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Nigeria in 1min: Economic, Business & Financial Headlines – 030517

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May 3, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY
FG Dialogues With Critical Stakeholders on ERGP Implementation Roadmap - The Federal Government has commenced consensus building with experts and critical stakeholders in and outside the government to ensure the successful delivery and implementation of the Economic Recovery and Growth Plan (ERGP) Roadmap. Source Proshare Read More 

Manufacturing PMI Stands at 51.1% in April 2017 from 47.7% in March 2017 – CBN - The Manufacturing and Non-Manufacturing PMI Report on businesses is based on data compiled from purchasing and supply executives. Survey responses indicate whether there is change or no change in the level of business activities in the current month compared with the previous month. Source Proshare Read More 

We Doubt The Shippers Council’s Capacity As A Regulator- WARTU - The West Africa Road Transport Union (WARTU) has said that the Nigerian Shippers’ Council (NSC) may not be able to shoulder the responsibility of a regulator if it eventually transmutes into the Nigerian Transport Commission. Source Proshare Read More  

Economy: NGE Drums Support for CBN Policies - The Nigerian Guild of Editors (NGE) has urged Nigerians to support the Central Bank of Nigeria (CBN) in its activities to diversify the economy, just as it commended the efforts of the Bank towards resuscitating the nation’s ailing economy. Source Proshare Read More 

Extra-budgetary bailout for states hits N1.75 trillion - The Federal Government has in the last two years supported states financially to the tune of N1.75 trillion. The funds were, however, “extra-statutory,” as they were not captured in the budget. Source Guardian Read More 

Nigeria working to replace list of import items not eligible for forex allocation -VP - Nigeria is working to replace a controversial list of 41 import items for which local firms cannot get hard currency from the central bank, Vice President Yemi Osinbajo said on Tuesday. Source Reuters Read More 

‘Manufacturers spend N500b annually to run plants’ - The Managing Director, Arewa Metal Containers Limited, Engineer Daudu Joachim has observed that manufacturers have spent an estimated N500 billion annually to run and maintain their power plants Source Daily Trust Read More 

Arik’s operating cost rises to N6bn in Q’1 - Total operating cost of Arik Airlines in the first quarter of 2017 has increased significantly by 57.9 per cent to N6 billion from N3.8 billion it stood the same period last year. Source Daily Trust Read More 

AMCON injects N1.5bn in Arik Air - The Asset Management Company of Nigeria (AMCON) has injected N1.5 billion in Arik Airline Ltd to safeguard its operations since its takeover. Source Guardian Read More 

PROSHARE REGULATORS
CBN bans 11 banks from SMEs forex window - The Central Bank of Nigeria (CBN) has banned no fewer than 11 banks from trading in the newly established Small and Medium Enterprises (SMEs) Foreign Exchange Window for making it difficult for customers to access foreign exchange. Source Guardian Read More 

PROSHARE MARKETS
Naira set to appreciate further as CBN plans more injection into inter-bank market - As the inter-bank forex market resumes after the Workers' Day holiday, there are strong indications that the Naira is set for a strong showing this week as the Central Bank of Nigeria (CBN) commences another round of forex injections into the invisibles segment of the market. Source Proshare Read More

United Bank for Africa Plc Q1 2017 Results Underpin Outperform Rating - UBA has started the year strongly. The Q1 2017 PBT and PAT grew very strongly y/y and came in ahead of our expectations. Source Proshare Read More  

Access Bank Q1 2017 Results - Strong Start To 2017 - After a subdued Q4 2016 (once one-off gains are stripped out), Access Bank impressed with its Q1 2017 results, especially with both revenue lines contributing. Source Proshare Read More  

Presco Q1 2017 Results – Operating Expenses Up by 120% YoY - Late last week, Presco reported its Q1 2017 results. Similar to the prior quarter, sales grew remarkably, by 125.4% y/y to N7.2bn. Source Proshare Read More 

Dangote Sugar Refinery Q1 2017 Sales of N59.5bn Grew by 83% YoY - Late last week, Dangote Sugar Refinery (DSR) published its Q1 2017 results which showed that sales were up by 83% y/y to N59.5bn while PBT and PAT both grew by 38% y/y and 43% y/y respectively.  Source Proshare Read More  

Dangote Sugar to raise N21 bn from capital market - DANGOTE Sugar Refinery, DSR Plc, has revealed plans to raise N21.2 billion through equity injection from the capital market to fund its backward integration project and also actualise the Dangote Sugar Master Plan. Source Vanguard Read More 

Dangote Sugar to Invest N106 Billion on Expansion in Six Years - Dangote Sugar Refinery (DSR) Plc plans to invest N106 billion in the expansion of operations in the next six years and as it targets to produce 1.5 million tonnes of refined sugar from locally grown sugarcane during that period. Source Thisday Read More 

Outlook for the Nigerian investment space given recent positive developments - We believe the macro situation is on a positive trajectory; and the recently released PMI readings lay credence to this. Source Proshare Read More 

GTI 5 Weekly Stock Picks -020517 - The Nigerian equity market on Friday sustained yesterdays uptrend, closing with a slight gain of 0.02%. Similarly, market breadth closed positive recording 21 gainers against 20 losers. Source Proshare Read More  

Convergence of Africa Capital Markets: Africa’s Efforts to Pool Together its Liquidity - Africa capital markets battle with the conundrum of illiquidity being the main catalyst of its sustained lack of liquidity. Source Proshare Read More  

Stock Market Opens The Month Positive as NSEASI Records +0.80% Gains - Equities market closed today on a positive note, as NSE ASI appreciated by +0.80% to close at 25,965.18 basis points, as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.38%.  Source Proshare Read More 

FBN Merchant Bank Records 28% Increase in PBT from Previous Year - FBN Merchant Bank Limited, a subsidiary of FBN Holdings Plc. held its2ndAnnual General Meeting on Wednesday April 26 2017 in Lagos, where it declared a profit before tax (PBT) of ₦4.92 billion in the financial year ending December 31, 2016. This was 28% above the prior years’ PBT of ₦3.83 billion. Source Proshare Read More 

Shareholders Commend FCMB's performance in 2016; Approve - The 4th Annual General Meeting (AGM) of FCMB Group Plc held on Friday, April 28, 2017 at the Shell Hall, Muson Centre Onikan, Lagos. Source Proshare Read More 

ICD, SunTrust Bank Sign Agreement on Non-interest Banking - The Islamic Corporation for the Development of the Private Sector (ICD), the private arm of Islamic Development Bank Group (IDBG), and Suntrust Bank Nigeria Limited (SBN) have signed an agreement to establish a new non-interest banking window in the Nigerian commercial bank. Source Thisday Read More 

10 Banks Facilitate N26tn Investment in Currency, Fixed Income Securities - Access Bank Plc, Ecobank Nigeria Limited and United Bank for Africa (UBA) Plc led the top 10 banks that facilitated investment in fixed securities and currency worth about N37trillion on the FMDQ OTC Securities Exchange in the first three months of 2017, according to data released by FMDQ. Source Thisday Read More 

First Batch of NNPC’s 3,000MW Power Plants Ready in 2019, Says Baru - The Nigerian National Petroleum Corporation (NNPC) has disclosed that the first batch of the three new gas fired power plants it plans to build in Abuja, Kaduna and Kano with its joint venture partners will be completed by 2019, to boost power generation in the country. Source Thisday Read More 

World Bank expects oil prices to hit $60 per barrel in 2018 - The World Bank has retained its forecast for crude oil prices this year at $55 per barrel, but its projecting a price increase of $60 a barrel by 2018, owing to production cutback of petroleum exporting countries. Source Guardian Read More

Nigeria oil and gas provide investments in excess of $50bn – Kachikwu - Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said economic growth plan recently launched by Federal Government would provide strategic and economic partnerships in excess of 50 billion dollars. Source Guardian Read More 

Oil production running at 2mb/d – NNPC - Nigeria’s oil production stands at 2 million barrels per day, the managing director of the state oil company said on Tuesday. Source Daily Trust Read More 

NNPC says 2019 deadline to end fuel importation achievable - The 2019 target set by the Nigerian National Petroleum Corporation to exit importation of Premium Motor Spirit (PMS) is still achievable, Group Managing Director, Dr. Maikanti Kacalla Baru, has said. Source Daily Trust Read More 

NNPC, Chevron, Total to build two power plants -the Nigerian National Petroleum Corporation has said it has engaged its joint venture partners, Chevron and Total, to build power plants in Obite and Agura. Source Punch Read More 

PROSHARE BUSINESS
In Defence of Titilayo Momoh: Handling Depression and Possible Economy Induced Illnesses - On March 24, one Ms Taiwo Titilayo Momoh, attempted suicide at the Third Mainland Bridge, Lagos. Both the police and concerned citizens rescued her from killing herself.  The said Ms Momoh was arraigned on April 21, at the Ebute Meta Chief Magistrate Court on a one-count charge to wit: “That you, Titilayo Momoh on the 24th day of March 2017 at about 10.00 hours at the Third Mainland Bridge, Lagos did attempt to commit suicide by jumping into the river and thereby committed an offence under Section 235 C.17, Vol. 3 of the Criminal law of Lagos State 2015.” Source Proshare Read More 

OPEC oil output falls in April but compliance weakens-Reuters survey -  OPEC oil output fell for a fourth straight month in April, a Reuters survey found on Tuesday, as top exporter Saudi Arabia kept production below its target while maintenance and unrest cut production in exempt nations Nigeria and Libya. Source Reuters Read More 

Remittances from Egyptians abroad rise by 13.8 pct since November - Remittances from expatriate Egyptians have risen 13.8 percent since the central bank floated the pound in November, the central bank said in a statement on Tuesday. Source Reuters Read More 

South African Central Bank Sees High Risk of More Downgrades - South Africa faces a high risk and probability of further downgrades to its credit ratings, which may weaken the currency and lead to higher borrowing costs, the country’s central bank said. Source Bloomberg Read More 

Apple Sells Fewer iPhones in Last Quarter, Shares Slide - Apple Inc. reported falling iPhone sales, highlighting the need to deliver blockbuster new features in the next edition of the flagship device if the company is to fend off rivals like Samsung Electronics Co. Source Bloomberg Read More 

Oil Traders Idled as China Refiner Stars Fall Foul of Smog Fight - A little over a year ago, China’s fast-growing private fuel makers were the newly minted stars of the global oil market, importing crude from the world’s biggest producers and seeking to sell their products abroad in a threat to rivals across Asia. Source Bloomberg Read More 

JPMorgan to Move Hundreds of Staff to Three EU Offices on Brexit - JPMorgan Chase & Co. plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg as it prepares for the U.K. to lose easy access to the European Union’s single market after Brexit, the firm’s head of investment banking said. Source Bloomberg Read More 

Saudis to Spend Aramco Cash at Home After Reversing Budget Cuts - Saudi Arabia will spend at least half the money it raises by selling shares in the state oil company on domestic investments, Deputy Crown Prince Mohammed bin Salman said in a rare televised address to a nation that’s shown signs of uncertainty over his austerity plans. Source Bloomberg Read More 

Kenya: President Kenyatta Orders 18pc Minimum Wage Increase - President Uhuru Kenyatta has ordered an 18 percent increase in the minimum wage. He said he appreciates concerns by employers on ballooning wage bills and asked Industrialisation Cabinet Secretary Adan Mohamed to hold a meeting with them to discuss non-labour factors that impact production. Source allafrica Read More

IMF Sees Gulf Budget Deficits Shrinking as Rulers Spend Less - Spending cuts and an increase in oil prices are helping Gulf Arab monarchies lower some of the world’s highest budget deficits, the International Monetary Fund said, hailing it as progress in efforts to transform economies that have relied on hydrocarbons for more than five decades. Source Bloomberg Read More 

Alitalia Starts Bankruptcy Process as Etihad Cuts Off Funds - Alitalia SpA started bankruptcy proceedings for the second time in a decade, throwing the survival of Italy’s flag carrier in doubt after the airline failed to fend off budget rivals. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
How to Enhance Jobs Creation Through ICT, By Saraki - President of the Senate, Dr. Abubakar Bukola Saraki, has stressed the importance of Information and Communication Technology (ICT) in transforming Nigeria’s economy and creating more job opportunities for the nation’s youth. Source Proshare Read More

 

 

 

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