Nigeria in 1min: Economic, Business and Financial Headlines - 250220

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Tuesday, February 25, 2020 / 06:35 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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PROSHARE ECONOMY 

Nigeria's GDP Grew By 2.55% in Real Terms in Q4 2019 and 2.27% in Full Year 2019 - Nigeria's Gross Domestic Product (GDP) grew by 2.55%(year-on-year) in real terms in the fourth quarter of 2019. Compared to the fourth quarter of 2018 which recorded a growth rate of 2.38%, this represents an increase of 0.17% points and an increase of 0.27% points when compared with the third quarter of 2019. Source NBS Read More 

De-risking The Agricultural Sector - Speaking during a summit in Lagos, the Managing Director/CEO, Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, (NIRSAL) disclosed that the institution has provided insurance cover worth N6.5bn to protect farmers in the country. Source CSL Research Read More 

Higher Growth. Lower Crime? - Central America remains one of the world's most violent regions, where about 4.5 percent of the world's homicides occur. The region has only about 0.5 percent of the world's population. Source IMF Read More 

Q4 Real GDP Expands at a Faster Pace of 2.55%; FY'19: 2.27% - The widely anticipated GDP growth numbers were released this morning and as expected, Q4 real GDP growth expanded at a faster pace to 2.55% from 2.28% in the preceding quarter. Source FDC Read More 

Investment Commitments Declined By $60.99bn In 2019 -NIPC - The Nigerian Investment Promotion Commission said that the country recorded investment commitments of $29.91bn in the 2019 fiscal period. The amount is $60.99bn or 67 per cent less than the $90.89bn that was tracked in 2018. Source Punch Read More 

Oil Price Slumps to $56 as Coronavirus Spreads Globally - Crude oil price tumbled by three per cent yesterday, as the rapid spread of a coronavirus in several countries outside China left investors fretting about a hit to demand. Source Thisday Read More

 

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PROSHARE REGULATORS 

CBN Clarifies Operation of Domiciliary Accounts - The Central Bank of Nigeria (CBN) has formally clarified issues surrounding the operations of domiciliary accounts in Nigeria. Making the clarification in a chat with newsmen in Abuja, the Bank's Director, Corporate Communications Department, Issac Okorafor stated that "the Bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks. Source CBN  Read More


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PROSHARE MARKETS

Afrinvest Stock Recommendations for the Week February 240220 - Last week, the local bourse closed on an unimpressive note as the All-Share Index (ASI) depreciated 1.3% w/w to settle at 27,388.62 points. As a result, YTD return moderated to 2.0% while market capitalisation fell N187.7tn to N14.3tn. Source Afrinvest Research Read More 

NT-Bills Average Yield Up 7bps WoW to 3.9%; Coronation MB CP Available - The performance in the Nigerian Treasury Bills ("NT-Bills") secondary market last week turned bearish as we saw some local investors sell-off their NT-Bills ahead of the FGN bond auction last Wednesday, while other locals stood on the sidelines, indifferent, amid unattractive secondary market offerings. Source Afrinvest Research Read More 

Investors Lose N181.08bn As NSEASI Dips By -1.27% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -1.27% to close at 27,041.03 points as against -0.65% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.74%.  Source Proshare Markets Read More 

Domestic and Foreign Portfolio Participation in Equity Trading - January 2020 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)2 flows. As at 31 January 2020, total transactions at the nation’s bourse increased by 84.03% from N127.94 billion (about $417.41million) in December 20193 to N235.46 billion (about $767.23 million) in January 2020.  Source NSE Read More 

Anchoria Fixed Income Monitor: CBN Regulates Customer's Deposit in Domiciliary Account - The average money market rate rose marginally last week by 0.54% to settle at 3.42% from 2.88% in the previous week. This is attributable to the outflows from FGN Bond worth N100.00 billion during the week. Source Anchoria AM Research Read More

NSE CEO Opening Speech During The Honourable Minister Of Finance, Budget And National Planning Visit TO NSE - It is with great pleasure that I welcome the Honourable Minister of Finance, Budget and National Planning - Dr. Zainab Ahmed to The Exchange. We are indeed delighted and honored to host you and your delegation to this event, which we have themed “A DAY AT THE NSE”.  Source NSE Read More 

Speech by The Honourable Minister of Finance on her Visit to The NSE - The Finance Act, 2019 also provides targeted tax incentives for SEC-regulated Securities Lending Transactions, which are often called "Stock Loans". Source NSE Read More


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PROSHARE BUSINESS 

Eterna Plc Issues Update on the Criminal Case in Respect of Fuel Subsidy Fraud - Eterna Plc is pleased to announce that the criminal case instituted in 2012 by the Economic and Financial Crimes Commission (EFCC) against Eterna Plc, Mahmud Tukur and several other persons has been struck out. Source NSE Read More 

Manufacturing Declines As 2.27% GDP Growth Surpasses IMF Projection - The National Bureau of Statistics on Monday released the Gross Domestic Product report for the 2019 fiscal year with the economy growing by 2.27 per cent in 2019. The annual GDP growth rate of 2.27 per cent, according to the NBS, represents an increase of 360 basis points over the growth rate of 1.91 per cent recorded in 2018. Source Punch Read More

FG Shortlists Ethiopian Airlines, Others For Aircraft Maintenance/Leasing Facility - The Federal Government on Monday shortlisted Ethiopian Airlines and a consortium of A. J. Walters/Glovesly/Egypt Air for its proposed aircraft Maintenance Repair and Overhaul facility. The consortium of A. J. Walters/Glovesly/Egypt Air was also shortlisted as the preferred bidder for FG's Aviation Leasing Company. Source Punch Read More

Wall Street Plunges On Fears Of Coronavirus Pandemic - The S&P 500 and the Dow Jones Industrial Average on Monday suffered their biggest one-day percentage losses in two years after a surge in coronavirus cases outside China fanned worries about the global economic impact of a potential pandemic. Source Reuters Read More


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PROSHARE FINANCE 

Islamic Development Bank Announces Highest Ever $2bn Sukuk; Thanks Partners For Support - Islamic Development Bank (ISBD) recently announced that it achieved its highest ever order book at the launch of its $2bn Sukuk. The launch occurred with tight pricing and a cautious market environment that did not deter investors from supporting the ISDB's largest Sukuk issue, with an AAA-rated credit.  Source WebTV Read More

 

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