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Nigeria in 1min: Economic, Business & Financial Headlines – 210817

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August 21, 2017 7:00 AM / Proshare News 

 

PROSHARE ECONOMY
Searching for a Nexus Between Corporate Performance and The Economy - Is it a Deja-vu All-over Again - The apex bank stuck a cautionary line in its last monetary policy committee meeting on the equity market. The lords of the apex tower stated that the equity market might be experiencing a seeming bubble. Source Proshare Read More 

What To Expect From The Markets This Week - 210817 - The recent economic bulletin published by the Apex bank, showed that standing lending facility (SLF) provided to the system in the first quarter of 2017 stood at N12,518billion. Source Proshare Read More 

Price Pressure Eats Up Retail Space - Price increases have been the dominant means of combating elevated cost-inflation for most Nigerian companies in 2017, with most of the discuss in the sphere related to potential or actual pass through to earnings. Source Proshare Read More 

Raw materials’ imports gulp N19.5tn in seven years - Although Nigeria and many of the African countries are admired for being commodity markets, a study of importation in the country shows that Nigeria has spent as much as N19.5tn on the importation of primary raw materials into the country in the past seven years. Source Punch Read More 

Three tiers of government shared N2.8tr in six months, says NEITI - The three tiers of government shared N2.788 trillion between January and June this year, which represents a 38 per cent increase on the N2.019 trillion shared within the same period last year. Source Guardian Read More 

What kind of business leaders does Africa need? - A quote Nelson Mandela once said with regards to leadership made me think about the kinds of qualities that are needed by leaders of business in Africa to drive economic growth. Source Proshare Read More 

Nigeria’s debt reaching critical levels — NEITI - The Nigeria Extractive Industries Transparency Initiative, NEITI, Sunday,  expressed concern over Nigeria’s level of indebtedness, declaring that Nigeria’s debt in relation to revenues appears to have reached critical levels. Source Vanguard Read More 

Nigeria to start bee export by 2018 - Nigeria will start exporting bees to other countries next year, Dr Bidemi Ojeleye, National President, Federation of Bee keepers Association of Nigeria, has said. Source Daily Trust Read More 

Nigeria’s aviation sector repays N55.8 billion of N120.76 billion CBN intervention fund - There are clear indications that operators in various sectors of the economy where the Central Bank of Nigeria, CBN, has provided support through development interventions are making spirited efforts to make repayments. Source THE NATION Read More 

FG Orders Use Of ID Card For Abuja-Kaduna Train Ticket - The Minister of Transport, Rt. Hon. Rotimi Amaechi has directed that every prospective train passenger must present identity cards before obtaining tickets at ticket sales points. Source Leadership Read More 

 

PROSHARE MARKETS
Corporate Earnings for the Week Ending 180817 – GUARANTY Declares N83.68bn PAT in Q2 2017 Results  - During the week ending August 18, 2017, three quoted firms declared their results.  Source Proshare Read More 

NASD USI down by -2.0% WoW - NASD closed its trading day on Friday 18 August  2017 lower compared to last Friday. The Market Capitalization closed the week 2% lower at ₦404.15 billion against ₦412.80 billion previously. Source Proshare Read More 

700 BDCs inactive due to low forex patronage - ABCON - More than 700 Bureau De Change (BDC) operators have in recent months been rendered inactive in the Central Bank of Nigeria (CBN) Forex Window, putting  the sustainability of their businesses under serious threat, the Association of Bureaux De Change Operators of Nigeria (ABCON) has confirmed. Source Daily Trust Read More 

Dangote Decries Power Situation, Signs MoU On 100MW Solar Power Plant - Africa’s conglomerate and indigenous investor, Dangote Group, has signed a Memoranda of Understanding (MoU) with Kano state Government, for a proposed multi-million dollars 100MW Dangote-Black Rhino Solar Power Project. Source Leadership Read More 

FMDQ OTC Exchange Records N78.9tn Transactions in Eight Months - The fixed income and currency markets operated by FMDQ OTC Securities Exchange have recorded transactions worth N78.90 trillion between January and July. Source Thisday Read More 

Interbank Rates Fall on Matured Treasury Bills - Nigeria’s interbank overnight lending rate fell sharply on Friday to an average of 12 per cent from around 60 percent a week ago after the central bank repaid matured treasury bills and a refund of excess cash deposited by banks to buy dollars. Source Thisday Read More 

Shell Raises the Alarm over Safety Risks from Illegal Occupation of Belema Facility - Shell Petroleum Development Company (SPDC) has raised the alarm that the continued illegal occupation of Belema flow station and gas plant in Rivers State since August 11, 2017, has safety implications both for the people at the facilities and nearby communities. Source Thisday Read More 

Shell Loads Oil in Libya for the First Time in Five Years - Royal Dutch Shell Plc, the world’s largest oil trader, is said to have loaded its first crude from Libya in five years over the weekend, adding to evidence of the OPEC nation’s comeback. Source Bloomberg Read More 

Shell to Mull Buying Israeli, Cyprus Gas for Egypt Plant - Royal Dutch Shell Plc is seeking creative solutions to bring gas from Israel and Cyprus to market, a step that could help turn the Mediterranean region into a major gas-producing hub. Source Bloomberg Read More 

PROSHARE BUSINESS
Global Markets Start the Week on a Down Note - Stocks started the week modestly lower in Asia, following some sizable declines world-wide at the end of last week. Source WSJ Read More 

Zimbabwe tightens screws on miners' export earnings in forex crunch - The Reserve Bank of Zimbabwe has ordered platinum and chrome miners to surrender 80 percent of their export earnings to the central bank as the country struggles to contain a crippling dollar note shortage. Source Reuters Read More 

Congo says balances 2017 budget without printing money - The Democratic Republic of Congo balanced its budget in all but two months between January and July without reverting to old habits of printing money to pay bills, its finance minister said on Saturday. Source Reuters Read More 

Will China buy Saudi Aramco? - The planned sale of a 5 per cent stake in the Saudi state oil company Aramco is still in limbo. There is no clarity on where it will be listed, on its value or, most important, on how the rights of minority shareholders can be protected in an entity that will be 95 per cent owned by the Saudi government. Source Financial Times Read More 

Canada Inflation Stirs on Gasoline, Hotels - Canadian consumer prices showed some signs of life last month, Statistics Canada said Friday in a report that should bolster policy makers’ confidence inflation is trending higher from extremely low levels. Source Bloomberg Read More 

Thailand Economy Grows at Fastest Pace in Over Four Years - Gross domestic product rose 3.7 percent in the second quarter from a year ago after expanding 3.3 percent in the first quarter, the National Economic and Social Development Board said on Monday Source Bloomberg Read More 

Malaysia's $62 Billion State Fund Wants to Hold Less Cash - Malaysia’s largest state-owned fund manager is looking to hold less cash even as it struggles to make acquisitions that would generate attractive returns. Source Bloomberg Read More 

 

PROSHARE TECHNOLOGY
Active Voice Subscribers Dropped by 6.67% in Q2 2017 – NBS - Telecoms data for Q2 2017 reflected that a total of 143,064,490 subscribers were active on voice as against 153,295,652 in Q3 2016 which represented 6.67% drop in subscribers’ base. Similarly, a total of 92,136,023 subscribers were active on internet as against 93,776,711 in Q3 2016 which represented 1.75% drop in subscribers’ base. Source Proshare Read More 

Banking Sector Records 327.37m Volume of Transactions in Q2 2017 - NBS - A total volume of 327,366,042 transactions valued at N19.78 trn were recorded in Q2 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Source Proshare Read More

PROSHARE START-UPS
BoI Loans to SMEs Hit N13 Billion in April - As the House of Representatives Committee on Public Accounts awaits details of disbursements of loans to its customers by the Bank of Industry (BoI), it emerged at the weekend that as much as N13billion was advanced to small and medium enterprises (SMEs) by the bank as at April this year. Source Thisday Read More 

 

 

 

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