Nigeria in 1min: Economic, Business and Financial Headlines – 040219

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Monday February 04, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY 

Wheat Prices Down By 0.15% Amid Signs of Weak Demand for US Wheat - The US Federal Reserve left its benchmark interest rate unchanged at 2.25%-2.5%p.a and pledged to adopt a more cautious approach towards future rate hikes. Source FDC Read More

States Generate N264.38bn as IGR in Q3 2018 – NBS - The National Bureau of Statistics Publishes Internally Generated Revenue at State level for Q3 2018. Source NBS Read More

The Nigerian Upstream Oil " Gas Report - Wind In The Sails - Since the discovery of crude oil in the early part of the 19th century, the oil and gas industry has evolved to become an integral part of the global economy today, shaping the global and domestic policies of many countries. Source Afrinvest Research Read More

PMI Reading No 70: A Seasonal Slump- Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, slumped in January from 60.2 to 51.5. Our partner, NOI Polls, has gathered and compiled the data. Source FBNQuest Research Read More

The Nigerian Budget 2019 And Issues Arising – Sanda- Reviewing all information available on preparation, budget priorities and estimates, the institutions of state and public financial management, one will be led to pity this country that we are still the way we are despite being one of the poorest and most fragile 60 economies in the world…  Source OpEd By Babatunde Sanda Read More

Oil Rises 18% In Best January On Record - Oil prices rose almost 2 percent on Friday morning, closing higher for the week, with traders turning turned bullish once again as a result of lower OPEC+ supply and global outages. Source Oilprice Read More 

828,502 Employees Employed By 1,110 Registered Private Guard Companies in 2018 - NBS - The categories of employees by qualification showed that 2,004 have post graduates qualifications with N65,000 as remuneration, 234,996 are graduates with N55,000 as remuneration and 591,451 others have ND, SSCE etc. with N25,000 as remuneration. Source NBS Read More 

Weekly Economic and Financial Commentary – WE 01 Feb, 2019 - Growth in the Euro area decelerated 40bps in Q4 18 to 1.2%, compared to 1.6% in Q3 18. We note that the weakness emanated from Germany (whose data was unavailable at the time of writing) which accounts for 22% of EU’s GDP and Italy – which entered recession with the GDP contracting 0.2% QoQ, both of which outweighed stagnant growth in France (0.3% QoQ), and moderate expansion in Spain (0.7% QoQ). Source ARM Read More 

Top Priorities For The African Continent In 2019 - As 2019 begins, reasons for optimism about Africa’s ability to capitalize on the progress achieved in recent years and to advance the region’s economic potential abound.  Source Brookings Institution Read More 

Statement on the Memorandum by Embassies of the USA, The UK, Netherlands, Germany And Switzerland - The Department of International Relations and Cooperation (DIRCO) notes with disappointment the dispatching of a Memorandum to the Office of The Presidency by the Embassies of the United States of America, the United Kingdom, the Netherlands, Germany and Switzerland. This is a departure from established diplomatic practice. Source DIRCO Read More

FG Revokes 4,176 Mining Titles in Eight Years - The Federal Ministry of Mines and Steel Development said it revoked 4,176 mining titles between 2011 and 2018.The ministry disclosed this in a report made available to journalists in Abuja. Source Thisday Read More

47 Million Bank Accounts Go Dormant - More Nigerians have abandoned their bank accounts majorly due to economic hardship caused by sluggish economic growth, rising job losses and reduction in purchasing power occasioned by double digit inflation. Source Vanguard Read More

Nigeria’s Foreign Reserves At Risk Over $9bn UK Judgment - Nigeria’s foreign assets as well as its oil vessels in international waters are at risk as a British company moves to enforce a $9bn arbitration award against the country over a breach of contract. Source TheCable Read More 

Budget: Delayed Passage Threatens Foreign Investment, says NECA-The Nigeria Employers’ Consultative Association has decried the recurring delay in the passage of the national budget, saying this does not help economic growth and threatens foreign direct investment. Source Punch Read More


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PROSHARE REGULATORS

CBN Gives Bdcs Approval To Automate Operations - The Association of Bureaux De Change Operators of Nigeria has said it has secured a no-objection approval from the Central Bank of Nigeria to launch an initiative called ‘Live Run Automation Portal’. Source Punch Read More

Financial Statements: NSE Slams N429.5m Fines on 38 Firms - The Nigerian Stock Exchange imposed a total of N429.5m in fines on companies that failed to file their financial statements as and when due last year. Source Punch Read More

 

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PROSHARE MARKETS

2019 Infoware CEO Forum Explores Expanding Options and Increasing Profitability - Infoware Limited a leading software solutions provider in Nigeria hosted the 2019 edition of its annual CEO forum in Lagos. Source Proshare Read More

 Global Government Debt Reaches USD66trn, Driven by Emerging Markets – Fitch- Global government debt reached USD66 trillion (converted at market exchange rates) at end-2018, nearly double its 2007 level and equivalent to 80% of global GDP, according to Fitch Ratings' new Global Government Debt Chart Book. Source Fitch Ratings Read More

NSEASI Inches Up By 0.26% As Market Sentiment Turns Positive; Records -2.51% Loss WoW- Equities market closed today on a positive note, as NSEASI appreciated by +0.26% to close at 30,636.36basis points as against -1.89% depreciation recorded previously. Source Proshare Markets Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 010219- The equities market recorded mixed performance – the listed equities market recorded -2.51% loss WoW while the NASD OTC went up by +0.62% WoW. Source Proshare Markets Read More

NASD OTC Market CAP Moved Up By 0.62% WoW- As at close of trade week on 01 Feburary 2019, market Capitalisation increased to538.07 billion from last week's previous 534.78 billion, which shows a 0.62 % increase in Capitalisation. Also the USI for the week ending 25 January, 2019 recorded a decrease from 744.38 points to 748.38 points. Source NASD Plc Read More

Bond Yields Break Key Support amid Renewed Offshore Interests - The Bond market rallied by c.20bps in today’s session largely driven by renewed demand from offshore investors and the relative undersupply of bonds in the market. Source Zedcrest Capital Read More

Growth of Securities Listed on NSE – Total Securities Listed Increased By 9.58% - The total number of securities listed on NSE increased by +9.58% from 261 securities in 2017 to 286 securities at the end of 2018. Source Proshare Read More

What To Expect From The Markets This Week – 040219 - Following successive negative performances in four out of five sessions, the ASI posted a mildly positive day on Friday, gaining 26bps d/d, albeit down 2.51% w/w. Source Prohare Read More

Extracts of Financials of Quoted companies – DANGCEM Tops on Revenue, PAT and Net Assets - Extracts from the latest financials of quoted companies based on Turnover, PAT, Fixed Assets and Net Assets help reveal the basis for analysis and perspectives. Source Proshare Read More

Stocks Off and Near 52-Week Highs and Lows - A review of the list of stocks that are Off 52-week highs and Near 52-Week Lows as at 30th December 2018 revealed that one hundred (100) stocks were off 52-week highs and seventy-eight (78) stocks are near 52-week lows. Source Proshare Read More

  

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PROSHARE BUSINESS 

Proshare and AFEX Form Strategic Partnership to Boost the Nigerian Commodities Market - Investors are continually seeking alternative avenues to invest their funds. So far in Nigeria’s financial market we have seen the advent of various securities such as equities (listed, unlisted and private), exchange traded funds (ETFs), bonds, treasury bills (T-bills), commercial papers (CPs), currencies, mutual funds, etc. and now commodities. Source Proshare Read More

Airtel Africa To Raise $200m From QIA - Airtel Africa will raise $200 million( Rs 1,420 crore) from Qatar Investment Authority (QIA) through an issue of primary shares, Bharti Airtel said in a statement. Source TheNation Read More

No-Deal Planning Accelerates, At Least For Firms That Can Afford It - Less than two months before Brexit day it is still unclear what kind of exit deal Britain will end up with—or even whether it will get one. The votes in Parliament on January 29th offered little reassurance. Source TheEconomist Read More 

Textile Firm to Continue Operations Despite Indebtedness, Says AMCON-The Asset Management Corporation of Nigeria (AMCON) has said the Nigerian Braiding Manufacturers Limited (NBML), a Kano State-based textile company it recently took over will continue its operations. Source Thisday Read More


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PROSHARE TECHNOLOGY

Why You Should Join A Regulated Startup - For years, investors have shared a standard piece of advice for founders looking to build in regulated markets: Don't. Source AngelList Talent Read More

Crypto Fever is Over, the Paris Fintech Summit Shows - Crypto fever has truly broken.That was a big takeaway this week from the Paris Fintech Forum, one of the biggest annual gatherings of its kind in Europe. On Tuesday and Wednesday, about 3,000 entrepreneurs, investors, bankers, and regulators descended on the neo-classical Palais Brongniart, once home to the stock exchange. Source Bloomberg Read More

Telecomm Sector Moves To Deploy First Artificial Intelligence - Nigeria’s telecommunications industry have perfected plans to deploy first Artificial Intelligence to enhance service delivery. Source Guardian Read More 

FG Urged to Promote Local Content in ICT Sector-The federal government has been urged to as a matter of urgency, encourage the local content in terms of Information and Communications Technology (ICT) goods and services, both in the public and private sectors. Source Thisday Read More

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PROSHARE FINANCE

Guinea Insurance Debunks News Item Titled “NAICOM Suspends Guinea Insurance”- Our attention has been drawn to various newspaper publications wherein, it was expressly reported that Guinea Insurance Plc  has been suspended by the National Insurance Commission (NAICOM) from writing new businesses on Thursday, 31 January, 2019. Source NSE Read More

Stakeholders Explore the Progress of Modelling Business in Nigeria - At the first edition of the Eko Models Hangout, a program organised to ensure that the modelling business in Nigeria is transformed using different techniques and platforms, stakeholders explored how to reposition the industry. Source Proshare Read More

 

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