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Nigeria in 1min: Economic, Business and Financial Headlines – 030518

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Thursday, May 03, 2018 / 7:10 AM / Proshare News 

PROSHARE ECONOMY

More Work, Less Pay - Land of The Unemployed - Labour Day is celebrated by workers around the world. Karl Marx had said “workers of the world unite, you have nothing to lose but your chains”. Source Proshare Read More 

Nigeria’s poverty rate rising despite recession exit –W’Bank - The World Bank says unemployment and poverty rates increased in Nigeria despite an exit from recession in 2017. Source THE SUN Read More 

FEC approves additional N80b for Lagos-Ibadan road - The Federal Executive Council (FEC) has approved N143.2 billion contracts for construction of roads and bridges across the country. Source THE NATION Read More 

Global freight markets record slowest growth in 22 months - The International Air Transport Association (IATA) yesterday released data for global air freight markets indicating that demand, measured in freight tonne kilometers (FTKs), rose 1.7% in March 2018, compared to the same period last year. Source Daily Trust Read More 

Osun revenue agency seal off OAU over N1.8bn tax debt - Officials of the Osun State Internal Revenue Service on Wednesday morning visited the Obafemi Awolowo University, Ile Ife and sealed off the main gate and the administrative block over an alleged non-payment of about N1.8bn tax. Source Punch Read More 

Political Path to Economic Transformation - With economic growth of 0.55% in the second quarter of 2017 Nigeria seems headed out of its recession, the worst it has experienced in 25 years. Make no mistake, however. Source Proshare Read More 

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PROSHARE MARKETS

Fidelity Bank Plc FY 2017 and Q1 2018 Conference Call and Earnings Presentation - The Key Takeaways - Fidelity Bank Plc held its FY 2017 and Q1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More 

NSEASI Inches Up Further By 0.09% as Stock Market Sustains Positive Stance -  Equities market closed today on a positive note, as NSEASI appreciated by +0.09% to close at 41,306.02. basis points as against +0.06% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +8.01%. Source Proshare Read More 

GTB vs. Zenith: A Fiction Of Grit And Resilience - In this note, we update our earnings estimates and roll forward our target prices (FVE) for Guaranty Trust Bank (GTB) and Zenith Bank (Zenith). Source Proshare Read More 

Julius Berger Nigeria Plc Q1 2018 Results - Earnings Flattered By One-Off Income - JBERGER recently released its Q1’18 result, reporting a PAT of ₦1.5 billion – a significant improvement from the ₦427 million loss recorded in Q1’17 and ahead of our ₦767 million estimate. Source Proshare Read More 

Access Bank Q1 2018 Results Review: Tracking Behind FY Guidance; Downgrading to UP - Access Bank’s (Access) Q1 2018 PAT surprised negatively, primarily because of a negative result of –N5.3bn in other comprehensive income (OCI). Source Proshare Read More 

Diamond Bank Seeks Extension For 2017 And Q1’ 2018 Accounts To May 2018 - Diamond bank has issued a market notification on the extension of the release date of filing Diamond Bank Plc’s audited financial statements for the Full year ended December 31, 2017 and First Quarter ended March 31, 2018 unaudited results. Source Proshare Read More 

Forte Oil To Sell Some Nigerian Assets, Exit Ghana - Nigerian energy firm, Forte Oil Plc has said it plans to sell its upstream services and power businesses in Nigeria and divest from Ghana to focus on its core business of fuel distribution operation at home, according to a report by Reuters on Wednesday. Source Proshare Read More

Fidelity Bank Makes 50% Provision on 9Mobile Loan - Fidelity Bank Plc disclosed that it has increased its provision against indebted telecoms firm, 9mobile to 50 per cent. Source Thisday Read More 

Jaiz Bank Unfolds Five-year Devt Plan - Jaiz Bank Plc has unveiled a five-year development strategy (2018 – 2022) designed to help it to attain its mission and vision. Source Thisday Read More 

CBN Boosts FOREX Market With $210m - The Central Bank of Nigeria (CBN), on Wednesday, May 2, 2018, injected the sum of $210 million into the inter-bank Foreign Exchange market in continuation of its efforts to sustain liquidity in the market. Source Proshare Read More 

Banks’ profits surge the most since 2015 bad loan crisis - The gradual recovery in the Nigerian economy combined with higher oil prices is begging to show up in the numbers of banks as their profit has grown the most since the recent bad loan crisis. Source BUSINESSDAY Read More 

BDCs seek approval in principle for trading platform - Bureau De Change (BDC) operators are asking the Central Bank of Nigeria (CBN) to grant them approval in principle for their proposed trading platform. Source BUSINESSDAY Read More 

Nigeria to achieve total gas flare in 2years – GMD, NNPC - Nigeria’s quest for stoppage of gas flare may be realised sooner than later if the promise made by the Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, is anything to go by. Source Vanguard Read More 

Nigeria Gas Industry To Attract $25bn Investment In 10yrs – Baru - The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has expressed confidence that the Nigerian gas sector will attract $25 billion investments to the sector within the next 10 years in view of the huge opportunities abounding the sector. Source THE NATION Read More 

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PROSHARE BUSINESS

Challenges And Opportunities In Israeli Industry, Launch Of The New Index – TA-Industrials - Minister of Economy and Industry, Eli Cohen: “Israeli industry, which is characterized by groundbreaking innovation, is not just a source of national pride but is also a lucrative investment. Source Proshare Read More 

West Africa exchange targets telecoms listings, international clearing agreements - Telecoms companies are some of the biggest companies in West Africa and the Abidjan-based bourse, on which Burkina Faso’s Onatel and Senegal’s Sonatel are listed, hopes they will go public as a way to keep revenues in domestic hands. Source Reuters Read More 

Saudi Arabia's Economic Revamp Is Still an Oil Story - Saudi Arabia’s efforts to shore up public finances and revive economic growth are still pretty much dependent on oil prices, even as the kingdom tries to reduce its reliance on revenue from crude exports. Source Bloomberg Read More 

Oil Advances as Iran Decision Looms and U.S. Dollar Weakens - Oil posted the biggest gain in two weeks as deadline for a U.S. decision on the Iranian nuclear accord approached and the dollar weakened. Source Bloomberg Read More 

US leaves interest rates unchanged, says inflation near target - The Federal Reserve held interest rates steady on Wednesday and expressed confidence that a recent rise in inflation to near the U.S. central bank’s target would be sustained, leaving it on track to raise borrowing costs in June. Source Daily Trust Read More 

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PROSHARE MSME

How Young People outside Politics are Boldly Building the Nigerian Nation – VP Osinbajo - Nation-building in its classical sense refers to the formal and informal  processes by which political leadership attempts to build a national identity, a national ethos, a national spirit, especially in ethnically and religiously diverse societies. Source Proshare Read More 

BoI gets fresh N305bn to finance industrialists - A total of $1bn (N305bn) has been raised by the Bank of Industry to finance the industrial sector of the economy in the 2018 fiscal period. Source Punch Read More 

Adamawa facilitates N1bn CBN loans for SMEs - The Adamawa government is set to access N1 billion from the Central Bank of Nigeria (CBN) to boost Small and Medium Enterprises (SMEs) in the state, following approval by the State Executive Council. Source Vanguard Read More 

FIRS is harmonising taxes on SMEs – Fowler - The Executive Chairman of Federal Inland Revenue Service [FIRS] Mr Babatunde Fowler has said the agency is presently harmonising taxes being paid by Small businesses in the country. Source Daily Trust Read More 

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PROSHARE TECHNOLOGY

Bitcoin's Daily Trading Range Falls From $4,700 to $124 - Volatility might be off the floor in equity markets, but in the crypto world it’s heading down to levels not seen since last fall. Source Bloomberg Read More 

Xiaomi Files in Hong Kong for World's Biggest IPO Since 2014 - Xiaomi Corp. became the first major company to use Hong Kong’s new rules for going public, filing for what’s expected be the world’s biggest debut since 2014. Source Bloomberg Read More 

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