Nigeria in 1min: Economic, Business and Financial Headlines – 010819

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Wednesday, August 01, 2019 / 06:35 AM / By News Aggregator

 

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PROSHARE ECONOMY

Nigeria Mid-Year Economic Review 2019 - Retrofitting the Nigerian Economy: Issues and Drivers - The Nigerian economy has struggled for acceleration since recovery from the 2016 recession. The prospects are still bright, but gaining momentum requires making some changes that seem simple on the surface but difficult to make. These changes requiring surgical strike mentality and energetic execution may be the way out. Source Dr. Biodun Adedipe Read More

NSR H2 2019 (12) - Fixed Income - Will The CBN Give In To Liquidity Pressure? - Coming into the first half of 2019, we painted the picture of staggered OMO sale in line with the concentration of OMO maturities over the year. Specifically, we stated that the combination of higher maturities and the risk of exodus of offshore holdings of maturity instruments will propel higher OMO sales in the first and last quarter of 2019. Source ARM Read More

Oil Soars To $65 On Huge Inventory Draw - A day after another bullish oil inventory estimate from the American Petroleum Institute (API), the Energy Information Administration (EIA) reported another solid decline in inventories, which added fuel to  price rally yesterday. Brent crude traded at $65.09 a barrel, while West Texas Intermediate (WTI) tarded at $58.39 a barrel, both up from previuos day’s close. Source TheNation Read More

 

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PROSHARE REGULATORS

Banking Industry Still Exposed To High Credit Risk – NDIC - The Nigerian Deposit Insurance Corporation (NDIC) has disclosed that the banking industry remains exposed to high credit risk as depicted by the high Non Performing Loans (NPLs) ratio of 11.70% as at 31st December, 2018. Source Guardian Read More

 

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PROSHARE MARKETS

Online Trading Ranking Report 2019 - Refining The User Experience; Trends In Digital Trading - A growing number of trading clients have adopted digital platforms to execute capital market transactions, and this trend has encouraged capital market operators (CMOs) to upgrade their digital trading platforms to improve user experience. Source Proshare Read More

STERLNBANK Declares N5.66bn PAT in Q2 2019 Results,(SP:N2.24k) – Sterling Bank Plc released its unaudited second quarter results for the period ended June 30, 2019. Gross Earnings declined by -4.0% to N74.49bn from N77.61bn in the previous quarter. Source  NSE With Additional Press Release from the Bank Read More 

The Okomu Oil Palm Plc - Earnings Remain Pressured - Last week, The Okomu Oil Palm Plc released its second quarter 2019 result wherein it reported 38.4% YoY decline in EPS to N1.60 emanating from lower CPO prices and higher operating cost (+26.7% YoY to N1.9 billion) over the period. Source ARM Read More 

Ecobank Nigeria: The Case For Restructuring, Repositioning and Retooling - Financial contribution of Ecobank Nigeria Limited to the Group has been weak and needs to significantly improve relative to the performance of peer local deposit money banks (DMBs). Source Proshare Read More 

UNITYBNK Declares N967.51m PAT in Q2 2019 Results,(SP:N0.63k) - Unity Bank Plc released its Q2 Unaudited Results for the Period ended June 30, 2019. Gross Income grew by 17% to N20.55bn from N17.49bn in the previous year. Source NSE Read More 

Dangote Cement Q1 and Q2 2019 Results Review: Still Sizable Upside Post Earnings Downgrade - Following Dangote Cement (DangCem’s) Q2 2019 results which surprised negatively, we have cut our 2019-21E EPS forecasts by c.16% on average. Despite the cuts to our EPS forecasts, our new price target of N226.5 is only 8% lower because we have rolled forward our valuation to 2020E. Source FBNQuest Read More 

Investors Lose N50.70bn As Sell Pressure Persists; NSEASI Dips By -0.37% - Equities market closed today on a negative note, as NSEASI depreciated by 0.37% to close at 27,718.26 points as against 0.46% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.81%. Source Proshare Read More 

NSE Delists The Entire Issued Share Capital of FIRSTALUM From The Daily Official List - Further to our market bulletin of 13 May 2019, notifying Dealing Members of the suspension of trading in the shares of First Aluminium Nigeria Plc (First Aluminium or the Company) in preparation for the voluntary delisting of the issued share capital of the Company from the Daily Official List of The Nigerian Stock Exchange (The Exchange). Source NSE Read More

 

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PROSHARE BUSINESS

NDIC: Banks’ Losses to Fraud Jumped to N15.15bn in 2018 - The banking industry lost N15.15 billion to cases of fraud last year, indicating an increase of 539 per cent when compared to the N2.37 billion lost in 2017. Also, the total amount involved in fraud in the year under review stood at N38.93 billion compared to N12.01 billion in 2017. Source Thisday Read More

World Airlines Record Over 4bn Passengers In 2018 –IATA - IATA said the figure represents a 5.5 per cent increase over the 2017 performance and it also means that Africa controls about 2.1 per cent of the global air transport market share. Source The Sun Read More 

Power Shortage, High Interest Rate, Constrained Business Activities In July –CBN - Other factors, according to the bank, included financial problems, insufficient demand and unclear economic laws. Theapex bank made the observations in its July edition of Monthly Business Expectations Survey (BES) Report released by its Statistics Department and posted on its website. Source The Sun Read More 

Fed Cuts Interest Rates, Signals It May Not Need To Do More - The Federal Reserve cut interest rates on Wednesday, but the head of the U.S. central bank said the move might not be the start of a lengthy campaign to shore up the economy against risks including global weakness. Source Reuters Read More


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PROSHARE TECHNOLOGY  

Three Firms Admitted to the CMA, Kenya Regulatory Sandbox - Following the approval of the Regulatory Sandbox Policy Guidance Note (Regulatory Sandbox PGN) with effect from 26 March 2019, the Capital Markets Authority (CMA) has been receiving applications from fintech firms seeking to be admitted into the Regulatory Sandbox. Source CMA Read More 

 

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