Nigeria in 1min: Economic, Business and Financial Headlines – 030719

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Wednesday, July 3, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @followlasg

 

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PROSHARE ECONOMY

Total Value of Capital Importation into Nigeria Stood at $8,485.49m in Q1 2019 - The total value of capital importation into Nigeria stood at $8,485.49 million in the first quarter of 2019. This represents an increase of 216.03% compared to Q4 2018 and   34.61% increase compared to the first quarter of 2018. Source NBS Read More 

Saudi-Russian Oil Fling Becomes a Marriage to Last an ‘Eternity’ - It was supposed to be a six-month fling, but Saudi Arabia and Russia have instead signed up for eternity. Complete with poem and celebratory badges, Moscow and Riyadh led two dozen countries in signing a charter to formalize the OPEC+ group that for the past 2 1/2 years has coordinated supply to prop up the price of oil. Source Bloomberg Read More

Nigeria, Saudi Arabia, Others Sign New Charter - The Organisation of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and the non-member countries of the organization, led by Russia, yesterday in Vienna, Austria, signed a draft `Charter of Cooperation’ in a bid to further strengthen their partnership. The charter now replaces the ‘Declaration of Cooperation’, which was reached in Dec. 2016 between the two groups. Source Thisday Read More

RMAFC Vows To Revisit Revenue Sharing Formula - The newly reconstituted board of the Revenue Mobilisation Allocation and Fiscal Commission resumed work on Monday and vowed to revisit the nation’s revenue sharing formula. Answering questions from journalists at the inaugural meeting of the 37 commissioners of the body in Abuja on Monday, Chairman of the commission, Mr Elias Mbam, declared that the review done by the commission in 2014 was not rejected but inconclusive. Source Punch Read More 

 

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PROSHARE REGULATORS

CBN Directs MFBs To Implement Resolutions In Relation To The Revised National Financial Inclusion St - It will be recalled that the National Financial Inclusion strategy (NFIS) was launched in October 2012 and revised in 2018 with the major objective of increasing the percentage of adult Nigerians who own bank accounts and use formal financial services from the baseline figure of 46.3% in 2010 to 80% by 2020. Source CBN Read More 

 

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PROSHARE MARKETS

ASI, Dangote Index End May and June 2019 With Mixed Results - Investors wondering how they would have done if they had invested in the Dangote or Elumelu Index over the last two months of May and June 2019 can feel satisfied that they would have done slightly better than the Nigerian Stock Exchange’s (NSE’s) All Shares Index (ASI). Source Proshare Read More

Lafarge Africa Q4’18 and Q1’19 Results Review: Positive Earnings Outlook Post Divestment of LSAH - We upgrade our recommendation on Lafarge Africa (Lafarge) shares to Outperform from Neutral with a new price target of N22.1 and an implied potential upside of 79% from current levels. Our upgrades are underpinned by substantial increases (+175%) to our 2019-20E EPS forecasts. Our new price target of N22.1 is also considerably (+25%) higher. Source FBNQuest Research

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Sustained Demand Amid Absence Of OMO Auction Compresses Average Yield To 12.1% Down 25bps WoW - In line with our expectation, the Treasury Bills (“T-Bills”) secondary market started the week on a bullish note as buying interests were witnessed in the medium- to long-tenured bills following robust system liquidity (N247.3bn long as at Monday). Source Afrinvest Research Read More

July 2019 FGN Savings Bonds Offer for Subscription - Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates. Source DMO Read More

Fixed Income Market Sees Growing Liquidity - Coronation Research - The fixed income markets have plenty of liquidity, market interest rates are falling, and even the equity market rallied last week. The outstanding problem is weak growth, with Q1 2019 GDP economic expansion at just 2.01% y/y (Q1 2019 non-oil growth was 2.47% y/y). Source Partnership Publication / Coronation Research Read More

NSE Notifies of Trading Suspension In The Shares Of CONOIL, FTNCOCOA and Nine Other Listed Companies - The Nigerian Stock Exchange (NSE) has announced the suspension of trading of shares in eleven companies as a result of their failure to comply with filing rules for their audited and periodic results, seven of the eleven companies were from the Insurance sector. According to the Exchange’s release. Source NSE Read More

NSEASI Dips Further By -0.74% As Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.74% to close at 29,395.14 points as against 1.18% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.78%. Source Proshare  Read More

Nigeria Records $10.22 Billion Forex Inflow in May - The aggregate foreign exchange inflow into the Nigerian economy amounted to US$10.22 billion, showing an increase of 3.2 per cent above the level at the end of the preceding month, the Central Bank of Nigeria (CBN) has revealed. According to the central bank’s economic report for May, the increase was as a result of a 4.3 per cent and 2.6 per cent rise in inflows through the Bank and Autonomous sources, respectively. Source Thisday Read More 

 

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PROSHARE BUSINESS

Key Takeaways From The ECOWAS 55th Ordinary General Assembly of Heads of State - The Economic Community of West African States recently concluded its 55th Ordinary General Assembly of the Authority of Heads of States in Abuja, Nigeria’s Federal Capital Territory. Source Proshare Read More

Guide To Nigerian Online Financial Scams - The history of online scams in Nigeria is traced to the “Nigerian Prince Scam” scheme now known as ‘Nigeria 419’because the first of its kind was from Nigeria, it is one of the oldest scams on the internet, but now these scams come from anywhere in the world. Nigeria has earned a reputation for being at the center of email scammers.  Source Proshare Read More

NCDMB Disburses $160m From Nigerian Content Intervention Fund - The Nigerian Content Development and Monitoring Board on Monday revealed that it had so far disbursed $160m out of the $200m Nigerian Content Intervention Fund to oil companies for the development of modular refineries, and capacity building, among others. Source Punch Read More

 

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