Nigeria in 1min: Economic, Business and Financial Headlines – 060818

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Monday, August 6, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 060818 - The fluid political activity experienced recently have   knocked economics to the back row. Shockingly two major reports - the Income and Expenditure Approach of Gross domestic product for 2017 and the June Purchasing Managers' Index were released in the same week. Source Proshare Read more 

NSR H2 2018 (14) - Fixed Income: Have Yields hit the bottom? - Entering 2018, our prognosis for the naira yield curve was a continued downtrend over the year. This view was hinged on the expectation that the intertwining effect of elevated liquidity profile and base effect induced downtrend in headline inflation will pave way for a loser monetary policy in H1 2018. Source Proshare Read more 

Inflation Rate to Drop Marginally to 11.01% in July 2018- FSDH Research expects the inflation rate (year-on-year) to drop to 11.01% in July 2018 from 11.23% recorded in the month of June. The expected decrease in the inflation rate is largely attributable to the base effect of the previous year. Source Proshare Read more 

6,999 Products Were Presented for Registration Approval in 2017 - NBS- Registered products 2017 data revealed that 4,296 applications were received for new products registration,6999 products were presented for registration approval, 11,406 products were granted registration; 166 products registration were rejected and Zero number was withdrawn while fake and sub-standard products worth N3,000,000,000 were impounded during the year. Source Proshare Read more 

Watching From The Political Balcony - LBS Executive Breakfast Session – Aug 2018-  As political misunderstandings in Nigeria increase, economic costs escalate and US interest rates spike, jittery portfolio investors are beginning to bolt.  $4bn of FPI lost since April. Source Proshare Read more 

NEXIM Boosts Non-oil Exports with N25bn - The Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello, recently disclosed that it had approved the disbursement of loans valued at about N25 billion in support of various projects in the non-oil export sector. Source Thisday Read more 

Nigeria borrows $3.1bn for railway, airports projects - Nigeria, under the administrations President Muhammadu Buhari and that of former President Goodluck Jonathan, has borrowed about $3.1bn for railway and airport projects across the country. Source Punch Read more 

Weekly Economic and Financial Commentary – WE 03rd August, 2018  - In the United Kingdom, the Bank of England (BoE) raised its benchmark rate by +25bps to 0.75% with the committee unanimously voting for a hike. Source Proshare Read more 

‘CBN’s Anchor Borrowers’ Programme creates 1.5 million jobs’ - The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending on Sunday said about 250,000 direct jobs and 1.25 million indirect jobs had been created under the Anchor Borrowers’ Programme of the Central Bank of Nigeria. Source Punch Read more

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PROSHARE MARKETS

One Week After: FBNH Share Price Closed Flat; Volume Traded Up By 85.22%- FBNH share price closed flat one week after the release of its Q2 2018 financial results. The stock price was at N10.0k0 as at July 27th, 2018 when its results was published , climbed to N 10.10k after two trading days and dropped to N9.95k before the closing the week at N10.00k. Source Proshare Read more 

Market Review and Round-Up of Corporate News Announced During The Week Ending 030818- The equities market recorded negative performance – the listed equities market recorded -0.37% gain WoW while the NASD OTC also went down by -0.24% WoW. Source Proshare Read more 

NSEASI Erases Previous Day Gain to Resume Downtrend; Records -0.37% Loss WoW- Equities market closed today on a negative note, as NSEASI depreciated by -0.52% to close at 36,499.67 basis points as against +0.21% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.56%. Source Proshare Read more 

NASD Releases Exposure Draft of Proposed Rules; NMRC Held 4th AGM - The NASD OTC Market ends the week with an increase in market metrics, as the NASD USI decreased by 1.2%, closing at 705.75 points (as against 707.45 points last Friday). Consequently, total market capitalization declined 0.2% this week, closing lower at ₦477.60 billion compared to ₦478.15 billion last Friday. Source Proshare Read more 

Bond Yields Tick Higher as Offshore Players selloff on the Mid to Long End - The Bond market closed the week on a slightly bearish note, due to some selloff by offshore clients mostly on the 2027s and 2036s. Source Proshare Read more 

Corporate Earnings for the Week Ending 30818 – STERLNBANK Declares N6.21bn PAT in Q2 2018 Results - During the week ending July 27, 2018, thirteen(13) quoted firms declared their results.  Source Proshare Read more 

Lafarge Africa Plc Series 7 Commercial Paper Closes Today- An investment opportunity in the Lafarge Africa Plc’s Commercial Paper (“CP”) issuance of up to N10 billion in one single tenor – a 120-day CP (“Series 7”) under its N60 billion CP Issuance Programme. Source Proshare Read more 

Nigeria’s Crude Export Rises To Four Month High - After four months, Nigeria’s crude exports rose for the first time in July, reports have said. Source Leadership Read more 

Oil prices rise after Saudi output dips, U.S. drilling stalls - Oil prices rose on Monday after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau. Source Reuters Read more

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PROSHARE BUSINESS

FHC Grants Judgment In Favour Of Olisa Agbakoba In Margin Loan Case; Orders First Bank To Pay Damage - A Federal High Court sitting in Ikoyi, Lagos, has ordered First Bank of Nigeria limited to pay messrs Olisa Agbakoba (SAN), a customer of the bank, the sum of N266, 368,454.85 as general damages against the bank for mismanaging the lawyer's Share Portfolio Investment (margin loan) Account. Source Proshare Read more

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PROSHARE TECHNOLOGY

Seven banks make N8.58bn fresh investments in software - A total of seven Deposit Money Banks reported fresh investments worth N8.58bn in software in the first three months of the year in order to deliver seamless banking services to customers. Source Punch Read more

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PROSHARE FINANCE

IDAF Launches Foundation, Commits to Supporting Girl Child Education in Nigeria- The Ifedolapo Damilola Adedipe Foundation incorporated on 24th November, 2014 by notable Nigerian economist Dr Abiodun Adedipe and Mrs Olaide Adedipe has since inception focused on addressing the challenge of “Girl-Child Education” in Nigeria, with the provision of scholarship awards to deserving female students in Nigerian studying economics in the University, with a consistent CGPA of 3.75 performed its official launching ceremony in Lagos.  Source Proshare Read more

 
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