Nigeria in 1min: Economic, Business and Financial Headlines – 041018

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Thursday October 04, 2018 / 7:00 AM / Proshare News


PROSHARE ECONOMY

Why Brent Broke $85-Today, we will take a quick look at some of the critical figures and data in the energy markets this week. Source ProshareRead More

Nigeria is The World Second Largest Producer of Sweet Potatoes-Nigeria is the world’s second largest producer of sweet potatoes, with an annual output of 3.92 million tonnes. Source ProshareRead More

Manufacturing PMI Stands at 56.2% in September 2018 from 57.1% in August 2018-The September 2018 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period September 10-17, 2018. Source ProshareRead More

Governor AkinwunmiAmbode Accepts Defeat, Congratulates Sanwo-Olu-Address delivered by the Governor of Lagos State, His Excellency, Mr.AkinwunmiAmbode, on the APC Lagos State Governorship Primaries on Wednesday, 3rd October, 2018. Source ProshareRead More

World Bank cuts Nigeria, others’ growth forecast to 2.7% - The World Bank has cut its economic growth forecast for Nigeria and other sub-Saharan Africa countries for this year to 2.7 per cent from an earlier forecast of 3.1 per cent. Source Punch Read More

APC NWC Declares Sanwoolu winner of Lagos Guber Primaries - The National Working Committee of the All Progressives Congress has affirmed Mr Babajide Sanwoolu as the winner of the Lagos Gubernatorial primaries and flagbearer of the party. Source Proshare Read More

China to Raise Billions in Rare U.S. Dollar Debt as Trade Tensions Persist-China is planning to sell $3 billion in U.S. dollar bonds this month, wooing foreign investors at a time of heightened trade tensions with the U.S. and turbulence in its own stock market. Source WSJ Read More

US Senate passes $60bn foreign development bill-The Senate has passed a bill that will create a $60bn agency to invest in developing countries in what has been sold to Donald Trump, the US president, as a way of countering China’s growing global influence. Source FT Read More

 

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PROSHARE MARKETS

Bond Yields Compress Further as Traders Pull Back on Offers-The Bond Market resumed the new month on a slightly bullish note, with yields compressing by c.7bps, following continued interests on the 2020s, 2026s and 2028s. Source ProshareRead More

Sell Pressure Persists as NSEASI Dips Further by -0.79% Amid Positive Breadth-Equities market closed today on a negative note, as NSEASI depreciated by -0.79% to close at 32,454.03 basis points as against -0.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.14%. Source ProshareRead More

Global stocks firm, U.S. Treasury yields soar, oil at four-year high - Brent crude rose $1.49, or 1.8 percent, to settle at $86.29 a barrel, after hitting $86.74, its highest since Oct. 30, 2014. U.S. crude settled $1.18, or 1.6 percent, higher at $76.41 a barrel, after touching a session high of $76.90. Source Reuters Read More

The September 2018 Nigerian Capital Market Service Report – Proshare -Nigerian Stock Market closed the month of September 2018 further in the red zone as NSEASI sheds -5.97% as against -5.86% loss recorded in the month of August 2018 while market YTD performance dipped further in the negative territory as it stood at -14.32% at the end of the month under review. Source Proshare Read More

 

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PROSHARE FINANCE

Africa’s Future Depends on Improving Education - It is time for an entrepreneurial and knowledge revolution in Africa. Only a properly educated workforce and entrepreneurial class will have the skills and drive to thrive as new technologies change the nature of work, leisure, the environment, and society – and to tackle our continent’s most pressing challenges. Source Proshare Read More

 

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PROSHARE BUSINESS

NDIC Pays N11.50bn to Insured Failed Banks Depositors, Recovers N28bn Debt-The Managing Director and Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), AlhajiUmaru Ibrahim, yesterday said N11.50 billion had been paid to depositors, creditors, shareholders and other stakeholders of closed financial institutions as at December 31, 2017. Source ProshareRead More

South Africa's Aveng to sell rail business for $9.2 mln-South Africa’s Aveng will sell its rail business for 133 million rand ($9 million) to black-owned investment company Mathupha Capital, the construction firm said on Wednesday. Source Reuters Read More

Uganda central bank raises key lending rate at 10 pct-Uganda’s central bank raised its key lending rate to 10 percent on Wednesday, a one percentage point jump from August’s 9.0 percent, amid rising inflation. Source Reuters Read More

Bridge Bank As An Effective Failure Resolution OptionThe Nigeria Deposit Insurance Corporation (NDIC) was established with the core mandate of Deposit Guarantee, Bank Supervision, Failure Resolution, Liquidation as well as contributing to banking policies.Source ProshareRead More

Agusto & Co. Releases 2018 Consumer Digital Banking Satisfaction Index Report -  Four banks were assigned a ‘5 Star’ rating for Consumer Digital Banking Satisfaction of which Stanbic IBTC Bank Plc scored the highest, emerging the ‘Best Digital Bank in Nigeria’. Source Thisday Read More

Investments in telecom sector now grow at $5bn per quarter — NCC - Nigerian Communications Commission, NCC, has said investments in telecoms sector now grow at about $5 billion every quarter. Source Vanguard Read More

Instagram Names Adam Mosseri As New Head - Instagram announced that long-term insider Adam Mosseri will take over as the new head of the photo-sharing app, a week after its co-founders resigned. Source Leadership Read More 

 

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PROSHARE REGULATORS

The Nigerian Flare Gas (Prevention of Waste and Pollution) Regulations 2018-The Gazetted Flare Gas (Prevention of Waste and Pollution) Regulations 2018 recently approvedby His Excellency, Muhammadu Buhari (GCFR), the President of the Federal Republic of Nigeria provides a legal framework to support the policy objectives of the Federal Government for the reduction of Green House Gas (GHG) emissions through the flaring and venting of natural gas. Source ProshareRead More

CBN Releases Exposure Draft-Guidance Notes on Disclosure Requirements - The aim of this Guidance Notes is to achieve transparency and promote market discipline by allowing market participants, particularly the Investment Account Holders (IAHs), to access relevant, reliable and timely information on risk exposures and risk management policies and procedures of a NIFI. This document sets out the disclosure requirements with respect to procedure, frequency and content of information to be disclosed. Source Proshare Read More

CBN gives reasons for external reserves’ fall - The Central Bank of Nigeria has given reasons why the nation’s external reserves, which currently stand at $44bn, have been on a downward trend lately. Source Punch Read More

 

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