Nigeria in 1min: Economic, Business and Financial Headlines - 100919

Tuesday, September 10, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @NigeriaGov

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PROSHARE ECONOMY

How Lagos And Ondo States Drive Agric-Business Development - The recent 3rd edition of the First Bank Agric Expo in Lagos was an opportunity for some states in the country to share strategies for driving the Agric sector which is a critical contributor to the local economy. Source Proshare Read More

Buhari's First 100 Days: Honeymoon or Honeyfire? - The honeymoon, baptism of fire or the hybrid (honeyfire) is how we can describe the first 100 days of the renewed vows of Buhari with the Nigerian electorate. Source FDC Read More

Trade Uncertainty Rising In Nigeria, Says IMF - The International Monetary Fund has expressed concern over the rise in trade uncertainty in Nigeria and many other economies amid the escalating trade tensions between the United States and China. The IMF said on Monday that rising trade uncertainty was cited as a driving factor for "sluggish global growth" in the current issue of its World Economic Outlook, which described the state of the world economy. Source Punch Read More

Disbursements To States Stay Above N200bn Monthly - The disbursements to state governments from the Federal Account Allocation Committee has remained above N200bn on a monthly basis since January this year, the latest quarterly report put together by the Nigeria Extractive Industries Transparency Initiative has revealed. Source Punch Read More

FG, States, LG Share N3.84tr In First Half Of 2019 - The federal, states, local governments and others shared N3.84trn between January and June this year, data contained in the latest edition of NEITI Quarterly Review, showed. Source Dailytrust Read More

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PROSHARE MARKETS

Afrinvest Stock Recommendation For The Week September 090919 - Last week, the domestic bourse recorded a bearish performance as the All Share Index (ASI) declined 1.4% W-o-W to 27,146.57 points. Accordingly, market capitalisation fell N184.5bn to N13.2tn while YTD loss weakened to -13.6%. Source Afrinvest Research Read More 

Airtel Africa Included In FTSE 250 Index Effective Sept 23, 2019 - The FTSE announced the final results of their September quarterly review, confirming the inclusion of Airtel Africa in the FTSE 250. This change will be effective from the market open on Monday, 23 September. Source Airtel Africa Read More 

H1, 2019 Result: May and Baker Nigeria Plc Grows Bottom-line by 10% - May & Baker Nigeria Plc grew its bottom-line by 10 per cent in the first half of this year as pre-tax profit rose to N427.69 million in the first six months of the year. Source May & Baker Read More 

Buoyant System Liquidity Pressures Average Yield Down To 13.3% - In line with our expectations, the upbeat in demand was sustained in the Treasury Bills ("T-Bills") secondary market last week as system liquidity remained elevated (N862.2bn positive as at Thursday) amidst the OMO auction that was conducted by the Apex bank on the same day. Source Afrinvest Research Read More 

Investors Lose N27.59bn As NSEASI Dips By -0.21% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.21% to close at 27,089.84 points as against -0.39% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.81%. Source Proshare Markets Read More  

CILEASING Files Application With SEC For Approval To Undergo A Right Issue - C&I Leasing Plc is pleased to notify its esteemed Shareholders, Stakeholders, The Nigerian Stock Exchange ("The Exchange") and the general public, that the Company has filed an application with the Securities Exchange Commission (SEC) for approval to undergo a Rights Issue. Source NSE Read More 

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PROSHARE BUSINESS

AMCON V Shebah E and P: Parties Meet To Resolve Issues - Parties to the ongoing litigation between Asset Management Corporation of Nigeria (AMCON) and Shebah Exploration and Production (E&P) Company Limited met last week  to discuss how to amicably resolve the various issues that led to recourse to the courts.  Source News Read More

Oil Price Rises As S/Arabia Signals OPEC Production Cut - Oil prices appreciated yesterday after a Saudi official said there would be no change in Saudi Arabia's OPEC policy as Prince Abdulaziz bin Salman was named the new energy minister of the country over the weekend. Source Leadership Read More

Nigeria Loses 10,000 Barrels Of Crude Oil Daily - Shell - The Shell Petroleum Development Company of Nigeria Limited (SPDC) has decried the spate of attack on pipelines and other oil assets in the Niger Delta region stressing that the country loses about 10,000 barrels of oil from its pipelines to crude oil theft daily. The company has therefore called out for help from government, communities and other stakeholders to stem the incessant attack on oil assets. Source Leadership Read More

Stop N305/Dollar Official Exchange Rate, LCCI Tells CBN - The Lagos Chamber of Commerce and Industry has advised the Central Bank of Nigeria to discontinue the official exchange rate of N305 to one United States dollar. It said that the multiplicity of rates was inimical to economic diversification and urged the apex bank to allow the market to drive the forex rate. Source Punch Read More

NAICOM Approves 2 New Takaful Insurance Companies - The National Insurance Commission (NAICOM) has granted approval in principle to Cornerstone Takaful Insurance Company Ltd and Salam Takaful Insurance Company Ltd as composite Takaful operators to transact both family and general Takaful businesses in Nigeria. Source Dailytrust Read More

Moody's Says Fixing S. Africa's Eskom Is Complex, Will Take Time - Fixing loss-making power utility Eskom Holdings SOC Ltd. is complex and it will take time for the government and the company to agree to a plan, according to Moody's Investors Service. Source Blooberg Read More

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PROSHARE TECHNOLOGY   

Active Voice Subscribers Grew By +0.18% In Q2 2019 - NBS - Telecoms data for Q1 and Q2 2019 reflected that a total of 173,713,842 and 174,042,116 subscribers were active on voice as against 162,032,481 in Q4 2018. This represented 0.18% increase in voice subscriptions QoQ. Source NBS Read More

Mobile Network Operators' Assets In Nigeria Hit N1.95 Trillion -  Total assets base of mobile operators in Nigeria increased by 130 per cent between 2017, and 2018, hitting N1.95 trillion last year, from N847.97 billion.These assets include all facilities that make communications seamless in Nigeria, like the base transceiver stations, fibre cables, network operation centre, data centres, among others. Source Guardian Read More

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PROSHARE FINANCE 

Micro-Insurance, Tech Key For Deepening Nigeria's Insurance Sector - Coronation Research - Coronation Research - The rollout of Micro-Insurance and Adoption of Technology will go a long way in deepening the Nigerian Insurance sector. Source Proshare Read More 

NAICOM Solicits Support Of Regulatory Bodies To Drive Recapitalization of Insurance Industry - In a review of key developments in the Nigerian Insurance Industry from  September 2nd to 7th, 2019,  the National Insurance Commission, NAICOM solicited the support  of other financial regulatory bodies as the nation prepares for the recapitalisation of the insurance sector by June 2020. Source Proshare Read More

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