Nigeria in 1min: Economic, Business and Financial Headlines – 101218

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 Monday December 10, 2018 / 7:00 AM / Proshare News 

 

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PROSHARE ECONOMY

Reforms, Investments, and Jobs – Focus of the Nigeria Economic Outlook Conference (NEOC) 2019-2019 is another pivotal moment in the history of Nigeria. Nigerians will march to the polls in February to elect a leader that will usher them into the third decade of the century. It will mark 20 years since the return to democratic rule in 1999. Source Proshare Read More 

November 2018 Macro-Economic Update - Average Inflation for FY’18 to Close at 12.1%-In October, headline inflation came in at 11.26%, slowing from 11.28% in September. Source Proshare Read More 

Fitch Downgrades Diamond Bank to 'CCC' - Fitch Ratings has downgraded Diamond Bank Plc's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'B-' and Short-Term IDR to 'C' from 'B'. Diamond's National Long-Term Rating has been downgraded to 'B(nga)' from 'BB+(nga)'. Source Proshare Read More 

OPEC Surprises Markets With Last Minute Deal - OIR 081218 - Oil prices spiked on Friday after OPEC+ surprised markets with a last minute agreement to cut production by 1.2 million bpd starting in January 2019.  Source Proshare Read More 

Weekly Economic and Financial Commentary – WE 07th Dec, 2018 - OPEC and allies at the end of their meeting today agreed to cut production by 1.2mbpd (exceeding market expectation of 1.0mbpd), starting January 2019, with OPEC members expected to reduce production by 800,000bpd while allies agreed to lower production by 400,000bpd (Russia’s contribution to the cut was unknown at the time of writing). Source Proshare Read More 

Fitch Affirms Fidelity Bank Plc at 'B-'; Outlook Stable  - Fitch Ratings has affirmed Fidelity Bank PLC's Long-Term Issuer Default Rating (IDR) at 'B-'. The Outlook is Stable. Fitch has also affirmed Fidelity's National Long-Term Rating at 'BBB(nga)'. Source Proshare Read More 

Fitch Affirms Nigeria's FCMB at 'B-'; Outlook Stable  - Fitch Ratings has affirmed First City Monument Bank Limited's (FCMB) Long-Term Issuer Default Rating (IDR) at 'B-'. The Outlook is Stable. A full list of ratings is at the end of this commentary. Source Proshare Read More 

Nigeria: Macro Economic Report for November 2018 - In October, headline inflation came in at 11.26%, slowing from 11.28% in september. The moderation reflects lower food prices which tamed the impact of the surprise uptick in core prices. On a MoM basis, headline inflation moderated by 0.74%, mirroring increased food supplies due to favorable harvest. Consequently, food inflation rose by 0.82% (-18bps MoM).  Source Proshare Read More 

Electricity Consumers’ Complaints Rose to 153,227 in Q2 - Electricity distribution companies in the country saw complaints from their customers rise to 153,227 in the second quarter of this year, the Nigerian Electricity Regulatory Commission said in a new report.  Source Punch Read More 

Fuel Crisis Looms as Marketers Order Depots’ Shutdown - Oil marketers under the aegis of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) yesterday directed their members to shut down all depots in the country at midnight to protest federal government’s failure to pay them their outstanding subsidy claims estimated at N800 billion. Source Thisday Read More 

 

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PROSHARE REGULATORS 

Microfinance Banks Charging Outrageous Interest Rates On Loans — CBN - The Central Bank Governor, Godwin Emefiele, has said that microfinance banks in the country are charging outrageous interest rates, and many small and medium enterprises are unable to access the Federal Government’s loans aimed at stimulating local production and boosting non-oil export. Source Punch Read More 

SEC: Nigeria’s Infrastructure Deficit to Hit $878bn by 2040 - The Securities and Exchange Commission (SEC) yesterday said the country’s infrastructure deficit would hit $878 billion by 2040, and therefore called for active utilisation of green bond for infrastructural gap. Source Thisday Read More 

SEC Bans Stockbrokers From Guaranteed Investments - The Securities and Exchange Commission (SEC) has approved amendments to the stock market’s regulatory framework, prohibiting stockbrokers from engaging in any business relationship based on guaranteed return to the client. Source TheNation Read More

 

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PROSHARE MARKETS

The CBN Conducts a Special OMO Auction in Anticipation of More Fiscal Spending-*** Oil Prices Crash As OPEC+ Scrambles At 11th Hour, no deal announced at the end of today’s meeting *** Source Proshare Read More 

The Entrails of The CBN’s FX Supply-On Wednesday we commented on a quarterly data series for aggregate fx flows through the CBN, supplemented by figures for other (autonomous) channels. Source Proshare Read More 

Unilever Nigeria Q3 2018 Results Review: Upgrading to Neutral-Unilever Nigeria’s (Unilever) Q3 2018 earnings, which beat our forecast by 29%, were largely boosted by gains recorded from the sale of the spreads business (Blue Band). Source Proshare Read More 

Nigerian Cement Producers - Competition Upsetting the Status Quo-Following the higher than expected decline in ‘cementitious’ volumes over the third quarter 2018 by Lafarge (-16.3% QoQ) and DANGCEM (-23.3% QoQ), we have revised our FY 18E for Nigeria cement volume lower to 20.4mt (previously 21.4mt) which is a growth of 11%. Source Proshare Read More 

NSEASI Closes the Week Negative as Market Indicator Dips Marginally By -0.02% WoW-Equities market closed today on a positive note, as NSEASI appreciated by +0.15% to close at 30,866.82 basis points as against -1.07% depreciation recorded previously. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced during the Week Ending 071218-The equities market recorded negative performance – the listed equities market recorded -0.02% loss WoW while the NASD OTC also went down by -0.24%WoW. Source Proshare Read More 

NASD OTC Market CAP Declined By -0.24% To N489.22bn - Our goal with this new designed website is to create a user-friendly browsing experience for our valued customers and investors in the OTC Market. Source Proshare Read More 

What To Expect From The Markets This Week - 101218 - Based on the calendar of the National Bureau of Statistics (NBS), the third quarter GDP report for 2018 will be published on Monday December 10, 2018. Ahead of the release, we present the considerations that shaped our estimates. Source Proshare Read More 

Tight System Liquidity Pushes Funding Rates to a One Month High - The FGN bond market traded on a mixed note today with slight demand seen across selected long-end maturities (28s to 37s), while more sellers remained at the short-end of the bond curve, due to higher yields obtainable on long tenured T-bills.  Source Proshare Read More 

Could The US Market Rally Signal A Coming Recession? - You might have missed the huge market rally last week, what with all the political news and stock market noise. The price on the benchmark 10-year Treasury bond rose from 100.22 on Monday morning to 102.12 at the close on Friday. Source Proshare  Read More

 

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PROSHARE BUSINESS  

What Does It Mean That Independent Directors Accuse Diamond Bank Of Corporate Governance Issues? - The stories around DIAMONDBNK Plc has been one that in one breadth shows deference to the genius of Pascal Dozie to create a bank of such sophistication and appeal; at the time he did it and one that shows resolve about the conviction around the angst about the bank managed long after he left. Source Proshare Read More 

STERLNBANK Notifies of Mr. Rasheed Kolarinwa’s Retirement As An Independent Director- Sterling Bank wishes to notify of the retirement of Mr. Rasheed Kolarinwa as an Independent Director of the Bank. Source Proshare Read More

 

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PROSHARE FINANCE

Sovereign Sukuk Offer for Subscription; Opens December 6 2018-Pursuant to the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 FBNQUEST Merchant Bank Limited & Lotus Financial Services Limited (the “Financial Advisers”) on the authority of the Federal Government of Nigeria Offers for Subscription through FGN Roads Sukuk Company 1 Plc (FGN RSC1) and is authorized to receive applications for the N100,000,000,000 7-Year Ijarah Sukuk due 2025. Source Proshare Read More


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