Nigeria in 1min: Economic, Business and Financial Headlines – 030619

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Monday, June 03, 2019 / 06:30 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY

Oil Tanks On Fears Of U.S., Mexico Trade War – OIR 310519 - Oil prices are on track for their largest monthly decline in six months. The Trump administration exacerbated the selloff with another threat of trade escalation. Source Oilprice Read More 

723,995 Passengers Travelled Via Rail in Q1 2019 - NBS - The rail transportation data for Q1 2019 reflected that a total of 723,995 passengers travelled via the rail system in Q1 2019 as against 748,345 passenger recorded in Q1 2018 and 746,739 in Q4 2018 representing -3.25% decline YoY and -3.05% decline QoQ respectively. Source NBS Read More 

Weekly Economic and Financial Commentary – WE 31st May, 2019 - The Nigerian Equities market closed positive this week with the NSE ASI appreciating 0.61% WoW to close at 31,069.37 points and market capitalization gaining N82.84 billion. Notably, the banking (+3.06%), food (+2.58%), oil & gas (+5.96%),  construction (+2.15%) and insurance (+1.30%) sectors spurred the gains, offsetting losses in the personal care (-0.99%), brewers (0.61%) and cement (-0.25%) sectors. Source ARM Read More 

External Reserves To Hover Below $46bn In June - There are indications that the nation’s external reserves will hover below the $46 billion mark this month following the slowdown in monthly accretion by 13 percent last month. Source Vanguard Read More 

Manufacturing Sector’s Output Drops By N78bn In Three Months - The manufacturing sector recorded a decline of about N77.92bn in output in the first quarter of this year, figures obtained from the National Bureau of Statistics have revealed. An analysis of the Gross Domestic Product report prepared by the NBS revealed that the sector recorded a total output of N1.69tn as of the end of the fourth quarter of 2017. Source Punch Read More 

 

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PROSHARE REGULATORS

SEC Issues Circular On Unclaimed Dividends Of Defunct Skye Bank Plc - The Securities & Exchange Commission (‘’the Commission’’)wishes to inform shareholders of the defunct Skye Bank Plc that unclaimed dividends declared by the bank are being held in trust on their behalf. Source SEC Nigeria Read More 

 

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PROSHARE MARKETS

Dangote Cement Hosts Maiden NSE Facts Behind The Sustainability Report - Dangote Cement yesterday emerged the first quoted company in the Nigeria Stock Exchange to make a formal presentation of its sustainability report to market stakeholders. Source Proshare Read More 

Investors Gain N82.84bn WoW As NSEASI Inches Up By 0.61% To Close The Week Positive - Equities market closed today on a negative note, as NSEASI depreciated by 0.59% to close at 31,069.37 points as against 0.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.15%. Source Proshare Read More 

Corporate Earnings For The Week Ending 310519 – UNITYKAP Declares N127.08mln PAT in Q1 2019 Results - During the week ending 310519, three (3) quoted firms declared their results. Two (2) firms declared growth in revenue. CILEASING records 21% growth in earnings to emerge as the firm with highest growth in earnings while UNITYKAP records 41% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 310519 - The equities market recorded mixed performance – the listed equities market recorded +0.61% gain WoW while the NASD OTC also recorded -0.17% loss WoW, the IEFX rate appreciated, the CBN and AFEX depreciated while the BDC rate closed flat. The Brent Crude Oil price moved down at the end of the week while the WTI also went down. Source Proshare Read More  

NASD OTC Market CAP Decreased By -0.17% WoW To Close At N537.84bn - As at close of trade week on 31 May 2019, market Capitalisation decreased to 537.84 billion from last week's previous 538.74 billion, which shows a 0.17% decrease in Capitalisation. Also the USI for the week ending 31 May 2019 recorded an decrease from 749.88 points to 748.62 points. Source NASD Plc Read More 

NEM Insurance; The Good, The Uncertain And The Possible - From a growth rate of 9.35% in Q1 2018, NEM’s earnings has more than doubled in Q1 2019 as the company reported a growth of 19.87% in its Gross Premium Written from N5.67bn in Q1 2018 to N6.80bn in Q1 2019. Source Proshare Read More

What To Expect From The Markets This Week - 030619 - In spite of a drop in system liquidity (?229 billion) observed d/d, the Interbank Call rate declined 172bps to 4.14%. Source Proshare Read More 

Q1’19: Investors’ Stake In Mutual Funds Rises 29.7% - Activity in Mutual Funds, otherwise known as Collective Investment Scheme, CIS, rose by almost 30 percent in the first quarter, Q1, to March 2019, following increased awareness on the part of the investing public of the importance of including this asset class in their portfolio. Source Vanguard Read More

Forex: Turnover In I&E Falls By 11% To $4.1bn In May - The volume of dollars traded in the Investors and Exporters, I&E, foreign exchange window fell by 11 percent, month-on-month, to $4.1 billion last month from $4.6 billion in April, 2019. Source Vanguard Read More

 

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PROSHARE BUSINESS 

SEC Announces Far Reaching Decisions On The Investigation Of Oando Plc - Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges). Source SEC Nigeria Read More 

ETI Specialized Resolution Company To Appeal Court Judgment On Honeywell Suit - The ETI Specialized Resolution Company Ltd (ESRC) which took over the disputed Honeywell loans is set to appeal the judgement delivered by Justice Ayokunle Faji of the Lagos Federal High Court, on the protracted N5.5 billion legal suit between Honeywell and Ecobank. Source ESRC Read More 

Oando Challenges SEC’s Ruling On The Outcome Of The Forensic Audit Into Oando PLC - Our attention has been drawn to a press release  published by the Securities and Exchange Commission (SEC) on Friday, May 31, 2019 “Press Release on “Investigation of Oando PLC”. Source Oando Read More 

Post-Forensic Exchanges: The SEC Letter to Oando Plc and The Oando Rebuttal - The Securities & Exchange Commission (SEC) , on May 31, 2018 wrote to The Chairman of Oando Plc on the findings of the forensic audit conducted by Deloitte & Touche; and its decisions therefrom. Oando Plc has since responded to the contents of the letter. We present below both statements on an issue by issue basis. Source Proshare Read More 

SEC Appoints Interim Management Team For Oando Plc; Headed By Mr. Mutiu Olaniyi Adio Sunmonu, CON - Further to our Press Release on Oando Plc, dated May 31, 2019, the Commission hereby informs the public of the constitution of an Interim Management Team headed by Mr. Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc. Source SEC Nigeria Read More 

Morgan Stanley Sees Recession Within a Year If Trade War Gets Any Worse - A recession could begin in as soon as nine months if President Donald Trump pushes to impose 25% tariffs on an additional $300 billion of Chinese exports and China retaliates with its own countermeasures, according to Chetan Ahya, chief economist and global head of economics at Morgan Stanley. Source Bloomberg Read More

Bankers’ Institute Pledges Financial Institutions’ Commitment To SANEF - The Chartered Institute of Bankers of Nigeria (CIBN) has said that financial institutions in Nigeria are committed to the Shared Agent Network Expansion Facilities (SANEF), which is an initiative of the Central Bank of Nigeria (CBN) and Bankers Committee that entails an aggressive roll out of 500,000-agent network to offer basic financial services. Source Guardian Read More

Gas Projects’ll Boost GDP By $50bn In 2021 — NNPC - The Nigerian National Petroleum Corporation has said with the 3,500 million standard cubic feet per day of additional gas to be supplied from seven critical gas development projects, the nation’s economy can create up to seven million jobs and boost the Gross Domestic Product by about $50bn. Source Punch Read More

 

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PROSHARE TECHNOLOGY

How Blockchain Can Drive Advancement in Africa–Andrew Nevin - At a recent Technology Conference hosted in Lagos, Dr. Andrew Nevin, Chief Economist, PwC Nigeria, explored the theme “Blockchain, AI Digital Virtual Financial Assets and Other Technologies of the Fourth Industrial Revolution” and how it could drive economic advancement across Africa. Source Proshare Read More 

Banking Sector Records 557.08m Volume of Transactions in Q1 2019 - NBS - A total volume of  557,083,712 transactions valued at N34.02trn were recorded in Q1 2019 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Source NBS Read More 

 

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