Nigeria in 1min: Economic, Business and Financial Headlines – 070519

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Tuesday, May 07, 2019 / 06:53 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY

Nigeria’s Rising Debt Servicing Cost Unsettles Investors - The cost of servicing government debt in Nigeria is dampening foreign investors’ appetite to inject capital into the country. Financial Times reported on Monday that many of them continued to be willing lenders, despite the signs that their money might not always have been put to the most productive use. Source Punch Read More

LGs Can’t Withdraw More Than N.5m Cash Daily From June – NFIU - The Nigeria Financial Intelligence Unit has vowed sanctions for any commercial bank which allowed transactions from any local government account without monies first reaching the LG account. In addition, the agency said no cash withdrawal exceeding N500,000 per day could be made from any local government account with effect from June 1,2019, noting that any other transaction must be done through valid cheques or electronic funds transfer. Source Punch Read More

 

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PROSHARE REGULATORS

CBN Moves To Halt $4bn Capital Flight In Textile Sector - The Central Bank of Nigeria (CBN) yesterday took bold steps to reverse the $4billion Nigeria spends annually on imported textiles and ready-made clothing by kicking off the distribution of cotton seeds and other inputs to farmers in Katsina State. Source Leadership Read More 

 

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PROSHARE MARKETS 

FO Declares N650m PAT in Q1 2019 Results; Approves Special Dividend of N1.15 per Share (SP:N34.95k) - Forte Oil Plc released its Unaudited first quarter results for the period ended March 31, 2019. Source NSE Read More 

The JSE Accelerates Past Nairobi and Lagos - Our latest look at the three stock markets we track in sub-Saharan Africa shows that the JSE (Jo’burg all-share) has raced ahead of both Nairobi (NSE20) and the NSEASI, having posted double-digit growth ytd since mid-April. Jo’burg has been a beneficiary of the signals that the normalization of US monetary policy has stalled. Source FBNQuest. Read More 

Afrinvest Stock Recommendation for the Week 060519 - This week, performance in the domestic equities market was negative following profit-taking in market bellwethers, which weighed on overall performance. The ASI closed in the red on 2 of the 4 trading sessions in the week. Source Afrinvest Read More 

Money Market Rate Fell Significantly As The OVN and OBB Fell To 5.93% and 5.29% - The money market rate fell significantly last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 5.93% and 5.29% from 17.29% and 16.43% respectively. Consequently, the average money market rate fell by 11.25% to settle at 5.61%. Source Anchoria AM Read More 

May 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. Source DMO Read More 

Average T-Bills Yield Closes Flat at 13.1% - Activities in the Treasury Bills (“T-Bills”) secondary market last week were generally lukewarm as average yield settled at 13.1% W-o-W, albeit marginally increasing 2bps. Accordingly, average yields on the medium- and long-term bills inched up 1bps. Source Afrinvest Read More 

NSEASI Dips By -0.05% To Open The Week Negative Amid Flat Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by 0.05% to close at 29,196.87 points as against 0.04% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.11%. Source Proshare Read More 

The Okomu Oil Palm Plc Q1 2019 Numbers - Bumpy Year Ahead - The Okomu Oil Palm Plc Q1 19 numbers released earlier this week, came with few surprises to us, with the major one being the more than expected decline in revenue over the period. Beyond doubt, the numbers can only be tagged a “Worrisome start to the year” as the company reported its weakest first quarter performance since 2014. Source ARM Read More 

SEC Nigeria Confirms Receipt of MTN Application for Registration of Securities - The Securities and Exchange Commission, SEC, yesterday Monday, May 06, 2019  said it could now confirm receipt of an application from MTN Nigeria requesting for registration of their existing securities on the floor of the Nigerian Stock Exchange (NSE). Source SEC Nigeria Read More

 

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PROSHARE BUSINESS 

Japaul Plc’s Access Bank Burden: Excessive Charges Unhinge Relationship As FHC Vacates Mareva Order - Japaul Oil & Maritime Services Plc, incorporated in 1994 as a private limited liability company, commenced active business operations in 1997 providing marine offshore construction, marine equipment leasing, and oilfield marine support services. Source Proshare Read More

CBN Deputy Governors, Amangbo and Others Bag CIBN Fellowship Award- Osibanjo, Gowon To Grace Event - The Chartered Institute of Bankers of Nigeria (CIBN) will, on Thursday, May 16, 2019, formally confer its honorary fellowship awards on six distinguished bankers in recognition of their contributions to the Banking Industry and the nation’s economy. Source CIBN Read More 

South African Assets Signal Rising Anxiety as Election Nears - South African assets are signaling increasing investor anxiety about Wednesday’s election, with the fate of the rand and government bonds tied to the extent of the ruling African National Congress’ expected majority and what that implies for policy. Source Bloomberg Read More

Nigerian Airports Record 3.5m Passengers, 54,000 Aircraft Movements In Q1 - According to FAAN’s First Quarter Report obtained by the News Agency of Nigeria (NAN), the figure represents an increase of 76,397 passengers or 2.23 per cent growth compared to the 3.43 million passengers recorded in the first quarter of 2018. Source Dailytrust Read More 

 

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PROSHARE FINANCE 

Can Massive Open Online Courses Replace Continuing Education? - The fourth industrial revolution” is underway, says Coursera CEO Jeff Maggioncalda, whose company recently announced a $103 million Series E with a valuation of over $1 billion. Source Angel List. Read More 

NSE Sets to “eRace” Cancer at 2019 NSE Corporate Challenge - The Nigerian Stock Exchange (The NSE or Exchange) is pleased to announce that the 6th edition of the NSE Corporate Challenge will hold on Saturday, July 6, 2019, at the Muri-Okunola Park, Adeyemo Alakija Street, Victoria Island, Lagos. Source NSE Read More


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