Nigeria in 1min: Economic, Business and Financial Headlines – 180619


Tuesday, June 18, 2019 / 06:35 AM / By News Aggregator / Header Image Credit: Femi Adebesin-Kuti


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Headline Inflation Increases By 11.40% YoY in May 2019; 0.03% Higher Than April 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 11.40 percent (year-on-year) in May 2019. This is 0.03 percent points higher than the rate recorded in April 2019 (11.37 percent). Source NBS Read More

Average Prices of PMS, AGO, HHK and Cooking Gas – May 2019 - Average price paid by consumers for premium motor spirit (petrol) decreased by -3.4% year-on-year and -0.6% month-on-month to N145.0 in May 2019 from N145.9 in April 2019. Source NBS Read More

Economic Associate’s Conference on ‘Nigeria’s Economic Outlook’, to hold on July 17, 2019 - EA’s conferences provide the forum for top economic decision-makers to gain foresights on impending economic and business opportunities and risks. They also get fresh insights on actions they must take to guarantee desired outcomes in the future. Source Economic Associate Read More

Nigeria Ranks 143 In E-Government Index - Although Nigeria slipped two places in global e-Government development index to rank 143 out of 193, the Federal Government said it planned to lift the nation to the 50th position. Source Punch Read More 


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CBN Says FDI Into Nigeria Has Not Dropped - It stated this while reacting to a report on Reuters, quoting World Investment Report, 2019, recently released by UNCTAD on Foreign Direct Investment to African countries. Source Punch Read More


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Continuity Of FX Policy, Hot Air Notwithstanding - A burst of commentary on the CBN’s fx regime on the newswires last week warrants a re-examination of the underlying issues. While in reality little, if anything, has changed, it is worthwhile restating our house view. Source FBNQuest Research Read More

Afrinvest Stock Recommendation For The Week 170619 - The local bourse continued its bearish run as the All Share Index (ASI) shed 130bps to settle at 30,046.70 points following losses on 3 out of the 4 trading days. Consequently, market capitalisation fell to N13.2tn as investors lost N169.7bn while YTD loss worsened to -4.4%. Source Afrinvest Research Read More

Ellah Lakes Plc Lists Additional 1.88bn Ordinary Shares Issued to Shareholders of Telluria Limited - An additional 1,880,000,000 ordinary shares of Ellah Lakes Plc (Ellah Lakes or the Company) were listed on the Daily Official List of The Nigerian Stock Exchange today, 17 June 2019. Source NSE Press Release  Read More

Investors Lose N40.63bn As NSEASI Dips By -0.37%; Close Below 30,000bpts -  Equities market closed today on a negative note, as NSEASI depreciated by 0.37% to close at 30,046.70 points as against 0.06% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.75%.   Source Proshare Read More

IFC and IFC Asset Management Company In Advanced Discussions To Sell Equity Holding In ETI - The International Finance Corporation (“IFC”, a member of the World Bank Group), and investment funds managed by the IFC Asset Management Company (“AMC” a wholly-owned subsidiary of IFC) have entered into a Share Purchase Agreement with a leading Dutch investment firm Arise B. V for the sale of their circa 14.1 per cent stake in ETI. Completion of the transaction is expected in the coming months, subject to due diligence, internal and regulatory approvals. Source NSE Press Release Read More   

ALERT: 94.10% of Total Market Volume Traded on WEMABANK Shares Today - At the closing of trading today, a total volume of 2.69bn units of shares of Wema Bank Plc valued at N1.71bn was traded.  Source Proshare Read More

One Month After Listing: MTN Nigeria Share Price Rises by 36.97% -  Barely a month after, the share price of MTNN climbed by 36.97% from its listing day close of N99 to N135.6 as at 14 June 2019. The June 14 close translated to a market CAP of N2.76 trn as at 14  June 2019, thereby making it the second largest company in Nigeria in terms of market capitalisation (contributing 20.86% to the NSE-ASI). Source Proshare Read More

Airtel Africa To List Simultaneously On NSE, LSE - Airtel Africa Ltd, a unit of India’s Bharti Airtel Ltd, says it intends to list its shares on the Nigerian Stock Exchange (NSE) at the same time as the London Stock Exchange (LSE). Source Leadership Newspaper Read More

Treasury Bills Market Sustain Bull Run As CBN Holds Off On OMO - The Bond Market opened the week on a muted note, with some flows witnessed on some short- to mid-dated maturities. Spreads compressed as offers improved across the benchmark bond curve, leaving average yields relatively unchanged at 14.68%.  Source Zedcrest Capital Read More

SEC, ACMAN To Develop Benchmark For Capital Market Studies - The curriculum would enable the commission and the association to set the required benchmark that would be adopted by the National Universities Commission in the accreditation of capital market studies in tertiary institutions. Source Punch Read More 


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Oando PLC Responds to SEC’s Statement Regarding Fair Hearing in the Investigation of the Company - On Sunday, June 9, 2019 the Securities & Exchange Commission (SEC) via a press statement published on its website indicated that “Oando PLC was given sufficient opportunity of being heard and accorded several opportunities to rebut the issues revealed by the investigation.” Source NSE Read More

CBN To Close Bank Accounts Of Firms Importing Forex Restricted Goods - Any firm found smuggling into the country goods for which access to foreign exchange (forex) has been restricted will have its bank accounts closed, the Central Bank of Nigeria (CBN) warned yesterday. Source TheNation Read More

Dangote Cement To Attract $700 Million As Shareholders Approve N272.6b Dividend - Dangote Cement Plc has announced plans to attract $700 million in foreign exchange from the exportation of the product to boost Nigeria’s economy.The company also said the two cement terminals located in Onne, River State, and Lagos State will be completed before year end.  Source Guardian Read More

Asia Stocks Cautious Before Fed, Oil On Defensive - Investor caution ahead of the Federal Reserve’s interest rate meeting capped Asian stocks on Tuesday, while crude oil prices retreated as global growth worries overshadowed supply concerns stemming from recent Middle East tensions.  Source Reuters Read More

Huawei Says U.S. Ban Hurting More Than Expected, To Wipe $30 Billion Off Revenue - China’s Huawei Technologies Co Ltd has taken a harder-than-expected hit from a U.S. ban, the company’s founder and CEO Ren Zhengfei said, and slashed revenue expectations for the year.  Source Reuters Read More


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