Nigeria in 1min: Economic, Business and Financial Headlines – 080719


Monday, July 08, 2019 / 06:35 AM / By News Aggregator / Header Image Credit: @AsoRock


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Headline Inflation For June To Increase Marginally To 11.42%; M-o-M On A Steep Rise - Nigeria’s headline inflation is expected to increase marginally to 11.42% in June from 11.40% in the previous month. If our forecast is borne out, it will be the 3rd consecutive monthly rise in 2019. This will bring the average inflation in Q2’19 to 11.40%, up from 11.31% in Q1’19. Source FDC Read More

Nigeria and The Excess Supply of Intellectual Dishonesty – LBS Executive Breakfast Session – July 20 - As President Buhari ponders on the selection of the “A” Team for his second term, the struggle to get the plum jobs has become a do or die affair. More important to note, is that the clouds are quietly gathering ahead of a possible political storm. The warlords and Godfathers are ready to do battle just in case their protégés are left out in the sharing of the political spoils. Source FDC Read More

Nigerian Economic and Financial Market Outlook H2:2019 - Next Wave of Inertia? Better Safe than Sorry - In our Economic and Financial Market Outlook 2019 titled “On the Precipice”, we noted that Nigeria desperately needs structural and market-driven reforms, human capital and infrastructure investments to put Nigeria on the path of sustained growth and prosperity.  Source Afrinvest Research Read More

The Role of Commodities Exchanges in Economic Development - The first image that usually comes to mind when you think of an exchange is a group of brokers standing in a large circle in their suits and shouting commands at each other. If you have ever visited an exchange or seen “The Wolf of Wall Street”, you have probably wondered what all the fuss was about. Source AFEX Nigeria Read More

Why Oil Prices Are Refusing To Rally - OIR 050719 - Oil prices are set to post a loss for the week despite being bolstered by the OPEC+ deal and the forthcoming restart of trade talks between Washington and Beijing. It seems that economic concerns will continue to weigh on the market in the coming weeks. Source Oilprice Read More

Weekly Economic and Financial Commentary – WE 05 July, 2019 - The Nigerian Bourse closed the week negative with the NSE ASI shedding 2.32% WoW to close at 29,270.95 points and market capitalization dropping by N303.75 billion. The bearish sentiment was spurred by losses across all sectors; Construction (-5.06%), Banking (-4.82%), Brewers (-3.84%), Cement (-3.32%), Personal care (-2.77%), Food (-2.15%), Oil & Gas (-1.64%), Real Estate (-0.28%) and Insurance (-0.05%). Source ARM Read More

Credit To Economy Falls By N720bn In May - Credit to the economy fell by N720 billion to N32.9 trillion in May reflecting the rationale behind the recent directive of the Central Bank of Nigeria (CBN) that banks should give out 60 percent of their deposits as loans. Source Vanguard Read More

Oil Firms Sign $350m Deal To Develop Marginal Fields - Green Energy International Limited, operator of the Otakikpo marginal field in Oil Mining Lease 11 in Rivers State, on Sunday, announced the signing of a $350m Memorandum of Understanding with a consortium of international companies for the development of the marginal field and others in the area. Source Punch Read More 


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DMBs No Longer Require Prior Approval From CBN To Offer Mobile Money Wallet Services - The Central Bank of Nigeria (CBN) remains committed to deepening financial inclusion in line with its objective to achieve the national financial inclusion target of 80% by 2020. Source CBN Read More 

CBN Releases Modalities For The Implementation of The Creative Industry Financing Initiative - The Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee has introduced the Creative Industry Financing Initiative (CIFI) to improve access to long-term low-cost financing for entrepreneurs and investors in the Nigerian creative and information technology (IT) sub-sectors, as part of efforts to boost job creation in Nigeria, particularly among the youth. Source CBN Read More


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Airtel Africa Plc Listing On NSE Postponed - The Nigerian Stock Exchange (The Exchange or NSE) today announced that the planned Cross Border Secondary Listing of 3,758,151,504 ordinary shares of Airtel Africa Plc. (Company) has been postponed from the scheduled date of Friday, July 5, 2019. Source NSE Read More

1-YR CBN OMO Bill Oversubscribed by 390%, Clears 15bps Lower - The CBN recently floated an OMO auction in a bid to mop up the excess system liquidity levels, but eventually sold only a total of c.N264bn of the N887bn subscribed at the auction. This reflects an oversubscription by 390%, while the bonds and treasury bills market to remain bullish. Source Zedcrest Capital Read More 

NSE Lifts Suspension Placed On The Trading In The Shares Of Conoil Plc - In reference to the Market Bulletin dated 2 July 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein the market was notified of the suspension of eleven (11) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing. Source NSE Read More 

Corporate Earnings For The Week Ending 050719 – INTBREW Declares N3.98bn Loss in Q1 2019 Results - During the week ending 050719, seven (7) quoted firms declared their results.  Six (6) out of the seven (7) firms declared growth in revenue. INFINITY records 45% growth in earnings to emerge as the firm with highest growth in earnings while AGLEVENT records 37.2% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More 

Investors Lose N303.75bn WoW As NSEASI Dips By -2.32% To Close The Week Negative –  Source Equities market closed today on a negative note, as NSEASI depreciated by 0.10% to close at 29,300.09 points as against 0.26% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.87%.  Proshare MARKETS Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 050719 - The equities market recorded negative performance – the listed equities market recorded -2.32% loss WoW while the NASD OTC recorded -1.68% loss WoW. Source Proshare Read More 

Bond Yields Trade Flat as Short Dated Demand Interests Persist - The FGN Bond market closed the week on a relatively flat note, but with some firm demand interest still observed around the mid tenors (27s -29s). Average bond yields were consequently unchanged on the day at c.14.21%. Zedcrest Capital Read More 

NASD OTC Market CAP Decreased By -1.68% WoW To Close At N527.18bn - As at close of trade week on 05 July 2019, market Capitalisation decreased to 527.18 billion from last week's previous 536.20 billion, which shows a 1.68% decrease in Capitalisation. Also the USI for the week ended 05 July 2019 recorded a decrease from 746.34 points to 733.79 points. Source NASD Read More

Is the West Africa Single Currency Ambition Feasible? - Recently, the Economic Community of West African States (ECOWAS), consisting of 15 countries, revived its plans to adopt a common currency “the Eco”, targeting 2020 as the new date for implementation across the member nations. Source United Capital Read More

What To Expect From The Markets This Week - 080719 - System liquidity improved to 583 billion. Consequently, the Interbank Call rated moderated 85bps to 3.86%. In the T-bills space, trading remained positive, with average yield declining 6bps, as demand was observed at the mid-to-long end of the curve. Source Proshare Read More


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Nigeria Finally Signs AFCTA Agreement - President Muhammadu Buhari today on the sidelines of the 12th extraordinary session  African Union Heads of State and Governments Meeting in Niamey, Niger signed the African Continental Free Trade Agreement, on behalf of Nigeria. Source Proshare Read More

Total Nigeria Laments Proliferation Of Taxes, Declares N5.7bn Dividend - Total Nigeria Plc has berated the multiple taxes imposed on corporate entities by both the federal and local governments in the country, even as it declares N5.7 billion dividend for the financial year ended December 31, 2018. Source Vanguard Read More

Deutsche Bank CEO Slashes 18,000 Jobs in $8.3 Billion Overhaul - Deutsche Bank AG unveiled a radical overhaul that will see the lender exit its equities business, post a 2.8 billion-euro ($3.1 billion) second-quarter loss and cut the workforce by a fifth to reverse a slide in profitability. Source Bloomberg Read More

Fed Faces Tougher Task In Deciding Whether To Cut U.S. Rates - U.S. employers are hiring workers, but that is only making the Federal Reserve’s job harder. On Friday, the Labor Department said nonfarm employers added 224,000 jobs last month - the most in five months, and not the kind of labor market that would normally cause the U.S. central bank to cut interest rates. Source Reuters Read More


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Investors Inject $110m In 44 Nigerian Tech Start-Ups - Tech start-ups in Nigeria have raised $110.9m investment from local and foreign investors in the first half of the year, investigations have revealed. From the information gathered from equity and non-equity deals in the tech industry, over 30 Nigerian start-ups with pan-African operations attracted funds in more than 50 rounds denominated in naira and dollar to scale their businesses. Source Punch Read More 


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NSE Hosts 6th Corporate Challenge, Donates N20million to Tackling Cancer in Nigeria - The Nigeria Stock Exchange (NSE) donated N20million to support the early detection and treatment of cancer in the country.  Source Proshare Read More

NAICOM Insists on State Insurance Producer as Distribution Channels - In its determination to expand the scope of insurance distribution channels in Nigeria and deepen insurance penetration, the National Insurance Commission(NAICOM), has said that it will still make use of its recently withdrawn State Insurance Producer (SIP), to push insurance policy to all states of the federation. Source Thisday Read More


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