Nigeria in 1min: Economic, Business and Financial Headlines – 010818

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Wednesday, August 01, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

NSR H2 2018 (12)- Nigerian Inflation: Approaching an Inflection Point- In our H1 18 strategy report, we projected a drop-in headline inflation, anchored on the blend of soft domestic food prices and base-effects (H1 17) with the scale of moderation trimmed by higher transport inflation – hinged on rising crude oil prices. Source Proshare Read more 

147,823 Domestic Passengers Moved by 41 Private Jet Operators in 2017 - NBS- The Aviation Sector report on Private Aircrafts Passengers and Aircraft Movement for 2017 reflected that total Domestic Passengers Movement by 41 identified private jet Operators was 147,823 in 2017. Source Proshare Read more 

FG Appoints TCN to Manage N72bn Planned Investment in Discos -The federal government has appointed the Transmission Company of Nigeria (TCN) to manage the N72 billion investments it plans to sink into the 11 electricity distribution companies (Discos) to upgrade their distribution infrastructure and networks. Source Thisday Read more 

PMS dominates cargo arrivals at Lagos ports - A total of 12 vessels out of the 29 arriving at the Pilotage District of the Lagos ports yesterday are laden with Premium Motor Spirit (PMS), otherwise known as petrol. Source Vanguard Read more 

Tincan Island Port posts N163bn revenue half year - Tincan Island Command of the Nigeria Customs Service (NCS) yesterday declared N162,701,701,136.83 as revenue generated between January and June this year. Source Leadership Read more 

Nigerian exporters lose $10bn to Apapa gridlock –Union leader - As the Apapa gridlock worsens despite all efforts to ameliorate the sufferings of Lagosians and exporters of agricultural produce are now counting their losses as they have already lost over $10 billion to the fracas. Source Leadership Read more 

FG, AfDB inaugurate task force on youth unemployment - The Federal Government, in collaboration with the African Development Bank, on Tuesday in Abuja inaugurated a task force to tackle the menace of youth unemployment. Source Punch Read more

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PROSHARE REGULATORS

New Regulations To Prevent Financial Crises And Improve Financial Stability- New regulations require the banking and finance industries to comply with heightened supervision by financial authorities and will be welcomed by foreign investors and customers concerned with Indonesia's financial stability. Source Proshare Read more 

NSE Lifts Suspension on Universal Insurance Plc-  We refer to our Market Bulletin dated 5 July 2018, notifying the public of the suspension of eight (8) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, Source Proshare Read more

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PROSHARE MARKETS

NSEASI Closes Above 37,000bpts; Records 0.19% Gain to Maintain Positive Stance- Equities market closed today on a positive note, as NSEASI appreciated by +0.19% to close at 37,017.78 basis points as against +0.84% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.20%. Source Proshare Read more 

FCMB Group Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways- FCMB Group Plc held its H1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read more 

FO Declares N7.92bn PAT in Q2''18 Results; Revenue Grew by 32.4%,(SP:N25.05k)- Forte Oil Plc releases Q2 report for the period ended 30th June 2018.  Source Proshare Read more 

Union Bank writes down N64bn non-performing loans - Union Bank Nigeria Plc has said it expects to boost lending for the rest of this year after a N64bn write-down in the first half caused its book to shrink. Source Punch Read more 

Funding Rates expected to Trend Lower as c.N375bn FAAC Inflows hit the System - The bond market traded today with mixed sentiments with demand seen on the medium to long end of the bond yield curve (2028s to 2037s) while we saw the bid/offer spreads widen on the short end of the curve with no single trade executed in the market.  Source Proshare Read more 

CBN Injects Fresh $210m into Forex Market - The Central Bank of Nigeria (CBN) on Tuesday made available the sum of $210 million to meet customers’ requests in various segments of the foreign exchange market. Source Thisday Read more 

Nigeria’s Debt Composition is Now External 30% Domestic 70%- Pat Oniha, DG DMO- Nigeria’s Debt composition is now 30% External and 70% Domestic (30-70), the Director-General of the Debt Management Office of Nigeria Ms. Pat Oniha disclosed this today in a business programme on Channels Television. Source Proshare Read more 

Shell to make final investment call on Nigeria oilfield in 2019: official - Royal Dutch Shell and its partners will decide next year on whether to go ahead with the development of Nigeria’s Bonga Southwest offshore oilfield, a senior company official said on Tuesday. Source Reuters Read more 

Shell, Petrobras units probed for Brazil price-fixing - Brazil’s three largest fuel distribution companies are under investigation for fixing prices at the pump, police said on Tuesday, reigniting debate over potential collusion among gas station owners in Latin America’s largest oil producer. Source Reuters Read more 

Oil posts biggest monthly loss since 2016 as OPEC boosts output -  Oil prices fell on Tuesday, closing out the largest monthly decline in two years on supply worries after OPEC output reached a 2018 high in July, overshadowing reports that the United States and China might reopen trade talks that could boost demand. Source Reuters Read more 

Nigeria lost N995bn to oil theft in 2017 – Report - Nigeria lost approximately N995 billion last year to large-scale oil theft in the Niger Delta region, findings from a new report have shown. Source Daily Trust Read more 

3000mw of power lost to Nigeria’s 324bscf gas flare - The Department of Petroleum Resources (DPR) has revealed that Nigeria flared a total of 324 billion standard cubic feet (scf) of gas in 2017 capable of generating about 3000 megawatts of electricity. Source Leadership Read more 

PHCN privatisation: Electricity investors declare loss after 5 years - Almost five years after core investors put $1.2 billion (about N427bn) to acquire 60 per cent stakes in 11 electricity Distribution Companies (DisCos) in 2013, they say they are yet to recover the investments or make profit. Source Daily Trust Read more 

Oil theft losses larger than combined 2018 education, health budgets – report - Oil theft losses from the Niger Delta region estimated at about N3.8 trillion in 2016 is higher than the combined budgetary allocations to both the education and health sectors for the year 2018. Source BUSINESSDAY Read more

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PROSHARE BUSINESS

Why I Am Leaving APC - Bukola Saraki, Senate President - This is not a decision that I have made lightly. If anything at all, I have tarried for so long and did all that was humanly possible, even in the face of great provocation, ridicule and flagrant persecution, to give opportunity for peace, reconciliation and harmonious existence. Source Proshare Read more 

Buhari elected as ECOWAS chair - President Muhammadu Buhari has been elected as the Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS). Source Daily Trust Read more 

38 MDAs Run N8trn Undisclosed Budget - Thirty-eight federal government agencies operate a combined but undisclosed budget of about N8 trillion, an amount almost the size of the 2018 budget signed by President Muhammadu Buhari in June this year, it has been revealed. Source Leadership Read more 

Crime and Insecurity: Most Important Problem In Zamfara State - NBS 2017 Report- Recent developments in Zamfara State has highlighted the value, relevance and place of data, especially the National Bureau of Statistics (NBS) data released in the country. Source Proshare Read more 

Nigerian Press Council Bill 2018: 5 Things to Note- The recently proposed Nigerian Press Council Bill by the Senate of the Federal Republic of Nigeria has generated a lot of debate across the country, considering the role of the press as the watchdog of the government and the mirror of the society. Source Proshare Read more 

South Africa's Q2 unemployment rate rises to 27.2 pct - South Africa’s unemployment rate rose to 27.2 percent of the labour force in the second quarter from 26.7 percent in the first quarter, the statistics office said on Tuesday. Source Reuters Read more 

U.S. Considers Higher Tariffs on $200 Billion in Chinese Imports -  The Trump administration is considering more than doubling its planned tariffs on $200 billion in Chinese imports, ratcheting up pressure on Beijing to return to the negotiating table, three people familiar with the internal deliberations said. Source Bloomberg Read more

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PROSHARE MSME

DBN to provide low interest loans to 10,000 MSMEs - The Development Bank of Nigeria has entered into partnership with LAPO Microfinance Bank to support 10,000 businesses in the Micro, Small and Medium Enterprises sector with low interest loans. Source Punch Read more

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PROSHARE TECHNOLOGY

Market Lessons: Over $100B Gone In An Instant- After the company’s quarterly earnings call with investors, FB's stock price dropped ~20% in after-hours trading. Over $100B in value disappeared in an instant after FB announced disappointing revenue numbers and user growth. Source Proshare Read more 

Active Mobile Lines Hit 162.3 Million In June –NCC - The Nigerian Communications Commission (NCC) says active mobile telephone lines in Nigeria have increased to 162.30 million in June. Source Leadership Read more 

Huawei Passes Apple in Smartphone Share for the First Time - Huawei Technologies Co. pulled ahead of Apple Inc. to claim the No. 2 position in global smartphone shipments in the second quarter just behind Samsung Electronics Co., solidifying the rise of Chinese competitors. Source Bloomberg Read more

 

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