Nigeria in 1min: Economic, Business and Financial Headlines – 041217


December 4, 2017 7:20 AM / Proshare News 


What To Expect From The Markets This Week- 041217 - Recently, the Central bank of Nigeria published the composite production manufacturing index (PMI) for the month of November 2017.Source Proshare Read More 

Nigeria’s debt service ratio falls to 45% - The nation’s debt-service-to-revenue ratio has recorded a new decline from about 66 per cent to 45 per cent, courtesy of the improving revenue mobilisation from both domestic and foreign sources. Source Guardian Read More 

Nigeria Loses N15bn Annually To Substandard Products - About N15 billion is said to be annually lost to fake and substandard products in Nigeria, LEADERSHIP findings have revealed. Fake and substandard products that span all classes and categories of items from drugs, electrical, electronic household appliances and equipment, building materials, tyres and tubes, automobiles, machine spare parts, food and machines to mention a few their continue to find their ways into the market Source Leadership Read More 

New vehicle sales down by 48% in nine months - About 7,000 new vehicles were sold in the first nine months of the year, representing 48 per cent drop from the total figures of 14,500 units recorded in the same period last year. Source Punch Read More 

Real estate industry still in recession – Experts - Property developers as well as estate surveyors and valuers have said the real estate industry is still in recession despite the rebound in the economy. Source Punch Read More 

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FG appoints Dr Abdul Zubair as Acting SEC DG - The Federal Government of Nigeria has appointed Dr. Abdul Zubair, the acting Director General of the Securities and Exchange Commission (SEC) with immediate effect. He was before the appointment, the Director in charge of External Relations in the Commission. Source Proshare Read More 


FMDQ Clocks 4 Yrs in Operation as Dufil Prima Foods Plc Lists its N10bn Fixed Rate Bond - Market maintain positive outlook in the month of November 2017 as the NSEASI inched up further by +3.45% as against +3.50% uptrend recorded in the month of October 2017 while NSE ASI YTD performance stands at +41.19% at the end of the month under review. Source Proshare Read More 

Introducing NASD OTC "BLUE" Securities - NASD OTC Securities Exchange recently commenced a classification of admitted securites by level of disclosure, corporate governance and financial responsibility. Classifications are: Source Proshare Read More 

Forex reserves gain $455m in one week amid intervention - The nation’s foreign exchange (forex) reserves sustained a 13-month weekly winning streak, adding $455 million in one week despite interventions in the market, shoring it up to $34.82 billion. Source Guardian Read More 

CBN Injects $14.2bn into FX Market in Nine Months - The Central Bank of Nigeria (CBN) has injected a total of $14.184 billion into the interbank segment of the foreign exchange (FX) market since it started its forays in the market in February this year, figures compiled by THISDAY have shown. Source Thisday Read More 

Market Awaits N32bn Inflow from Maturing Treasury Bills - Maturing treasury bills valued at a total of N32.23 billion is expected to hit the market this week. Source Thisday Read More 

Conglomerates contribute 79.9% of equities’ volume turnover - The conglomerates industry (measured by volume) led the activity chart of the Nigerian Stock Exchange last week with 11.396 billion shares valued at N14.534bn traded in 890 deals; thus contributing 79.94 per cent and 41.46 per cent to the total equity turnover volume and value, respectively. Source Punch Read More 

Nigeria's Transcorp shares worth $44 mln traded in off-market deals - Shares in Nigerian conglomerate Transcorp, representing about 28 percent of the company and valued at 14.2 billion naira ($44.4 mln) were traded in cross-deals at 1.26 naira each on Thursday, according to a stock exchange announcement. Source Reuters Read More 

Lafarge’s N131.65bn offer to reduce foreign debt, boosts profitability — Lafarge boss - LAFARGE Africa Plc has disclosed that the net proceeds from its Rights Issue of N131.65 billion will enable it to refinance a portion of the company’s foreign currency denominated shareholder loan, by way of a debt-to-equity conversion and also boost its profitability in the future. Source Vanguard Read More 

Multinational firms increasingly snap-up shares of Nigerian units - There is an increasing trend in the Nigerian stock market where multinational firms are consolidating their shareholding in their local Nigerian units by choosing to convert their debts to equity. Source BUSINESSDAY Read More 

14 banks incur N368.3bn bad loans in 9 months - THE trending economic recovery news in the third quarter of 2017 (Q3’17)/ first nine months 2017 (9-M’17), did not prevent the banking sector from some misery in the form of rising bad loans as 14 banks quoted on the Nigerian Stock Exchange Source Vanguard Read More 

Cost of funds fluctuation to persist as N600bn hit interbank - Credit to private sector drops to N21.93tr on October Credit to private sector drops to N21.93tr on October Source Vanguard Read More 

Nigeria suffering from broken public finance — Soludo - Former governor of the Central Bank of Nigeria, CBN, Prof. Chukwuma Soludo, has said that the nation’s economy was suffering from a broken public finance and needed urgent strategy to fix it. Source Vanguard Read More 

Oil Falls Below $58 as Rig Count Counters OPEC Curbs Extension - Oil dropped below $58 a barrel as investors weighed an increase in U.S. oil drilling rigs against OPEC’s promise to extend output cuts through the end of next year. Source Bloomberg Read More 

NNPC’s losses drop by 53% on Forcados revamp - The group operational losses of the Nigerian National Petroleum Corporation dropped by 53.1 per cent following the revamp of the Forcados oil terminal and resumption of export activities there after it was shut down for several months. Source Punch Read More 

NNPC to Fund New Gas Pipeline Projects with Transportation Tariff - The Nigerian National Petroleum Corporation (NNPC) has indicated that up to 1000 kilometres (km) of new gas lines that would be added to Nigeria’s gas line network would be funded through a new framework of contractor financing and then their construction costs paid off through agreed transportation tariff. Source Thisday Read More 

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Africa Capital Works Fund wins $15m AfDB equity investment - The Board of Directors of the African Development Bank (AfDB) has approved a $15million equity participation in Africa Capital Works Fund. Source THE NATION Read More 

Barclays announces final sale of stake in Barclays Africa -  Barclays will sell a 7 percent stake in Johannesburg-based Barclays Africa Group on December 5, the British bank said on Friday, the latest and likely last in a series of such sales as it ends more than 90 years as a major presence on the continent. Source Reuters Read More 

South Africa's Absa PMI rises to six-months high in November - South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose in November to its highest level in six months as business activity improved further, a survey showed on Friday. Source Reuters Read More 

 Ghana raises 5.3 bln cedis ($1.16 bln) in multiple bonds to refinance debt - Ghana sold 5.29 billion cedis ($1.16 bln) worth of long-term bonds on Thursday, dominated by re-openings of previous bond issues by the major commodity exporter to help restructure its high public debt, lead arrangers said. Source Reuters Read More 

Goldman Sees U.S. Tax Cut Boosting Growth 0.3% Point in 2018-19 - The U.S. Congress will probably pass tax-cut legislation within the next two weeks, ushering in reductions that will boost economic growth by around 0.3 percentage point for next year and 2019, according to estimates by Goldman Sachs Group Inc. Source Bloomberg Read More 

Bitcoin Heads to Wall Street Whether Regulators Are Ready or Not - Two U.S. exchanges, including the parent of the venerable Chicago Mercantile Exchange, are racing to embrace bitcoin, dragging federal regulators into a realm skeptics call a fad and fraud. Source Bloomberg Read More 

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Enter the 'petro': Venezuela to launch oil-backed cryptocurrency - Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” backed by oil reserves to shore up a collapsed economy. Source Reuters Read More 

Facebook opens new London HQ, to create 800 UK jobs - Facebook opens its new London office on Monday and said it would add 800 more jobs in the capital next year, underlining its commitment to Britain as the country prepares for Brexit. Source Reuters Read More 

Apple's Tim Cook says developers have earned $17 billion from China App Store - Apple Inc’s chief executive Tim Cook said developers using its platform in China number 1.8 million and have earned a total 112 billion yuan ($16.93 billion), representing roughly a quarter of total global App Store earnings. Source Reuters Read More 

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