Nigeria in 1min: Economic, Business and Financial Headlines - 030919

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Tuesday, September 3, 2019 / 07:10 AM / By News Aggregator / Header Image Credit: @followlasg

 

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PROSHARE ECONOMY

Agric. Minister Urges Banks To Support Revival Of Agro-Allied Industries In Nigeria - The Minister of Agriculture and Rural Development Alhaji Mohammed Sabo Nanono has called on Development and Commercial Banks to support the revival of Agro-Allied Industries across the nation. Source WebTV Read More

28th World Economic Forum On Africa To Focus On Inclusive Growth In The Fourth Industrial Revolution - The 28th World Economic Forum on Africa will convene 1,100 leaders from 100 countries, representing business, government, academia, civil society, media and the arts. Source WEF Read More


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PROSHARE MARKETS

Annual GDP Growth Falling in Virtually All Large Economies - Annual GDP growth rates have been falling since mid-2018 in virtually all of the 20 large developed and emerging economies covered in Fitch Ratings' 20/20 Vision macro data chart pack. Source Fitch Ratings Read More 

JBerger Announces Participation In An Upcoming Bidding Process Via A Consortium In The Philippines - Julius Berger Nigeria Plc ("Julius Berger") is pleased to announce, that it has declared its interest in participating in the upcoming bidding process for the Camalaniugan (Cagayan) Bridge ("the Camalaniugan project") in a consortium with Frey-Fil Corporation in the Philippines. Source NSE Read More 

Nigerian Investors Urged To Make Use of SEC Complaints Management Framework - The Securities and Exchange Commission, SEC has enjoined investors to make use of the Commission's Complaints Management Framework, CMF, in expressing their reservations if any, in the capital market. Source SEC Nigeria Read More 

September 2019 FGN Savings Bonds Offer for Subscription - Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond Source DMO Read More 

DANGFLOUR Urges Shareholders To Update Their Records With Its Company Registrars - Dangote Flour Mills Plc wishes to notify its shareholders that the company is currently updating its Register of Members. Source NSE Read More 

Fixed Income Monitor - A Positive Sentiment Returns In The Market - The average money market rate dropped by 8.36% to settle at 9.90% from 18.25% in the previous week due to a significant improvement in system liquidity occasioned by huge OMO maturities during the week. Source Anchoria AM Research Read More 

Bearish Sentiments Halt as Improved Demand from Local Investors Pushes Average Yield Down to 13.8% - The bearish sentiments in Treasury Bills ("T-Bills") secondary market ceased last week, following robust system liquidity (c. N704.1bn positive as at Friday) that incited local demand across the yield curve. Source Afrinvest Research Read More

Afrinvest Stock Recommendation For The Week 020919 - Last week, the local bourse recorded a negative performance, with the All Share Index (ASI) decreasing 1.0% W-o-W to 27,525.81 points. Accordingly, market capitalisation fell N133.5bn to N13.4tn while YTD loss weakened to -12.4%. Source Afrinvest Research Read More 

NSEASI Inches Up Further By 0.14% To Open The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.14% to close at 27,565.09 points as against +0.37% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.30%. Source Proshare Markets Read More 

Treasury Market Opens Bearish as Market Players React to Higher CBN OMO Rate - The FGN Bond market opened the month on a firmly bearish note, with yields trending higher by c.14bps, as market players reacted to the hike in the 1yr OMO rate by the CBN to 13.50% (15.60% yield), which weakened bid prices further, especially on the short end of the curve. Source Zedcrest Capital Read More 

 

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PROSHARE BUSINESS

Understanding The AMCON And Shebah Loan Dispute And A Guarantor's Dilemma - Serving as a guarantor too a commercial loan could prove to be terribly tricky business in Nigeria as Dr A.B.C. Orjiako, a director of Shebah Exploration & Production Company is learning the hard way. Source Olusegun Adeoye Read More

FirstBank's Adesola Adeduntan Bags 'Best Chief Executive Officer' Award - The Chief Executive Officer, First Bank of Nigeria Limited (FirstBank), Dr. Adesola Adeduntan has been adjudged the 'Best Chief Executive Officer' of the year at the Digital Innovation and Excellence awards, held recently in Accra, Ghana. Source FirstBank Read More

External Reserves Sink to Five-Month Low of $43.67bn - The nation's foreign exchange reserves have dropped to a five-month low of $43.67bn, losing $1.23bn in 29 days, latest data obtained from the Central Bank of Nigeria on Sunday showed.The external reserves, which rose to a high of $45.18bn on June 10, 2019 from $43.17bn on January 1, dropped to $44.90bn on July 31. Source Punch Read More

Recapitalisation: NAICOM Seeks Agencies' Support For Insurers - The National Insurance Commission is engaging other regulatory bodies on how to assist the insurance companies to meet up with its recapitalisation requirements. The Acting Commissioner for Insurance, Mr Sunday Thomas, said this during a one-day conference on the theme, 'Corporate governance, the panacea for sustainable growth and development of insurance in Nigeria,' in Lagos. Source Punch Read More

Pound Slides As Brexit Uncertainty Dents UK Manufacturing - Manufacturing fuelled by Brexit uncertainty and wider global growth weakness, traders said. Sterling was down around half a percent versus the dollar and euro approaching midday in London. Source Guardian Read More

Nigeria To Extend Oil-For-Fuel Swaps For More Than 2 Years - Nigeria will extend its Oil-for-Fuel swap deals to not less than two years after the inability to have fully operational refineries. Mele Kyari, Nigerian National Petroleum Corporation's new managing director, said Nigeria will persist with an annual swap program until the refineries are fixed by 2023. Source Guardian Read More

China Lodges Tariff Case At WTO Against The U.S. - China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, the Chinese Commerce Ministry said on Monday. Source Rueters Read More 

 

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PROSHARE TECHNOLOGY   

Money And Private Currencies: Reflections On Libra - In 1787, during the debates on adopting the US Constitution, James Madison stated that "the circulation of confidence is better than the circulation of money". Source Yves Mersch, ECB Read More

Cowrywise: Nigeria's Fast-Rising WealthTech - From dollar-based investments to everyday mutual funds, Cowrywise is driving the democratization of wealth management in Nigeria. Source Cowrywise Read More

 

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