Nigeria in 1min: Economic, Business and Financial Headlines - 051119

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Tuesday, November 5, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @nsenigeria

 

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PROSHARE ECONOMY

Ogun State: Working Past Economic Headwinds - In a Technical Review of Ogun State's Financial Status in April 2019, Proshare noted that the State would need to revise its fiscal strategy to enable it leverage its advantage of location, education and arable landmass. Source Proshare Read More

Revenue Collection Increase Off A Very Low Base - Federally collected revenue in Q3 2019 amounted to N2.70trn. This was the highest take since Q3 2014 of gross revenue (ie before distribution to the three tiers of government). It was achieved due to the steady growth of non-oil revenue, which reached 18.6% q/q in Q2 and 27.9% in Q3. Source FBNQuest Research Read More 

FG To Extend Border Closure Till January 31,2020 - The Federal Government is set to extend the current border closure to January 31st, 2019. This was contained in a circular signed by Dimka V.D Comptroller(Enforcement) to all Sector commanders of  the Nigeria Customs Service. Source Ottoabasi Abasiekong Read More 

We Don't Have a Rice Problem - Understanding Sovereign Comparative Advantages - Imagine you are the head of a household of two children: Steve and Stanley. Steve (28) is a promising young Architect who works at Ikoyi earning N100,000/month. Stan (17) is a non-bookish SSCE graduate who is still seeking admission into the University. They both live at home; your house. Source Tope Adeoti Read More 

Of Dodgy Promissory Notes and MoUs - Behind The Figures - In June 2016 the immediate past Minister of State for Petroleum Resources, Dr. Ibe Kachikwu embarked on a visit to China. Ostensibly, this trip was the one of many roadshows targeted at attracting investments to support Nigeria's oil and gas infrastructure development plans. Source Ijeoma Nwogwugwu Read More

FG To Open Lagos-Ibadan Road Diversions Dec 15 Orders Relocation Of Trucks At Ogere - The Federal Government has said all diversions around construction zones on the Lagos-Ibadan Expressway will be opened to motorists from December 15. The Director of the Federal Highways, South-West, Mr Funso Adebiyi, made this known on Monday during his interaction with truck drivers in Ogere, Ogun State. Source Punch Read More

Border Closure: Nigeria Gets Tough With ECOWAS, Bans Repackaged Imported Goods - The Federal Government has listed five conditions for reopening of the country's land borders for goods importation from neighbouring countries. As one of the conditions,  the Federal Government said Nigeria would not accept imported goods that were repackaged by neigbouring countries and brought to Nigeria. Source Punch Read More


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PROSHARE MARKETS

Nigerian Breweries Q3 2019 Results Review: Maintaining Underperform Rating - Nigerian Breweries' (NB) Q3 2019 pre-tax loss of -N2.2bn was primarily driven by a surge in borrowing costs. The company's total debt more than tripled y/y to N72.8bn. As such, net interest expense increased by 2.4x y/y to -N.2.9bn. Source FBNQuest Research Read More 

November 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 at the following interest rates. Source DMO Read More 

Cordros Set to Launch a Dollar Fund - Cordros is pleased to announce that the signing ceremony for the Cordros Dollar Fund took place on Friday, November 1, 2019. Source Cordros Capital Read More 

Afrinvest Stock Recommendation For The Week 041119 - The Afrinvest Weekly Sentiment Indicator strengthened to 3.5 points from 2.6 points recorded in the previous week. We maintain our bearish stance on the domestic equities market as investors maintain a  risk-off approach. However, we do not rule out opportunities for bargain hunting. Source Afrinvest Research Read More 


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CBN's Policy on OMO Bills Spurs Demand in the Nigerian T-Bills Market - In line with our expectations, demand on the Nigerian Treasury Bills ("NT-Bills") surged further in the primary and secondary markets last week as the impact of the CBN's policy on Open Market Operation ("OMO") bills reined in on available money market investment options. Source Afrinvest Research Read More 

Investors Gain N52.46bn As NSEASI Inches Up By +0.41% To Open The Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by +0.41% to close at 26,401.06 points as against -0.24% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.00%. Source Proshare Markets Read More 

DANGSUGAR Notifies of Proposed Business Combination Within The Dangote Sugar Group - This is to inform the investing public that the Board of Directors of Dangote Sugar Refinery Plc (DSR) has recommended a business combination via a scheme of external restructuring (Scheme) which will culminate in the merger of DSR and its subsidiary, Savannah Sugar Company Limited (SSCL), a private limited liability company engaged in sugar cane farming and sugar milling. Source NSE Read More

 

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PROSHARE BUSINESS

CBN Automates Nigerian Export Proceeds Form ("Form NXP") for Commercial Exports - On Monday, October 28, 2019, the Central Bank of Nigeria ("CBN"), pursuant to powers conferred on it by the Foreign Exchange (Monitoring & Miscellaneous Provisions) Act, 1995 to issue guidelines regulating export and import trade transactions in collaboration with relevant governmental entities, issued a circular tagged "Automation of Form "NXP" on the Trade Monitoring System ("TRMS") (the "Automation Circular"). Source Kehinde & Oluwatoba of Banwo & Ighodalo Read More

NNPC To Build Two New Refineries - The Nigerian National Petroleum Corporation has said it is in the process of establishing two new 200,000 barrels-per-day condensate refineries to boost in-country refining capacity. Source Punch Read More 

Uber's Quarterly Loss Widens As Costs Rise; Shares Fall - Uber Technologies Inc (UBER.N) on Monday posted a wider third-quarter loss as the company tries to outspend competitors through discounts and invests heavily in loss-making new business ventures, sending its shares down 5.5% in after-hours trading. Source Reuters Read More 

China Presses Trump For More Tariff Roll-Backs In 'Phase One' Trade Deal - China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a "phase one" U.S.-China trade deal, people familiar with the negotiations said on Monday. Source Reuters Read More 

South Africa Appoints New Envoys in Drive to Raise $100 Billion - South African President Cyril Ramaphosa appointed three new envoys, including two former ministers, to help with his drive to attract $100 billion in new investment. Source Bloomberg Read More


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