Nigeria in 1min: Economic, Business and Financial Headlines – 020818


Thursday, August 02, 2018 / 7:10 AM / Proshare News



Manufacturing PMI Stands at 56.8% in July 2018 from 57.0% in June 2018- The July 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period July 12 - 20, 2018. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT) (Fig. 1). Source Proshare Read more 

Finally, FG Approves N72.9bn for Reconstruction of Oworonshoki- Apapa Road - The federal government yesterday in Abuja approved the take-off of the reconstruction of Oworonshoki- Apapa express way in Lagos State at the cost of N72.9 billion. Source Thisday Read more 

RMAFC gives NNPC clean bill on accountability, transparency - The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commended the Nigerian National Petroleum Corporation (NNPC) on its efforts at improving accountability and transparency. Source Daily Trust Read more

Low savings: 92,925 retirees quit contributory pension scheme - More retirees are quitting the Contributory Pension Scheme and withdrawing the funds in their Retirement Savings Accounts because they do not have more than N550,000 in their accounts as of the time  of their retirement, investigation has revealed. Source Punch Read more 

Sokoto Governor Aminu Tambuwal Leaves APC, Returns To PDP And Explains Why- Aminu W. Tambuwal, the Governor of Sokoto State, has left the ruling All Progressives Congress (APC) and made a return to the main opposition party, the People’s Democratic Party (PDP). Source Proshare Read more 

APC National Publicity, Bolaji Abdullahi Resigns From Office, Leaves Party- In view of recent political developments in the country and within the All Progressives Congress (APC), I have decided to resign my position as the National Publicity Secretary as well as my membership of the party with effect from today. Source Proshare Read more

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NSEASI Drops by -1.09% As Market Sentiment Closes Negative- Equities market closed today on a negative note, as NSEASI depreciated by -1.09% to close at 36,612.83 basis points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.26%.  Source Proshare Read more 

First Bank - Mixed Performances Amidst Impressive Top Line Growth- FBNH released its H1’18 results, reporting an improvement on the unconvincing start from Q1’18. Top and bottom line both came in ahead of our estimates with the PAT deviation even more pronounced. Source Proshare Read more 

Domestic and Foreign Portfolio Participation in Equity Trading – June 2018- On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. The table below shows an analysis of transactions on The Exchange as at the end of June 2018. Source Proshare Read more 

One Week After: DANGCEM Records -0.85% Price Depreciation; Volume Traded Grew by 291.98%- Dangote Cement Plc share price has depreciated by -0.85% in the last one week after the release of its Q2 2018 financial results. The stock price opened on Monday last week at N236.00k, thereafter it dropped to N234.00k at the close of trading on Thursday 26th July 2018 and has remained at this price till date. Source Proshare Read more 

Renewable energy records $200m investments - Nigeria’s renewable energy segment has recorded $200million worth of equity investments, Stanbic IBTC Bank’s Head, Power & Infrastructure, Mr Abiodun Oni, has said. Source THE NATION Read more 

Nigeria needs additional 300,000bpd to meet daily consumption - Oil industry experts said yesterday that with the nation’s growth rate, about 300,000 barrels per day is required to meet demand for petroleum products’ consumption. Source Daily Trust Read more

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FCMB Bank (UK) Limited Launches Personal and Business Banking Proposition to Deepen Inclusiveness- FCMB Bank (UK) Limited, an independently incorporated subsidiary of First City Monument Bank Limited (which is a member of FCMB Group Plc), has introduced its Personal and Business banking proposition in London, United Kingdom and Lagos, Nigeria at an impressive ceremony attended by the top echelon of the business community within and from outside the country. Source Proshare Read more 

Bank while you chat on WhatsApp with South Africa's Absa - South Africa’s Absa Group on Wednesday officially launched Whatsapp banking, in its latest push to become a digitally-led African bank, with more than 10,000 customers already registered to date since early July. Source Reuters Read more 

Oil steadies to trade higher after losses - Oil prices rose on Thursday, steadying after losses over the past two days from a surprise increase in U.S. crude inventories and renewed concerns over trade friction between the U.S. and China. Source Reuters Read more 

Fed Leaves Key Rate Unchanged With Economy Growing at ‘Strong Rate’ - Federal Reserve officials left U.S. interest rates unchanged and stuck with a plan to gradually lift borrowing costs amid “strong” growth that backs bets for a hike in September. Source Bloomberg Read more 

Wells Fargo to pay $2.09 billion fine over decade-old mortgage loans - Wells Fargo (WFC.N) has agreed to pay $2.09 billion in penalty to settle claims related to mortgage loans originated in the run-up to the financial crisis. Source Reuters Read more 

Trump bans Rwanda from AGOA - President Donald Trump has suspended Rwanda’s right to export clothing duty-free to the United States over Kigali’s decision to increase tariffs on imports of used clothing and footwear. Rwanda Development Board Chief Executive Clare Akamanzi had this to say. Source CNBC Read more 

OPEC Oil Production Climbs as Saudi Arabia Pumps Near Record - OPEC’s crude output increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met. Source Bloomberg Read more 

Gold pinned near one-year lows on dollar strength - Gold was stable near one-year lows on Wednesday on a stronger dollar, as the market waited for signals on the direction of U.S. monetary policy from a Federal Reserve meeting later in the day. Source Reuters Read more

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Quidax Launches in Nigeria- A European based company called Quidax launches her digital assets exchange in Nigeria. Their story dates to 2016 when the founders came together to create a platform that will leave a dent in the world of finance and their goal is to give opportunities to as many that want to be a part of a great story of wealth circulation. Source Proshare Read more

 5 Benefits of Google Wi-Fi Service Launch in Nigeria - Google one of the leading global tech companies as part of its “Google Station Initiative” which was launched since 2012, across four countries (India, Thailand, Mexico, and Indonesia) has added Nigerian as the fifth beneficiary. Source Proshare Read more

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IOSCO Issues Recommendations to Help Trading Venues Manage Extreme Volatility- The Board of the International Organization of Securities Commissions (IOSCO) today published eight recommendations to assist trading venues and regulatory authorities in the implementation of mechanisms to manage extreme volatility and preserve orderly trading. Source Proshare Read more

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