Nigeria in 1min: Economic, Business and Financial Headlines - 100120

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Friday, January 10, 2019 / 07:10 AM / By News Aggregator / Header ImageCredit: NSE

 

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PROSHARE ECONOMY 

Clean Energy, An Obvious Solution - Power shortages as well as the absence of electrification in most rural areas have contributed to the slowdown of the much-needed industrial take-off Nigeria requires. Source FBNQuest Read More 

Global Growth: Modest Pickup to 2.5% in 2020 amid Mounting Debt and Slowing Productivity Growth - Global economic growth is forecast to edge up to 2.5% in 2020 as investment and trade gradually recover from last year's significant weakness but downward risks persist, the World Bank says in its January 2020 Global Economic Prospects. Source The World Bank Read More

Ivory Coast and Ghana Join Forces to Form a Cocoa Cartel To Control Output and Price - Ivory Coast and Ghana have joined forces to form a cocoa cartel. The cartel, which bears some similarities with OPEC, is to control output and price. COPEC as the new cartel is called is seeking to establish a price leadership role for the 2 top producers. They are expecting to slap a premium of $400 per tonne or 15% of the spot price by October this year.  Source FDC Read More

All Major Commodity Price Indexes Fell In Q3 2019 Led By Energy - Almost all major commodity price indexes fell in the third quarter of 2019, led by energy, which declined more than 8 percent (q/q). Trade tensions and weakness in global trade, manufacturing, and output growth are weighing on commodity demand. Source The World Bank Read More

Oil Marketers Kick Against N50 Stamp Duty - Oil marketers across the country have fought back against the payment of N50 for transactions done via POS machines. Oil marketers are resisting the regulatory induced charge under the aegis of Major Marketers Association of Nigeria (MOMAN) following discussions with the Petroleum Pricing Regulatory Agency and the CBN. Source CSL Research Read More

Power Generation Hits 4,898.2MW Don't Revoke Our Licences, Discos Beg NERC - The total quantum of electricity generated on the national grid since the beginning of 2020 reached a peak of 4,898.2 megawatts on Wednesday, latest industry data obtained on Thursday in Abuja showed. Findings from the Federal Ministry of Power showed that the grid had opened the year 2020 with a peak power generation of 4,678.8MW, while the lowest quantum of energy generated on the same day was put at 3,399.3MW. Source Punch Read More 

FG Reconstitutes CAC Board - The Federal Government has approved the reconstitution of the new board of Corporate Affairs Commission and appointed Mr Ademola Seriki as the board chairman. The government also named Alhaji Garba Abubakar as the new Registrar-General of the commission with effect from 7th January, 2020 for an initial period of four years. Source Punch Read More 

Nigeria Ranked 110 in Global Logistics Performance Index - As Nigeria, especially commercial centres grapple with crippling traffic, poor port and road infrastructure, the nation has been ranked 110 out of 160 countries in Global Logistics Performance Index (LPI). Source Thisday Read More 

Minimum Wage: TUC Gives States January 31 Ultimatum - The Trade Union Congress has given state governments that are yet to implement the N30, 000 new minimum wage up until January 31 to comply or risk industrial action from workers. The union gave the ultimatum in a communique issued at the end of its National Executive Council meeting in Lagos on Thursday. Source Punch Read More

 

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PROSHARE MARKETS 

Outcome of The Scheme of Merger: CCNN and Obu Cement Now BUACEMENT - Further to our Market Bulletin of 24 December 2019, with reference number: NSE/RD/LRD/MB74/19/12/24, wherein the market was notified of the suspension placed on the trading in the shares of CCNN following the Court's Sanction of the Scheme of Merger (Scheme) between CCNN and OBUCement (now BUA Cement Plc), please be informed that the Scheme has been concluded. Source NSE Read More 

STANBIC Notifies Of Board Meeting; To Discuss 2019 AFS and Proposed Dividend - In accordance with the provisions of Section 1.2 of the Rules of The Nigerian Stock Exchange (The NSE) relating to Board Meetings and General Meetings of Issuers, we would like to notify The NSE and our Shareholders, that a meeting of the Board of Directors of Stanbic IBTC Holdings PLC (the Company) is scheduled to hold on Thursday 06 February 2020 at 10:00am. Source NSE Read More 

Nigerian Stock Market Maintains Positive Posture As NSEASI Firms Up By 2.92% - Equities market closed today on a positive note, as NSEASI appreciated by +2.92% to close at 29,395.57 points as against +3.54% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.51%.  Source Proshare Markets Read More 

World Stocks Hit Record High As Techs Lead Relief Rally - The world's shares hit a record high on Friday as a relief over de-escalation of U.S.-Iranian tensions quickly prompted investors to bet on faster global growth, especially in the technology sector.  Source Reuters Read More 

 

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PROSHARE BUSINESS 

MANSARD Notifies Of Board Changes; Approves New Executive Directors Subject to Regulatory Approval - AXA Mansard Insurance Plc. (the Company) wishes to notify The Nigerian Stock Exchange (The Exchange), esteemed shareholders, stakeholders and the public of the resignation of Mr. Tosin Runsewe as Executive Director effective January 31, 2020 to pursue his other ambitions outside the group. The resignation has been accepted by the Board. Source NSE Read More 

Africa's Richest Man Plans U.S. Office to Help Diversify Wealth - Aliko Dangote, Africa's richest man, plans to take office space in New York to help diversify his investments and avoid the risk of currency fluctuations on his home continent. Source Bloomberg Read More 

Banks' Deposits With CBN Hit N3.17tn In Nine Months - The Central Bank of Nigeria has recorded N3.17tn deposits from 11 commercial banks in nine months. Data obtained from the financial statements of the commercial banks listed on the Nigerian Stock Exchange showed that the deposits were made between January and September 2019. Source Punch Read More 

Customs Generates N1.3trn In 2019 - The Nigeria Customs Service (NCS), says it generated the sum of N1.341 trillion as revenue in 2019. The Customs Public Relations Officer, Mr Joseph Attah made this known in a statement in Abuja on Thursday. Source Vanguard Read More 

Trump Says China Trade Deal May Be Signed Shortly After January 15 - U.S. President Donald Trump, who announced last month that the Phase 1 trade deal with China would be signed on Jan. 15, said on Thursday the agreement could be signed "shortly thereafter."  Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

NCC, Infracos To Raise N265bn For Broadband Infrastructure - The Nigerian Communications Commission and a consortium of infrastructural companies say they will raise N265bn for the development of broadband infrastructures across the country in the next four years. Source Punch Read More 

 

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PROSHARE FINANCE 

LBS Dean Tasks AFAM 2020 On Constructive Discussions To Deepen Africa's Regional Economies - The Dean of Lagos Business School Dr. Enase Okonedo yesterday tasked the African Academy of Management to explore avenues of deepening Africa's regional economy, through its management research studies.  Source WebTV Read More

North Court 2020 Outlook Forum: Stakeholders Discuss Nigeria's Real Estate Sector - The Prospects for Nigeria's economy in 2020 and the growth of the real estate sector came to the fore at a breakfast meeting hosted by North Court, a leading real estate firm in the country. Source WebTV Read More


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