Nigeria in 1min: Economic, Business and Financial Headlines – 070619

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Friday, June 07, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @TonyOElumelu

 

 

RECALLOur November 22, 2017 Report on Oando Titled - "Memo to The Market:  The Oando Corporate Journey – At The Regulators Gate". Read More

 

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PROSHARE ECONOMY

DPR Revokes Six Oil Licences To Recover Legacy Debts - TheCable is reporting that the Department of Petroleum Resources (DPR) has revoked five oil mining licences (OML) and one oil prospecting licence (OPL) belonging to five companies. Source Oluwatoyin Bayagbon of TheCable Read More

African Reinsurance Corp. 'A minus' Ratings Affirmed On Strong Capital; Outlook Stable - S&P Global Ratings today affirmed its 'A-' long-term issuer credit and insurer financial strength ratings on Nigeria-based African Reinsurance Corp. (Africa Re). The outlook is stable. Source S&P Global Ratings Read More

 

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PROSHARE MARKETS

Stanbic IBTC Q1 2019 Results Review: Upgrading to Outperform - Stanbic’s IBTC’s (Stanbic) Q1 2019 PAT came in ahead of our forecast due to positive surprises in loan loss provisions and other comprehensive income. Consequently, we have increased our 2019-20E EPS forecasts by 7% on average and our price target by 9% to N49.9. Source FBNQuest Research Read More

Ecobank Transnational Incorporated $50m Eurobond Tap Issuance Oversubscribed - Ecobank Transnational Incorporated, ETI, the Lomé-based parent company of the Ecobank Group, announces that it has successfully tapped the international capital markets for an additional $50 million in Eurobonds (the “Bonds”) due April 2024. The Bonds will be consolidated and form a single series with the $450 million 9.5% issued in April 2019 and due in April 2024. Source NSE Read More

Investors Lose N178.21bn As NSEASI Dips Further By -1.30% - Equities market closed today on a negative note, as NSEASI depreciated by 1.30% to close at 30,527.07 points as against 0.45% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.87%. Source Proshare Read More

South Africa’s Economic Slump-A Huge Signal for Structural Reforms - Recent Q1, 2019 GDP figures for South Africa showed a major -3.2% decline more than double market expectations. The decline signals the need for major economic policy adjustments by President Cyril Ramaphosa. Source Proshare Read More

Explanatory Statement by UBN on the Proposed Reduction of Share Premium Account by the Bank - A review of the Bank’s financial position as at 31st December 2018 (“2018 FYE”), established a deficit of N54.458billion as accumulated permanent losses from legacy transactions, in addition to the N247.868billion approved by shareholders, in 2017. Source NSE Read More 

 

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PROSHARE BUSINESS 

Commodity Market To Create 15,000 Jobs - About 15,000 jobs will  be created by the Gezawa Commodity Market and Exchange, its Coordinator, Binfa Binchang, has said. He spoke at the organisation’s maiden Farmers Corporative Forum in Kano. Over 20, 000 farmers registered as cooperative societies at the event and interacted with financial institutions, investors and other stakeholders on better ways of funding and ensuring stability of prices of commodities in the eco-system market. Source TheNation Read More

South African Rand Weakens to Lowest Level Since October - South Africa’s rand weakened past 15 per dollar for the first time since October, extending a decline sparked by the worst quarterly economic contraction in a decade and a ruling-party debate about the mandate of the central bank. Source Bloomberg Read More

Kenyan President Reappoints Njoroge as Central Bank Governor - Kenyan President Uhuru Kenyatta reappointed Patrick Njoroge for a second and final four-year term as the East African nation’s central bank governor. Kenyatta also named Sheila M’Mbijjewe as deputy governor and Mohammed Nyaoga as the regulator’s chairman for another term, according to a government gazette notice on Thursday. The officials’ new terms start June 18. Source Bloomberg Read More

Trump To Decide On $300 Billion China Tariffs After G20 Meeting - U.S. President Donald Trump said on Thursday he would decide whether to carry out his threat to hit Beijing with tariffs on at least $300 billion in Chinese goods after a meeting of leaders of the world’s largest economies late this month. Source Reuters Read More

 

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PROSHARE TECHNOLOGY  

Google To Buy Analytics Software Firm Looker For $2.6 Billion - Alphabet Inc’s Google said on Thursday it would buy Looker, a privately held big-data analytics company, for $2.6 billion in cash, in the first major acquisition for new Google Cloud Chief Executive Thomas Kurian. Source Reuters Read More


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