Nigeria in 1min: Economic, Business and Financial Headlines - 270120

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Monday, January 27, 2020 / 06:50 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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NCM2020 (7) - NSEASI Closed in Red in 8 Out of 12 Months in 2019 - The Nigerian Stock Market recorded an un-impressive performance in Q1 2019 with -1.24% loss recorded. Negative market sentiment further permeated the market in subsequent quarters as investor sustained the tempo. Source Proshare Read More 

NCM2020 (6) - Nigeria's Fiscal Deficit is Projected to Widen to 4% of GDP - The economy saw an improvement in its growth rate in Q3, 2019, to +2.28%. Despite the growth rate in the economy, there were still concerns about the ineffectiveness of the real GDP growth impact on the economy, as the GDP growth rate was below the average population growth rate of +2.6%. Source Proshare Read More 

NCM2020 (5) - African Stock Markets Record Improved Performance in 2019 - The African stock market recorded a general improvement from last year despite various economic headwinds. Source Proshare Read More 

Four Promising Oil Trends To Watch In 2020; Nigeria Giving Majors Some Pushback - Since the turn of the year, energy stocks have become a put owner's dream--what with the energy sector virtually generating the worst returns of all US sectors. And the harder you look, the worse it gets, making it nearly impossible to find value in this gridlocked mess. Source James Burgess, Oilprice.com Read More 

CBN MPC Retains MPR and Liquidity Ratio; Raises CRR to 27.5% In First Meeting of 2020 - The CBN Monetary Policy Committee (MPC) has just concluded its two-day policy meeting. At the end of the meeting, the committee decided to raise the cash reserve ratio (CRR) to 27.5% from the previous rate of 22.5%. Source News Read More 

Increase In Demand For Cocoa In Southeast Asia To Drive Prices Higher - The price of Brent crude has declined 3.4% to $62.17pb in the last 2 days, driven largely by concerns that the coronavirus outbreak in China would dent the demand for oil. Source FDC Read More 

Understanding Emefiele's Silver Bullet - Sonnie Ayere - In ancient mythology and folklore, silver is seen to have magical powers, used to conquer and combat monsters and used to ultimately overcome challenges faced by Knights and heroes of old. Source Read More 

CBN Communique No. 128 of the MPC Meeting - Jan 23-24, 2020 - The Monetary Policy Committee (MPC) held its 27th meeting, the first in fiscal 2020, on the 23rd and 24th of January, 2020. The Meeting held in an environment of sluggish global economic recovery and financial market vulnerabilities, and tepid domestic growth. Source Central Bank of Nigeria Read More 

Oil Bears Are Back As Demand Fears Go Viral - WTI fell below $55 per barrel in early trading on Friday, and Brent was testing the $60-per-barrel threshold. Pessimism is back, and there is a danger of prices sliding further. Source Oilprice Read More 

CBN MPC Calls On FG To Improve Security, Address Infrastructure Deficit - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria at the end of its first meeting for the year 2020 called on the Federal Government to improve security across the country especially within the agricultural states and address the nation's infrastructure deficit. Source WebTV Read More 

Weekly Economic and Financial Commentary - Week Ended Jan 24, 2020 - At the first monetary policy meeting for the year, 9 out of 11 members decided to hike the Cash Reserve Ratio (CRR) by 500 bps to 27.5% while leaving all other policy parameters unchanged. Source ARM Research Read More 

Afreximbank Gets $500m Equity Fund From Nigeria, Others - The African Export-Import Bank (Afreximbank) has announced that shareholders, including the Federal Government and the Arab Bank for Economic Development in Africa, have invested $200 million through Class A, B and C shares and $300 million iin capital, bringing the total value of new shares issued by the bank last year to $500 million. Source TheNation Read More

 

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PROSHARE MARKETS

What To Expect From The Markets This Week- 270120 - The Monetary Policy Committee (MPC), in its first-rate decision of the year, took a striking decision by electing to adjust the Cash Reserve Ratio (CRR) upward by 500bps to 27.5%, while holding all other parameters constant. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading - December 2019 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 31 December 2019, total transactions at the nation's bourse decreased by 25.84% from N172.52 billion (about $562.89million) in November 2019 to N127.94 billion (about $417.41 million) in December 2019. Source NSE Read More 

Investors Gain N5.31bn WoW As NSEASI Inches Up By 0.03% To Close The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.13% to close at 29,628.84 points as against +0.45% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +10.38%. Source Proshare Markets Read More 

UNILEVER declares N4.2bn Loss in 2019 Unaudited Result - Unilever Nigeria Plc released its Q4 2019 results for the period ended December 31st, 2019. Source NSE Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 240120 - The equities market recorded positive performance - the listed equities market recorded +0.03% gain WoW while the NASD OTC advanced by +0.55% WoW. The Analyst Read More 

NASD OTC Market CAP Increased By 0.55% WoW To Close At N507.59bn - As at close of trade week on 24 January 2020, market Capitalisation increased to N507.59 billion from last week's previous N504.79 billion, which shows a 0.55% increase in Capitalisation. Also the NSI for the week ended 24 January 2020 recorded an increase from 702.62  points to 706.52 points. Source NASD Read More          

Access Bank Announces Commencement of Closed Period; Scheduled Board Meeting For February 10, 2020 - This is to inform the Nigerian Stock Exchange that a meeting of the Board of Directors of Access Bank Plc ('the Company') has been scheduled for Monday, February 10, 2020. Source NSE Read More

 

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PROSHARE BUSINESS 

Data Protection for Hotels - Legal Alert - The Hospitality Industry is reportedly the third most targeted Data breach/hacking sector; after the Retail and Financial Services Sectors who come first and second in regard to this menace. Source Oserogho & Associates Read More 

How Western Accounting Firms Have Facilitated State Looting In Africa - The connivance of African political elites with Western accounting and consulting firms has enabled the wholesale looting of state-owned enterprises in Angola and South Africa, leaving our people poorer and our governments less capable of delivering essential services. Source IOL Read More 

Nigeria in Top 30 Global Retail Development Index - Nigeria is among seven African countries now ranked in top 30 in global management, consulting firm A.T. Kearney's Global Retail Development Index (GRDI), a bi-yearly study of the global retailing landscape, has said.Source TheNation Read More

SEC To Clamp Down On Illegal Fund Promoters - The Securities and Exchange Commission, SEC has said it will clamp down on illegal fund managers and ensure they are made to face the full wrath of the law. The commission's Head, Corporate Communications, Mrs. Efe Ebelo, in a statement indicated that the Acting Director-General, Ms. Mary Uduk, disclosed this at the weekend in Abuja. Source Dailytrust Read More

Lending To Farmers Under ACGS Falls By 8% To N3.7bn - Banks' lending to farmers under the Central Bank of Nigeria's (CBN) Agricultural Credit Guarantee Scheme (ACGS), fell by eight percent to N3.7 billion in the eleven months ending in November 2019. Source Vanguard Read More 

FG Moves To Boost Agric Mechanisation In Nigeria - The minister of Agriculture and Rural Development, Alhaji Sabo Nanono, has inaugurated an 18-member committee for the implementation of the federal government's $1.1 billion Agriculture mechanisation programme. Source Leadership Read More 

Shares, Oil Slide As China Virus Fears Intensify; Yen, Treasuries In Demand - Stocks tumbled on Monday as investors grew increasingly anxious about the economic impact of China's spreading virus outbreak, with demand spiking for safe-haven assets such as the Japanese yen and Treasury notes. Source Reuters Read More

EU Plans More Protectionist Antitrust Rules, Data Sharing In Policy Shake-Up - The EU plans to adopt more protectionist antitrust rules and encourage businesses to share data as part of an industrial policy overhaul aimed at giving European companies a sharper edge in global markets, a strategy document seen by Reuters shows. Source Reuters Read More

 

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PROSHARE FINANCE 

Mudarabah, Wakala and Hybrid, Key Insurance Models For Driving Takaful in Nigeria - Raji Adekunle - The Mudabarah, Wakala and Hybrid are key models driving Takaful Insurance, a segment of Islamic Finance in Africa. Source WebTV Read More 

The Road Called Recapitalization? - When the chequered history of insurance in Nigeria is updated and the real reason for its survival is noted, I do consider that the enforcement of "No Premium, No Cover" captured in Section 50 of the Insurance Act 2003 will be more relevant than that of recapitalization. Source  Ekerete Ola Gam-Ikon Read More

Recapitalisation: NAICOM Plans to Retain 70% Local Content - While disclosing its strategic focus this year, the commission stated that the recapitalisation of insurance and reinsurance companies would strengthen the financial position of the companies; reduce risk of insolvency; encourage consolidation; and protect policyholders. Source Punch Read More  


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PROSHARE MSME 

Scholar Gives Fresh Views On Deepening Social Entrepreneurship In Africa - Described as the last frontier of global economic transformation, Africa has great prospects for achieving high-level development and a reduction in its poverty index, said Tony Elumelu, CON, founder Tony Elumelu foundation. Elumelu, believes entrepreneurship is a major tool for uplifting the continent from poverty and rising inequality. Source WebTV Read More

 

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