Nigeria in 1min: Economic, Business and Financial Headlines – 060819

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Tuesday, August 06, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY

CBN Publishes Consumer Protection Framework Guidelines On Disclosure And Transparency – Pursuant to the powers conferred on the Central Bank of Nigeria (CBN) by Sections 2 (d) and 33 (1) (b) of the CBN Act, 2007 (as amended) and Section 57 (2) of the Banks and Other Financial Institutions Act [BOFIA] of 2007. Source CBN Read More 

CBN Releases Consumer Protection Guidelines On Responsible Business Conduct - Pursuant to the powers conferred on the Central Bank of Nigeria (CBN) by Sections 2 (d) and 33 (1) (b) of the CBN Act, 2007 (as amended) and Section 57 (2) of the Banks and Other Financial Institutions Act [BOFIA] 2007. Source CBN Read More 

Oil Price Falls Below $60 Budget Benchmark - The international oil benchmark, Brent crude, extended its decline on Monday, trading below Nigeria’s $60 per barrel budget benchmark. Brent, against which Nigerian crude oil is priced, dipped by $2.10 to settle at $59.79 per barrel as of 7.45pm Nigerian time. It plunged to around $61 per barrel last Thursday from $65 on Wednesday. Source Punch Read More

Fuel Import To End In 2023, Says Kyari - Kyari spoke on Monday in Lagos as guest of honour at the ongoing 2019 conference and exhibition of the Society of Petroleum Engineers (SPE) Nigeria Council. The theme was: Artificial Intelligence, Big Data and Mobile Technology, Changing the Future of the Energy Industry. Source TheNation Read More

 

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PROSHARE MARKETS

Average Yield on T-Bills Instruments Marginally Advances to 11.2% Amidst Absence of OMO Auctions - The Treasury Bills (“T-Bills”) secondary market closed the week on a bearish note largely due to tightened system liquidity (N144.0bn short as at Monday). Consequently, average yield across all tenors rose 14bps W-o-W to settle at 11.2% from 11.1%. Source Afrinvest Read More 

SEPLAT Issues Notification of Dealing in Shares by a PDMR - Following the sale, Dr. Orjiako now holds a direct interest in 16,151,325 ordinary shares and an indirect interest in 26,300,000 ordinary shares of the Company totaling 42,451,325 shares which equates to a voting interest of 7.21% (based on Issued Share Capital of 588,444,561). Source NSE Read More 

Investors Gain N18.97bn As NSEASI Inches Up By 0.14% To Open The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.14% to close at 27,669.38 points as against 0.43% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.97%. Source Proshare Read More 

MTNN Clarifies Media Reports On Status Of Taxes Relating To The 2015 Fine - Our attention has been drawn to media reports regarding the status of taxes relating to the 2015 fine imposed on MTN Nigeria Communications Plc (MTN). We acknowledge that there is a technical disagreement between MTN and the Federal Inland Revenue Service (FIRS) as to how the fine should be treated for tax purposes. Source NSE Read More 

Afrinvest Stock Recommendation For The Week 050819 - Bearish sentiment dragged the performance of the domestic equities market despite positive earnings releases by some companies. Hence, the All Share Index declined 1.0% W-o-W to settle at 27,630.5 points while the YTD return worsened to -12.1%. As such, investors lost N141.4bn in value as market capitalisation decreased to N13.5tn. Source Afrinvest  Read More 

August 2019 FGN Savings Bonds Offer for Subscription - Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond. Source DMO Read More 

A Week to Remember, As The Fed Delivers on Rate Cut - The prior week was an action-packed one for the global markets. From the continued influx of corporate earnings to a ‘not so surprising’ U.S Fed rate cut as well as the never-ending trade spat between the US & China. Hence, we observed a broad-based bearish bias among major equity indices. Source United Capital Read More


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PROSHARE BUSINESS

Five (5) Goods That African Merchants Can Export To China - Now that Flutterwave has opened up 1 billion Chinese customers to African merchants by successfully integrating Alipay, it’s time to shift attention to how African Merchants can actually benefit. Source Flutterwave Read More

MfBs’ Bad Loans Drop By 5.3% To N25bn — NDIC - The Nigerian Deposit Insurance Corporation, NDIC, disclosed this in its 2018 annual report, which also revealed 14.7 percent increase in total deposits of the industry to ¦ 191.41 billion in 2018 from ¦ 166.88 billion in 2017. Source Vanguard Read More

World's Richest Lose $117 Billion in One-Day Market Meltdown - Twenty-one members of the Bloomberg Billionaires Index lost $1 billion or more as investors reacted to stepped-up tensions between the U.S. and China. Amazon.com Inc. founder Jeff Bezos declined the most, shedding $3.4 billion as shares of the online retailer tumbled. But he’s still the richest person on the planet with $110 billion. Source Bloomberg Read More

 

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