of Nigeria’s largest private foundations, the magazine lists the top 10 philanthropists leading the pack of individuals that have committed substantial part of their wealth to philanthropy and humanitarian services. Source Leadership Read More 

U.S., China Resume Trade Talks In Beijing After 'Productive Working Dinner' - U.S. Treasury Secretary Steven Mnuchin said on Friday he had a “productive working dinner” the previous night in Beijing, kicking off a day of talks aimed at resolving the bitter trade dispute between the world’s two largest economies.  Source Reuters Read More

Boeing Sued Over Ethiopia Crash as Plane Orders in Asia Waver - Boeing Co. was sued on behalf of a passenger killed in this month’s 737 Max plane crash in Ethiopia and orders for the troubled aircraft wavered in Asia, deepening the planemaker’s legal and financial woes. Source Bloomberg Read More

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Buhari Launches Micro Pension Plan For Informal Sector - President Muhammadu Buhari yesterday at Asso Villa, Abuja,  formally launched the Micro Pension Plan (MPP).It is part of Federal Government’s initiative to achieve financial inclusion, a diversified and inclusive economy. Source TheNation Read More

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