Nigeria in 1min: Economic, Business and Financial Headlines – 140519


Tuesday, May 14, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @AsoRock


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Shell Docked As Nigerian Oil Community Wins Court Judgment in The UK - Shell Petroleum Development Company of Nigeria Limited, Shell International Company Limited and Shell International Exploration and Production BV, have lost a court case in the United Kingdom reaffirming the judgment of the Federal High Court (FHC) Asaba Division in Nigeria concerning the compensation due to the Ogoni community of Ejama Ebubu, as judgment creditors, in a suit filed at the High Court of Justice, Queens Bench Division in the United Kingdom. Source Proshare Read More

Electricity Generation Falls To 2,447MW From 4,129MW - The nation’s power generation dropped by 1,682 megawatts on Monday from 4,129.2MW on Sunday. Data from the Nigeria Electricity System Operator, an arm of the Transmission Company of Nigeria, showed that generation stood at 2,441MW as of 6.00 am on Monday. Source Punch Read More

TSA: Fed Govt Records N30tr Turnover In Seven  Years - Seven years after it was created, the Treasury Single Account (TSA) has yielded more than 30 trillion turnover for the Federal Government, the Accountant-General of the Federation (AGF), Idris Ahmed, said yesterday. He told reporters on the sideline of a study visit by Gambian delegates to Abuja, that the turnover was in terms of transactions. Source TheNation Read More


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SEC Proposes Amendments To Rule To Stop Distribution Of Gifts At General Meetings - All comments and input should be forwarded by e-mail to the Secretariat, Rules Committee of the Commission, at or by letter addressed to the Director-General, SEC, not later than two (2) weeks from date of publication. Source SEC Nigeria Read More 


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JUMIA Q1 2019 Conference Call; Take Aways As Firm Responds to CITRON, Citi Bank Research Report - Y-o-Y Gross Merchandise Volume (GMV) growth was 58% between Q1 2018 and Q1 2019. This figure, however, clearly hid the GMV decline of -22.8% between Q4 2018 and Q1 2019. Source Proshare Read More

Guinness Nigeria Q3 2019 Results Review: Underperform Rating Maintained - Guinness Nigeria (Guinness) missed our earnings forecasts for Q3 2019 (end-Mar) largely because of worse-than-expected sales (-9%) and opex (+4%). PBT for the quarter was behind our forecast by 15%. Source FBNQuest Read More 

Afrinvest Stock Recommendation For The Week 130519 - The rout on the Nigerian local bourse continued as bearish sentiments were observed across all trading sessions of the week. As a result, most stocks listed on the Nigerian Stock Exchange remained undervalued. Source Afrinvest Read More 

NSE Notifies of SEC Approval of Rules of The Exchange - The Securities and Exchange Commission (SEC) has approved the following new Rules and Rule Amendments of The Nigerian Stock Exchange. Source NSE Read More 

Strong Buying Interest Depressed Average T-Bills Yield Further To 12.9% As OMO Stop Rates Dip - Activities in the Treasury Bills (“T-Bills”) secondary market sustained a bullish trend on the back of bolstered system liquidity from FAAC injections at the start of the week as well as increased demand from offshore investors towards the end of the week. Source Afrinvest Read More 

Money Market Rate Increased As The Overnight Rate Rose To 10% From 5.93% - The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 10.00% and 9.14% from 5.93% and 5.29% respectively. Consequently, the average money market rate increased by 3.96% to settle at 9.57%.  Source Anchoria AM Read More

Investors Lose N140.86bn as NSEASI Opens The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 1.26% to close at 28,484.44 points as against 0.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.37%. Source Proshare Read More 

NSE Suspends Trading Ahead of Voluntary Delisting of The Entire Issued Share Capital of FIRSTALUM - In preparation for the voluntary delisting of the issued share capital of First Aluminium Nigeria Plc ((First Aluminium or the Company) from the Daily Official List of The Exchange. Source NSE Read More 

NSE Delists The Entire Issued Share Capital of Newrest ASL Nigeria Plc From The Daily Official List – Further to the market bulletin of 27 February 2019 with reference number: NSE/RD/LRD/MB17/19/02/27 notifying of The Nigerian Stock Exchange’s (The Exchange) approval of the application for voluntary delisting of the entire share capital. Source NSE Read More 

Escalating US-China Trade Tensions Weigh on Market Sentiments - The Bond market opened the week on a relatively note, with yields marginally higher by c.1bp on the day, as demand interests were relatively muted compared to activities in the previous session. Source Zedcrest Capital Read More


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SEC Grants Approval For The Commencement Of Payment To Investors Of Dantata Success - The Securities and Exchange Commission (the Commission), pursuant to its powers under section 13(w) of the Investments and Securities Act 2007, on 6th February 2019 sealed up the business premises of Dantata Success and Profitable Company (DSPC). Source SEC Nigeria Read More

U.S. Readies New Tariffs as Trump Says He'll Meet China's Xi - The U.S. prepared to hit China with new tariffs even as President Donald Trump said he’ll meet his Chinese counterpart, Xi Jinping, at next month’s G-20 summit, an encounter that could prove pivotal in a deepening clash over trade. Source Bloomberg Read More

MAN Decries Importation Of 5 Million Metric Tonnes Of Bitumen - THE Miners Association of Nigeria, MAN, have decried the importation of 5 million metric tonnes of bitumen into the country. In an interview with Vanguard, National President, MAN, Kabir Kankara, said the latest importation was the highest on the importation chart as at April 2019. Source Vanguard Read More

China's Most Valuable Companies to Show Effects of Trade War - Alibaba Group Holding Ltd. and Tencent Holdings Ltd., China’s most valuable corporations, will offer glimpses into the world’s second-largest economy when they unveil earnings this week. Source Bloomberg Read More


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Microsoft Will Spend $100 Million on African Development Center - Microsoft Corp. Plans to spend more than $100 million over five years to open its first development centers in Africa to work with local partners and governments, as well as hire engineering talent. Source Bloomberg Read More


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