Nigeria in 1min: Economic, Business and Financial Headlines – 090519

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Wednesday, May 09, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY

Personal Statement By The MPC Members At The 123 MPC Meeting of Mar 25-26, 2019 - The 266th meeting of the Monetary Policy Committee (MPC) held against the backdrop of sustained threats to global growth prospects arising mainly from uncertainties around BREXIT, Iran sanctions, volatile commodity (oil) prices as well as the rather slow progress on trade negotiations between the United States and China. Source CBN Read More 

Nigeria’s Export Expansion Grant (EEG) and FGN Promissory Notes As Market Settlement Instruments - Exporters in the country have amped up their well premised and deep concerns over what they see as the Federal Government’s (FGN’s) delayed implementation of the Export Expansion Grant (EEG) Scheme. Source Proshare Read More

Chinese Banks Commit $1.902bn To Nigerian Port, Railway Projects - The Commercial Consul, Consulate General of the People’s Republic of China in Lagos, Mr Liu Junsheng, made this disclosure on Tuesday, during a press briefing on China’s second Belt and Road Forum for International Cooperation, held in Beijing between April 25 and 27. Source Punch Read More

FG Makes N10.97bn In Mining Fees, Royalties - Even though the Federal Government had anchored a significant part of its diversification programme on the mining sector, it made only N10.97bn from fees and royalties paid by mining operators in four years, an investigation has shown. Source Punch Read More

 

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PROSHARE MARKETS 

Nigeria’s Cement Market Battles: CCNN in Focus - The earning profile of CCNN Q-o-Q 2018 to Q1 2019 reveals an impressive 61.9% upward growth in revenue Y-o-Y from N5.39bln in Q1 2018 to N16.89bln in Q1 2019. The performance was impressive as revenue increased in each of the quarters of 2018. Going further, PAT also followed a similar trend increasing above average in each of the quarters of 2018.Source Proshare Read More

Dangote Sugar Q1 2019 - Sustained Cost Efficiency To Salvage Lost Sales - Amidst pressures from smuggled low-priced sugar and the Apapa gridlock, Dangote Sugar’s Q1 2019 numbers came in strong with the company reporting gross margin expansion of 800bps YoY to 33%. Source FBNQuest Read More 

Fixed Income Monthly Update April 2019 - Is This A Good Time To Test the Eurobond Waters? - So far this year, Nigeria’s Eurobonds have rallied 150bps YtD on average, higher than the JP Morgan EMBI spread over the same period (-70bps). Source ARM Read More 

Sell Pressure Persists As NSEASI Dips By -0.45%; Closes Below 29,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by 0.45% to close at 28,966.41 points as against 0.34% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.84%. Source Proshare Read More 

NSE Lists NSP-SPV Powercorp Green Infrastructure Bonds - The NSP-SPV Powercorp Plc’s N8,500,000,000 Series 1: 15 Years - 15.6% Guaranteed Fixed Rate Senior Green Infrastructure Bonds Due 2034 under a N50,000,000,000 Bond Issuance Program, were today, Wednesday, 8 May 2019 listed on The Nigerian Stock Exchange. Source NSE Read More 

 

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PROSHARE BUSINESS  

Access Bank vs Japaul Plc : FHC Judgment On Mareva Order And Jurisdiction - in the federal high court holden at lagos, nigeria on monday the 6th day of may 2019 between access bank plc and mv japaul a tugboat. Source News & Investigations Read More

Manufacturing Sector Survey Points To A Difficult Q1’19 - A survey carried out by the Manufacturers Association of Nigeria (MAN) covering manufacturing activities in the first quarter of 2019 (Q1’19), has revealed that the sector was stressed further, even as the confidence level of operators was low, though with high expectation of improvement down the year. Source Vanguard Read More

Kenya Plans $210 Million Rail Upgrade as SGR Phases Delayed - Kenya will spend $210 million on linking and upgrading older tracks with its new standard-gauge railway as it abandons a plan to extend the Chinese-funded project to Uganda’s border that would have created a faster export route to the Indian Ocean for landlocked neighbors. Source Bloomberg Read More

Trump Says Beijing 'Broke' Trade Talk Deals, Pledges To Keep Tariffs On Chinese Goods - U.S. President Donald Trump said on Wednesday that China “broke the deal” it had reached in trade talks with the United States, and vowed not to back down on imposing new tariffs on Chinese imports unless Beijing “stops cheating our workers.” Source Reuters Read More

 

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PROSHARE MSME

LSETF, USADF Sign $10m Deal - In line with its mandate to provide employment and entrepreneurship opportunities for Lagos residents, the Lagos State Employment Trust Fund (LSETF), on Tuesday, signed a Memorandum of Understanding (MoU) with the United States African Development Fund (USADF) to support 15,000 youth in the State. Source TheNation Read More

 

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