Nigeria in 1min: Economic, Business and Financial Headlines - 090919

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Monday, September 9, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @nsenigeria

 

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PROSHARE ECONOMY

Fasten Your Seatbelts, There Is Turbulence Ahead - LBS Executive Breakfast Session - September 2019 - Rana Foroohar, the renowned economist and Financial Times columnist, is of the view that The Global Recession has already started. Her views may seem isolated and extremist to skeptics but the reality is that the global economy is now teetering on the brink of a cyclical downturn. Source FDC Read More

Q2 GDP Growth Slumps to 1.94%: But There Is "Fire in Soweto" - Real GDP growth in Q2 came in lower by 0.16% to 1.94%. Though weaker than widely, the growth is the strongest Q2 GDP expansion since 2015. This year (Q1+Q2), the economy has achieved an average growth of 2.02%. Source FDC Read More

Bullish Sentiment Creeps Back Into Oil Markets - OIR 060919 - Oil was down at the start of trading on Friday, but has shown more life this week after the U.S. and China agreed to hold trade talks in October. Source Oilprice Read More

What Is Saudi Arabia's Best Oil Strategy? - There appears to be little appetite amongst OPEC members and Russia for further production cuts, despite the gradual slide in oil prices. Source Oilprice Read More

The New Migrant e-Registration Guidelines - Nigeria Immigration Service - Having accurate data about our citizens and foreigners living in our country is critical for national planning and fighting insecurity. Source  Taiwo Oyedele Read More

Excess Crude Account Depleted By N6.48tn In Seven Years - Between January 2012 and December 2018, the Federal Government withdrew a whopping sum of N6.48tn from the Excess Crude Account, statistics obtained from the Ministry of Finance have revealed. Source Punch Read More

BPP Saved N26.86bn From Contracts In 2018 - The Bureau of Public Procurement has said it saved more than N26.86bn for the Federal Government in 2018 after revising inflated contract sums submitted by government contractors. Source Punch Read More

Rising Debts Fuelling Vulnerabilities in Nigeria, Others, Experts Warn - Rising debt levels are fuelling vulnerabilities in Nigeria and other African countries, especially as external debt is shifting from the public to the private sector, experts have warned. Source Thisday Read More 

 

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PROSHARE MARKETS

ACCESS Declares N63.03bn PAT in Q2 2019 Results, (SP: N6.45k) - Access Bank Plc released its Audited second quarter results for the period ended June 30, 2019. Gross Earnings grew by +46.2% to N272.89bn from N186.686bn in the previous quarter. Source NSE Read More 

Access Bank Plc - NIM Improvement Supports Earnings - Access Bank Plc (ACCESS TP: N8.74 - BUY) has reported a 40.7% YoY increase in EPS to N1.90 in its audited H1'19 results. The company also proposed an interim dividend of N0.25 per share which translates to a dividend yield of 3.9% on current market price. Source CardinalStone Research Read More 

Investors Lose N184.49bn WoW As NSEASI Dips By -1.38% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.39% to close at 27,146.57 points as against -0.25% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.63%. Source Proshare Markets Read More 

The AfCFTA: Is Xenophobia a Threat? - In the face of rising protectionism, trade tensions and economic disintegration in the global scenery, the African continent is at the concluding phase of piecing together the world's largest free trade agreements. Source  United Capital Read More 

T-bills Trade Bullish to Close the Week as CBN Stalls on OMO Auction - The FGN Bond market closed the week with sustained demand pressures across the curve. Yields compressed further by c.7bps on the average across the FGN Bond Benchmark curve, most notably at the short- to mid-end maturities. Source Zedcrest Capital Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 060919 - The equities market recorded negative performance - the listed equities market recorded -0.99% loss WoW while the NASD OTC recorded -0.48% loss WoW. Source Proshare Market Read More 

Forex Intervention: CBN Injects $321.11m, CNY 33.3m into Retail SMIS - The Central Bank of Nigeria (CBN) has made another intervention in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $321, 112,537.31. Source CBN Read More

NASD OTC Market CAP Decreased By -0.48% WoW To Close At N515.11bn - As at close of trade week on 06 September 2019, market Capitalisation decreased to N515.11 billion from last week's previous N517.58 billion, which shows a 0.48 % decrease in Capitalisation. Source NASD Read More 

What To Expect From The Markets This Week - 090919 - As expected, the OVN rate remained tethered in the single-digit territory through the week as liquidity levels were boosted by OMO maturities. Consequently, the overnight lending rate settled at 3.86%, representing a decline of 6.64ppts w/w. Source Proshare Market Read More 

SEC Initiates Framework For Market Surveillance, Monitoring - As part of its investor protection mandate, the Securities and Exchange Commission, SEC, has initiated a framework for surveillance and monitoring of the capital market. Acting Director General, SEC, Ms Mary Uduk, disclosed this on the sideline of the Capital Market Committee, CMC, meeting held in Lagos. Source Vanguard Read More 

 

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PROSHARE BUSINESS

NAFDAC-Regulated Products Imported Into Nigeria Now To Be Processed On The Nigeria Trade Portal - In what appears to be a coordinated regulatory action, the National Agency for Food and Drug Administration and Control ("NAFDAC") and the Central Bank of Nigeria ("CBN") both issued separate notifications last weekend. Source Olumide, Chinasa, Aramide & Oluwatoba of Banwo & Ighodalo Read More

Global Transactions Get Easier With Firstbank's Card Offerings - As in many developing countries, cash has been the most prevalent mode of payment in Nigeria until 2012 when the Central Bank of Nigeria (CBN) introduced the cashless policy with the aim of promoting the use of electronic payment channels instead of cash. Source Ehime Alex Read More

Commercial Agriculture Credit Intervention Hits N360.5bn - The Central Bank of Nigeria (CBN) has put the total value of its intervention under its Commercial Agriculture Credit Scheme (CACS) since inception in 2009, at N360.5 billion. Source Thisday Read More

Jpmorgan Close To Winning Lead Advisory Role For Saudi Aramco IPO - JPMorgan Chase & Co (JPM.N) is close to winning the lead advisory role for Saudi Aramco's initial public offering, a source familiar with the situation said on Sunday. Source Reuters Read More

Economy To Grow Bigger With Well-Developed Manufacturing Value Chain - MAN  - Speaking at the just concluded annual general meeting (AGM) of the association, Mansur Ahmed, president of MAN, said firms producing the initial goods often do not make as much money as those that do the final processing due to broken linkages in the value chain. Source Businessday Read More

Iran's Dark Fleet of Tankers Poses Oil Market's Biggest Mystery - The quest has led to ever more inventive methods of tracking ships, and divergent views on the amounts of crude secretly slipping into world markets. That's because the vessels have mostly "gone dark" since sanctions were tightened this year, switching off transponders that would reveal their location. Source Bloomberg Read More 

 

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PROSHARE TECHNOLOGY   

EFINA, SANEF Host North Central Quarterly Financial Services Agents Forum In Abuja - Financial services agents across the North-Central region of Nigeria, have called on the Central Bank of Nigeria and the Nigerian Inter-Bank Settlement Systems, NIBSS, to work out measures to speedily resolve the rate of failed and delayed transactions on the point-of-sales. Source WebTV Read More 

 

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PROSHARE MSME

AfDB Rolls Out $251m Support For African Female Entrepreneurs - In our review of key developments that occurred in the MSME space for the week September 2nd to September 7th, 2019 The African Development Bank, AfDB last week rolled out $251m as part of the Affirmative Finance Action for Women in Africa (AFAWA) initiative to support women entrepreneurs in Africa. Source Proshare Read More

 

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