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Nigeria in 1min: Economic, Business & Financial Headlines – 200617

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June 20, 2017 7:20 AM / Proshare News 

PROSHARE ECONOMY
Nigerian Public Debt – A Comparative Analysis - The public debt (total of both external and domestic debt) in Nigeria has been increasing over the last five years and the issue of the sustainability of the debt level has generated a lot of debate. Source Proshare Read More 

CIBN 2017 lecture discusses National Integration and Economic Policy Making - The Chartered Institute of Bankers in Nigeria recently hosted its  2017 Annual lecture, which brings together seasoned financial experts, business leaders, prominent bankers, academic communities from various tertiary institutions, council members and  associates to discuss critical issues that impact the socio-economic space of the nation. Source Proshare Read More 

FG to release N350bn for 2017 capital votes — Adeosun - The Minister of Finance, Mrs Kemi Adeosun has said that the government will soon release N350 billion, being the first tranche for capital votes implementation of the 2017 budget. Source Daily Trust Read More 

Fed Govt unveils $300m home scheme - The Federal Government has unveiled a $300 million World Bank  facility to support a new housing scheme known as the National Housing Finance Programme (NHFP). Source THE NATION Read More 

FG gives marching orders to revenue agencies on N5.08trn for 2017 budget - The Federal Government on Monday tasked all revenue generating agencies to put necessary measures and technologies in place for the realisation of the N5.08 trillion revenue to finance the N7.441 trillion budget for the 2017 fiscal year. Source BUSINESSDAY Read More 

Ajaokuta: Indian firm makes fresh demands on FG - The peace accord signed by the Federal Government and the Indian firm, Global Infrastructure Nigeria Limited, for the resolution of the Ajaokuta Steel Company’s legal tussle has been threatened by fresh demands by the GINL, investigation has shown. Source Punch Read More 

Sugar importation rises at ports - DESPITE the  Federal Government’s plan to produce 200,000 metric tonnes  of sugar yearly, its importation rate has risen, it was learnt. Source THE NATION Read More 

 

PROSHARE REGULATORS
CBN Governor Rallies Support for Housing Finance Programme - The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has urged the Nigerian media to effectively communicate and educate Nigerians on how they could key into the Nigerian Housing Finance Programme (NHFP) to access finance for affordable housing in the country. Source Thisday Read More 

 

PROSHARE MARKETS
Afrinvest Stock Recommendation for the Week - 190617 -  The upbeat performance in the Nigerian Equities market since introduction of the I&E window extended to last week’s trading sessions as Investor sentiment towards equities remained bullish. Consequently, the All Share Index gained 1.6% W-o-W, pushing YTD gain to 25.8%. Source Proshare Read More

Mandatory Takeover Bid by Nipco Investment Limited - As the Stockbroker to NIPCO Investments Limited and with reference to approval by the Securities and Exchange Commission (SEC) for the Mandatory Takeover Bid (MTO) whereby request that the information regarding the MTO stated below be published to the market. Source Proshare Read More  

Market Opens The Week On a Positive Note; NSEASI Sustains Uptrend - Equities market closed today on a positive note, as NSE ASI appreciated by +0.96% to close at 34,135.10 basis points, as against +0.04% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +27.02%. Source Proshare Read More  

Forex Market Analysis: CADJPY has Reached the 84.18-83.86 Resistance Area - Senior deputy Governor Carolyn Wilkins said that the Bank of Canada is encouraged by a broadening of economic strength, which includes gains across 70 per cent of industries, she also added that the gains are something Canada hasn’t seen since before the oil-price collapse nearly three years ago. Source Proshare Read More  

GTI 5 Weekly Stock Picks - 190617 - The Nigerian equity market on Friday, the last trading day of the week, gained 0.04% extending prior uptrend to three days. However, market breadth closed negative recording 25 gainers against 31 losers. Source Proshare Read More

International Breweries Q4 2017 Results Review - Neutral Rating Maintained - International Breweries’ Q4 2017 (end-Mar) results surprised positively mainly because of better-than-expected sales and gross margin. As such, we have increased our earnings estimates over the 2018-19E period by 47% on average and our price target by 53% to N27.5. Source Proshare Read More 

United Capital Lists Two Mutual Funds on Stock Exchange - United Capital Asset Management, a subsidiary of United Capital Plc, yesterday listed two billion units of the United Capital Wealth for Women Fund and 100,000 units of United Capital Nigerian Eurobond Fund on the Nigerian Stock Exchange (NSE). Source Thisday Read More 

Forte Oil plans to sell N20bn shares - Forte Oil Plc has said it is planning to sell shares worth N20bn to institutional and high net worth investors, and has applied for regulatory approval for the transaction. Source Punch Read More 

Kuru: 350 Debtors Owe AMCON N2.5 Trillion - The Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has disclosed that the corporation’s recent assessment of obligors as at December 31, 2016 identified 350 accounts with a current exposure of N2.5 trillion, representing about 80 per cent of AMCON’s total obligor debt. Source Thisday Read More 

Kachikwu: Nigeria Spends $28bn Annually to Import Petrol - Nigeria allocates an average of $28 billion of her foreign exchange earnings yearly to import about 92 per cent of the petrol consumed locally, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Source Thisday Read More 

FG Unveils Ownership Structure of Proposed N’Delta Modular Refineries - The federal government has unveiled the ownership structure of the modular refineries it proposed to build in the states of the Niger Delta region, explaining that the states, host communities and private investors would jointly own and operate the refineries. Source Thisday Read More 

Nigeria’s Diaspora Bond Oversubscribed By 130%, Yields $300m - Nigeria has successfully issued her first diaspora bond in the international capital market and has raised $300 million in the process at the rate of 5.625 per cent for a tenor of five years. Source Leadership Read More 

Nigeria’s Half-Measures on Currency Regime Are Only Half-Working - A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice them back. Source Bloomberg Read More 

CBN auctions $1 billion in one week - The Central Bank of Nigeria (CBN) has in the last seven days, offered $1.01 billion at the inter-bank foreign exchange market to meet the requests of customers in the various segments of the market. Source Guardian Read More 

CBN injects $195m into foreign exchange market - Following its 800 million dollars intervention in the inter-bank Foreign Exchange (FOREX) Market last week, the Central Bank of Nigeria (CBN), on Monday, injected 195 million dollars into the market to meet the requests of customers in the various segments of the market. Source Vanguard Read More 

Nigeria records positive current account balance of N823 billion - Nigeria recorded a positive current account balance of $2.72 (N823 billion) million in 2016, showing a sign of recovering from a deficit of $15.43 million in 2015. Source Guardian Read More 

Reps foreclose acquisition of new debt by AMCON - The Chairman, House of Representatives Committee on Banking and Currency, Hon. Sir Jones Chukwudi Onyereri, has said the House will not be lured into supporting the deceptive plot orchestrated by some people to lure Asset Management Corporation of Nigeria (AMCON) to purchase new debts from Deposit Money Banks (DMBs) in the country. Source Daily Trust Read More 

Pipeline vandalism drops by 12% — NNPC - The Nigerian National Petroleum Corporation (NNPC) says it has recorded 12.77 per cent reduction in downstream pipeline vandalism following the extensive engagement with oil and gas community stakeholders embarked upon by the federal government and the corporation. Source Daily Trust Read More 

Oil price rises to $44.58, still threatens 2017 budget benchmark - OIL price, which dropped below Nigeria’s 2017 benchmark price of  $44.50 per barrel, weekend, has leaped from $44.38 to $44.58 per barrel in the international market. Source Vanguard Read More 

Oil supply to outpace consumption in 2018 — IEA - There are indications that the increase in oil supply would outpace demand, thus resulting in low price next year. Source Vanguard Read More 

Shell Pays NNPC $2.172 bn Production Entitlements - Royal Dutch Shell Plc, has reiterated its commitment to transparency as a means of building trust, revealing that it paid $2.172 billion to the Nigerian National Petroleum Corporation, NNPC, as Production entitlements. Source Leadership Read More 

LNG: August prices weaken on poor Asian demand - Asian spot Liquefied Natural Gas (LNG) prices eased slightly last week as many traditional buyers remained on the sidelines and traders instead turned their focus to tenders in India. Source Vanguard Read More 

DisCos fail to collect N75.5bn electricity invoice in 3 months - Nigeria’s eleven electricity distribution companies settled on average only 31 percent of the N111billion worth of electricity invoice from generation companies, failing to collect over N75.5billion from January to March 2017 Source BUSINESSDAY Read More 

PROSHARE BUSINESS
S.Africa watchdog says Barclays Africa must repay $86.44 mln over bailouts - Barclays Africa Group unduly benefited from apartheid-era bailouts and must repay 1.125 billion rand ($86.44 million), South Africa's anti-graft watchdog said on Monday, though the bank denied any wrongdoing. Source Reuters Read More 

Mozambique's central bank leaves key lending rate unchanged at 22.75 percent - Mozambique's central bank kept its benchmark lending rate unchanged at 22.75 percent, it said on Monday. Source Reuters Read More 

Dollar Rises to 3-Week High Versus Yen on Hawkish Fed Speakers - The dollar rose to a three-week high against the yen as Asian investors carried on from their North-American peers in buying the greenback as Federal Reserve speakers pointed to strength in the U.S. economy. Source Bloomberg Read More 

Oil Tanker Storage Hits a 2017 Record Despite OPEC's Cuts - Oil traders are resorting to storing more and more oil at sea amid swelling output in the Atlantic region, a sign the market is far from the kind of re-balancing that OPEC would have hoped for when the group set out last year to bring down global stockpiles. Source Bloomberg Read More 

Shale's Record Fracklog Could Force Crude Prices Even Lower - There’s yet another concern growing as oil prices continue to erode: A record U.S. fracklog. Source Bloomberg Read More 

ExxonMobil and Stephen Hawking Just Agreed to the Same Climate Fix - Less than three weeks after President Donald Trump pulled the United States from the 195-nation Paris Agreement on climate change, there's a new ragtag group of underdogs supporting carbon-cutting. Source Bloomberg Read More 

PROSHARE FINANCE
Decent Growth Posted by The PFAs - The assets under management (AUM) of the regulated Nigerian pension industry increased by 21.1% y/y in April to N6.49trn (US$21.2bn). This is a decent annual increase when we allow for the arrears in pension (and salary) payments to employees of state governments and public agencies that emerged in the campaigning for the elections in 2015.Source Proshare Read More  

 

 

 

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