Proshare - Facebook Proshare - Twitter Proshare - Google+ Proshare - Linked In Proshare - RSS Feed

Nigeria in 1min: Economic, Business & Financial Headlines – 060717

Proshare

July 6, 2017 7:20 AM / Proshare News 

PROSHARE ECONOMY
The Decent Buffer of Reserves; Declined by US$40m in June - Gross official reserves declined by just US$40m in June to US$31.3bn. Since end-October there has been an accumulation of US$6.3bn although the past two months have brought a combined decrease of US$580m.Source Proshare Read More 

BPE: FG to Divest 20% of Its Shares in Privatised Companies on Stock Exchange - The federal government will sell up to 20 per cent of its shares in some of the companies it has partially privatised on the Nigerian Stock Exchange (NSE), to allow Nigerians own shares in them, the Director General of Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has disclosed. Source Thisday Read More 

Nigeria, others to get €15m facility to develop fisheries sector - The European Union has said it will provide up to €15million facility to countries in the West African sub-region, as part of effort to enhance coordination among stakeholders involved in fisheries and maritime activities in the Gulf of West Africa. Source Guardian Read More 

Manufacturers make N3.79trn investments in 4 years - Total cumulative investments by manufacturers in Nigeria stood at N3.79 trillion between 2013 and 2016, data exclusively obtained from the Manufacturers Association of Nigeria (MAN) show. Source BUSINESSDAY Read More 

African carriers record largest freight volume of 27.6% in May - International Air Transport Association (IATA) has released data for global airfreight markets showing that African carriers posted the largest year-on-year increase in demand of all regions in May 2017, with freight volumes growing 27.6 percent. Source BUSINESSDAY Read More 

Investors showing interest in power distribution networks —Fashola - The Ministry of Power, Works and Housing has received lots of proposals from investors who are interested in providing funds for the expansion of power distribution networks across the country, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Source Punch Read More 

PROSHARE REGULATORS
Unutilized FX Returned to the CBN for the SMIS Wholesale and Retail Interventions - The Central Bank of Nigeria has noted the incessant complaints from Deposit Money Banks over the delay in getting naira value for unutilized portion of FX repatriated to CBN. Source Proshare Read More

Basel III Implementation: Basel Committee Reports To G20 Leaders - The Basel Committee on Banking Supervision has yesterday published a report for the G20 Leaders at their Summit in Hamburg on 7-8 July. Source Proshare Read More 

Exposure Draft on the Regulatory Framework for BVN Operations & Watch-List for the Financial System - The Central Bank of Nigeria (CBN), in furtherance of its mandate for the development of the electronic payments system in Nigeria hereby releases the Exposure Draft on the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Financial System for your review and comments. Source Proshare Read More

PROSHARE MARKETS
FMDQ Launches Process for Onboarding of FX Corporate Clients as Market Ends Q2'17 Green - The Nigerian Equities Market sustained a positive stance for the fourth consecutive month, as NSEASI closed the month of June 2017 in the green zone with +12.27% gain as against +14.52% uptrend recorded in the month of May 2017; while NSE ASI YTD performance stands at +23.23% at the end of the month under review. Source Proshare Read More  

Nigerian Stock Market Extends Three-Day Losing Streak as NSEASI Dips Further by -0.33% - Equities market closed today on a negative note, as NSE ASI depreciated by -0.33% to close at 32,302.32 basis points as against -1.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +20.20%. Source Proshare Read More

European AT1 Market Resilient to Losses, Volumes Increase in 2Q17 - Investors in European Additional Tier 1 (AT1) securities were confronted with the first write-down and the first coupon omission in June, says Fitch Ratings. Source Proshare Read More 

FSDH Merchant Bank raises N14.4bn in commercial paper notes - FSDH Merchant Bank Limited, yesterday, said that it has successfully raised  N14.4 billion from its Series 3 and Series 4 Commercial Paper (“CP”). Collectively, Series 3 and 4 represents FSDH’s second issuance under its N30 billion CP Programme established in 2016. Source Vanguard Read More

Invest in FGN Monthly Bond Auction – July 2017 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications. Source Proshare Read More  

Nigeria cabinet approves national gas policy - Nigeria's cabinet has approved a national gas policy that aims to reduce the country's dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement. Source Reuters Read More 

NLNG pumps N150m into upgrading of three Lagos jetties - The Nigeria Liquefied Natural Gas (NLNG)  has said that it has invested fresh N150 million into the upgrading of three jetties in Lagos to boost Liquefied Petroleum Gas (LPG) otherwise known as cooking gas supply in the nation’s domestic market. Source Daily Trust Read More 

ExxonMobil, Shell Nigeria suffer biggest oil output decline - Mobil Producing Nigeria Unlimited and Shell Petroleum Development Company of Nigeria Limited recorded the biggest decline in production from joint venture assets in the first quarter of this year. Source Punch Read More 

Addax Petroleum to Pay $32m in Geneva to Settle Nigerian Bribery Charges - China’s state-owned Addax Petroleum has agreed to pay a 31 million Swiss francs ($32 million) fine in Geneva, Switzerland, to settle charges of suspected bribes given to Nigerian officials, thus ending a four-month old investigation, which uncovered the illegality in the payments. Source Thisday Read More 

Nipco’s Mobil Oil takeover bid offer extended - The proposed mandatory takeover bid offer period by Nipco Investment Limited of 3.23 per cent equity stake representing 11,644,544 ordinary shares of 50 kobo each in Mobil Oil Nigeria Plc (held by qualifying shareholders), has been extended. Source Punch Read More 

Electricity: Power supply drops to 3,628mw - ELECTRICITY supply, yesterday, dropped to 3,628 megawatts, mw from 3,808mw on Tuesday, thus forcing many consumers to live in darkness. Source Vanguard Read More 

NELMCO’s inherited liabilities hit N527.261 billion - Total inherited liabilities by the Nigeria Electricity Liability Management Company (NELMCO) from the privatisation of the Nigeria electricity industry stood at N527.261 billion as February 2017. The liabilities cover about 23,154 invoices with about 9,694 verified and settled, leaving outstanding liabilities of 13,460 invoices for verification. Source Guardian Read More 

PROSHARE BUSINESS
Rwanda GDP grew an annual 1.7 percent in Q1: stats bureau - Rwanda's gross domestic product (GDP) grew by 1.7 percent in the first quarter of 2017 compared with the same period in 2016, the statistics bureau said on Wednesday. Source Reuters Read More 

Nigeria financial sector loses N2.19bn to fraudsters -  Nigeria’s financial services industry recorded an estimated N2.19 billion loss to fraud, showing about 82 percent increase in the reported fraud case when compared with 2015, and over 1200 percent when compared with 2014, according to the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More

Malawi's central bank cuts key lending rate to 18 percent - Malawi's central bank said on Wednesday it has cut the benchmark lending rate by 400 basis points to 18 percent as consumer price inflation slows. Source Reuters Read More 

Algeria – Legislative Election Results Maintain Status Quo - We expect little change to Algeria's current policy trajectory in the wake of the May 4 legislative elections. Source Proshare Read More 

Libya – Major Obstacles to Lasting Peace Still Persist - General Khalifa Haftar's participation in talks with Prime Minister Fayez al-Sarraj on May 2 indicates a shift in his strategy towards political cooperation with the UN-backed Government of National Accord (GNA) and creates room for progress in Libya's national reconciliation process. Source Proshare Read More  

Morocco – Continued Fiscal Discipline under New Government - The newly-formed Moroccan government led by Justice and Development Party (PJD) Secretary-General Saadeddine el-Othmani will continue fiscal consolidation efforts undertaken by its predecessors. Source Proshare Read More 

Algeria – Slow Response to Structural Slowdown - Algerian economic activity will face headwinds over the coming years, primarily as a result of the continuing slump in global energy prices – the most influential determinant of the country's growth performance. Source Proshare Read More 

Egypt – Emergency Powers Will Help Push Through Reforms - Egyptian President Abdel Fattah el-Sisi introduced new emergency powers in April which we expect will be used to their utmost by the government to quell not only Islamist groups associated with recent bomb attacks in the country, but to stifle all opposition parties. Source Proshare Read More 

Slow Growth in Egypt Until Structural Adjustment Bears Fruit - We forecast sluggish real GDP growth of 2.8% in Egypt in the current fiscal year (ending June 2017), as the impact of major structural reforms hit private and government consumption. Source Proshare Read More 

Morocco – Outlook Brightening In 2017 Amid Improving Harvest - We forecast real GDP growth to accelerate from 0.9% in 2016 to 4.3% in 2017 in Morocco, as the agricultural sector emerges from its 2016 slump caused by a severe drought. Source Proshare Read More 

Egypt picks banks to handle first state-owned IPO in 12 years -  Egypt has picked a consortium led by CI Capital to act as lead managers and bookrunners for a stock market listing of oil company ENPPI, the country's first initial public offering (IPO) of a state-owned company for 12 years. Source Reuters Read More 

South Africa's rand hits 7-week low on ANC policy plans - South Africa's rand hit a seven-week low against the dollar on Wednesday after the ruling party proposed at a policy conference to nationalise the central bank and expropriate land without compensation. Source Reuters Read More 

South Africa's ANC Proposes That Central Bank Be State-Owned - South Africa’s ruling party has proposed that the central bank should be wholly state-owned rather than an institution with private shareholders. Source Bloomberg Read More 

Saudi Bloc Slams Qatar ‘Complacency’ Over Gulf Crisis Demands - The four-nation alliance that severed ties with Qatar said Wednesday that Doha’s response to its demands to end the crisis had been “negative” and failed to recognize the gravity of the situation -- but stopped short of announcing new punitive measures. Source Bloomberg Read More 

Oil Pares Losses as U.S. Crude, Gasoline Supplies Said to Shrink - Oil pared losses after an industry group was said to report big declines in U.S. crude and gasoline stockpiles that have remained stubbornly high during this summer driving season. Source Bloomberg Read More 

U.S. Strategic Oil Reserves Shrink as Shale Offers Supply Buffer - U.S. strategic crude stockpiles have dropped to the lowest level in more than 12 years as the shale boom reduces the nation’s need for an emergency buffer against shortages. Source Bloomberg Read More 

Aramco Cuts Most Pricing for Asia to Keep Its Crude Competitive - Saudi Arabia cut August pricing for most of its crude grades to Asia as the world’s largest oil exporter seeks to stay competitive with other producers.  Source Bloomberg Read More 

Australia Bets $68 Billion Navy Spend on Global Export Industry - Australia wants more from its $68 billion investment in new ships and submarines than just a more capable navy. Source Bloomberg Read More 

Saudi Stocks Most Expensive Versus Qatari Peers This Year - Saudi Arabian stocks this week traded at the most expensive relative to their Qatari peers since last year, a gap that’s now narrowing. Valuations on members of the kingdom’s benchmark index rose after MSCI Inc. Source Bloomberg Read More

Fed Officials Ready to Start Winding Down Portfolio Within Months - Federal Reserve officials in June readied plans to start slowly shrinking the central bank's large portfolio of bonds and other assets in the next few months, according to minutes of the central bank's most-recent meeting. Source WSJ Read More

 

PROSHARE MSME
BoI, Ebonyi seal N2bn deal to empower SMEs - THE Bank of Industry (BoI) has agreed a N2 billion deal with the Ebonyi State Government, for which each of the parties will provide N1 billion each as matching funds geared towards empowering small and medium enterprises (SMEs) in the state. Source Bloomberg Read More 

AfDB seeks $135bn additional lending for Africa’s MSMEs - THE African Development Bank (AfDB) said that financial markets in Africa need to increase their lending to Micro, Small and Medium enterprises (MSMEs) in the continent by at least $135 billion in order to meet their demand. Source Bloomberg Read More 

 

 

 

WATCH LATEST VIDEO ON PROSHARE WEBTV  

READ MORE:
Related News