Nigeria in 1min: Economic, Business and Financial Headlines - 260819

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Monday, August 26, 2019 / 7:25 AM / By News Aggregator / Header Image Credit: @UBAGroup

 

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PROSHARE ECONOMY

Is Nigeria Immune To The Next Global Slowdown? - A decade after the 2008 financial crisis, the question that has preoccupied the minds of a number of Nigerian investors is - how immune Nigeria is to the looming economic slowdown. Source FDC Read More

Oil Plunges On Trade War Escalation - OIR 230819 - Oil prices plunged on Friday morning as China announced new tariffs on U.S. crude oil, the first time that U.S. oil exports have been brought into the trade war. Source Tom Kool of Oilprice.com Read More

Electric Vehicles Will Win Big In A Recession - The news on vehicle sales is indicative of the growing economic headwinds. Data published by the China Association of Automotive Manufacturers showed auto production down 12.4% in the first half of the year in what is the world's largest car market. Source Oilprice Read More

Power Generation Falls To 2,970MW On Discos' Demand - The amount of electricity generated by the nation's 27 power stations fell below 3,000 megawatts on Sunday as low load demand by distribution companies continued to limit generation. Source Punch Read More 

World Needs To End Risky Reliance On U.S. Dollar: BoE's Carney - Bank of England Governor Mark Carney took aim at the U.S. dollar's "destabilizing" role in the world economy on Friday and said central banks might need to join together to create their own replacement reserve currency. Source Reuters Read More


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PROSHARE REGULATORS

NSE Amends Rules On Online Trading - An online trading portal is a system, including mobile and other digital applications, set up by a Dealing Member which allows a potential client to open an account and permits new and existing clients to access their accounts, give instructions (to buy or sell securities) on the accounts. Source NSE Read More

CBN Sets Limits For Banks On Non-Performing Loans - The bank disclosed this in its exposure draft on prudential guidelines to microfinance banks, Deposit Money Banks, Mortgage refinance companies, finance companies, and Development Finance Companies. Source Punch Read More 

 

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PROSHARE MARKETS

CBN Goes Into Overdrive On Protectionism - President Muhammadu Buhari has disclosed his intentions to direct the Central Bank of Nigeria to stop providing foreign exchange for food imports. Source FDC Read More 

UBA Board Approves 2019 Half Year Results; Awaits CBN Approval - The Board of United Bank for Africa Plc, at its meeting of Thursday, August 22, 2019, considered and approved the 2019 Half Year Results & Reports and payment of an interim dividend, subject to the approval of the Central Bank of Nigeria. Source NSE Read More  

Investors Gain N403.24bn WoW As NSEASI Inches Up By 3.25% To Close The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.62% to close at 27,800.17 points as against +1.01% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.55%. Source Proshare Markets Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 230819 - The equities market recorded mixed performance -  the listed equities market recorded +3.25% gain WoW while the NASD OTC recorded -0.94% loss WoW. Source Proshare Markets Read More 

Retail SMIS Get $297.92m, CNY21.2m - The Central Bank of Nigeria (CBN), has made interventions in the retail Secondary Market Intervention Sales (SMIS), to the tune of $297.92m in addition to CNY21.2million in the spot and short-tenured forwards segment of the inter-bank foreign market. Source CBN Read More 

NASD OTC Market CAP Decreased By -0.94% WoW To Close At N510.08bn - As at close of trade week on 23 August 2019, market Capitalisation decreased to N510.08 billion from last week's previous N514.94 billion, which shows a 0.94% decrease in Capitalisation. Source NASD Read More 

What To Expect From The Markets This Week - 250819 - The local bourse halted its extended bearish run this week as bargain hunting in bellwether stocks moved the market northward.  Gains on 4 of 5 trading sessions buoyed the benchmark index by 3.2% W-o-W to 27,800.17points while YTD loss moderated to -11.6%. Source Proshare Read More 

Multiple Subscription: SEC Nigeria Announces Consolidation of 3.4bn Shares - The Securities and Exchange Commission (SEC), has announced that considerable progress has been made in the implementation of its consolidation of multiple shareholder accounts and electronic Dividend Mandate Management System (e-DMMS) as so far about 3.4bn shares have been consolidated. Source SEC Nigeria Read More

 

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PROSHARE BUSINESS

Banks' Software Investment Rises 55% To N120bn - The investment of 10 Nigerian Deposit Money Banks in software, which has accrued over the years, reached N120bn as of December 31, 2018, investigation has shown. This investment grew by 55 per cent in two years from the N77.35bn the banks collectively reported in their financial report ended December 31, 2016. Source Punch Read More

$9.6bn: British Firm Listing Nigeria Assets For Seizure - An Irish firm, which won a world record $9.6bn arbitration fine against the Federal Government, has instructed its lawyers to identify Nigeria's assets that can be targeted to recover the money. Source Punch Read More

China Says Wants 'Calm' Resolution To U.S. Trade War - China is willing to resolve its trade dispute with the United States through "calm" negotiations and resolutely opposes the escalation of the conflict, Vice Premier Liu He, who has been leading the talks with Washington, said on Monday.  Source Reuters Read More

 

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PROSHARE FINANCE

Where Are The Insurance Amendment Bills Of 2008 And 2018? - In all climes, the connection between the government and the people is the LAW! So it is in different circumstances that connects one group to another and the insurance sub-sector is not an exemption. Source  Ekerete Ola Gam-Ikon Read More 

Recap Plan: AXA Mansard, Allianz, Others Beat Deadline - Many companies have met the August 20 deadline set by the National Insurance Commission (NAICOM) to submit their recapitalisation plans, The Nation has learnt. AXA Mansard Insurance Plc, Allianz Nigeria Insurance Plc, SUNU Assurances Plc, FBNInsurance, NEM Insurance Plc, Cornerstone Insurance Plc, LASACO Assurance, AIICO Insurance Plc and Mutual Benefit Assurance Plc met the deadline. Source TheNation Read More 

267,112 Workers Join Pension Scheme In Four Months - About 267,112 new workers joined the Contributory Pension Scheme between January and May 2019, latest figures from the National Pension Commission have revealed. As of the end of December 2018, 8,410,184 workers were registered under the CPS, but the figure rose to 8,866,296 as of the end of May 2019. Source Punch Read More 

 

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PROSHARE MSME

236,000 Artisans Get N10b Loan - Over 236, 000 artisans and small business owners are to get interest-free loans of N100,000 each courtesy of the Association of Skilled and Vocational Artisans of Nigerian (ASVAN), in partnership with Farmers' Cooperative Group and Kiakia Bit Limited. Source TheNation Read More

NASME Urges FG To Implement Sustainable Devt Policies - The National President, Nigeria Association of Small Medium Enterprises, (NASME), Degun Agboade, has advised the federal government to ensure that its industrial policy  interlinks and reinforces other existing economic policies for synergy rather than working in silos. Source Thisday Read More 

 

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