Nigeria in 1min: Economic, Business and Financial Headlines – 080519

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Tuesday, May 08,2019 / 06:35 AM / By News Aggregator / Header Image Credit: AsoRock

 

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PROSHARE ECONOMY

Saudi Exports Send Oil Prices Falling – OIR 070519 - Today, we will take a quick look at some of the critical figures and data in the energy markets this week. Source OilPrice.com Read More

Red Pepper Price Spiked By 17% To N7,000 Per Basket - Red pepper (ata rodo) is a key ingredient in Nigerian and African recipes and delicacies. Its price has spiked by 17% to N7,000 per basket. The price of the other complement, tomatoes, has also jumped to N12,000 per basket. Source FDC Read More 

 

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PROSHARE REGULATORS

FCCPC, SEC to Review Mergers - In order to ensure continuing and seamless commercial transactions and market operations, the Securities and Exchange Commission (SEC) and the Federal Competition & Consumer Protection Commission (FCCPC) formerly Consumer Protection Council (CPC) have come to a mutual understanding with respect to review all mergers and other business combinations or arrangements. Source Thisday Read More 

 

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PROSHARE MARKETS

UBA Q1 2019 Results Review: Compelling Valuation Relative To Peers - We maintain our Outperform rating on UBA and increase our price target by 8% to N13.9 following UBA’s Q1 2019 results which surprised positively relative to our forecasts. The upward revision to our price target is driven by an 8% increase to our 2019E EPS forecast. Source FBNQuest Read More 

Nestle Nigeria Q1 2019 Results Review: Neutral Rating Maintained - Nestle Nigeria’s (Nestle) Q1 2019 earnings grew by 49% y/y to N12.9bn, beating our estimate by c.16%. The improved profitability was driven by a positive surprise on the gross margin line which expanded by +616bps y/y to 44.3%. Source FBNQuest Read More 

Investors Lose N37.76bn As Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.34% to close at 29,096.41 points as against 0.05% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.43%. Source Proshare Read More  

MTN Nigeria Registers 20.35bn Shares - MTN Nigeria Communications Plc on Tuesday announced that it had successfully completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the Securities and Exchange Commission. Source Punch Read More 

NSE To List N8.5bn Corporate Infrastructure Green Bond - The Nigerian Stock Exchange is set to list North South Power Company Limited’s N8.5bn corporate infrastructure green bond on the floor of the Exchange today (Wednesday). The 15-year series 1 guaranteed fixed rate senior green infrastructure bond would be offered at 15.60 per cent and would mature in 2034. Source Punch Read More 

 

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PROSHARE BUSINESS 

CBN Grants Advans-La Fayette MFB National Banking Licence - It said that as a member of the Advans Group, the bank was granted licence as a financial institution by the apex bank in 2012, and started offering a complete range of financial services and means of payment to its customers including savings accounts, current accounts and fixed deposit accounts. Source Punch Read More

NEPC Unveils Global Certification For Food Exports - The Nigerian Exports Promotion Council has drawn the attention of exporters to the certification that is needed to export food products to the global market. The certification, Hazard Analysis Critical Control Point, is required to penetrate the international market for processed value-added products, particularly food items. Source Punch Read More

China Will Keep Calm In Face Of Trade Talk Challenges: People's Daily - China will keep calm against threats of higher tariffs from the United States and has “complete confidence” in its ability to face challenges in trade talks, a commentary in China’s top newspaper said on Wednesday. Source Reuters Read More

How South Africa’s Economy Has Gained and Lost Over 25 Years - Gross domestic product almost doubled, along with the nation’s debt load. While the country has come a long way in extending equal rights to people after half a century of segregation under apartheid rule, almost a quarter of the labor force still doesn’t have a job. After years of having three investment-grade credit ratings, South Africa’s debt is again assessed as junk by all but one of the major ratings companies. Source Bloomberg Read More

Foreign Investments In ICT Exceed $42b - The Minister of Communications, Dr Adebayo Shittu yesterday said foreign direct investments (FDIs) in the information communication technology (ICT) sector have exceeded $42 billion. He restated the commitment of the Federal Government  to ensuring that the ICT sector realised its full potentials as a viable alternative to the diversification of the economy. Source TheNation Read More

 

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PROSHARE FINANCE 

N3.42m Students Enrolled in Public Senior Secondary School in 2017 – NBS - The National Bureau of Statistics publishes Senior Secondary School Enrolment Data for the thirty-six states in Nigeria including the FCT from 2016 to 2017. Source NBS Read More 

 

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PROSHARE MSME

MSMEs: FG Extends 50% Discount On Business Registration By Three Months - The Federal Government on Monday extended by three months the 50 per cent discount it offered operators of Micro, Small and Medium Enterprises to register their company names. Vice-President Yemi Osinbajo announced this during the first quarter MSMEs stakeholders’ meeting, which was held at the Presidential Villa, Abuja. Source Punch Read More

 

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