Nigeria in 1min: Economic, Business and Financial Headlines - 120220

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Wednesday, January 12, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @nsenigeria

 

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PROSHARE ECONOMY 

Inflation Will Cross the 12% Threshold; Pace of Increase to Slow Significantly - Our market survey in January reveals that headline inflation is likely to inch up to 12.05% from 11.98% in December 2019. If this forecast is accurate, it will mean that inflation has increased for five consecutive months. This will be a major concern for the policy makers. Source FDC Read More 

Poor State Of Power Sector: Discos Should Recapitalise, Expand Capacities -TCN - The Transmission Company of Nigeria, TCN, has called for the recapitalisation of Electricity Distribution Companies, DISCOs, in order to expand their capacities, required to provide adequate and stable power to consumers. Source Vanguard Read More 

 

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PROSHARE MARKETS 

TONY, GOTE and NASD Indexes Record Dips In Weekly Performances -Last week saw Proshare's Dangote, Tony and NASD Indexes swing bearish as investors stayed uninspired by Q4 results released by companies on the NSE and performance of firms on the NASD. Source Proshare Read More 

NSEASI Inches Up By 0.36% As Investors Gain N51.93bn Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.36% to close at 27,871.90 points as against -1.05% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.84%. Source Proshare Read More 

Narrower Rate Differential Favouring Eurobonds - The FGN's long-standing target of a 60/40 blend between its domestic and external obligations (and those of the states) is based in part on interest rate differentials. The ratio stood at 69/31 at end-September. Source FBNQuest Read More

CBN Restricts FX For Milk and Dairy Products Importation; Exempts Nestle and 5 Others - As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria has engaged with some companies in the industry who have keyed into the Bank's backward integration program to enhance their capacity and improve local milk production. Source CBN Read More

Treasury Bill Auction Holds On Wednesday Feb 12th, 2020 - A primary auction of Nigerian Treasury Bills will take place on Wednesday, February 12th, 2020. Source  Arthur Stevens Asset Mgt Read More 

NSE to Hold EGM on March 3rd 2020; Reveals Names of Inaugural Board Members Post-Demutualization - An Extraordinary General Meeting of Members of The Nigerian Stock Exchange ("The Exchange") will be held on Tuesday March 3, 2020 at The Grand Banquet Hall, Civic Centre, OZumba Mbadiwe Avenue, Victoria Island, Lagos at 1:00p.m. to transact the following businesses. Source NSE Read More 

CBN Injects Another $210m into Forex Market - The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the inter-bank Foreign Exchange Market to boost liquidity in the sector. Source CBN Read More

NCM2020 (23) - Agriculture Sector - OKOMUOIL Tops As ELLAHLAKES and FTNCOCOA Record Negative EPS - A cursory review of the EPS ratio of the Agriculture sector reveals that OKOMUOIL tops based on EPS and closely followed by PRESCO and LIVESTOCK while ELLAHLAKES  and FTNCOCOA lead otherwise with negative EPS. Source Proshare Read More


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PROSHARE BUSINESS 

Production, Employment's Growth Slow In January -CBN - Production level, new orders, supplier delivery time, employment level and raw materials inventories grew at a slower rate in January 2020. The Central bank of Nigeria disclosed in its Purchasing Managers' Index survey report for January 2020. Source Punch Read More 

Nigeria Secures $1million U.S. Grant For Gas-fired Power Plant - Nigeria will get a grant of more than $1 million from the U.S. government for technical and financial work on a power plant project in the capital Abuja, the U.S. Trade and Development Agency (USTDA) said on Tuesday. Source Leadership Read More 

Fed's Powell Says Economy In Good Place, Warns On Coronavirus - Federal Reserve Chair Jerome Powell told Congress on Tuesday that the U.S. economy is in a good place, even as he cited the potential threat from the coronavirus in China and concerns about the economy's long-term health. Source Reuters Read More 

S'Africa Q4 Unemployment Rate Unchanged - South Africa's unemployment rate remained unchanged at 29.1 per cent in the final quarter of 2019 compared with the previous quarter, official data showed on Tuesday. There were 6.726 million people without jobs in the three months to December 31, from 6.734 million people in the prior quarter, Statistics South Africa said its quarterly labour force survey. Source Thisday Read More 

Cheque Transactions Dip By N550bn As E-Platforms' Preference Rises - Between January and December last year, the total value of transactions by cheques declined by N550bn from N5.03tn to N4.48tn.The figures are contained in the electronic payment report obtained from the Central Bank of Nigeria. SOurce Punch Read More 

Dangote Remains Africa's Wealthiest Person For 9th Consecutive Year - For the ninth year in a row, Aliko Dangote of Nigeria has been declared as the wealthiest person in Africa, with an estimated net worth of $10.1billion. Source Vanguard Read More 

 

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PROSHARE TECHNOLOGY   

Financial Inclusion In West Africa Gets Boost With New $10m Injection - Financial inclusion in West Africa got a boost with the injection of $10 million into the region's operation. Specifically, the $10 million is a debt financing round, from HQ Financial Group (HQF), Singapore-based private company, which specialises in new material science, semiconductor and blockchain financial investments. Source Guardian Read More

 

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PROSHARE FINANCE 

Pension Fund Rises To N10.22 Tr - The investment of the fund followed the same pattern as the previous month as pension fund administrators (PFAs) invested N7.34 trillion in Federal Government of Nigeria Securities, representing 71.8 per cent of the total fund. In the previous month, the PFAs invested N7.08 trillion representing over 70 per cent in FGN securities. Source TheNation Read More 

Jaiz Bank Grows Profit By 134% - Jaiz Bank Plc, Nigeria's first non-interest commercial bank, recorded well-rounded performance last year as considerable growth in the top-line and improved margins doubled the bottom-line and shot the above forecasts. Source TheNation Read More

 

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