Nigeria in 1min: Economic, Business and Financial Headlines - 190220

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Wednesday, February 19, 2020 / 06:40 AM / By News Aggregator / Header Image Credit: @followlasg


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PROSHARE ECONOMY 

Headline Inflation Increases By 12.13% YoY In January 2020; 0.15% Higher Than December 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 12.13 percent (year-on-year) in January 2020. This is 0.15 percent points higher than the rate recorded in December 2019 (11.98) percent. Source NBS Read More

Gas Flaring: A Never-Ending Dark Tunnel - According to satellite data from Nigeria's environment ministry, oil companies in the country flare over 313.0mscf of gas annually which ultimately results into 16.5m tonnes of CO2 emitted into the atmosphere. Source CSL Research Read More

Sector Outlooks for 2020 Are Gloomier on Economy, Trade - 21% of sector outlooks in our global outlooks compendium are negative, up from to 8.5% at the start of 2019, Fitch Ratings says. A slowdown in economic growth, persistent trade tensions, and a prolonged period of low interest rates are among the most frequently cited reasons for weaker sectoral performances. Source Fitch Ratings Read More

Headline Inflation Crosses The 12% Threshold - Nigeria's headline inflation crossed the 12% threshold in January, rising at a faster pace than we anticipated to 12.13% from 11.98% in December 2019. This is the 5th consecutive monthly increase and the highest level in the last 21 months. Source FDC Read More

IMF Staff Concludes 2020 Article IV Consultation to Nigeria - An International Monetary Fund (IMF) staff team led by Amine Mati, Senior Resident Representative and Mission Chief for Nigeria, visited Lagos and Abuja from January 29-February 12, 2020 to conduct its annual Article IV Consultation discussions on Nigeria's economy. Source IMF Read More

Fiscal Policies For Women’s Economic Empowerment - An International Monetary Fund (IMF) staff team led by Amine Mati, Senior Resident Representative and Mission Chief for Nigeria, visited Lagos and Abuja from January 29-February 12, 2020 to conduct its annual Article IV Consultation discussions on Nigeria's economy. Source IMFBlog Read More

Commodities Markets Take Bearish Turn As Traders Contemplate Coronavirus - Global commodity markets have taken on a bearish hue as traders in different markets review the impact of the recent outbreak of the Chinese Coronavirus on their respective markets.  Source Proshare Research Read More

Food Security is Critical as it Enhances National Security - Ecobank MD - The Managing Director, Ecobank Nigeria, Patrick Akinwuntan says the Ecobank Agribusiness Summit was an initiative to create a common platform that brings together partakers in the Agric value chain, be it producers, processors, logistics entrepreneurs, insurance practitioners and others within the sector to think a better approach to agriculture sustainability for Nigeria. Source Ecobank Nigeria Read More

$750m Oil Stolen In 2019, Says NNPC - The Nigerian National Petroleum Corporation has said the nation lost about $750m to crude oil theft in 2019. The Group Managing Director, NNPC, Mallam Mele Kyari, who disclosed this on Tuesday, decried the growing activities of oil thieves and pirates which he described as a threat to the operations of the corporation. Source Punch Read More

 

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PROSHARE MARKETS 

NSEASI Started Well in January 2020, Then Fizzled Out - The NSEASI was briefly the best performing index globally in January but its gains ytd have since been pared back to just 2.7%. This compares with 1.4% for the Jo'burg all-share and a loss of -3.9% in Nairobi (NSE20). The brief surge was driven by domestic investors, specifically by retail rather than institutional players. Source FBNQuest Read More 

Investors Lose N12.18bn As NSEASI Dips Further By -0.08% Amid Negative Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.08% to close at 27,547.56 points as against -0.67% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.63%.  Source Proshare Markets Read More 

United Capital Plc Declares N5bn PAT in 2019 Audited Results, Proposes 50k Dividend;(SP:N2.13k) - United capital plc, investment banking, trustees, asset management & stockbrocking company in the financial services sector announced 7.2% gross profit decline in 2019 audited result. Source NSE Read More


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PROSHARE BUSINESS 

Continued Border Closure Not Sustainable - MAN - The Manufacturers Association of Nigeria has said that the continued closure of the country's land borders is unsustainable as many genuine businesses are suffering, and some are at the verge of shutting down. The Director- General, MAN, Segun Ajayi-Kadir, said this on Tuesday at a 'Stakeholders forum on impact of border closure on Nigeria's economy' organised by the Lagos Chamber of Commerce and Industry in partnership with the Centre for International Private Enterprise. Source Punch Read More 

Wall Street Dragged Down By Apple's Shock Sales Warning - US stocks dropped on Tuesday after a surprise sales warning from technology bellwether Apple fanned worries about the impact of the coronavirus outbreak on global supply chains. The world's most valuable technology firm said it would fall short of its recently announced first-quarter sales target because of slower iPhone production and weaker demand in China, sending its shares down by 2.4 per cent. Source Punch Read More

DPR To Transfer Five Revoked Oil Blocks - The Department of Petroleum Resources (DPR) has transferred Oil Mining Licence (OML) 98 to the Nigerian Petroleum Development Company (NPDC), stating the Federal Government is considering transferring five others, which were recently revoked. Source Guardian Read More

Oil Gains As Optimism Grows Economic Impact Of Coronavirus Outbreak May Be Brief - China is still struggling to get manufacturing going again in the world's second-largest economy, after imposing stringent city lockdowns and travel restrictions to contain the virus that has now killed more than 2,000 people, but investors remain optimistic that the economic fallout may be short-lived. Source Reuters Read More

 

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PROSHARE FINANCE 

NCM2020 (30) - Real Estate: The Calm Realities of a Quiet Market - Nigeria's real estate market growth in 2019 was modest. The market was characterized by high vacancy rates and relatively slow construction growth compared to the year 2018. Source Proshare Read More

 

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