Nigeria in 1min: Economic, Business and Financial Headlines - 071019

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Monday, October 7, 2019 / 07:45 AM / By News Aggregator / Header Image Credit: @officialNESG 

 

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Border Closure Hitting The Price of Rice - Since Nigeria closed its land borders, the price of rice, a major staple in the country has been on the rise. According to a report by Business Day Newspaper, the price of a 50kg bag of imported rice, which was selling at N14,500 before the closure of the border, now sells for N27,000. Source CSL Research Read More

Nigerian Bank Improves NPLs Post-recession - Nigerian banks have improved non-performing loans (NPLs) post-recession. However, our study shows certain sector NPLs have deteriorated. Real Estate, a significant component of GDP, has also recorded impressive moderation in NPLs, notwithstanding its declining contribution to GDP. Source Coronation Research Read More

A Crisis Looms Over U.S. LNG - Trade talks between the US and China are expected to resume in October, but US LNG producers can already count the cost of earlier failed negotiations, which resulted in the imposition of 25% tariffs on their LNG exports to China. Source OilPrice.com Read More

Oil Markets: Everything Is About Weak Demand - Oil prices dropped sharply during trading on Thursday but recovered on hopes of more aggressive action from the Federal Reserve. The U.S. jobs report on Friday revealed more weakness, but it wasn't as poor as feared. Geopolitical risk has receded from the top of minds of oil traders. Everything is about weak demand now. Source Tom Kool of OilPrice.com Read More

Weekly Economic and Financial Commentary - Week Ended Oct 04, 2019 - Nigeria's 2020 proposed budget was reviewed upwards by N727 billion to N10.729 trillion (previously: N10.002 trillion), hinged on the expectation of higher crude oil prices and a boost in revenue from Nigerian Customs Service (NCS). Source ARM Read More

FG Slashes 2020 Federation Account Allocation By N2tn To N9.7tn - The allocation from the federation account to the three tiers of government would witness a massive decline of N2.01tn going by the projections of the Federal Government. The amount is contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper for 2020 to 2020. Source Punch Read More

Osinbajo Advocates State Police, Devolution Of Powers - Nigeria can become a stronger and more prosperous nation if states have more powers, according to Vice President Yemi Osinbajo. Mr Osinbajo stated this while speaking at the 59th Independence Anniversary Lecture at the Island Club, Lagos, on Friday. Source Premiumtimes Read More

 

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Interswitch Limited Bond Issue Coming Soon - We are pleased to inform of the imminent commencement of book building for Interswitch Africa One PLC's Series 1, up to NGN20 billion Fixed Rate Senior Unsecured Bonds, under its NGN30 billion Debt Issuance Programme. Source Arthur Steven Asset Mgt Read More

Investors Lose N334.71bn WoW As NSEASI Dips By -2.48% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.36% to close at 26,987.45 points as against -0.84% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.14%. Source Proshare Markets Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 041019 - The equities market recorded negative performance - the listed equities market recorded -2.48% loss WoW while the NASD OTC also recorded -0.78% loss WoW. Source Proshare Read More

NASD OTC Market CAP Decreased By -0.78% WoW To Close At N502.64bn - As at close of trade week on 04 October 2019, market Capitalisation decreased to N502.64 billion from last week's previous N506.60 billion, which shows a 0.78 % decrease in Capitalisation. Source NASD Read More

What To Expect From The Markets This Week - 071019 - During the week, the Nigerian Senate rejected the proposed Value Added Tax (VAT) increment citing the negative impact on the poor as the reason for the repudiation. However, the legislature has re-introduced - it was proposed earlier in 2016 - a bill to impose a 9.0% tax on communications services. Source Proshare Read More

Sanwo-olu Launches Financial Centre For Sustainability In Lagos, FMDQ To Serve As Secretariat - Lagos State Governor, Babajide Sanwo-Olu, on Friday October 4th, 2019  formally launched the Financial Centre for Sustainability at the FMDQ Securities Exchange Headquarters in Lagos. Source Proshare Read More

Foreign Investment Inflows Fall By N28.57bn - Nigeria's foreign investment inflow was N28.57bn lower that the foreign investment outflows as of the end of the first half of 2019.The Central Bank of Nigeria disclosed in its half- year report on market turnover that this was attributable to the uncertainties that surrounded the last elections in the country. Source Punch Read More

Forex: I&E Window Records $11bn Turnover In Q3'19 - The volume of US dollars traded (turnover) in the Investors and Exporters (I&E) window of the foreign exchange market dropped to $11.4 billion in the third quarter of 2019 (Q319). Source Vanguard Read More

SEC Green Light Prompts Rush Into Marijuana ETFs - Marijuana ETFs are rushing to list on US exchanges after getting a green light from the Securities and Exchange Commission. Provided that marijuana exchange traded funds can show an independent legal opinion that no holdings violate federal law, they can now list in the US, according to the SEC. Source FT  Read More

 

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Port Reforms: Why Nigerian Ports Lose Money; Understanding The Economics of Inefficiency and Sleaze - Sea ports and terminals in Nigeria are amongst the world's most inefficient cargo handling facilities says a recent survey produced by the Convention on Business Integrity (CBi). Source Proshare Read More

DealHQ to Host its Inaugural Enterprise Roundtable on October 31, 2019 - DealHQ - a boutique commercial law firm focused on supporting businesses and positioning them to operate efficiently within their market sphere, will on the 31st October 2019 host its inaugural Enterprise Round Table series focused on driving C - Level conversations around emerging trends in the firm's practice areas. Source Deal HQ Read More

CBi and MACN Explain Inefficiency At Nigerian Ports; Corruption Still A Problem - The survey notes that there is a general awareness of standard operational procedures (SOPs) at the ports and terminals but officers working at the maritime facilities prefer to implement the SOPs in their breech. Source Proshare Read More

Ownership of Trademarks in Nigeria - Nigeria operates a "first to file" system and our Trade Marks Act grants the owner of a registered trademark exclusive rights to use the trademark and protect it from any form of infringement. Source Banwo & Ighodalo Read More 

Telecoms Subscriptions Record 2m in One Month to Hit 176.9m - Telecoms subscriptions across all networks increased by two million from July to August 2019, to reach a total of 176.9 million as at August up from 174.9 million subscriptions in July this year. Source Thisday Read More

Buhari Nominates Adesina for Re-election as AfDB President - President Muhammadu Buhari has nominated the President of the African Development Bank Group (AfDB),Dr. Akinwumi Adesina, for re-election for another term of five years. Source Thisday Read More

Nollywood Industry Generates About $1b Yearly, Says Afreximbank - Nigeria's film industry, popularly called Nollywood, generates between $500 million and $1 billion yearly in revenue. It also employs about 300, 000 people and more than one million people indirectly. Source TheNation Read More

Asian Shares Cheered By U.S. Jobs Data But Traders Fear Trade Talks - Asian shares edged higher on Monday after data showed the U.S. unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy. Source Reuters Read More


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PROSHARE FINANCE 

Does Smiling Help with Depression?- You may already know it, but smiling is an excellent way to induce happiness. A smile is not only welcoming to others, but it can be the first step to healing depression and anxiety. Science has proven this through numerous studies, and while the idea is too simplistic, it works. Source Pete McAllister Read More

  

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