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Nigeria in 1min: Economic, Business & Financial Headlines – 190417

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April 19, 2017 7:00 AM / Proshare News 

 

PROSHARE ECONOMY
Nigeria needs adjustment over oil price, says IMF - The relative stability in the price of crude oil at the international market notwithstanding, the International Monetary Fund (IMF) has said Nigeria’s economy remains in the zone of crisis, as returns from the commodity fall short of capacity to push the needed growth. Source Guardian Read More 

Domestic carriers’ staff strength drops by 50%- The staff strength of domestic carriers shrunk from 5,000 to less than 2,500 due to failure of airlines Source Daily Trust Read More 

Life expectancy in Nigeria now 53.1 years – UNDP- Life expectancy in Nigeria has increased from 46.1 years in 1990 to 53.1 years in 2015, according to 2016 UNDP Human Development Report. Source Daily Trust Read More 

 

PROSHARE REGULATORS
Database of Non-mandated Accounts in the Nigerian Capital Market - The Securities and Exchange Commission (SEC) is pleased to notify the investing public that, as part of measures to curb the growth of unclaimed dividend in the Nigerian capital market, all investors are required to register for the payment of their dividends electronically (e-Dividend). Source Proshare Read More 

Electronic Transactions Hit N40.5trn In 2016 – CBN - The Central Bank of Nigeria (CBN) has disclosed that value of electronic transactions in the banking sector crossed the N40 trillion threshold to N40.5 trillion in 2016 to reflect the growing public confidence in the system as a result of the convenience of electronic transactions and sensitization. Source Leadership Read More 

 

PROSHARE MARKETS
NSEASI Dips by -1.07% as Market Opens The Week Negative - Equities market closed today on a negative note, as NSE ASI depreciated by -1.07% to close at 25,237.93 basis points, as against +0.05% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.09%. Source Proshare Read More

GTI 5 Weekly Stock Picks -180417 - The Nigerian equity market on Thursday sustained previous uptrend to close with a marginal gain of 0.05%. Market breadth closed positive recording 18 gainers against 11 losers. Source Proshare Read More

Dangote Flour divests from Noodles, cedes assets to Dufil - Dangote Flour Mills (DFM), has exited its noodles business as it does not consider it strategic. The company has sold the assets of Dangote Noodles to Dufil Prima Foods, makers of Indomie noodles.  Source Daily Trust Read More 

Okomu Oil Q4 2016 Results Review - Healthy Fundamentals; Outlook Still Positive - Okomu Oil’s (Okomu) Q4 2016 results came in stronger than we expected. The variance versus our estimates was mainly to due to a positive surprise in sales.  Source Proshare Read More  

ETI Declares N52.6bn Loss After Tax in 2016 Audited Results (SP:N8.20k) - Ecobank Group, the leading pan-African bank, today announces its Full Year Audited Results for the year end 31 December 2016. Source Proshare Read More  

Presco Q4 2016 Results - Operating Expenses Up by 48% YoY - Presco reported its Q4 2016 results this morning showing sales growth of 57.2% y/y to N3.8bn. PBT and PAT of N21.5bn and N14.9bn compare with pre-tax and post-tax losses of –N610m and –N1.2bn respectively recorded in Q4 2015. Source Proshare Read More  

CBN sustains liquidity in forex market; disburses $280 million to SMEs, BDCs, invisibles - The Central Bank of Nigeria (CBN) on Tuesday, April 18, 2017, underscored its determination to sustain liquidity in the foreign exchange market with the injection of $280 million into various sectors of the market and the commencement of its weekly $20,000 sale to licensed Bureaux de Change. Source Proshare Read More  

Forex Market Analysis: USD and JPY Falls to Five (5) Month Low - On Monday, the 17th of April 2017, the dollar fell to a five-month low against the yen as pressures rose over the US-North Korea stand-off. This kept the safe-haven Japanese currency in demand as the dollar declined to 108.136 yen, its lowest since mid-November.  Source Proshare Read More

IMF advises CBN to adopt flexible exchange rate - The International Monetary Fund (IMF) yesterday released its World Economic Outlook (WEO) in which it advised Nigeria to adopt flexible foreign exchange regime to restore values of revenues and the naira. Source THE NATION Read More 

Presco and Okomu revenues rise 50% on the back of CBN’s 41 item ban - Presco and Okomu Plc, two of Nigeria’s leading producers of palm oil in the country have seen their sales and financial performance boosted significantly by the Federal Government’s ban of the importation of palm oil products into the country. Source BUSINESSDAY Read More

Banks 2016 dividend pay-outs hit N175 bn - …As interest income boosts profits by 3%. Nigerian Banks are rewarding long suffering shareholders with higher dividend pay-outs for 2016, despite a tough operating environment and rising bad loans. Source BUSINESSDAY Read More 

Zenith, Fidelity, 8 Other Banks Earn N1.27trn Interest On Loans In 2016 - The interest income on loans and advances of 10 commercial banks to customers rose by nearly 19 per cent to N1.27 trillion in 2016. Source Leadership Read More 

NERC to set recapitalisation guideline for power sector investors - The Nigerian Electricity Regulatory Commission (NERC), is set to release a minimum recapitalisation level required to be met by core investors in the power sector. Source Guardian Read More 

PROSHARE BUSINESS
IMF says agrees to pay Tunisia's delayed loan tranche - The International Monetary Fund has agreed to pay out a $320 million second tranche of Tunisia's loan programme after talks to agree on the government's reform priorities, the IMF Tunisia mission chief said on Monday. Source Reuters Read More 

Tunisia central bank to steadily weaken dinar, finance minister says - Tunisia's central bank will reduce its interventions so the value of the dinar steadily declines, but it will prevent a dramatic slide in the currency, the finance minister said on Tuesday. Source Reuters Read More 

Malaysia Airlines First to Track Fleet With Satellites  - Malaysia Airlines, which lost a wide-body jet with 239 people aboard three years ago in one of history’s most enduring aviation mysteries, has become the first airline to sign an agreement for space-based flight tracking of its aircraft. Source Bloomberg Read More 

Zambia Seeks IMF Deal of as Much as $1.6 Billion This Month - Zambia, Africa’s second-largest copper producer, plans to reach an aid deal for as much as $1.6 billion with the International Monetary Fund by the end of April, Finance Minister Felix Mutati said. Bond yields fell. Source Bloomberg Read More 

China's $8.5 Trillion Shadow Bank Industry Is Back in Full Swing   - China’s shadow banking is back in full swing, an unintended side effect of the government’s campaign against financial leverage, which has curbed traditional lending and squeezed bond financing. Source Bloomberg Read More 

Goldman Sees Buyer Interest in Australia as Economy Diversifies - Australian companies increasingly are attracting potential acquirers as the economy diversifies and North American buyers are drawn to invest in industries like infrastructure, according to Goldman Sachs Group Inc.’s local head. Source Bloomberg Read More 

Foreigners Lapping Up Egypt's Growing Supply of Cheap Debt - A flood of new issuance is offsetting foreign-investor demand for Egyptian debt, keeping yields among the highest in emerging markets. Source Bloomberg Read More

Saudi Oil Exports Drop to 2015 Low as Kingdom Sticks to Cuts - Saudi Arabia, the world’s largest crude shipper, trimmed exports to a 21-month low in February as local refineries took advantage of more abundant supplies and processed a record amount of crude. Source Bloomberg Read More 

Japan 10-Year Yield Drops to Zero for First Time in Five Months - Japan’s 10-year bond yield fell briefly to zero percent for the first time since November as U.S. Treasury yields plunged on weak economic data while tensions over North Korea and uncertainty over France’s presidential election buoyed haven demand. Source Bloomberg Read More 

Pound Climbs to 6-Month High After Call for Early U.K. Election - The pound extended gains made during the European session, rising to its highest since early October at 1.2905, after U.K. Prime Minister Theresa May announced a snap election for June. The surge put fresh pressure on the dollar, which stayed near session lows. Source Bloomberg Read More 

No More New Frontiers Creates Index Problem for Hottest Stocks - Alexander the Great is said to have wept when he saw there were no more lands to conquer. For investors in a shrinking pool of frontier markets -- places like Morocco and Vietnam -- the feeling might be familiar. Source Bloomberg Read More 

FTSE suffers worst day in three months - The shock decision by UK Prime Minister, Theresa May, to announce a snap general election on June 8 left the FTSE 100 down 2.5 per cent to 7,147.50 at the close. Source Punch Read More 

PROSHARE FINANCE
Pension funds post strong first-quarter return - A cursory review into the Pension Funds data for Q1 2017 showed that RSA Pension funds on the average returned 2.84%, while Retiree Funds had an average return of 3.4%. By contrast, the return of the Nigeria Stock Exchange’s Pension Index for Q1 2017 was negative -1.14%.Source Proshare Read More 

 

PROSHARE TECHNOLOGY
Attacks put N3.06 trillion e-commerce under threat - The activities of some online shoppers who turned themselves into killers are currently troubling the e-commerce sub-sector of the nation.  Online businesses are estimated to be worth $10 billion (about N3.06 trillion) in the country. Source Guardian Read More 

 

 

 

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