Nigeria in 1min: Economic, Business and Financial Headlines – 070119

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Monday January 07, 2019 / 7:00 AM / Proshare News 

 

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PROSHARE ECONOMY

Nigeria Decides 2019 - The Presidential Candidates' Economic Thinking ... and The Winner Is Moghalu-Previously, we have discussed the criticality of this election in Nigeria from an economic standpoint - we continue to get poorer and poorer per capita (from 2015 and potentially to 2022, according to the IMF) and the absolute necessity for the next President to reverse this. Source Andrew S Nevin, PhD Read More

Oil is at the Mercy of Financial Markets-Oil prices regained more ground on Wednesday, pushed higher after equity markets rebounded from an initial selloff at the start of 2019 trading. Source Nick Cunningham of Oil-price Read More

2019 Budget: Update on States in Nigeria (1) - As at Friday 4th January, 2019 we bring to you updates on the 2019 budget proposal of the State Governments across Nigeria. Source Proshare Read More

Robust Main Crop Harvest from West Africa Should Keep Cocoa Prices Down - Nigeria’s Purchasing Managers Index spiked to 60.2 in December. The only component of the five variables that declined was delivery times. Source FDC Read More

Appointment of Payers of Capital Sum Inclusive Of Employers as Collecting Agents - Appointment of payers of Capital Sum inclusive of employers as collecting agents of payers for the purpose of deducting and remitting Capital Gains Tax (CGT) due on the respective capital sums paid including but not limited to compensation for loss of employment. Source LIRS Read More

Oil Rallies On Trade Optimism – OIR 040119 - Bullish sentiment has returned to oil markets in 2019, with Saudi Arabia cutting production while China and the U.S. look to end the trade war. Source Oilprice Read More

Nigeria’s e-payment Transactions Hit N56.85tn - Report from the Nigerian Interbank Settlement System (NIBSS) has indicated that Nigeria’s electronic payment (e-payment) services recorded transactions worth N56.85 trillion from January to September 2018. Source Thisday Read More 

 

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PROSHARE REGULATORS

Registrars To Give Periodic Report On E-Dividend Progress — SEC - In an effort to ensure that more investors keyed into the e-dividend initiative and also make the registration more seamless, the Securities and Exchange Commission, SEC, has directed Registrars to provide periodic update on investors’ e-dividend registration status.  Source Vanguard Read More 

 

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PROSHARE MARKETS

What To Expect From The Markets This Week – 070119 - The Debt Management Office (DMO) recently published data on Nigeria’s debt profile as at Q3:2018 and this showed that total public debt was largely unchanged at N22.4tn (US$73.2bn) from the previous quarter. Source Proshare Read More

Sell Pressure Persists as NSEASI Sheds -0.43%; Records -1.28% Loss WoW-Equities market closed today on a negative note, as NSEASI depreciated by -0.43% to close at 30,638.90 basis points as against -0.96% depreciation recorded previously. Source Proshare Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 040119-The equities market recorded mixed performance – the listed equities market recorded -1.28% loss WoW while the NASD OTC also went up by +2.20% WoW. Source Proshare Read More

Full Suspension of Trading in Shares - Proposed Scheme of Arrangement for Continental Re-Insurance P-Continental Reinsurance Plc (CRe) has through its Stockbroker; Chapel Hill Denham Securities Limited requested for a full suspension on the trading on its shares on The Exchange. Source NSE Read More

NASD OTC Market CAP Increased By 2.20% to N520.89bn-As we close the year 2018, we note a rather remarkable 12 months of creating liquidity and supporting transparency in the Nigerian capital market. Source NASD Plc Read More

Zedcrest 2019 Fixed Income Outlook - As expected, 2018 started out with strong positive sentiments for both the global and domestic economy, but it however ended on a significantly turbulent note given several downside risk factors which materialized over the course of the year. Source Zedcrest Capital Read More

Forex: Nigeria’s Central Bank Makes First Intervention of 2019 - The Central Bank of Nigeria (CBN) on Friday, January 4, 2019, made its first intervention in the inter-bank sector of the Foreign Exchange market for 2019 with a total sum of $210 million injected into the wholesale segment and other sectors of the market. Source CBN Read More

Investors Rally Nigerian Eurobonds as Oil Prices Push Higher - Having retraced sharply by c.18bps in the first trading session of the year, yields in the bond market moderated in the last two days of the week. Source Zedcrest Capital Read More

BUA, CBMI Sign Agreement to Build New 3million Kalambaina Cement II Plant in Sokoto - Less than one week after the listing of shares from the almost $1 billion Merger between BUA Kalambaina Cement Company and Cement Company of Northern Nigeria where it also assumed majority stakes in the enlarged company. Source BUA Read More

 

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PROSHARE BUSINESS 

Flight Operations Begin At Abuja Airport’s New Terminal - The newly inaugurated international terminal at the Nnamdi Azikiwe International Airport, Abuja, has officially been opened for operations as Asky Airlines began operations at the terminal on Sunday. Source Punch Read More 

Industry Leaders in Nigeria and Ghana Consumer Goods – Market Map - A quick comparison of Asoko's two latest market maps, covering the top twenty-five (25) consumer goods and food & beverage companies in both Ghana and Nigeria by revenue band. Source Asoko Insight Read More


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PROSHARE FINANCE

Capital Gains Tax On Payments To Employees For Loss Of Employment – Initial Thoughts - The Lagos Internal Revenue Service (LIRS) has issued a public notice, appointing employers as its agent, requesting employers to deduct and remit capital gains tax on payments to employees as compensations for loss of employment. Source Yomi Olugbenro Read More

How Promises Connect Insurance And The 2019 Elections - The only business that probably has the "licence" to sell promises is insurance! Operators in the insurance industry in Nigeria and elsewhere sell by promising customers (policyholders) that in the event of losses or damage resulting from death or accident, they will be indemnified. Source Ekerete Ola Gam-Ikon  Read More

LIRS Appoints Employers To Deduct and Remit CGT On Compensation for Loss of Employment - The LIRS has issued a Public Notice mandating employers to account for and remit CGT on termination benefits and any other capital sum paid to disengaging employees. Source Taiwo Oyedele Read More

 

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