Nigeria in 1min: Economic, Business and Financial Headlines – 060519


Monday, May 06, 2019 / 06:30 AM / By News Aggregator / Header Image Credit: @AsoRock


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Has The Oil Rally Reached Its Limit? - OIR 030519 - The oil price rally ended this week, with rising U.S. inventories and production scaring away the bulls. Crude stocks soared by 10 million barrels and U.S. production rose to 12.3 mb/d in the last week of April. Source Oilprice Read More

Weekly Economic and Financial Commentary – WE 03rd May, 2019 - Total revenue accrued to the states’ government (including FCT) printed at N3.7 trillion over 2018, implying an addition of N1.0 trillon, as reported by the National Bureau of Statistics (NBS). Source ARM Read More 


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SEC, FCCPC Issue Joint Advisory And Guidance On Mergers, Acquisitions and Other Business Combinations - The FCCPC has commenced this process. However, there were notifications pending before SEC at the time of the enactment of the FCCPA. Further, other business combinations requiring notifications continue to occur. Source SEC Nigeria | FCCPA Read More

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What To Expect From The Markets This Week - 060519 - With the CBN opting to further hold off on mopping up system liquidity today, the Interbank Call rate declined another 85bps d/d to settle at 5.29%. Source Proshare Read More 

Unilever Nigeria Q1 2019 Results Review: Q1 Performance Held Back By Competition - Unilever Nigeria’s (Unilever) Q1 2019 results were disappointing. PBT was down -45% y/y and missed our forecast by -51%. As such, we have made marked cuts to our 2019-21E earnings forecasts. Source FBNQuest Read More 

Stanbic IBTC Holdings PLC Q1'19 - Profits Beat Estimates Occasioned By Write-back - STANBIC released its Q1’19 results, posting mild growth across key line items with only slight variances from our estimates. Gross Earnings grew marginally to 58.1 billion (+1% y/y), 3% below our estimate. Source Vetiva Research Read More

Seplat Development Company Plc-Tax Credit Masks Weak Operating Performance - Seplat Development Company Plc (SEPLAT) Q1’19 results – Earnings after tax surged by 59.0% YoY to $32.7 million, largely due to a $13.3 million tax credit that masked significant weakness in core operating performance in the review period. Source CardinalStone  Read More 

Investors Lose N197.89bn WoW As NSEASI Dips By -1.78% To Close The Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by 0.14% to close at 29,212.00 points as against 0.04% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.06%. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 030519 - The equities market recorded negative performance – the listed equities market recorded -1.78% loss WoW while the NASD OTC also recorded -0.41% loss WoW. Source Proshare Read More 

CBN Intervenes With $271.83m, CNY41.14m In Retail SMIS - The Central Bank of Nigeria (CBN), on Friday, May 3, 2019 made interventions in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange market totaling $271.83million and CNY41.14million. Source CBN Read More

SEC Enlightenment Program For Lagos State Probate Registry - As at close of trade week on 03 May 2019, market Capitalisation decreased to 543.90 billion from last week's previous 546.15 billion, which shows a 0.41% decrease in Capitalisation. Source NASD Read More

FBNH Holds 7th AGM; Shareholders Laud FY2018 Financial Performance; Approves 26k Dividend - FBN Holdings Plc today hosted its 7th Annual General Meeting in Lagos, where shareholders commended the board and management for an improved FY 2018 result. Source Proshare Read More 

Forex: Turnover In I&E Falls By 39% To $4.6bn In April - The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market dropped by 39 percent, month-on-month, to $4.6 billion last month from $7.48 billion in March, 2019. Source Vanguard Read More

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Bottler Coca-Cola HBC Hunts M and A Opportunities - Coca-Cola HBC AG reported higher first-quarter sales on Thursday, underpinned by strong demand in emerging markets, and the bottling company said it was looking for deals to expand its business. Source Reuters Read More 

Central Banks Have Broken Capitalism - It has been a decade since the Federal Reserve and other central banks began cutting interest rates to zero — or even below — and injecting unprecedented amounts of cash into the global financial system via quantitative easing. And while global stocks are at or near record highs, central banks around the world are increasingly abandoning their hopes of normalizing policy with economic growth slowing.  Source Bloomberg Read More

A $4.4 Billion Accounting Error Burns Investors in China - One of China’s largest listed drugmakers said it overstated cash holdings by $4.4 billion, sending its shares and bonds tumbling and heightening concerns about the quality of accounting in a country that has become a fast-growing part of global investment portfolios. Source Bloomberg Read More

CBN: N2b Stolen As Fraudsters Target Mobile Apps Users - Going by the record of the Central Bank of Nigeria (CBN), e-fraudsters have fleeced customers of self-initiated banking solutions, such as Mobile Apps and Unstructured Supplementary Service Data (USSD) of about N2.08 billion in the last one year. Source TheNation Read More

Apapa Traffic: NPA Truck Transit Park Set For Take-Off - The Nigerian Ports Authority (NPA) Tuesday said it was set for the take-off of transit trailer parks in Apapa expected to address years of gridlock in the area. The management said it was ready to commission the two transit parks at Lillypond and Tin can Island second gate In a statement by the general manager, Corporate Communications, Engr. Adams Jatto, and a copy made available to LEADERSHIP Sunday said the two parks according to the acting managing director, Dr. Sokonte Davies , would enhance effective port operations and improved service delivery across board. Source Leadership Read More

Banks Make N124bn From E-Transactions - Nigerian banks have continued to introduce digital products into the financial sector and their operations, organising hackathons in order to develop tech solution to address problems in the industry, sponsoring innovation competitions and introducing chatbot and Whatsapp banking to improve user experience. Source Punch Read More


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Huawei Overtakes Apple to Become Second Biggest Smartphone Maker - Huawei Technologies Co. overtook Apple Inc. to claim the No. 2 spot in smartphones in the first quarter, moving a step closer to its avowed ambition of displacing Samsung at the top of the market. Source Edwin Chan of Bloomberg  Read More

WSJ: Facebook Seeks Reported $1 Billion for FB Coin Amid Talks With Visa, MasterCard - Facebook is also talking to e-commerce companies and apps about accepting the coin, and would seek smaller financial investments from those partners, one of the people. Source CoinTelegraph Read More


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National Housing Fund Act 2018: Analysis And Recommendations For Legislative Review - In a letter dated March 19, 2019, addressed to the leadership of the National Assembly and read at Plenary on the floor of the Senate on Tuesday, April 2, 2019, President Muhammadu Buhari declined assent to eight Bills earlier passed by the federal parliament. Source Banwo & Ighodalo Read More 


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