Nigeria in 1min: Economic, Business and Financial Headlines - 151119

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Friday, November 15, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @nsenigeria

 

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PROSHARE ECONOMY 

AIF 2019: Unveiling The Boardroom: $67.6bn of Deals Tabled, $40.1bn Investor Interest Secured - It was deals that brought participants to the 2019 Africa Investment Forum and they were not disappointed. The second Forum ended on a high note Wednesday, with 56 boardroom deals valued at $67.6 billion tabled - a 44% increase from last year. Source AfDB Read More 

AFEX Cocoa Outlook for 2019 and 2020 Season - Insights on the commodity markets in Nigeria are critical as we enter into the 2019/2020 season. All key crops traded on AFEX Commodities Exchange are being considered in view of the demand and supply dynamics as well as a look into possible proactive measures that investors can take. Source AFEX Nigeria Read More 

The Central Bank Of Nigeria's OMO - Implication Of The Recent CBN Circular - The Central Bank of Nigeria (CBN) recently announced the exclusion of non-bank locals (individuals and corporates) from participation in its Open Market Operations (OMO) at both the primary and secondary markets. Source Comercio Partners Read More 

5.09bn Litres of PMS Imported Into Nigeria in Q3 2019 - NBS - The petroleum products importation statistics for Q3 2019 reflected that 5.09bn litres of premium motor spirit (PMS), 1.18bn litres of automotive gas oil (AGO), 12.83mln litres of  household kerosene (HHK), 315.95mln litres of aviation turbine kerosene (ATK), 93mln litres of base oil, 38.57mln litres of bitumen and 84,723 litres of Liquefied Petroleum Gas (LPG) were imported into the country in Q3 2019. Source NBS Read More

NNPC Secures US Grant For 1,350MW Power Plant - The Nigerian National Petroleum Corporation on Thursday announced that it had concluded arrangements with the United States Trade and Development Agency to sign a $1.16m grant as part funding for the NNPC-Abuja Independent Power Project. Source Punch Read More 

FG To Ban Importation Of Steel Products - The federal government on Thursday said that it is considering total ban on steel importation to encourage local steel manufacturers. This is as it reiterated its commitment to encourage local investors in mine and steel sector, especially with potential to provide more job opportunities for Nigerian youths. Source Dailytrust Read More

 

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PROSHARE MARKETS

Jumia Q3 2019 Result; Turning A Trading Corner, Smartly - Gross Merchandise Value (GMV) went up +39% between Q3 2018 and Q3 2019, the rise in GMV suggests that the platforms basic retail activities have nudged forward noticeably in addition to an increase in its online payment solution. Source Proshare Read More 

SEPLAT: Earnings Quality Undermined by Missed Output, Oil Shocks - For the third time this year, SEPLAT has missed its production and revenue targets. 9M:2019 topline was down by 12.57% Y-o-Y to NGN151.88bn (9M:2018: NGN173.71bn). Source Meristem Research Read More 

AIICO 9M 2019: Growth in Net Profit Hits Five-Year High - Gross premium earned advanced by 37.13% YoY to NGN35.56bn (vs. NGN25.93bn in Q3:2018), driven by the extensive distribution network of the firm. Source Meristem Research Read More 

9M 2019: CONOIL Consolidates Success Despite Industry Worries - CONOIL's topline expansion surged further in Q3:2019; 9M:2019 revenue printed at NGN112.72bn (vs. NGN75.84bn in 9M:2018; +48.64%), driven by a 10.72% uptick in Q3. Source Meristem Research Read More 

MAYBAKER 9M 2019: Margins Improve Despite Revenue Contraction - MAYBAKER reported a decline in its top-line of 9.57% to NGN5.92bn (vs. NGN6.54bn in 9M:2018). The pharmaceutical unit (which contributes c.98% to total revenue) recorded a revenue of NGN5.86bn in 9M:2019, 6.95% lower than in 9M:2018. Source Meristem Research Read More 

Investors Gain N245.34bn As NSEASI Erases Previous Day Loss; Inches Up By 1.91% - Equities market closed today on a positive note, as NSEASI appreciated by +1.91% to close at 26,843.11 points as against -0.44% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.60%. Source Proshare Markets Read More 

 

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PROSHARE BUSINESS 

AIRTELAFRI To Acquire Additional Spectrum In Nigeria To Improve Its LTE Services Across The Country - Airtel Africa Plc, a leading pan-African provider of telecommunications and mobile money services, today announced an agreement between Airtel Networks Limited, a subsidiary of Airtel Africa, and Intercellular Nigeria Limited, to acquire additional 10 MHz spectrum in the 900 MHZ band in Nigeria. Source NSE Read More

CBN Stabilises Naira With $25.68bn In Eight Months - The Central Bank of Nigeria injected about $25.68bn to stabilise the nation's currency in the foreign exchange market between January and August this year. The $25.68bn was arrived at by our correspondent based on analysis of the monthly economic report released by the apex bank. Source Punch Read More

Oil Gains As Hopes Build For OPEC Supply Curbs; New Optimism On U.S.-China Trade Deal - Oil prices rose on Friday as OPEC's outlook for oil demand next year fueled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month. Source Reuters Read More

Lawmakers Pledge Support for AMCON - The Chairman, Banking and Currency, House of Representatives Committee Chairman on Banking and Currency, Hon. Victor Nwokolo has assured Nigerians that the ninth National Assembly will take all necessary measures to support the Asset Management Corporation of Nigeria (AMCON) in realising the huge outstanding debt of over N5.4 trillion owed it by obligors before its sunset. Source Thisday Read More

Egypt Inflation at Nine-Year Low Gives Scope for More Rate Cuts - Egypt's inflation rate slowed to its lowest level in over nine years, offering fresh ammunition for the central bank to move ahead with another rate cut when it meets next week. Source Bloomberg Read More


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PROSHARE TECHNOLOGY  

Fourth Industrial Revolution (4IR) Will Be Powered By Data - Ade Bajomo - The Fourth Industrial Revolution (4IR) will ride on digital technology and become energized by big data. Mr. Adeolu Bajomo, the Executive Director, IT & Operations of Access Bank Plc disclosed this at a presentation on "Big Data, Small Data, Game Changers for Digital Transformation" at the recently concluded 2019 Nigerian Fintech Week. Source Proshare Read More

FG Orders Telecom Firms To End Voicemail - The Minister of Communications and Digital Economy, Dr Isa Patanmi, has directed mobile network providers to put an end to automatic voicemail services. The minister, in a statement signed by his spokesperson, Mrs Uwa Suleiman, said complaints of subscribers indicated that operators were exploiting them with automatic voicemail service. Source Punch Read More


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PROSHARE FINANCE

Appointment of Employers as Agents and Taxing Severance Benefits - Initial Thoughts - Lagos State Internal Revenue Service (LIRS) has issued a public notice, appointing employers as its agent, requesting employers to deduct and remit capital gains tax on payments to employees as compensations for loss of employment. Let's look at this issue of taxing severance benefits. Source Yomi Olugbenro Read More 

 

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