Nigeria in 1min: Economic, Business and Financial Headlines – 010519

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Wednesday, May 01, 2019 / 06:50 AM / By News Aggregator

 

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PROSHARE ECONOMY

Senate Passes 2019 Budget; Increases It By N86bn -  The senate has passed a sum of N8.916 trillion as estimates for the 2019 budget as against N8.83 trillion earlier proposed by President Muhammadu Buhari. The new budget figure was passed after Danjuma Goje, chairman senate committee on appropriations, presented a report on Tuesday. Source The Cable Read More

FG To Release New Gas Pricing Template May 29 - The Federal Government will release a new gas pricing template before May 29, to address what it describes as ‘unreasonable tariffs’ imposed by gas distributors on natural gas used by commercial consumers in the manufacturing sector. Source Punch Read More

FG, states, LGs share N617.5bn - The Federation Account Allocation Committee on Tuesday distributed a total of N617.56bn to the three tiers of government as allocations for the month of March. The Accountant-General of the Federation, Ahmed Idris, gave the figure while speaking shortly after the meeting, which was held at the headquarters of the Ministry of Finance. Source Punch Read More

IMF: Nigeria Must Keep Inflation Down - The International Monetary Fund (IMF) has said Nigeria should work to keep inflation down and also grow non-oil revenue if the economy must perform optimally. Source Dailytrust Read More

 

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PROSHARE REGULATORS

CBN Forecasts 3% GDP Growth, To Mop Up Mutilated Banknotes - The Central Bank of Nigeria said contrary to the prediction of Nigeria Governors’ Forum that the country could go into recession in 2020, the country would grow at three per cent. Source Punch Read More 

 

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PROSHARE MARKETS

Fidelity Bank Q1 2019 Results Review: 2019E Forecasts Tampered By Discount To FX Income - Fidelity Bank’s (Fidelity) Q1 2019 PBT came in around 18% higher than our forecast mainly because of a positive surprise in non-interest income. A significant proportion of the stellar growth in non-interest income was due to fx revaluation gains (which account for c.60% of total fx income on an annualised basis forecasts. Source FBNQuest. Read More

Investors Lose N135.79bn As Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -1.22% to close at 29,159.74 points as against -0.74% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.22%. Source Proshare Read More

ETI Declares N29.66bn PAT in Q1 19 Results,(SP:N10.45k) - EcoBank Transnational Plc released its unaudited first quarter results for the period ended March 31, 2019. Source NSE Read More

SEPLAT Declares N10.02bn PAT in Q1 2019 Results,(SP:N575.00k) - SEPLAT Plc released its unaudited first quarter results for the period ended March 31, 2019. Source NSE Read More 

Nestle Nigeria Plc - Absence of One-off Cost Magnifies Gross Profit - Nestle Nigeria Plc (Nestle) released its Q1 19 results this afternoon, showing double-digit growth in gross profit to N31.5 billion (+22.2% YoY), to miss our estimate of N30.1 billion. Source ARM Read More 

CSCS Holds 25th AGM, Pays Shareholders 70k Dividend - Central Securities Clearing Systems Plc today hosted its 25th  Annual General Meeting in Lagos, which provided an opportunity for the board to make public details of its operating performance to shareholders. Source Proshare Read More 

Why is AUSTINLAZ Listed? - The question why Austin Laz should be listed is far from rhetorical, with the company’s share price barely moving over the one year analysts are increasingly questioning whether the company can rightly be considered an investment store of value. Source Proshare Read More 

CBN to Auction c.N110bn T-Bills upon Resumption from Break - The Bond market remained largely order driven, with yields weakening slightly following slight sell on the short end of the curve. We also witnessed some profit taking bias on some mid and long tenured maturities, which lifted yields marginally higher by c.3bps on the day. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS 

Shell, Total Declare Force Majeure On Bonny Light - Two oil majors, Shell Petroleum Development Company of Nigeria and Total, have declared force majeure on exports of crude on each of their trunk lines, spokespersons for the firms have said. Source Leadership Read More

Transcorp Consortium Wins Bid For Afam Power Plc - Transcorp Power Consortium has emerged the bid winner for Afam Power Plc. The consortium submitted a bid of N105.3bn to beat two other companies that wanted to acquire the electricity generation company (100 per cent equity). Source Punch Read More

 

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PROSHARE TECHNOLOGY 

CBN to Establish Collateral Management Regime to Regulate Fintech. In order to encourage innovation in the payment system, the Central Bank of Nigeria (CBN) is putting in place a Collateral Management Regime (CMR) to regulate the activities of Fintech firms and startups in the country. Source Fintech Read More 

           

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