Nigeria in 1min: Economic, Business and Financial Headlines – 030119

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Thursday January 03, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

PMI Reading No 69: Well above Water - Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, picked up in December from 58.9 to 60.2. Our partner, NOI Polls, has gathered and compiled the data. Source FBNQuest Research Read More 

2019 – A Year of Anxiety, Fear and Uncertainty - 2018 was a year of turbulence to some and one of economic recovery to others. A few analysts said good riddance while some others saw it as a new beginning, but most Nigerians said com si com sa (so-so). Source FDC Ltd Read More

Nigeria-Based Access Bank and Diamond Bank Ratings Affirmed On Announced Merger; Outlook Stable - Nigeria-based Access Bank PLC and Diamond Bank PLC have announced a merger, which we expect to close by June 2019, on receipt of regulatory approvals. Source S&P Global Ratings Read More

Nigeria Economic Outlook Conference 2019 - Time Economics is pleased to announce the 3rd edition of the Nigeria Economic Outlook Conference (NEOC).  Source Time Economics Read More 

Forbes Ranks Nigeria 110th Best Country for Business - Nigeria has been rated the 110th best country for business in the world in 2019, out of 161 graded countries.Top on the list are United Kingdom (1), Sweden (2), Hong Kong (3), Netherlands (4), New Zealand (5) and Canada (6). Source Punch Read More

IMF Warns Nigeria, Others As Global Debt Hits $184tn - The International Monetary Fund said on Wednesday that global debt had reached an all-time high of $184tn in nominal terms, the equivalent of 225 per cent of Gross Domestic Product in 2017, warning of “a legacy of excessive debt”. Source Punch Read More

Minimum Wage: Presidency Moves to Appease Labour - Following Nigerian Labour Congress’ (NLC) threat to call out workers on indefinite strike on Tuesday to protest non-implementation of the N30,000 minimum wage recommended by the Tripartite Committee on National Minimum Wage, the presidency has moved to pacify the workers, appealing to them to tarry a while on their planned action. Source Thisday Read More

Petrol Subsidy Hits N2.43b Daily - The task of determining the daily consumption and subsidy on petroleum products has been taken over by the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). Source Guardian Read More

 

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PROSHARE MARKETS

CCNN Receives SEC Approval to Merge With Kalambaina Cement Company Limited - Following Cement Company of Northern Nigeria Plc’s (“CCNN”) announcement on 12 October 2018 regarding its proposed merger with Kalambaina Cement Company Limited (“Kalambaina Cement”), and having received the approvals of the shareholders of CCNN and Kalambaina Cement at their respective court-ordered meetings on 29 November 2018, CCNN is pleased to announce that it has received the formal approval of the Securities and Exchange Commission as well as the requisite sanction of the Federal High Court of Nigeria for the Merger. Source NSE Read More

Nigerian Stock Market Opens Year 2019 on A Negative Note; NSEASI Dips By -1.15% - Equities market closed today on a negative note, as NSEASI depreciated by -1.15% to close at 31,070.06 basis points as against +1.27% appreciation recorded previously. Source Proshare Read More

Bond Yields Retrace Sharply, As DMO Resumes NTB Auction Sales - In line with our expectations, the Bond market retraced sharply by c.18bps in the first trading session of the year, following slight sell off around the mid tenors. Source Zedcrest Capital Read More

 

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PROSHARE TECHNOLOGY

Deepening the Financial Sector: Time for Growth - Panelists at a recently held financial inclusion forum in Lagos, explored the growing possibilities of broader financial engagement and deeper market foot prints that could assist in expanding businesses in Africa and Nigeria. Source Proshare Read More

 

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