Nigeria in 1min: Economic, Business and Financial Headlines - 240919

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Tuesday, September 24, 2019 / 07:10 AM / By News Aggregator / Header Image Credit: @officialNESG

 

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PROSHARE ECONOMY

FX Restriction On Food Import May Raise Inflation Rate In Q4 2019 - Falling inflation rate (currently at 11.02% in August 2019) may see a reversal in coming months as the Central Bank of Nigeria's (CBN's) restriction on foreign exchange (FX) for food imports begins to bite. Source Proshare Read More

Nigeria Lost N3.6tn To Non-Oil Exports - NEXIM - Nigeria has lost about $10bn (about N3.6tn) over the past five decades in non-oil export opportunities in crops such as cocoa, oil palm, cotton and groundnut alone. The Managing Director/Chief Executive Officer, Nigeria Export-Import Bank, Mr Abubakar Bello, disclosed this while delivering a keynote address at a finance conference in Lagos. Source Punch Read More 

Nigeria Needs $3tn To Address Infrastructure - Ahmed - The Federal Government will require about $100bn annually for the next 30 years to affectively tackle Nigeria's infrastructure challenges, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. A statement from the ministry on Monday reported the minister to have said this at a workshop on 'Maximizing finance for development of infrastructure in Nigeria', organised by the World Bank Group in Abuja. Source Punch Read More

 

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PROSHARE REGULATORS

E-Transaction Rose By N82.3tn In Five Years - CBN - The banking sector recorded an increase of N82.35tn in electronic transaction from N56.31tn in 2015 to N138.66tn in 2018, figures obtained from the Central Bank of Nigeria have revealed.The cashless policy was first inaugurated in 2012, but was suspended in 2014 to allow more payment channels to be developed by Deposit Money Banks. Source Punch Read More

 

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PROSHARE MARKETS

Investors Lose N20.16bn As NSEASI Dips By -0.15% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.15% to close at 27,657.27 points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.00%. Source Proshare Read More

NSE Lists Access Bank's N30bn 7-Year 15.5% Fixed Rate Subordinated Unsecured Bonds Due 2026 - The Access Bank Plc's N30,000,000,000, 7-Year 15.5% Fixed Rate Subordinated Unsecured Bonds Due 2026, were listed on the Daily Official List of The Nigerian Stock Exchange on Tuesday, 17 September 2019. Source NSE Read More 

NSE Lists FGN Savings Bonds - The Nigerian Stock Exchange (NSE) Lists Federal Government Savings Bonds on the Daily Official List on Wednesday, 18 September 2019. Source NSE Read More 

Afrinvest Stock Recommendation For The Week 230919 - Last week, the local bourse posted a bearish performance as the ASI lost 0.3% W-o-W to 27,698.69 point while YTD loss worsened to -11.9%. Similarly, investors lost N39.1bn as market capitalisation fell to N13.5tn. Source Afrinvest Research Read More 

Bearish Momentum Sustained As Average T-Bills Yield Advances 23bps WoW To 13.6% - The Treasury Bills ("T-Bills") secondary market sustained its bearish run last week, as investors continue to exit their positions to participate in the Primary Market and Open Market Operation ("OMO") offerings. Source Afrinvest Research Read More 

SEPLAT Announces Transfer Of 4.63m Ordinary Shares Registered In The Name of Vitol Energy Ltd - The Company (SEPLAT) received notification of a transfer of 4,632,803 ordinary shares registered in the name of Vitol Energy Limited. The sale relates to the Deed of Share Charge entered into between Shebah Petroleum Development Company Limited ("Shebah BVI", an entity controlled by Dr. A.B.C. Orjiako and members of his family) and Vitol S.A. as disclosed by RNS on 27 May 2015. Source NSE Read More 

UNITYBNK Notifies Of Fire Incident At Its Head Office; Restates Commitment To Prompt Services - Unity Bank PIc (The Bank) wishes to inform The Nigerian Stock Exchange (The Exchange), its esteemed stakeholders, and the general public that there was a fire incident on one of the floors of our Head office building early this morning. Source NSE Read More

 

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PROSHARE BUSINESS

Global Stocks Inch Up On Trade Hopes But Growth Fears Temper Gains - Global shares ticked up on Tuesday after U.S. Treasury Secretary Steven Mnuchin said U.S.-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall appetite for riskier assets. Source Reuters Read More

Fed Policymakers Say Lower Rates Are Helping -  The Federal Reserve has delivered a boost to the economy this year not only with interest-rate cuts but also because it shifted away from its earlier view that it would need to raise rates in 2019, two Fed policymakers said on Monday. Source Reuters Read More

South African Banks Prepare For Biggest Strike In 99 Years - "Banks will be operating as usual on the day," the Banking Association South Africa said in an emailed statement on Monday. Lenders "are taking the necessary precautions to minimize disruption" related to the proposed protest action on Friday by the South African Society of Bank Officials and the Congress of South African Trade Unions, it said. Source Guardian Read More

Six Companies Meet Recapitalisation Threshold - It will be recalled that the National Insurance Commission, NAICOM, directed insurance companies to beef up their capital levels. Composite insurers licence holders are to raise their capital to N18 billion from N5 billion, general insurers are to raise to N10 billion from N3 billion, while life licence holders will raise to N8 billion from N2 billion and reinsurance companies will have to raise to N20 billion from N10 billion. Source Vanguard Read More

Banks Grow Loans By N800bn Following CBN's Directive - Deposit Money Banks (DMBs) in the country have grown the loan book by N800 billion in an aggressive drive to comply with the 60 per cent Loan-to-Deposit Ratio (LDR) mandate given by the Central Bank of Nigeria (CBN). Source Dailtrust Read More 

 

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PROSHARE TECHNOLOGY  

Telecoms Sub-sector Lost N221bn in Two Years - Value Added Service (VAS) operators, a sub-sector in the telecoms industry, operating under the aegis of Wireless Application Service Providers Association of Nigeria (WASPAN), has decried the heavy loss it incurred in the last two years, amounting to N221 billion. Source Thisday Read More 

 

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PROSHARE FINANCE 

1.57m Candidates Sat For WAEC In Public Schools in 2018 - NBS - The West African Examinations Council Results Statistics 2016-2018 reflected that a total of 1.57m candidates sat for WAEC in public schools in 2018 as against 1.56m candidates in 2017. Source NBS Read More

 

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