Nigeria in 1min: Economic, Business and Financial Headlines – 100918

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Monday, September 10, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 100918 - Total exports for the period stood at N4.463 billion, underlining a 4.9% dip when compared to the previous quarter. This dynamic was as a result of a 25.98%  fall in  solid  mineral exports  combined  with  a 83.9% fall in manufacturing. Source Proshare Read more 

This Time Is Different: There Is A Clear Way Forward For The Nigerian Economy - We recall this article to serve as a deep-dive into 2016 expectations to aid necessary reality check(s) and policy formulation in 2018 and beyond. Source Proshare Read more 

Weekly Economic and Financial Commentary – WE 07th Sept, 2018 - Trade deficit in the United State widened by 9.6% MoM to print at $50.1 billion in July reflecting a pullback in the value of export (-1% MoM to $211.1 billion) amidst a 0.9% MoM increase in import to $261.2 billion. The higher import bill largely stemmed from higher crude oil prices and higher automobile and parts imports. Source Proshare Read more 

Inflation Rate to Remain Unchanged at 11.14% in August 2018 – FSDH - FSDH Research expects the inflation rate (year-on-year) to remain unchanged at 11.14% in August 2018, the same rate recorded in the month of July. Although we observed moderation in the prices of some food items in August, the contraction in the agriculture sector may place pressure on food prices in coming months. Source Proshare Read more 

 AfDB Releases Flagship Report, 2018 African Economic Outlook in Arabic, Hausa and Kiswahili - For the first time ever, the African Development Bank has released summaries of the African Economic Outlook (AEO), its main flagship report, in three African languages: Arabic, Hausa and Kiswahili. Source Proshare Read more 

AFDB approves $15m for equity investment in Nigeria, others - The African Development Bank (AFDB), says it has approved 15 million dollars for equity investment in Verod Capital Growth Fund III, a private equity fund for investments in high growth middle market companies. Source SUN Read more 

FG releases N9bn for 550 low-cost houses - The Federal Government has released N9bn for the construction of 550 low-cost houses in Zuba, a suburb of the Federal Capital Territory, in the pilot phase. Source Punch Read more 

China Devt Bank, Afreximbank in $500m Agreement to Support Africa’s Trade Infrastructure - The China Development Bank (CDB) has signed an agreement with the African Export-Import Bank (Afreximbank) to provide a $500 million facility to the latter. Source Thisday Read more 

The Players Change But The Game Remains - LBS Executive Breakfast Session - Sept 2018 - With approximately 160 days to the Nigerian general elections, policy, political and macroeconomic risks are elevated. Source Proshare Read more

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PROSHARE MARKETS

Market Review and Round-Up of Corporate News Announced During The Week Ending 070918 - The equities market recorded mixed performance – the listed equities market recorded -2.33% loss WoW while the NASD OTC also went up by +2.83% WoW. Source Proshare Read more 

NASD OTC Market Ends The Week On a Positive Note; USI Up By 2.83% - The NASD OTC Market ends the week with an increase in market metrics, as the NASD USI increased by 2.83%, closing at 712.76 points (as against 693.14 points last Friday). Source Proshare Read more 

Forex: CBN Injects $303m, CNY 46.58m into Retail SMIS - The Central Bank of Nigeria (CBN), on Friday, September 7, 2018, injected the sum $303.91 million into the interbank retail Secondary Market Intervention Sales. This is in addition to the sale of CNY 46.58 million in the spot and short-tenored forwards. Source Proshare Read more 

CBN to Sell N1.024 Trillion Treasury Bills in Q4 - The Central Bank of Nigeria (CBN) is to auction treasury bills worth N1.024 trillion in the fourth quarter of this year. Source Thisday Read more 

May & Baker Applies to Raise N2.5 Billion via Rights Issue - May and Baker Nigeria Plc has applied to the Nigerian Stock Exchange (NSE) to raise N2.450 billion fresh capital from existing shareholders. Source Thisday Read more 

HI’18: Gross earnings of Tier-1 banks down by 0.9% to N1.3trn-  There are indications that the    sluggish economic environment  may have taken a toll on tier-1 banks forcing their aggregate topline figures into negative position in the first half of 2018, H1’18. Source Vanguard Read more 

Insurance sector grew by 6.07% in Q2 –NBS - The insurance industry, which accounts for 16.02 per cent of the financial sector, grew by 6.07 per cent in the second quarter of 2018 financial period, according to figures from the National Bureau of Statistics. Source Punch Read more 

Eko Disco Spends N1.310bn On Power Infrastructure Upgrade - The management of  Eko Electricity Distribution Company (EKEDC) has spent about N1.310 billion in various power project expansion, with intended additional supply of power meant to boost supply to residents of Oniru, Maroko and Lekki environs within its network. Source THE NATION Read more 

Power firms fail to provide meters for 58% of customers - Electricity consumers have expressed disappointment as nine of the 11 power distribution companies in the country have not supplied meters to more than half of their customers. Source Punch Read more 

Edo, Chinese firm sign pact to build 1,000bpd modular refinery - Edo State Government has signed an agreement with a Chinese firm, Peiyang Chemical Equipment Co. Limited (PCC) to build modular refinery in the state. Source Daily Trust Read more 

FG Secures $500m EXIM Bank Loan for Modular Refineries - The Federal Government has secured a $500 million loan facility from the Export Import Bank of China (CEXIM), through the Bank of Industry (BoI), to establish modular refineries and implement the Flare Gas Recovery Programme. Source Thisday Read more 

Total’s $16bn Egina first oil under threat as Ladol sacks Samsung from dockyard - THE production of first oil from Total’s $16 billion Egina project is being threatened as the management of Lagos Deep Offshore Logistics, LADOL, banished Samsung Heavy Industries, SHI, from its dockyard. Source Vanguard Read more

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PROSHARE BUSINESS

FIRS to freeze over 6,772 tax defaulters’ bank accounts – Fowler -  The Federal Inland Revenue Service (FIRS) will soon go after the bank accounts of defaulting taxpayers who are raking in billions in Nigeria but not paying taxes, its Chairman, Tunde Fowler, has said. Source SUN Read more 

Egypt's foreign debt rises to $92.64 bln at end-June, PM tells paper - Egypt’s foreign debt rose to $92.64 billion at the close of the financial year in June, up from $88.2 billion at end-March, Prime Minister Mostafa Madbouly told the Egyptian daily al-Watan. Source Reuters Read more 

Oil climbs as U.S. drilling stalls, Washington sanctions against Iran loom - Oil prices rose on Monday as U.S. drilling for new production stalled and as the market eyed tighter conditions once Washington’s sanctions against Iran’s crude exports kick in from November. Source Reuters Read more 

Alibaba's Jack Ma to step down in one year, Zhang to become chairman - Jack Ma, the charismatic co-founder of China’s largest e-commerce firm Alibaba Group Holding Ltd, will step down as chairman in exactly one year on Sept. 10, 2019, the company said. Source Reuters Read more

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PROSHARE TECHNOLOGY

FintechNGR Kicks-off Fintech Knowledge Series For Regulators - In furtherance of its education & advocacy objective, FintechNGR will next week begin its Fintech Knowledge Series for Regulators at the Securities & Exchange Commission (SEC). Source Proshare Read more 

Crypto Wipeout Deepens to $640 Billion as Ether Leads Declines - The cryptocurrency bear market plumbed a fresh 10-month low, led by a tumble in Bitcoin’s biggest rival. Source Proshare Read more

 

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