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Nigeria in 1min: Economic, Business and Financial Headlines – 031117

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November 3, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

The More Things Change The More They Stay The Same - LBS EBS – November 2017- The appointment of additional Ministers at a time of fiscal consolidation and when the country is sweltering under an excruciating debt burden is perplexing. Source Proshare Read More 

Govt to IMF: our strategy ’ll mitigate debt service risk - The Federal Government has told the International Monetary Fund (IMF) and other  partners that its revenue and debt management strategy will mitigate Nigeria’s debt service risk and fast-track her development. Source THE NATION Read More 

President Buhari to present 2018 budget to parliament on Nov 7 - Nigeria’s President Muhammadu Buhari will present the 2018 budget to parliament on Nov 7, he said in a letter on Thursday, seeking to avoid the delays that have plagued previous budgets, not passed until well into the years they targeted. Source Reuters Read More 

China disburses $30bn industrialisation fund to Nigeria, others - The Peoples Republic of China has disbursed over $30bn in funding support to Nigeria and other African countries to drive its cooperation plans on industrialisation and agricultural modernisation. Source Punch Read More 

FG to save N91bn annually from $3bn debt – Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said the decision of the Federal Government to refinance its $3bn worth of short-term Treasury Bills into longer tenured international debt was expected to save the country N91.65bn per annum. Source Punch Read More 

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Investment inflow into Nigeria, others to hit $75bn – Osinbajo - Vice-President Yemi Osinbajo on Thursday described the continent of Africa as a land of immense opportunities, noting that Foreign Direct Investment inflow into the region was expected to hit $75.5bn by the end of this year. Source Punch Read More 

Advert expenditure dipped N7bn in 2016 - THE total advertising expenditure across all media channels in Nigeria declined 7.15 percent to N90.9 billion in 2016, from N97.9 billion in 2015, a loss of N7.0 billion, according to Mediafacts, a just released report. Source Vanguard Read More 

Shipping firms squeeze businesses with demurrage, container charges - Businesses including those in the manufacturing sector that depend on the seaports to bring in raw materials have raised alarm over the high cost of doing business at the ports as foreign shipping liners continue to squeeze their profit margin with arbitrary charges. Source BUSINESSDAY Read More 

Airports Record Higher Passenger Movement in Q3 Quarter - The Consumer Directorate of the Nigerian Civil Aviation Authority (NCAA) has revealed that more Nigerians travelled in 2017 than in 2016, which was the peak of Nigeria’s economic recession. Source Thisday Read More 

PROSHARE REGULATORS

E-payment transactions up 33% to N74.9trn in 2016 — CBN - THE Central Bank of Nigeria, CBN, said the total value of electronic payment (e-payment) transactions in the country in 2016 rose to N74.9 trillion, up 33 percent from N56.3 trillion recorded in 2015. Source Vanguard Read More 

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PROSHARE MARKETS

NSEASI Dips Marginally by -0.03% as Breadth Remains Positive- Equities market closed today on a negative note, as NSE ASI depreciated by -0.03% to close at 36,887.20 basis points as against +0.56% appreciation recorded previously.Source Proshare Read More 

Oando PLC Announces YTD September 2017 Results; Gives Operational Highlights-Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange Source Proshare Read More 

Nigeria is Moving Towards Mid-table in Ease of Doing Business- The positive headline emerging from the World Bank Group’s Doing Business 2018 report is that Nigeria has climbed 24 places to no 145 out of 190 countries over the past year. Source Proshare Read More 

INTBREW Pre-tax and Post-tax Losses Widened to –N1.2bn and –N1.4bn Respectively in Q2 2018 Results- The NSE published International Breweries’ Q2 2018 (end-Jun) results today. They showed that sales of N8.0bn grew by 20% y/y.  Source Proshare Read More 

Presco Plc PBT Down by -94% YoY in Q3 2017 Results- Presco reported its Q3 2017 results this afternoon, showing sales and PBT declines of -7% y/y and -94% y/y to N4.1bn and N351m respectively. Source Proshare Read More 

Bank of England Hikes Interest Rates For First Time In A Decade - Monetary Policy Summary- The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. Source Proshare Read More 

Nigerian T-Bill Boost to Bank Margins May Be Temporary- Very high Nigerian Treasury Bill yields are helping banks to maintain their margins, Fitch Ratings says.Source Proshare Read More 

Mansard Insurance Plc, IFC, ACA Announces Plan to Invest in 150-bed hospital and two 10-bed clinics- We wish to inform The Exchange and the investing public that AXA Mansard Insurance Plc has agreed with IFC Source Proshare Read More 

Nigeria’s Excess Crude Revenue Hits N11.1bn - Following the rise in price crude which hit the roofs at $60.44 per barrel in the international market on Wednesday, Nigeria’s excess oil revenue has risen to N11.1 billion ($36.6 million) daily. Source Leadership Read More 

Oil firms seek PE deals to fund marginal field bids - With bank loans to the energy sector constituting nearly 40 percent of their non-performing loan portfolios, killing desire for further lending, local oil firms are seeking equity financing and other funding arrangements to participate in the forthcoming marginal fields and inland basin bid rounds. Source BUSINESSDAY Read More 

Shell’s net profit surges to $4.087bn in Q3 - Royal Dutch Shell said Thursday that net profit almost tripled to more than $4.0 billion in the third quarter, helped largely by recovering oil prices. Source Punch Read More 

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PROSHARE BUSINESS

Potentially Unlawful Promotion of Initial Coin Offerings and Other Investments by Celebrities- Celebrities and others are using social media networks to encourage the public to purchase stocks and other investments. Source Proshare Read More

Nigeria Ranked 125 Out of 137 Economies in the Global Competitiveness Report 2017–2018- Nigeria (125th) moves up two positions in the rankings despite its score having fallen every year since 2012. Source Proshare Read More 

Evans Medical Plc Announces Resignation of Chief Lawrence Anga from its Board- Evans Medical Plc would like to announce that one of its Non-Executive Directors, Chief Lawrence Anga has resigned as a director from the Board of the Company with effect from 20th October, 2017. Source Proshare Read More 

Europe Stock Rally Finds Fresh Fuel as CEOs Most Upbeat in Years - European stock investors riding the region’s economic and profit momentum are betting the 2017 rally has further to run. Source Bloomberg Read More 

One of the Biggest Bitcoin Exchanges Just Added 100,000 Users in a Single Day - The eye-popping surge in bitcoin this week is paying dividends for one of the biggest U.S. online cryptocurrency exchanges. Source Bloomberg Read More 

PROSHARE FINANCE

Nasdaq Dubai Welcomes Listing Of $500m Sukuk By APICORP- Nasdaq Dubai, the region’s international stock exchange, welcomed today’s listing of a 500 million US dollar Sukuk by APICORP  Source Proshare Read More 

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PROSHARE TECHNOLOGY

Bitcoin Price Gains Continue with Record High Just Shy of $7,000- Bitcoin prices have continued to climb overnight, building on consecutive highs in recent days and ultimately reaching a new all-time high close to $7,000.  Source Proshare Read More 

Alibaba says profit up 132% in ‘outstanding’ quarter - Chinese e-commerce giant Alibaba said on Thursday that soaring sales fuelled a 132 percent increase in net profit in what it called an “outstanding” quarter, as the firm raised its expectations for full-year revenue growth. Source Guardian Read More 

MTN Takes on Vodacom for Title of Africa's Biggest Digital Bank - MTN Group Ltd. is seeking to challenge rival Vodacom Group Ltd. as Africa’s biggest digital bank by tripling its customer numbers within three years. Source Bloomberg Read More 

Bitcoin Is the ‘Very Definition’ of a Bubble, Credit Suisse CEO Says - The speculation around bitcoin is the “very definition of a bubble,” Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said as the currency exceeded $7,000 for the first time. Source Bloomberg Read More 

Apple taps $900B after a blowout fourth quarter - Apple is continuing its run toward $1 trillion today, as a huge fiscal fourth quarter sent the stock to new highs and helped its market cap briefly hit $900 billion — though it’s since leveled off just a bit and is now resting just a hair below that. Source Tech Crunch Read More 

Twitter employee deactivates Trump’s account on their last day - President Trump’s infamous Twitter account, @realDonaldTrump went offline briefly on Thursday, setting forth a wave of confusion and emotions. Source Tech Crunch Read More 

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