Nigeria in 1min: Economic, Business and Financial Headlines – 031218

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Monday December 03, 2018 / 7:00 AM / Proshare News


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PROSHARE ECONOMY

Moody: Outlook for African Banks Stable but Risks are Still Tilted to the Downside-Moody's Investors Service has changed its outlook for African banks to stable from negative reflecting the prospects of an acceleration in economic growth and stricter regulation, that will broadly offset risks relating to tightening global financial conditions and geopolitical tensions. Source Proshare Read More 

Manufacturing PMI Stands at 57.9% in November 2018 from 56.8% in October 2018-The November 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period November 12-16, 2018. Source Proshare Read More 

IMF MD Calls for Decisive and Collaborative Action By G-20 Leaders as Global Growth Moderates - Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement at the conclusion of the Group of 20 (G-20) Summit in Buenos Aires, Argentina. Source Proshare Read More 

Weekly Economic and Financial Commentary – WE 30th Nov, 2018 - The United States, Canada and Mexico signed a new trade deal on Friday replacing the North American trade pact (NAFTA) after over a year of negotiations. The new deal offers a glimmer of certainty amid rising global tensions over trade even as Trump and Chinese President Xi Jinping are set to meet on Saturday. Source Proshare Read More 

CBN Governor Reassures Foreign Investors That Nigeria is Open for Business - Central Bank of Nigeria  Governor Mr Godwin Emefiele has reassured foreign investors  that Nigeria is open for business, and their investments in the country will be protected. Source Proshare Read More 

Subsidy Debts: Oil Marketers Give FG 7-Day Ultimatum - Oil marketers have issued a seven-day ultimatum to the Federal Government for the payment of all outstanding subsidy debts, including foreign exchange differentials and interest rate component, owed to them. Source Punch Read More

 

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PROSHARE MARKETS

Shareholders Overwhelmingly Approve BUA’s Kalambaina Cement and CCNN Merger-In Nigeria’s largest corporate merger transaction of 2018;as new CCNN set to dominate key export and regional markets Sokoto, Nigeria – 29Nov2018. Source Proshare Read More 

Naira Succumbing To Speculative Pressures – N370 to A Dollar-It is very unusual for the Naira to fall in the forex market in December. This is because it is a period when cocoa exporters get paid for the main crop harvest. Source Proshare Read More 

CBN Introduces Special Intervention Of FOREX Cash Sales To BDC Operators Effective Dec 6, 2018-This is to inform Bureau De Change (BDC) Operators and the general public that with the approach of the yuletide season and the resultant increase in the demand for Personal/Business Travel Allowance, the CBN has in addition to the existing market days (Monday, Wednesday and Friday) introduced a special intervention day every Thursday for USD15,000.00 per BDC commencing on Thursday, December 06, 2018. Source Proshare Read More 

NSEASI Gains on Close Day of Week, Inches Up By 0.86%, YTD Returns Stands at -19.27%-Equities market closed today on a positive note, as NSEASI appreciated by +0.86% to close at 30,874.17 basis points as against -1.33% depreciation recorded previously. Source Proshare Read More 

Corporate Earnings for the Week Ending 301118 – FCMB Declares N11.34bn PAT in Q3 2018 Results-During the week ending November 301118, three (3) quoted firms declared their results.  Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During the Week Ending 301118-The equities market recorded negative performance – the listed equities market recorded -2.54% loss WoW while the NASD OTC also went down by -0.60% WoW. Source Proshare Read More 

Resourcery Plc Holds 28th Annual General Meeting As NASD OTC Market CAP Declined To N490.40bn - As at close of trade week on 30 November 2018, market Capitalisation decrease to490.40 billion from last week's previous 493.36 billion, which shows a 2.96% decline in Capitalisation. Also the USI for the week ending 30 November, 2018 recorded a 2.96% decrease from 709.84 points to 705.60 points. Source Proshare Read More 

Diamond Bank Receives CBN Approval To Operate As A National Bank - Diamond Bank wishes to notify the Nigerian Stock Exchange (‘NSE’) and the General Public that Diamond Bank Plc (“The Bank”) has received the approval of the Central Bank of Nigeria (“CBN”) to its application to operate as a National Bank (subject to conclusion of sale of Diamond Bank UK “DBUK”). Source Proshare Read More 

CBN Sends Hawkish Signals to The Market, Hikes OMO Rate to YTD Highs- The Bond market remained firmly bearish amidst further increase in rates at today’s OMO auction and more risk-off sentiments from offshore investors. Yields rose to YTD record highs closing at 15.63% on the average, c.19bps higher than the previous day’s close. Source Proshare Read More 

What To Expect From The Markets This Week - 021218 - The Global crude oil market moved into a surplus of 860,000 bpd in September, from an average deficit of 340,000bpd recorded between January and August. Notably, the higher than expected surplus stemmed from a surprising temporary waiver granted to eight countries by US which gives the room for continuous importation of Iranian oil and a preemptive increase in OPEC and Non-OPEC allies supply (with a compliance rate of 100%) earlier in the year in a bid to limit the impact of an all-out sanction on Iran. Consequently. Source Proshare Read More 

Forex Restriction On 41 Items Lifting Eonomy, Says Emefiele - The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has said its policy restricting  foreign exchange access on 41 items that can be produced locally has lifted the economy. Source TheNation Read More 

CHI Gets Shareholders’ Nod To Raise Fresh Capital - The shareholders of Consolidated Hallmark Insurance Plc has authorised an increase in the shares of the company from the current 10 billion units of 50 Kobo par value per share to 15 billion, leading to the creation of an additional five billion units. Source Guardian Read More 

NSE, 5 Others Account For 85% Of African’s Market Capitalisation - The Chief Executive Officer, NSE, Mr Oscar Onyema, disclosed this at the African Exchanges Linkage Project, AELP, roundtable meeting on the sidelines of the 22nd Annual ASEA conference hosted by the NSE in Lagos last week. Source Vanguard Read More 

 

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PROSHARE TECHNOLOGY

Banking Sector Records 5.29bn Volume of Transactions in Q3 2018 – NBS-A total volume of 5,294,871,285 transactions valued at N340.15trn were recorded in Q3 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Source Proshare Read More

 

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