Nigeria in 1min: Economic, Business and Financial Headlines – 100519

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Thursday, May 10, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY 

NESG Set To Launch “Better Tax” Initiative To Rally Stakeholder Engagement on Tax Reforms - Private sector Think-Tank, Nigeria Economic Summit Group (NESG) is set to unveil the findings of its nationwide survey on tax perception and drive government-citizen engagement for sustainable fiscal reforms through the launch of its “Better Tax” initiative. Source NESG Read More 

Focus On Compliance in Boosting Tax Collection - The FIRS is comfortably the largest revenue collection agency, responsible for petroleum profit tax (PPT) and the most important non-oil taxes. The revenue generation of the FGN can be judged on its performance. Source FBNQuest Read More 

Adverse Weather Conditions In The US To Continue To Depress Grain Prices - Following an escalation of tensions between the US and China, Brent is currently trading below $70pb ($69.98pb). The YTD gain in oil price is now at 30%. Source FDC Read More 

Udoma Inaugurates NBS Board, Warns Against Interference -  The inauguration was done by the Minister of Budget and National Planning, Senator Udo Udoma. Udoma told the board members that they should see their appointments as a call to national service, adding that the NBS was critical to the implementation of the Federal Government’s economic agenda. Source Punch Read More

OPEC’s April Oil Supply Down To 30.23mbpd - This came as OPEC’s biggest production gain occurred in Nigeria, where Total’s Egina field has helped boost output. Libya, another producer exempted from making voluntary curbs, also boosted output. Source Vanguard Read More 

Nigeria’s April Production Below Budget Benchmark - Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel. Source Guardian Read More

Reps Indict NNPC, NPA, Others Over Unremitted FG Revenues - The House of Representatives has accused Federal Government’s ministries, departments and agencies of failing to follow the Treasury Single Account policy, leading to revenue leakages. The House said it had discovered that over $900m was still “being held” by the MDAs outside the TSA. Source Punch Read More

 

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PROSHARE MARKETS 

The April 2019 Nigerian Capital Market Service Report – Proshare - Nigerian Stock Market closed the month of April 2019 in red as NSEASI dipped further by -6.06% as against -2.14% loss recorded in the month of March 2019 while the NASD USI closed in green with +0.06% gain recorded at the end of the month under review as against +3.07%  gain in March 2019. Source Proshare Read More 

Extracts For MTN Nigeria From The Group Quarterly Statement Update for Period Ended March 2019 - MTN Nigeria reported a solid quarter with service revenue increasing by 13,4% YoY, in line with our medium-term guidance of double-digit growth. This was led by a 32,4% increase in data revenue and a 12,7% increase in voice revenue. Source StanbicIBTC Read More 

Renaissance Capital Ready to Hold its 10th Annual Pan-Africa 1:1 Investor Conference in Lagos - In a recent press release by Renaissance Capital, a leading emerging and frontier markets investment bank, the firm disclosed that it will hold its 10th Annual Pan-Africa 1:1 Investor Conference on 15-16 May 2019. Source Renaissance Capital Read More 

Okomu Oil Q4 2018 and Q1 2019 Results Review: Up Against Strong Headwinds in 2019 - Okomu Oil’s (Okomu) Q1 2019 earnings came in weaker than expected, down -71% y/y to N1.0bn. Compared with our forecast, earnings missed by around 50%. Following discussions with management. Source FBNQuest Read More 

Investors Lose N26.37bn As Market Sentiment Remains Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.24% to close at 28,896.25 points as against 0.45% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.06%. Source Proshare Read More

Bond Market Reacts Positively to CBN Governor Tenure Renewal - The Bond market turned firmly bullish in today’s session as market players viewed positively the news of the re-appointment of the CBN governor for another five year term. Source Zedcrest Capital Read More 

 

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PROSHARE BUSINESS  

Buhari Nominates Emefiele as CBN Governor for Second Term - President Muhammadu Buhari has nominated Godwin Emefiele for a second term as governor of the Central Bank of Nigeria (CBN). Source The Cable Read More

UBA Appoints Abdoul Aziz Dia As a Non-Executive Director - In accordance with the Nigerian Stock Exchange (“NSE”) Rulebook, we hereby notify the NSE of the appointment of Mr. Abdoul Aziz Dia as a Non-Executive Director on the Board of United Bank for Africa Plc. Source NSE Read More

First Day Of U.S.-China Trade Talks Ends; Trump's Tariff Hike Set To Take Effect - Top U.S. and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China. Source Reuters Read More

U.S. Stock Futures Slip After Tariff Increase Takes Effect - U.S. stock futures fell and Asian shares pared gains on Friday after U.S. President Donald Trump’s tariff increase on $200 billion worth of Chinese goods took effect, ratcheting up tensions between the world’s two biggest economies. Source Reuters Read More 

 

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PROSHARE TECHNOLOGY      

Overview and Lessons Learnt from Global FinTech Landscape and Nigerian FinTech Landscape. Source EFInA Read More

Uber Raises $8.1 Billion in IPO Priced Near Bottom of Range - Uber Technologies Inc. raised $8.1 billion in its initial public offering after pricing shares near the bottom of their marketed range. The ride-hailing company sold 180 million shares for $45 each, according to a statement Thursday. It had marketed them for $44 to $50 apiece. Source Bloomberg Read More

 

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