Nigeria in 1min: Economic, Business and Financial Headlines – 040719

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Thursday, July 04, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @OGSGinfo

 

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PROSHARE ECONOMY

Oil Markets Unimpressed By OPEC plus Deal - OIR 020719 - Today, we will take a quick look at some of the critical figures and data in the energy markets this week. We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy. Source Tom Kool of Oilprice.com Read More

OPEC Extends Voluntary Production Adjustments For An Additional Period Of Nine Months - The 176th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on Monday, 01 July 2019, under the Chairmanship of its President, HE Manuel Salvador Quevedo Fernandez, People's Minister of Petroleum of the Bolivarian Republic of Venezuela and Head of its Delegation. Source OPEC Read More

Planting Delays In The US Would Continue To Support Grain Prices In The Near Term - OPEC and its allies have agreed to extend their production cut deal till March 2020 after a series of meetings in Vienna. The initial reaction to OPEC’s decision was negative with Brent declining by 0.26% to $64.89pb. This suggests that investors remain concerned about the outlook for global oil demand in 2019 amid heightened global trade tensions. Source FDC Ltd Read More

Roads: FG Releases N504bn Out Of N890bn - The Federal Government released a total of N504.1bn out of the N890bn that was appropriated for the construction and rehabilitation of federal roads across the country in three years. It was gathered that the N504.1bn was the total sum for capital releases to the Federal Ministry of Power, Works & Housing in 2016, 2017 and 2018 for the works sector. Source Punch Read More 

 

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PROSHARE REGULATORS

CBN Mandates DMBs To Maintain Loan To Deposit Ratio Of 60% Effective Sept 30, 2019 - In order to ramp up growth of the Nigerian economy through investment in the real sector, the Central Bank of Nigeria (CBN) has approved the following measures. Source CBN Read More 

 

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PROSHARE MARKETS

The June 2019 Nigerian Capital Market Service Report – Proshare - Nigeria’s Equities Market closed the month of June 2019 in the red as market sentiment turns negative The NSEASI Dipped by -3.55% as against +6.55% gain recorded in the month of May 2019 while the NASD USI closed in red with -0.30% loss recorded at the end of the month under review as against -1.26%  loss in May 2019. Source Proshare  Read More 

CBN’s ‘No Sale’ OMO Auction Puzzles Markets - The CBN floated an OMO auction for the second time this week, but opted for a ‘No sale’ despite healthy subscription levels. Despite the no sale, the CBN is still expected to float another OMO auction to manage system liquidity levels in anticipation of last month’s FAAC inflows. We maintain our expectation for an uptrend in yields in the near term. Source Zedcrest Capital Read More

Investors Lose N8.77bn As Market Maintains Negative Posture; NSEASI Dips By -0.07% - Equities market closed today on a negative note, as NSEASI depreciated by 0.07% to close at 29,375.25 points as against 0.74% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.54%.  Source Proshare Read More

SEC Vows To Fine Registrars N1m For Illegal Charges - SEC, in its amended draft on the operating framework for the transmission of shares, said it had disallowed registrars from charging fees on the dematerialisation of share certificates and mandating of accounts for an electronic dividend. Source Punch Read More 

 

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PROSHARE BUSINESS

AMCON, ICPC Partner To Recover Debt - The Chairman, Independent Corrupt Practices and Other Related Offences Commission, Prof. Bolaji Owasanoye, on Wednesday in Abuja, disclosed plans by the commission to collaborate with the Asset Management Corporation of Nigeria towards the recovery of N5tn owed AMCON by obligors. Source Punch Read More

LCCI Seeks Reversal Of New Import Duty Exchange Rate - The Lagos Chamber of Commerce and Industry has called for an immediate reversal of the new import duty exchange rate set by the Central Bank of Nigeria. The President, LCCI, Mr Babatunde Ruwase, made this call in Lagos on Wednesday during a press briefing to review the state of the economy for the first quarter. Source Punch Read More

Activate Safeguards After Afcfta Ratification, Operators Tell FG - The Lagos Chamber of Commerce and Industry (LCCI), has advocated necessary safeguards, systems, soft and hard infrastructure, including viable ICT policies must be activated to maximise the potential benefits of the African Continental Free Trade Area (AfCFTA), following Federal Government’s resolve to sign the deal. Source Guardian Read More

South Africa Won’t Consider Quantitative Easing to Help Eskom - South Africa’s government won’t consider using quantitative easing to help rescue troubled state power utility Eskom Holdings SOC Ltd., Deputy Finance Minister David Masondo said. Source Bloomberg Read More 

 

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