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Nigeria in 1min: Economic, Business and Financial Headlines - 040220

All One Min News	2828 VIEWS
All One Min News
2828 VIEWS

Tuesday, January 4, 2020 / 06:50 AM / By News Aggregator / Header Image Credit: NSE

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Manufacturing PMI Stands at 59.2% in January 2020 from 60.8% in December 2019: The January 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period January 13-17, 2020. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT). Source CBN Read More

Creation of the AFCFTA: Tax Leaks and Economic Implications for Nigeria - Forty-four (44) member states of the African Union ("AU") signed the Agreement, which established the African Continental Free Trade Area ("AfCFTA") on March 21, 2018, in Kigali, Rwanda. Source B&I Read More

Oil Price Hits 13-month Low as Coronavirus Cuts Demand - Crude oil prices fell to the lowest in more than a year yesterday as the coronavirus outbreak curtailed Chinese demand and sparked potential supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies. Source Thisday Read More

Budget Under Threat As Oil Sinks To $54 - The international oil benchmark, Brent crude, plummeted to its lowest level in more than a year on Monday, trading below the Federal Government's benchmark for the 2020 budget, as the coronavirus outbreak hit fuel demand in China. The 2020 budget, which was signed by the President, Major General Muhammadu Buhari (retd.), in December, was based on oil production of 2.18 million barrels per day with an oil price benchmark of $57 per barrel. Source Punch Read More

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Rules For Listing On The Growth Board Of The Nigerian Stock Exchange - "Entry Segment" is the Growth Board's platform for listing eligible entities, and financing start-ups, small, and medium enterprises with market capitalization between Fifty Million Naira (N50m) and Five Hundred Million Naira (N500m). Source NSE Read More

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NCM2020 (15) - Growth of Securities Listed on NSE - Total Securities Listed Increased By 26.22% - The total number of securities listed on NSE increased by +26.22% from 286 securities in 2018 to 361 securities at the end of Q3 2019. Source Proshare Read More

China Government Suspend Equity Market Trading to Prevent Sell-Off : In the previous week, bearish sentiment continued to dominate activities across the global market as risk-off sentiment persists on the back of the coronavirus outbreak in China which has now spread to other countries of the world like Japan, Thailand, Singapore, U.S., and Canada. Source United Capital Research Read More

Hike in CRR Fuels Bearish Sentiments as Average Yield Inches to 3.7%, NB CP Available: Following the increase in the Cash Reserve Ratio ("CRR") from 22.5% to 27.5%, the Nigerian Treasury Bills ("NT-Bills") secondary market started off with sell-offs last week as investors reacted to the potential squeeze in system liquidity (c. N 294.2bn as at Friday). Source Afrinvest Read More

NSE CEO Welcome Remarks At The Symposium on Finance Act 2019: On behalf of the National Council and Management of the Nigerian Stock Exchange, I welcome you all to the symposium on Finance Act 2019. We are truly pleased to host this event in collaboration with KPMG and believe that the symposium will be of immense value to you all. Source NSE Read More

FCMB Declares N17.7bn PAT in 2019 Unaudited Results,(SP:N1.90k) : FCMB Group Plc released its Q4 2019 results for the period ended December 31st, 2019. Source NSE Read More

Investors Lose N159.75bn As NSEASI Dips By -1.08% To Open The Week Negative: Equities market closed today on a negative note, as NSEASI depreciated by -1.08% to close at 28,533.40 points as against -0.65% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.30%. Source Proshare Read More

NSE, KPMG Highlight Implications of the Finance Act 2019 on Capital Market - The Nigerian Stock Exchange ("NSE" or "The Exchange") hosted capital market stakeholders at a symposium tagged, "Finance Act 2019" at the Exchange, Lagos, on Monday, 03 February 2020. Source NSE Read More

FCMB Group Plc - Decent FY 2019 Performance - FCMB Group Plc reported EPS growth of 8.5% YoY to N0.89/share, coming above our estimate of N0.60/share. The deviation stemmed from lower loan-loss provision booked and higher than expected loan growth. Source ARM Read More

The NSE Growth Board Value Proposition. Source NSE Read More

Federal Govt To Pay N272.9bn Maturing Bonds - The Federal Government allocated 2.6 per cent of its total expenditure totalling N272.9bn to settle pending contract obligations in the 2020 budget, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. This is 148 per cent higher than the provision made in the 2019 budget. Source Punch Read More

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UNILAG Emerges Winner of 2019 and 2020 CFA Institute Research Challenge: The University of Lagos over the weekend emerged the overall winner of the 2020 Chartered Financial Analyst Society of Nigeria, CFA Institute Research Challenge. Source WebTV Read More

Lafarge Africa Plc Notifies of The Resignation of Mr. Jean-Philippe Benard From Its Board : Lafarge Africa Plc ("the Company") hereby notifies the Nigerian Stock Exchange, our esteemed shareholders and the general public of the resignation of Mr. Jean-Philippe Benard from the Board with effect from the 24th of January 2020, having decided to pursue his career outside LafargeHolcim Group. Source NSE Read More

Anchor Borrower: FG Drags 70,000 Kebbi Farmers To Court For Failing To Repay N17bn Loan - In November, 2015, President Muhammed Buhari, launched the Central Bank of Nigeria (CBN) Anchor Borrower Programme in Kebbi state, in which the sum of N17 billion was approved by the federal government to support the farmers in the state. Source Dailytrust Read More

18 States Worse Hit By Poverty, Says AfDB - Poverty rate in more than half of the 36 states of the nation is above the national average of 69 per cent, the African Development Bank has said. The bank said this in its African Economic Outlook 2020 obtained by our correspondent in Lagos on Monday. Source Punch Read More

Concession Of Silos To Be Reviewed, Says FG - The Federal Government has said it would review the concession of silos that were leased to private firms in the country. The Minister of Agriculture and Rural Development, Alhaji Muhammad Nanono, said this during an inspection of facility at the 250, 000 capacity metric tonnes silos in Jahun Local Government Area of Jigawa State. Source Punch Read More

NDPHC Partners Lagos State to Improve Power Supply - The Niger Delta Power Holding Company (NDPHC) Limited is currently collaborating with the Lagos State government to improve power supply in the state. Specifically, the NDPHC is working towards ensuring that about 300 megawatts of stranded power is evacuated through a new transmission lines to serve Lagos as well as Ogun State electricity consumers better. Source Thisday Read More

ABCON Restates Commitment To Compliance, Capacity Devt - The Association of Bureaux De Change Operators of Nigeria, ABCON, has its restated its commitment to capacity development and compliance with regulatory requirements by bureaux de change, BDC, operators. Source Vanguard Read More

Oil Prices Rebound From China Virus Slump Amid Ginger Recovery Across Markets - Oil prices rose on Tuesday, matching moves in other financial markets as investors regained calm after Monday's sharp sell-off on fears of the impact of the China coronavirus on demand for fuel sent crude to its lowest level in more than a year. Source Reuters Read More

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Pantami Tasks Government Agencies, Private Sector On Data Protection - Minister of Communication and Digital Economy, Isa Ali Pantami, has urged all agencies of government and the private sector to ensure security of data of Nigerians under their custody. Source Guardian Read More

Alphabet Shares Fall As Google Misses On Sales, Youtube Revenue Disappoints - Alphabet Inc's (GOOGL.O) new Chief Executive Sundar Pichai unveiled sales figures that investors have long demanded, but shares fell 5% as Google's advertising business and the new data about YouTube and Google Cloud broadly disappointed. Source Reuters Read More

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How The Islamic Development Bank $500m Transform Initiative Will Affect Africa - Africa's opportunity to achieve development and inclusive economic growth will come through innovation, science and technology. Source WebTV Read More

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