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Nigeria in 1min: Economic, Business and Financial Headlines – 100718

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Tuesday, July 10, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

Expected Drop in Inflation Rate and Yields Movement - FSDH Research expects the inflation rate (year-on-year) to drop to 10.94% in June 2018 from 11.61% recorded in the month of May. The drop in the inflation rate would reflect the base effect in the Composite Consumer Price Index (CCPI) from the previous year and slower rate of increase in prices. Source Proshare Read more 

Public Debt Vulnerable to Exchange Rate Movements- " FSDH Research expects that the budget deficit financing activities of the Federal Government of Nigeria (FGN) may lead to an increase in yields in the domestic market from current levels. Corporates and governments may also soon start borrowing at higher interest rates from the domestic market- Source Proshare Read more 

Poverty Tracker and Nigeria: Raising The Red Flag  - According to the World Bank, an individual or person who lives or earn below $1.9 per day is considered to be extremely poor. In line with this, the bank asserted that Nigeria currently has the highest number of extreme poor individuals (thus overtaking India) following results from the World Poverty Clock Source Proshare Read more 

Personal Statements by the MPC Members at the 118 MPC Meeting of May 21-22, 2018 - The May 2018 Monetary Policy Committee (MPC) meeting held against the backdrop of continued relative improvement of the global and domestic economic conditions. Source Proshare Read more         

Asset Quality Replacing Foreign Currency Liquidity as Main Risk for Nigerian Banks - Fitch - Fitch Ratings says in a new report that operating conditions for Nigerian banks turned the corner in 2017 with the country coming out of recession and with some easing of foreign-currency (FC) liquidity by 2H17. Source Proshare Read more 

World Bank boosts Nigerian housing sector with $300m loan - The World Bank has provided Nigeria a $300 million loan to boost the financing needs of the nation’s housing sector. Source Vanguard Read more 

FG, states grow external debt by 114% under Buhari - The Federal Government and the 36 states of the federation as well as the Federal Capital Territory grew the country’s external loan commitments from $10.32bn in June 2015 to $22.07bn in March 2018, investigation has shown. Source Punch Read more 

Labour, MAN, distillers reject 500% excise duty increase - Stakeholders in the manufacturing sector on Monday opposed the 500 per cent increase in excise duty being proposed by the Federal Government. Source Punch Read more 

Firms’ confidence in economy grows to 64.9 points — CBN report - A Central Bank of Nigeria (CBN) survey has shown that the confidence of private sector operators on the macro economy stood at 64.9 index points in July, 2018. Source Vanguard Read more 

President Buhari to commission $823.5m Abuja light rail on Thursday - President Muhammadu Buhari is expected to commission the recently-completed first phase of the Abuja light rail project on Thursday, July 12, 2018. Source Guardian Read more 

‘Kaduna, nine others to get N10.7 billion rice mill Dec. 2019’ -  The Federal Government has said that Kaduna, Kogi, Benue, Anambra, Bayelsa and five other states will get 10 large integrated rice milling machines at the cost of N10.7 billion by December 2019. Source Guardian Read more 

Customs makes 596 seizures, rakes in N8.6b in six months - The Nigeria Customs Service, Federal Operations Unit, Zone ‘A’ Ikeja, Lagos has realized about N8.6 billion from intercepted contrabands and duty received on imported goods in the last six months. Source Guardian Read more 

6,600 Containers Trapped At Lagos Ports - Port terminals at the Apapa and Tin- Can ports are experiencing cargo congestion as truck drivers operating at the Nigerian seaports have stopped lifting cargoes since Friday. Source Leadership Read more 

CBN, 3 banks receive N12bn from investment in AFC - Central Bank of Nigeria, CBN, and three other banks in the country received $41.736 million dividends (N12.938bn) in 2017 from their investments in regional multinational financial institution, the Africa Finance Corporation, AFC. Source Vanguard Read more 

Ekiti 2018 Guber Polls: 5 Things to Note - With less than 5 days to the 2018 Ekiti Gubernatorial elections, scheduled for Saturday July 14th, 2018 expectations are high across Nigeria as it will set the pace for the season of elections to come. Source Proshare Read more 

#Elections2019 - PDP Signs MoU With 38 Other Parties - Being points from the Address of the PDP National Chairman Prince Uche Secondus at the Signing of Memorandum of Understanding MOU between the Peoples Democratic Party, PDP and 38 other Political Parties at the Shehu Yar Adua Center, Abuja on Monday July 9th, 2018. Source Proshare Read more

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PROSHARE MARKETS

Nigerian Stock Market Resumes Uptrend as NSEASI Inches Up Marginally by 0.06% Amid Negative Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.06% to close at 37,647.93  basis points as against -0.31% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.56%. Source Proshare Read more 

Renewed Investors’ Interests Drive Recovery in Nigerian Eurobonds - The Bond market opened relatively quiet, but turned firmly bullish as market players began cherry-picking on the higher yielding bills on the longer end of the curve. Source Proshare Read more 

Afrinvest Stock Recommendation for the Week – 090718 - The domestic bourse kicked off H2:2018 on a bearish note as the benchmark index shed 1.7% W-o-W to close at 37,625.59 points while YTD loss declined further to 1.6%. The negative sentiment was largely reflected in sectors under our coverage as 4 of 5 indices we monitor closed in the red. Source Proshare Read more 

Cordros Weekly Stock Recommendation – 090718- The shares of CADBURY dropped by 5.38% to NGN12.30. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. CADBURY published Q1-18 result, showing EBIT was higher by 76.2% while PBT was lower by 67.2%, both compared to Q1-17. Source Proshare Read more 

Fixed Income Market Monitor – Average Money Market Rate Decreased Marginally By 1.50% - The money market rate decreased slightly last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) fell to 12.92% and 11.33% respectively. Consequently, the average money market rate decreased marginally by 1.50% to settle at 12.13% as system liquidity is estimated to have increased to c. N200bn. Source Proshare Read more 

NNPC Signs Agreement with Shell, Seplat, Oando, Others to Implement $3.7bn Gas Projects - The Nigerian National Petroleum Corporation (NNPC) Monday sealed an agreement with Shell Petroleum Development Company (SPDC), Seplat Petroleum Development Company Plc, Oando Plc and other partners on the implementation of seven critical gas development projects worth $3.7 billion to bridge the gas supply shortfall in the domestic market. Source Thisday Read more 

Oil production in June drops to 1.89b/d – FG - Nigeria’s crude oil and condensate production has remained far lower than projected in the 2018 budget for the last two months, data released by the country’s petroleum ministry has shown. Source Daily Trust Read more 

End estimated billing, enforce metering, FG orders NERC - The Federal Government on Monday ordered the Nigerian Electricity Regularly Commission to enforce the contract mandating power distribution companies to provide meters to customers and eliminate estimated electricity bills in the power sector. Source Punch Read more 

Power distribution firms owe NBET N859bn - The indebtedness of power distribution companies to the Nigerian Bulk Electricity Trading Company has risen to N859bn. Source Punch Read more

 
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PROSHARE REGULATORS

CBN Issues Fresh Exposure Draft of the National Financial Inclusion Strategy - In 2010, Nigeria made a commitment to reduce the adult financial exclusion rate in the country from 46.3% to 20% by the year 2020. In order to attain this target, the National Financial Inclusion Strategy (NFIS) was launched on October 23rd. 2012. Source Proshare Read more

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PROSHARE BUSINESS

Unconstitutional, Null And Void - Legal Opinion On Preservation Of Suspicious Assets Order - I have perused the Executive Order (No. 6) of 2018 on  Preservation of Suspicious Assets Connected With Corruption and Other Relevant Offences (subsequently referred to as ‘the Executive Order) issued and signed by President Muhammadu Buhari on Friday, July 6, 2018 in its entirety.  Source Proshare Read more 

McKinsey's new boss apologises to S.Africans over corruption scandal - McKinsey’s new global head will on Monday apologise to South Africans for work the firm did with friends of scandal-plagued former president Jacob Zuma, an ill-fated deal that tarnished the reputation of the world’s biggest consultancy. Source Reuters Read more 

Oil prices gain on supply concerns in Iran, Libya, Canada - Oil prices gained on Monday, with U.S. crude ending a choppy session higher on expectations for a Canadian production outage lasting until September, while global benchmark Brent gained on looming sanctions on Iran and falling output in Libya. Source Reuters Read more 

OPEC Says It's Doing Best to Supply Market But Won't Overdo It - OPEC and its allies are doing what they can to offset crude output shortfalls that have kept global supplies tight and prices high, but they don’t want to overdo it. Source Bloomberg Read more 

Libya Oil Chief Warns Output to Drop Every Day as Ports Halted - Libya’s oil output will keep dropping day by day if major ports remain closed after clashes last month led to a political deadlock, the head of the country’s state energy producer said. Source Bloomberg Read more 

Erdogan Names Son-in-Law as Treasury and Finance Minister - Turkish President Recep Tayyip Erdogan named his son-in-law as economy czar in a new administration and removed the last member of an investor-friendly financial team that’s been gradually pushed to the sidelines. Source Bloomberg Read more 

May’s Brexit involves ‘biggest loss of UK sovereignty’ since 1973  - Boris Johnson’s incendiary claim in his resignation letter voiced the anguish of Brexiters who fear leaving the EU may erode Westminster’s decision-making power rather than restore it. Source FT Read more 

Gold prices hit two-week high on short covering, weaker dollar - Gold prices hit a near two-week high on Monday as investors covered their short positions and the dollar slipped to its weakest since mid-June, while lingering U.S.-Sino trade tensions also supported the bullion. Source Reuters Read more 

Angola's net reserves fall to $13 billion in June - Angola’s net foreign exchange reserves fell to $12.986 billion in June from a revised $14.398 billion in May, data posted on the central bank’s website showed on Monday. Source Reuters Read more

 
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