Nigeria in 1min: Economic, Business and Financial Headlines - 031019

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Wednesday, October 3, 2019 / 06:30 AM / By News Aggregator

 

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PROSHARE ECONOMY

Our Case: Between NPA and BUA Ports and Terminal, Port Harcourt - It is gratifying to note that the MD of the NPA admitted issuing a Notice of Termination but interestingly omitted to acknowledge that NPA failed to abide with the provisions of the Lease Agreement especially the dispute resolution provisions. Source BUA Group Read More

August Power Collapse Dents Grid Stability In Q3 - After recording eight system collapses in the first and second quarters of 2019, Nigeria's power grid tried to stabilise in the third quarter but witnessed a collapse on August 30. It was observed that apart from the August 30 incident, the grid recorded no collapse in the months of July, August and September. Source Punch Read More

Brent Crude Continues Price Fall, Drops To $57.71 - The price of Brent, against which Nigeria's crude oil is priced, continued its fall for the third day this week and dropped to $57.71 per barrel on Wednesday.It lost $1.18 when compared to the price recorded the preceding day. Source Punch Read More

September Foreign Reserves Slide By $1.76bn To $41.85bn - Following the unstable global oil prices, the nation's foreign reserves dropped by $1.76bn or 96 per cent in September to $41.85bn, from the $43.61bn at the beginning of the month. The latest figure by the Central Bank of Nigeria revealed that the foreign reserves dropped significantly in September despite the global oil prices closing stronger at $61.09 per barrel. Source Punch Read More

Nigeria's External Debt Stock Skyrockets By 252.2% In A Decade - World Bank - According to the World Bank's International Debt Statistics 2020, total external debt of low- and middle-income countries climbed 5.3 percent to $7.8 trillion last year, while net debt flows (gross disbursements minus principal payments) from external creditors tumbled 28 percent to $529 billion. Source Businessday Read More

FG Returns Toll Gates On Federal Roads - The Minister of Works and Housing, Babatunde Fashola disclosed this while briefing State House Correspondents after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa Abuja. Source Vanguard Read More


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PROSHARE MARKETS

The September 2019 Nigerian Capital Market Service Report - Proshare - Nigerian Stock Market closed the month of September 2019 in the positive territory as market sentiment halts negative sentiment witnessed in the last three months. The NSEASI inches up by +0.38% as against -0.69% loss recorded in the month of August 2019. Source Proshare Read More

Leveraging Nigeria's Growing Remittances - The increase in the volume of international migration over recent decades has led to a surge in remittances to labour-exporting countries. Money sent from migrants to households have become a significant source of external financing for developing countries like Nigeria as foreign remittances have demonstrated recession resistance. Source CSL Research Read More


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NASD OTC Discusses With Stakeholders On Deploying Technology To Deepen The Market - The prospects for deepening the activities of the unlisted securities market in Nigeria, came to the fore at a recent stakeholders forum hosted by the NASD OTC Securities Exchange. Source WebTV Read More

Investors Lose N153.67bn As NSEASI Dips By -1.14%; Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -1.14% to close at 27,314.87 points as against -0.16% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.09%. Source Proshare Markets Read More

P and ID Versus Nigeria... How The Markets Have Responded - As we commence the sojourn into the final quarter of 2019, we muse on what has been an eventful third quarter in Nigeria's fixed income market. The narrative surrounding the market has been slightly altered in the past couple of months by emerging headwinds, the most notable being the on-going battle with Process and Industrial Developments Ltd. (P&ID). Source Meristem Research Read More 

 

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PROSHARE BUSINESS 

U.S. Widens Trade War With Tariffs On European Planes, Cheese, Whisky To Punish Subsidies - The United States on Wednesday said it would slap 10% tariffs on European-made Airbus (AIR.PA) planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies. Source Reuters Read More

P&ID: Nigeria To Appeal Against Payment Of $200m Deposit - Nigeria Wednesday instructed its lawyers to appeal against the payment of $200 million US dollars payment which was a condition for the granting of the stay of execution in the $9.6bn award in favour of Process and Industrial Development Limited. Source Guardian Read More

Nigeria Plans New Oil Cut In Line With OPEC Pact - The Nigerian National Petroleum Corporation, NNPC, has indicated interest to effect further cut in Nigeria's oil output in line the Organisation of Petroleum Exporting Countries, OPEC directive. Source Vanguard Read More

 

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