Nigeria in 1min: Economic, Business and Financial Headlines – 290719

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Thursday, July 29, 2019 / 06:30 AM / By News Aggregator / @TonyElumeluFDN

 

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Fitch Affirms Ecobank Transnational Inc at 'B'; Outlook Stable - Fitch Ratings has affirmed Togo-based Ecobank Transnational Incorporated's (ETI) Long-Term Issuer Default Rating (IDR) at 'B'. The Outlook is Stable. ETI is the holding company of the Pan-African Ecobank group. Source Fitch Ratings Read More

NSR H2 2019 (8) - Balance of Payment - Foot On The Pedal - At the start of the year, we had guided to moderation in Nigeria’s current account surplus in Q1 19 to $420 million as we estimated that lower crude oil price over the quarter will constrain the value of oil exports. Source ARM Research Read More

CBN Explains Policy Towards The Production Of Milk - “Nigeria and the welfare of all Nigerians come first in all our policies considerations. We do not want to be dragged into politics. Our focus remains forex savings, job creation and investments in milk local production. Source CBN Read More

Oil Markets Struggle For Direction- OIR 260719 - Oil seems to be stuck in a range at the moment, with strong inventory draws being offset by ongoing fears about weak demand. Fundamentals are playing an increasingly large role in oil markets, with geopolitical shocks failing to move the needle when it comes to oil prices. Source Oilprice Read More

Weekly Economic and Financial Commentary – WE 26 July 2019 - Over the week, average fixed income yields rose 22bps WoW to 12.45% spurred by elevation at the short end of the curve. At the short end, following selloff across varying short dated instrument, average NTB yields rose 62bps WoW to 11.47%. Source ARM Read More

FG Spends N851.4bn On JV Oil Assets - The Federal Government, through the Nigerian National Petroleum Corporation, spent a total of N851.38bn ($2.79bn) on joint venture oil and gas assets in the first five months of 2019. The government has said it will reduce its stakes in the JV assets to 40 per cent this year but no time frame has been announced. Source Punch Read More

 

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July 2019 FGN Bond Auction Oversubscribed - The Debt Management Office (DMO) offered three (3) Instruments (5-Year, 10-Year and 30-Year Tenors) with a total value of N145 Billion, for subscription to the Investing Public at its July 2019 FGN Bond Auction which took place on Wednesday, July 24, 2019. Source DMO Read More

Summary of FGN Bond Auction Results For July 2019 - Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 14.55%FGN APR 2029 (Re-opening 10-Year Bond) & 14.80% FGN APR 2049 (Re-opening 30-Year Bond) Source DMO Read More

MTNN Declares N98.93bln PAT in Q2 2019 Results; Declares N2.95 Interim Dividend Per Share - Revenue grew  by 12.12% to N566.95bln from N505.67bln in the previous year. Profit Before Tax increased by 30.86% to N141.80bln from N108.36bln loss recorded in the previous year. Source NSE Read More

ETI Declares N59.49bn PAT in Q2 2019 Results, (SP:N9.00k) - Gross Earnings grew  by +5.4% to N405.20bln from N384.58mln in the previous quarter. Profit Before Tax increased by 12.8% to N73.43bln from N65.09bln recorded in the previous quarter. Source NSE Read More

Investors Lose N444.64bn WoW As NSEASI Dips By -0.003% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.26% to close at 27,918.59 points as against 0.35% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.17%. Source Proshare Read More

AIRTELAFRI Declares $132.2m PAT in Q1 2019 Results; SP: N323.50K - Airtel Africa Plc released its Q1 Unaudited Results for the Period ended June 30, 2019. Revenue grew by 6.90% to $795.9m from $744.5m in the previous year. Profit Before Tax increased by 108.73% to $167.4m from $80.2m loss recorded in the previous year. Source NSE Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 260719 - The equities market recorded negative performance – the listed equities market recorded -0.003% loss WoW while the NASD OTC recorded -1.08% loss WoW. The BDC closed flat, the CBN rates appreciated while the NAFEX and IEFX rates depreciated. Source Proshare Read More

NASD OTC Market CAP Decreased By -1.08% WoW To Close At N517.17bn - As at close of trade week on 26 July 2019, market Capitalisation decreased to 517.17 billion from last week's previous 522.80 billion, which shows a 1.08% decrease in Capitalisation. Also the USI for the week ended 26 July 2019 recorded a decrease from 727.69 points to 719.86  points. Source NASD Read More

Retail SMIS: CBN Injects $284.2m, CNY36m - The Central Bank of Nigeria (CBN), in the latest round of mediation in the inter-bank foreign exchange market, has injected the sum of $284.2million in the retail Secondary Market Intervention Sales (SMIS). This is in addition to CNY36.0million in the spot and short-tenured forwards segment of the inter-bank foreign market. Source CBN Read More

Traders Take Profit on Nigerian Eurobonds Ahead of US FED Rate Decision - The FGN Bond market traded on a relatively calm note, with yields marginally lower by c.2bps following continued interests on the Short end of the curve. We however witnessed slightly improved offers on the mid to long end of the curve. Source Zedcrest Capital Read More

What To Expect From The Markets This Week - 290719 - This week, the DMO held its monthly bond auction, offering 145 billion, but only selling 87 billion across the 5-year, 10-year and 30-year maturities at stop rates of 13.35%, 13.64% and 14.12% respectively, 79bps lower on average than the previous auction rates. Source Proshare Read More

Access Bank Issues Tier II N30bn Local Bond - To further strengthen its funding base, Access Bank Plc at the weekend announced that it has successfully issued a Tier II N30 billion fixed rate subordinated unsecured bond. The bond was oversubscribed, which according to a statement from the bank, further buttressed the confidence investors reposed in it. Source Thisday Read More 

 

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Emefiele: Growing Revenue Through N500b Export Stimulation Facility - The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has never minced words about his vision for expanding the productive capacity of the nation’s economy, in addition to his determination to pursue the apex bank’s mandate. Source TheNation Read More

AfCFTA: Buhari Okays National Action Panel For Implementation - A national action committee to begin the implementation of the African Continental Free Trade Area Agreement has been established by President Muhammadu Buhari. Buhari had signed the controversial AfCFTA Agreement on behalf of Nigeria in Niamey, Niger Republic, during the 12th Extraordinary Session of the African Union Heads of State held on 7. Source Punch Read More

U.S., China Move Trade Talks To Shanghai Amid Deal Pessimism - U.S. and Chinese trade negotiators shift to Shanghai this week for their first in-person talks since a G20 truce last month, a change of scenery for two sides struggling to resolve deep differences on how to end a year-long trade war.  Source Reuters Read More

Neither EU Nor U.K. Ready for No-Deal Brexit, Study Finds - Neither the European Union nor Britain is ready for a no-deal Brexit on Oct. 31, according to a study of contingency plans by the U.K.’s biggest business lobby group. “There are no areas of relevance to the economy where the U.K., EU and the business community are all prepared well enough for no deal,” the Confederation of British Industry said in a report published Sunday. Source Bloomberg Read More  

China Will Be the World’s Used Car Salesman - A Chinese company in Guangzhou recently exported 300 used cars to buyers in Cambodia, Nigeria, Myanmar and Russia. The shipment was a first for China, which till now had restricted large-scale exports of used cars in deference to manufacturers, who feared that poor vehicle quality could damage their reputations. There will be more such shipments -- and their impact will reverberate well beyond the mainland’s used-car lots. Source Bloomberg Opinion Read More


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Here’s All You Need to Know About Accessing DBN Loans - The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria. Source DBN Read More

TEF 2019: Osinbajo Confident That Young Entrepreneurs Will Transform Africa - Describing this generation as the smartest that has ever lived, the Vice President further urged young African entrepreneurs to positively change the "one-dimensional narratives of Africa" through their skills, enterprise and vision. Source Presidency Read More 

 

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