Nigeria in 1min: Economic, Business and Financial Headlines – 011018

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Monday October 01 , 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 011018 - According to the Central Bank of Nigeria, one-year deposit fell from 10.26% in July   to 9.95% in August 2018, sustaining the earlier downward tilt witnessed across board with regard to short-term rate. Source Proshare Read More 

Incessant Flooding Disrupted Distribution and Logistics of Farm Products in Middle Belt of Nigeria - Incessant flooding has disrupted the distribution and logistics of farm products in the Middle Belt of Nigeria. This has led to an uptick in food prices and inflation. Source Proshare Read More 

Nigeria is lagging behind in the race for global liquidity-Ayo Teriba - Nigerian economist Dr Ayo Teriba says the nation is currently lagging behind in the race for global liquidity. Source Proshare Read More 

EFCC Launches Offensive Against Election Fraud, Tracks Campaign Financing by Parties - As preparations for the 2019 general election enters the home stretch, the Economic and Financial Crimes Commission restates its determination to stamp out corruption in the electoral process to ensure that the will of the people is not subverted through financial inducement by desperate politicians. Source Proshare Read More 

The $100 Oil Debate – OIR 280918 - Oil prices are closing out an extremely bullish week on a high, with U.S. sanctions on Iran and a fear of global supply shortages sparking a debate over the possibility of $100 Brent. Source Proshare Read More 

Buhari Accepts Alhassan’s Resignation, Directs Aisha Abubakar to Oversee Women Affairs Ministry - President Muhammadu Buhari has accepted the resignation of Mrs Aisha Alhassan as Minister of Women Affairs and has approved the appointment of Ms Aisha Abubakar who is currently the Minister of State for Industry, Trade and Investment, to oversee the women affairs ministry while still holding on to her substantive portfolio in the trade and investment ministry. Source Thisday Read More 

Minimum wage: Labour suspends strike - Organised labour, yesterday, announced the suspension of the nationwide warning strike over the indefinite suspension of minimum wage negotiation meeting by the Federal Government. Source Vanguard Read More 

 

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PROSHARE REGULATOR

CBN Issues Exposure Draft On Regulatory Capital For Non-Interest Financial Institutions In Nigeria -  The Central Bank of Nigeria (CBN) hereby releases, as an exposure draft for comments, the attached Guidance Notes (GNs), Capital Adequacy Calculation Template and other guidelines on the implementation of standards Nos. 4, 15, and 16 issued by Islamic Financial Services Board’s (IFSB) on Disclosure requirements, Capital Adequacy and Supervisory Review Process respectively for non-interest banks. Source Proshare Read More 

CBN Releases Revised Guidance Note on Regulatory Capital For All Banks In Nigeria - This document lays down the new supervisory regulations for assessing the capital adequacy levels of all banks in Nigeria. The Rules governing regulatory capital, its components and required deductions to the capital levels, shall be applied by banks for assessment of qualifying capital. Source Proshare Read More 

Forte Oil Denies Involvement With Skye Bank Insider Related Loans - Forte Oil Plc has expressed reservations over the inclusion of its name in an article published on September 25, 2018 vide SkyeBank - The Rise, The Fall And The Bridge  in relation to any possible involvement. Source Proshare Read More

 

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PROSHARE MARKETS

NSEASI Records 0.01% Marginal Gain to Halt Downtrend; Records 0.70% Gain WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.01% to close at 32,766.37 basis points as against -0.61% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.32%. Source Proshare Read More 

Fidelity Bank Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways - Fidelity Bank 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 

Market Review and Round-Up of Corporate News Announced During The Week Ending 280918 - The FX market experienced mixed performance during the week. The BDC rate closed flat while the CBN, IEFX and the NAFEX rates all depreciated by 0.02, 0.14% and 0.16% respectively. Source Proshare Read More 

NSE Retains ISO 27001:2013 Certification - The Nigerian Stock Exchange (NSE) is pleased to announce that it has retained the ISO 27001:2013 certification for its Information Security Management System (ISMS) for the third consecutive year.  The re-certification followed a rigorous independent audit of NSE’s Information Security Management System (ISMS) by the British Standard Institute (BSI), to ensure that the principles of the International Organization for Standardization (ISO) on ISMS standard are being upheld at the Exchange and controls are working as intended. Source Proshare Read More 

Societe Fonciere Europeenne Secures Approval to Make a Mandatory Take-Over Offer in Ensure Insurance - Societe Fonciere Europeenne B.V. (a wholly-owned subsidiary of Allianz SE) has secured the approval of the Securities & Exchange Commission to make a Mandatory Take-Over Offer for up to 10,000,000 Ordinary Shares in Ensure Insurance Plc at N0.72 per Share. The Mandatory Take-Over Offer opened on 26 September 2018 and will close on 22 October 2018. Source Proshare Read More 

Bond Yields Test Key Support in Month End Rally - The Bond Market remained bullish in today’s session, with yields compressing by c.9bps on average. We witnessed continued interests on the mid to long end of the curve, with the 26s, 27s and 37s breaking the 15% support to trade as low as 14.86%, 14.99% and 14.96% respectively. Source Proshare Read More 

Wema Bank confirms Adebise as MD/CEO - Wema Bank Plc has said the appointment of Mr Ademola Adebise as the Managing Director/Chief Executive Officer has been confirmed following the retirement of Mr Segun Oloketuyi in September. Source Punch Read More 

Mutual Funds: Equity-based funds buckle under political pressure - AS the equities market continues to buckle under the pressure emanating from Nigeria’s tensed political environment ahead of 2019 general election, investors are extending their phobia for risky assets to the equity-based funds, EBFs, leading to a worsening performance in the asset class. Source Vanguard Read More 

Naira gains as politicians pump ‘election dollars’ into economy - The naira, which exchanging at N361 to dollar early last week, firmed at N357 in the parallel market at the weekend, as politicians flooded the market with  the greenback. Major political parties have been conducting their governorship primaries. Source Nation Read More

‘We‘ve reduced transactions cost to attract investors’ - Ag. Director General, Securities and Exchange Commission, Ms. Mary Uduk, engaged the media after a meeting of the Capital Market Committee, where she addressed many issues, including cost of transactions.  Source Nation Read More

 

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PROSHARE BUSINESS

Tesla CEO, Elon Musk Charged With Securities Fraud For Misleading Tweets - The U.S. Securities and Exchange Commission yesterday charged Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc., with securities fraud for a series of false and misleading tweets about a potential transaction to take Tesla private. Source Proshare Read More

 

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PROSHARE TECHNOLOGY

‘Nigeria increasingly becoming target of cyber attacks - A report by a cyber security solutions, Check Point Software Technologies, has said African countries are increasingly a choice target for cybercriminals, and it added that organisations are increasingly coming under cyber attacks. Source DailyTrust Read More


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