Nigeria in 1min: Economic, Business and Financial Headlines - 100220

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Monday, February 10, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY 

Adapt or Perish - An Economic Necessity - LBS Executive Breakfast Session - February 2020 - It is difficult to judge the last decade as a success. However, the current administration is determined to make fundamental and structural changes. The new goals for this decade are people-oriented, specific and targeted. Source FDC Read More 

IGR in Need of Diversification - The NBS has published its internally generated revenue (IGR) at state level report for Q3 2019. According to the report, by end-September 2019 aggregate IGR for the 36 states and FCT was N986bn. Source FBNQuest Read More 

Declining Demand for Grains to Depress Prices in the Near Term - OPEC's Technical Committee has deliberated on the best response of the impact of Coronavirus on global oil markets. Source FDC Read More 

Nigeria to Draft Petroleum Industry Bill from Scratch - A Reuter's story reports the Senate President saying Nigeria's legislature has begun consulting with the president to draft "from scratch" a bill overhauling the nation's petroleum sector and will aim to pass it by the end of 2020. Source CSL Research Read More 

ARM Macro-Economic Update - January 2020 - Movement of FX flows at the IEW took a different turn over the first month of the year. To buttress, after six consecutive months of net outflow at the window, balance of flows printed at a net inflow of $561 million in January 2020. Source ARM Read More 

Export Crops face Bullish Trend- AFEX Commodities Weekly Report 060220 - The AFEX Commodities Index composite closed at 171.16points this week representing a down-tick in the overall market performance. The percentage point dropped by 2.86 week-to-date (WtD). Source AFEX Read More 

Oil Falls Again As OPECplus Hits Rut - Oil prices fell again on Friday as OPEC's plans to deepen its production cuts hit a rut due to Russian hesitancy on the issue. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Feb 07, 2020 - The Nigerian bourse witnessed a steep decline as the ASI closed -2.69% WoW, while market capitalization lost N239 billion to close at N14.62 trillion. All sectors closed in red, save the in-surance sector (+0.15%). Source ARM Read More 

The GTBank 2020 Economic Outlook: Macro-Economic and Banking Sector Themes - Among the top issues that Nigerians are most concerned about are Security, Infrastructural Development and Poverty Alleviation. Individually, these factors will dominate conversations across all spheres of society and collectively, shape the economic landscape of the country in 2020. Source GTBank Read More

FIRS Moves To Block $10bn Tax Leakage By Multinationals - The Executive Chairman of the Federal Inland Revenue Service, Mr Muhammad Nami,  has said that the tax collection reform currently being implemented by the service under his watch will help to block about $10bn tax leakage by multinational companies. Source Punch Read More

Power Producers Unwilling To Provide Backup Capacity - TCN - Power generation companies in the country are unwilling to provide spinning reserve services that will guarantee grid stability, the Transmission Company of Nigeria has said. The TCN said a review of the rates for ancillary services had become necessary to enable the system operator procure adequate spinning reserves from the Gencos. Source Punch Read More 

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week- 100220 - In line with our expectations, economic activities in Nigeria retraced slightly in January 2020, relative to the festive-induced demand acceleration witnessed in December 2019. Precisely, while the composite PMI remained resolute in the expansionary region (59.4 points), it grew at a slower pace (-2.1 points) when compared to the prior month. Source Proshare Read More 

NCM2020 (21) - Industrial Goods Sector - AUSTINLAZ Records Over 200 PE Ratio - A cursory review of the EPS  of the Industrial Goods sector reveals that DANGCEM tops based on EPS and closely followed by BETAGLAS and CAP while VANLEER  and PREMPAINTS lead otherwise with negative EPS. Source Proshare Read More

Nigeria Stock Exchange (NSE) Prepares For Demutualisation, Advises Brokers To "Combine" - By Tuesday, March 3, 2020 the Council of the Nigerian Stock Exchange (NSE) will gather to vote for the demutualization of the 59-year-old market. The process will mean that the Exchange will change from a membership owned entity to a Limited Liability Company. Source Proshare Read More 

NSE Appointed Executive Committee Member of the Financial and Information Services Association - The Nigerian Stock Exchange ("NSE" or "The Exchange") is pleased to announce its appointment as Executive Committee (EC) member of the Financial and Information Services Association (FISD), a division of the Software and Information Industry Association (SIIA). Source NSE Read More 

Investors Lose N239.06bn WoW As NSEASI Dips By -2.69% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.26% to close at 28,067.09 points as against +0.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.56%. Source Proshare Read More 

MTNN Notifies Of Board Meeting Date And Commencement of Closed Period - A meeting of the Board of Directors of MTN Nigeria Communications Plc ("the Company") has been scheduled for Friday February 28, 2020 to consider and approve the Audited Financial Statements for the year ended December 31, 2019 along with other agenda items. Source NSE Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 070220 - The equities market recorded negative performance - the listed equities market recorded -2.69% loss WoW while the NASD OTC also declined by 0.10% WoW. Source Proshare Read More 

NASD OTC Market CAP Decreased By -0.10% WoW To Close At N501.83bn - As at close of trade week on 07 February 2020, market Capitalisation decrease to N501.83 billion from last week's previous N502.29 billion, which shows a 0.10% decrease in Capitalisation. Source NASD Read More 

Dangote and Toni Indexes Diverge From NSE ASI - Analysts have concluded that Proshare's Dangote and Toni Indexes developed lives of their own in 2019 and are preparing a repeat performance in 2020 as both Indexes broke from trading patterns set by the Nigerian Stock Exchange's All Shares Index (NSE ASI) and the NSE 30 Index between January 2019 and January 2020. Source Proshare Read More 

Corporate Earnings For The Week Ending 070220 - 29 in All - Seventeen (17) out of the Twenty-nine (29) firms declared growth in revenue. NOTORE records 89% growth in earnings to emerge as the firm with highest growth in earnings while VANLEER records 83% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Read More 

NCM2020 (19) - Consumer Goods Sector - NESTLE Tops on PAT Margin As UNILEVER Tops on PE Ratio - A cursory review of the EPS ratio of the Consumer Goods services sector reveals that NESTLE tops based on EPS and closely followed by FLOURMILL and NB while GOLDBREW  and NNFM lead otherwise with negative EPS. Source Proshare Read More 

NCM2020 (20) - Oil and Gas Sector - SEPLAT Tops On EPS and PAT Margin As Mobil Tops on ROE - A cursory review of the EPS ratio of the financial services sector reveals that SEPLAT tops based on EPS and closely followed by MOBIL and CONOIL while JAPAULOIL  and RAKUNITY lead otherwise with negative EPS. Source Proshare Read More 

Cost Of Funds To Drop Further As N1.3trn Hit Interbank Market - Cost of funds is expected to decline further this week in response to massive liquidity inflow of N1.3 trillion into the interbank money market. Source Vanguard Read More

KPMG: Finance Act Implementation to Stimulate Capital Market Growth - The removal of multiple tax footprints for securities lending and real estate investment schemes by the finance bill recently signed in law by the federal government of Nigeria is expected to stimulate activities in some segments of the Nigerian capital market. Source Thisday Read More

 

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PROSHARE BUSINESS 

Credit Suisse's Thiam Exits in Shock Reversal After Scandal - Credit Suisse Group AG Chief Executive Officer Tidjane Thiam was ousted in a power struggle with the chairman over a spying scandal, sending shares down 5% on doubts over the bank's future under a new boss. Source Bloomberg Read More 

AMCON's Stake On Banks' Toxic Loans Almost Recovered - Chike-Obi - The former Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Mustafa Chike Obi, has disclosed that the creation of the corporation did not envisage complete recovery of the bad loan acquired. Even then, he said that despite the huge value of the outstanding debts, the corporation had recovered almost the amount staked on the lenders' bad loans. Source Dailytrust Read More 

Economy Recorded $114.82bn Forex Inflows In 24 Months - CBN - The Nigerian economy attracted a total foreign exchange inflow of $114.82bn within a two-year period covering January 2018 and December 2019. The figure was arrived at based on analysis of the foreign exchange inflow and outflow through the economy as contained in the economic report of the Central Bank of Nigeria. Source Punch Read More 

Electricity Tariff Hike Will Push Cost Above 40%, MAN Warns -  The Manufacturers Association of Nigeria (MAN), has charged the nation's economic managers on the need to attract significant investment to encourage large scale generation and significant improvement in transmission and distribution of power supply in the country. Source Guardian Read More 

NNPC Records 16% Increase in Gas Supply for Power Generation - The Nigerian National Petroleum Corporation (NNPC) has said  the daily average natural gas supply to gas-powered plants increased by 16.53 per cent to 645 million (mscfd), equivalent to  generate 2,178MW of electricity in November 2019. Source Thisday Read More 

Oil Prices Fall On Oversupply Worries As Virus Hits China Demand - Oil prices on Monday extended their decline from an early January peak above $70 as the specter of excess supplies loomed over the market after the spreading coronavirus outbreak hit demand in China, the world's largest oil importer. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

Gen Z and The Coming Telecom Wars: Understanding Nigeria's New Consumer Telco Market - MTN, Glo and Airtel are not just market leaders, they are market shapers. They shape market reality and pander to the whims of a new generation of Nigerian telephone users called "generation Z". This generation was born in the mid-1990s to 2010. Source Proshare Read More 

Mobile Payments Rise 184% To Reach N828bn - Financial transactions conducted by mobile money operators received a major boost in 2019 as the value of payments grew by 184 per cent from N292.02bn recorded in 2018. In 2019, the latest data obtained from the Nigerian Inter-Bank Settlement Scheme showed that N828.1bn worth of payments were executed by mobile money agents in the country. Source Punch Read More 

FG Warns against Use of Windows 7 Powered Devices - Following the expiration date of Microsoft Windows 7 Operating System (OS), since January 14, 2020, the federal government has warned Nigerians against the use of all devices powered by Windows 7 operating system. Source Thisday Read More 

World's Happiest People Seek Road to Financial Smarts - In Finland, which topped the most recent United Nations World Happiness Report, the central bank is drawing up a financial-literacy strategy for citizens. The idea, conceived in a country that already outperforms much of the rich world in education, is to figure out whether a bit more financial acumen will help Finns borrow less. Source Bloomberg Read More 

 

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PROSHARE FINANCE 

Wedding Finance - Understanding the Event but Retaining the Vision - For every wedding, the vision is a happy married life - the "happily ever after" as its often said in the movies. It's all a waste if, at the end of a glamorous wedding, the marriage turns to gloom. Source Proshare Read More

Total Pension Assets Rise To N10.22tn - According to the commission, a total of N7.34tn or 71.87 per cent of the funds has been invested by the Pension Fund Administrators in the Federal Government of Nigeria's securities, including FGN bonds, treasury bills, agency bonds, Sukuk bonds and green bonds. Source Punch Read More 


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