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Nigeria in 1min: Economic, Business & Financial Headlines - 040117

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 January 4, 2017 7:13 AM / Proshare News   

PROSHARE ECONOMY
Recession: Nigeria needs an inclusive economic summit - Wole Soyinka - Nigerian needs an inclusive and comprehensive economic summit, to address the current recession in the country. Source Proshare Read More  

Nigeria Online Recruitment Report Q3 2016 - Employment continues to be a serious topical issue worldwide. Job creation has been on top of the agenda globally and in Nigeria this has been no different. Source Proshare Read More 

Nigeria initiates investors’ match-making platform to drive FDIs - The Federal Government has mulled the establishment of a match-making database to aid international business interconnectivity and stress-free investments into the country. Source Guardian Read More 

FG Unveils 3-year Plan To Rehabilitate 50 Bridges Nationwide - The Minister of Power, Works and Housing, Mr Babatunde Fashola has said that the Federal Government is planning to overhaul about 50 bridges across the nation. Source Leadership Read More

FG to Spend N270bn on Bridge Repairs in Three Years - The federal government has planned to spend N270 billion in three years to manage the nation’s bridges. Source Thisday Read More 

PMI Reading No 45 Shows A Strong Rebound - Our manufacturing Purchasing Managers’ Index (PMI), the first of its kind in Nigeria, shows a strong rebound from 48.8 in November to 60.0. Our partner, NOI Polls, has gathered and compiled the data. Source Proshare Read More 

FG to ban petroleum products’ importation by 2018 -  The Minister of Science and Technology, Dr. Ogbonnaya Onu, has said that the Federal Government will ban the importation of refined petroleum product into the country by 2018. Source Punch Read More 

Vehicles trapped at borders as ban on imports takes off - The Nigeria Customs Service (NCS) has kicked off the implementation of the policy banning importation of vehicles through the land borders with many vehicles trapped at the borders. Source Daily Trust Read More 

Nigeria hasn’t attracted any major mining operator – FG – Despite huge deposits of mineral resources, Nigeria has not been able to attract any global operator in the mining sector, the Federal Government has said  Source Punch Read More 

FG approves Badagry free trade zone - The Nigeria Export Processing Zones Authority (NEPZA) has granted license to Nigeria’s largest and most ambitious free trade zone and mega port project - the Maritime Africa Economic City otherwise known as the Badagry Free Trade Zone. Source Daily Trust Read More 

Domestic Airlines risk losing N6bn to Abuja airport closure - Nigeria’s struggling domestic airlines are set to make huge financial losses for the six weeks the Abuja airport will be closed to passenger traffic. Source BUSINESSDAY Read More 

Nasarawa, best alternative to Abuja airport – Minister – As state governments lobby to have their airports serve as alternatives to the Nnamdi Azikiwe International Airport, Abuja, when it is eventually closed in March for repairs, the Minister of State for Aviation, Senator Hadi Sirika, has stated that the best substitute would have been the Nasarawa State airport. Source Punch Read More

Lagos Assembly okays N812.9b budget - The Lagos State House of Assembly yesterday passed the N812.9 billion budget proposal presented by Governor Akinwunmi Ambode on November 29. Source THE NATION Read More 

NEPZA grants licence for $2.5b Maritime Africa Economic City - The Nigeria Export Processing Zones Authority (NEPZA) has granted a licence to Nigeria’s largest Free Trade Zone and Mega Port project – the Maritime Africa Economic City otherwise known as the Badagry Free Zone. Source Guardian Read More 

Edo sets up 7-man committee to develop Gelegele seaport - As part of policy to make Edo State the economic hub of the South South geo-political zone, Governor Godwin Obaseki has set up of a seven-man committee for the development of Gelegele seaport to container terminal. Source BUSINESSDAY Read More 

 

PROSHARE REGULATORS
SEC Investigating Complaints Against Transglobe Investment & Finance Company Ltd - The Commission is investigating various complaints against Transglobe Investment & Finance Company Ltd, a company of which you are Directors and sponsored individuals. Source Proshare Read More  

NSE Reviews Composition of Market Indices - The Nigerian Stock Exchange (NSE or “The Exchange”) is pleased to announce the review of the NSE-30, and the seven sectoral indices of the Exchange. Source Proshare Read More 

Central Banks Loosening Their Grip on Markets - For markets, the era of the central bank may be starting to draw to a close, thanks to tightening monetary policy and brighter economic fundamentals. Source Proshare Read More 

December manufacturing PMI signals economic recovery— CBN - THE Central Bank of Nigeria, CBN, yesterday, said that the manufacturing sector expanded in December for the first time in eleven months, signalling recovery from the economic which prevailed in 2016. Source Vanguard Read More  

PROSHARE MARKETS
Nigerian Stock Market: Review of 2016 and Outlook for 2017 - The Nigerian stock market maintained a bearish outlook to close the year 2016 on a negative note by 6.17% as against 17.36% loss posted in the year 2015. This translates to an average monthly loss of 0.27% as against 1.34% recorded for the previous year. Source Proshare Read More 

Equities market starts year on bearish note, posts 0.96% loss - The equities market closed today on a negative note, as NSE ASI depreciated by 0.96% to close at 26,616.89 basis points, compared with the 0.34% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.96%.  Source Proshare Read More

Extract from Financials - ETI Tops Companies by Turnover as DANGCEM Leads on PAT - Extracts from the latest financials of quoted companies based on Turnover, PAT, Fixed Assets and Net Assets help reveals below perspectives. Source Proshare Read More 

Trading Statistics in 2016 - UBA, WEMANK Top Market Total Volume in 2016 - Trading activities in the Nigerian equities market closed the year 2016 with -6.17% loss as against -17.36% recorded in 2015.Source Proshare Read More 

10 Banks Trade N121trn Securities on FMDQ OTC Exchange - Ten banks, led by Access Bank Plc, accounted for N121.59 trillion securities traded on the FMDQ OTC Securities Exchange in 2016. This value represents 71 per cent of the overall turnover in the market. Source Thisday Read More 

Recommended All-Share Merger Between London Stock Exchange Group Plc and Deutsche Börse AG - London Stock Exchange Group plc ("LSEG") and LCH Group Limited ("LCH Group") announce today that they have received an irrevocable all-cash offer from Euronext N.V. ("Euronext") to purchase LCH SA, LCH Group's French-regulated operating subsidiary (the "Transaction").Source Proshare Read More 

Euronext Makes Irrevocable Cash Offer To Acquire LCH.Clearnet SA - Euronext, the leading pan-European exchange in the Eurozone, has signed a binding offer and been granted exclusivity to acquire 100% of the share capital and voting rights of Clearnet. Source Proshare Read More 

Diamond, Fidelity, Sterling banks removed from NSE 30 index - THE Nigerian Stock Exchange, NSE, has removed Diamond Bank Plc, Fidelity Bank Plc and Sterling Bank Plc from the NSE 30 index following the bi-annual review of the indices. Source Vanguard Read More 

Dangote Tomato factory reopens February - The Dangote Tomato Processing Factory in Kadawa, Kura Local Government Area of Kano State is to resume production in February. Source Vanguard Read More 

Oil hits 18-month high of $58.37 amid OPEC’s output cuts-Brent crude oil price, the closest to Nigeria’s sweet crude, hit $58.37 per barrel yesterday on the first trading day of 2017. Source Guardian Read More 

NNPC Awards 2017 Crude Term Contracts To 18 Nigerian Oil Companies, Others - The Nigerian National Petroleum Corporation (NNPC) says it has awarded1.31 million barrels per day (bpd) of crude oil to 39 companies as part of its 2017 crude term contracts. Source THE WILL Read More

 

Economy faces early shock as NUPENG sets for strike January 11 - The nation’s economy faces an early shock this year as oil workers under the aegis of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) are warming up for a three-day warning strike from January 11. Source BUSINESSDAY Read More 

 

PROSHARE BUSINESS
Moroccan central bank approves five Islamic banks  - Morocco's Central Bank has approved five requests to open Islamic banks in the country and allowed three French banks to sell Islamic products, it said on Monday. Source Reuters Read More  

Zambia cuts fuel prices on oil fall, stronger kwacha - Zambia's retail fuel prices will fall from midnight on Tuesday due to subdued oil prices and a stronger kwacha currency, the energy regulator said. Source Reuters Read More 

Emerging-Market Currencies Fall as Mexico Peso, Turkey Lira Sink - Emerging-market currencies declined as Mexico’s peso and Turkey’s lira slumped to record lows. Stocks rose to the highest level in three weeks as Chinese factories and services data bolstered confidence in the world’s second-largest economy. Source Bloomberg Read More 

China Said to Consider Options to Back Yuan, Curb Outflows - China has studied possible scenarios for the yuan and capital outflows this year and is preparing contingency plans, according to people familiar with the matter. Source Bloomberg Read More 

Japanese Stocks Lead Asian Equity Gains, Oil Rises: Markets Wrap - Stocks in Asia climbed after data fueled confidence in the U.S. economy, and as equity traders in Tokyo returned from holidays with the yen nursing a four-day slump. Source Bloomberg Read More 

Second Month of Contraction Seen for India’s Key Services Sector - A private gauge indicates that India’s dominant services sector will shrink for the second straight month as Prime Minister Narendra Modi’s surprise clampdown on cash hurts demand and economic activity. Source Bloomberg Read More 

Libya’s Oil Revival Gathers Pace to Highlight Risks on OPEC Deal - Libya, the holder of Africa’s biggest crude reserves, is ramping up output from its biggest oil field again after two years of internal conflict, the latest reminder of just how vulnerable OPEC’s quest to clear a global crude glut might be. Source Bloomberg Read More  

PROSHARE FINANCE
Saraki Promises to Intervene in Aviation Sector Facility Crisis - Senate President, Dr. Abubakar Bukola Saraki, on Saturday pledged to intervene in the nation's aviation sector, which has suffered major setbacks, with the purported non-calibration of all 30 Instrument Landing Systems (ILS) and VHF Omnidirectional Ranges (VHFs) that are operational in the country. Source Proshare Read More 

 

PROSHARE TECHNOLOGY
Nigeria, other investments in FinTech hit $800m - Investments in Financial Technology (FinTech) in Nigeria and other parts of Africa have moved from about $198 million in 2014, to $800 million currently. Source Guardian Read More  

Value of Point of Sales Transactions Hits N651 Billion - The value of transactions through point of sales (PoS) channels across the country increased significantly by 65 per cent to N651.37 billion between Janaury and November 2016, compared with the N395.05 billion recorded in the corresponding period of 2015, data gathered from the Nigeria Interbank Settlement System Plc (NIBSS) revealed. Source Thisday Read More    

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