Nigeria in 1min: Economic, Business and Financial Headlines - 050220

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Wednessday, January 5, 2020 / 06:50 AM / By News Aggregator / Header Image Credit: @GokadaNG

 

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PROSHARE ECONOMY 

FSDH Macroeconomic Outlook 2020: Accelerating Growth in the New Decade - With rising inflation and imminent inflation pressures following the land border closure and VAT increase, we expect a tight monetary environment in 2020. Source FSDH Read More 

Can OPEC Stop Oil Prices From Crashing Further? - WTI fell below $50 per barrel during intraday trading on Monday, as fears of a major shock to global demand continue to grow. Bloomberg reported that China's oil consumption is down by 3 mb/d, or 20 percent, at least as of now. Source Oilprice Read More 

Finance Act 2019 Published In The Gazette With A Commencement Date of January 13, 2020 - The long awaited 2019 Finance Act has been published in the Gazette with a commencement date of Monday 13th January 2020 being the date it was signed into law by President Muhammadu Buhari. Source PwC Nigeria Read More 

Customs Investigate $8.07m Seized At Lagos Airport - The Comptroller General of Customs, Col. Hameed Ali (retd.), said the cash which was in $100 denomination, was found sealed in 20 wraps in six Bagco bags and packed in a coaster bus allegedly belonging to the Nigerian Aviation Handling Company Plc. Source Punch Read More 

Coronavirus Impact May Drive Oil To $47 As OPEC+ Mulls 0.5mbpd Cuts -  With the impact of the coronavirus taking a toll on oil demand-and the economy in general, Citigroup has slashed its oil price forecasts for three of the quarters this year and doesn't rule out Brent Crude sliding to as low as $47 a barrel. Source Guardian Read More

 

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PROSHARE MARKETS 

The January 2020 Nigerian Capital Market Service Report - Proshare - Equities Market closed the month of January 2020 in green as market witnessed renewed bargain hunting during the month under review. The NSEASI inches up by +7.46% as against -0.59% loss recorded in the month of December 2019 while the NASD USI also closed northwards with +0.15% gain recorded at the end of the month under review as against +0.68% gain in December 2019. Source Proshare Read More

NCM2020 (16) - Market Records 3 News Listings and 7 De-listings in 2019 - The Nigerian bourse (NSE) witnessed the listing of more entities just like more de-listings were recorded in 2019 (3 New Listings, 7 De-Listings) compared to year 2018 (1 New Listing, 4 De-Listings). Source Proshare Read More 

Consolidated Hallmark Insurance Plc Proposes Rights Issue of 2.03bn Ordinary Shares - Consolidated Hallmark Insurance Plc ("Consolidated Hallmark" or "the Company") has through its Stockbroker, Planet Capital Limited, submitted an application to The Nigerian Stock Exchange (The Exchange) for the approval and listing of a Rights Issue of Two Billion, thirty-two Million, five Hundred Thousand (2,032,500,000) ordinary shares of Fifty Kobo (N0.50) each at Fifty-two Kobo (N0.52) per share, on the basis of one (1) new share for every four (4) ordinary shares held. Source NSE Read More 

Invest in Flour Mills Tranche A and Tranche B Bonds Issuance Programme - We are pleased to inform you of the up to NGN20 Billion Series 3, Tranche A and Tranche B Bonds ("transaction" or the "Issuance") under the Flour Mills of Nigeria PLC ("Flour Mills" or the "FMN") NGN70 Billion Bond Issuance Programme. Source Arthur Stevens Asset Mgt Read More 

NSE, SEC Train CMOs on Legal and Regulatory Requirements for the Derivatives Market -The Nigerian Stock Exchange ("NSE" or "The Exchange") organised a Workshop on the legal and regulatory requirements of Derivatives trading for capital market operators on Tuesday, February 4, 2020 at the Exchange House in Lagos. Source NSE Read More 

Invest in The Nigerian Breweries Plc Series 5 and Series 6 Commercial Paper - We wish to inform you that the Nigerian Breweries PLC Issue of up to NGN45 Billion Series 5 and Series 6 Commercial Paper ("Nigerian Breweries") from the company's NGN100 billion commercial paper programme is now open and scheduled to close on Friday, 7 February 2020 with funding date the next business day Monday 10 February 2020. Source Arthur Stevens Asset Mgt Read More 

Investors Lose N52.09bn; NSEASI Dips By -0.35% As Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.35% to close at 28,432.27 points as against -1.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.92%. Source Proshare Read More

 

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PROSHARE BUSINESS 

Banks Recover N39.4bn Non-Performing Loans From ICT Sector - Nigerian banks recovered N39.4bn non-performing loans from its debtors in the Information and Communications Technology sector in one year. As of September 2019, the NPL in the ICT sector stood at N76.54bn as against N115.94bn in the corresponding period of 2018, an analysis of statistics from the National Bureau of Statistics has shown. Source Punch Read More 

Air Travelers Suffered 37,510 Delayed Domestic Flights In 2019 - Air travellers who travelled along domestic routes in the country suffered 37,510 delayed flights in 2019 with nine domestic carriers' total flights peaking at 65,401 flights during the year. This figure was contained in the just published Executive Summary of domestic flight operations released by the Nigerian Civil Aviation Authority (NCAA). Source Dailytrust Read More 

UK Government Plans to Ban the Sale of Diesel and Gasoline Cars by 2035 - The plans, which were announced Tuesday and are subject to consultation, also include hybrid vehicles. U.K. authorities had previously said the sale of new petrol and diesel vans and cars would end in 2040. Source CNBC Read More 

Ghana Lines Up Sub-Saharan Africa's First 40-Year Eurobond - The government launched the sale of a $750 million tranche, which will amortize and have an average life of 40 years at a yield of 8.875%, according to a person familiar with the matter who asked not to be identified because they're not authorized to speak about it. It is also selling $1 billion of 2035 securities at 8% and $1.25 billion of 2027 notes at 6.375%. Source Bloomberg Read More 

MTN Group To Sell 14% Of Its Nigerian Business - Bloomberg reports that the company hopes to raise $4 billion from the sale of some of its assets. The company is also looking to sell some of its stake in IHS Holdings, the largest operator of wireless towers. Source Thecable Read More 

Asia Stocks Rise, Oil Rebounds But China Virus Toll Mounts -  Asian stocks steadied on Wednesday as Chinese shares moved higher on hopes of additional stimulus to cushion the economic blow from a coronavirus outbreak, but risks remain as the illness continued to spread and the death toll neared 500. Source Reuters Read More 

FG Urged to Prepare for Oil Price Drop - Standard Chartered Bank's Chief Africa Economist Razia Khan, yesterday advised the federal government to initiate reforms that would prevent the economy from external shocks in the event of a slump in crude oil price. Source Thisday Read More

Abidjan To Expand Bus Network And Study Cocoa Biofuel - The Ministry of Transport, transport operator SOTRA and Scania have signed an agreement for the supply of 400 low-entry 13 m buses and 50 compressed gas fuelled 18 m articulated buses, which will have with bodies from Marcopolo. The deal includes depot upgrading and training of drivers and technicians. Source Railwaygazette Read More


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PROSHARE FINANCE 

NSE Celebrates World Cancer Day, Launches Fundraiser for 2020 NSE Corporate Challenge - The Nigerian Stock Exchange ("NSE" or "The Exchange"), joined the rest of the world to commemorate the World Cancer Day by hosting cancer change agents and survivors in a Closing Gong Ceremony on Tuesday, February 4, 2020, at the Exchange House in Lagos. Source NSE Read More

 

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