Nigeria in 1min: Economic, Business and Financial Headlines – 110419

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Thursday, April 11, 2019 / 06:50 AM / By News Aggregator / Header Image Credit: Zenith Bank

 

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PROSHARE ECONOMY

Smart Money Is Piling Into Oil - Oil prices jumped to five-month highs this week, pushed higher by a bullish cocktail of supply outages, geopolitical unrest and a sputtering shale sector. Source Oilprice Read More

Weak Spots in Global Financial System Could Amplify Shocks - In the United States, the ratio of corporate debt to GDP is at record-high levels. In several European countries, banks are overloaded with government bonds. In China, bank profitability is declining, and capital levels remain low at small and medium-size lenders. Source IMF Read More

Growing Risks to Central Bank Independence - Recent challenges to central bank independence in a number of countries mark only the beginning of an extended macro policy debate that is likely to play out in the years ahead, especially where economic growth is slowing. Source Fitch Read More

Domestic Passenger Traffic Grew By +23.19% YoY in 2018 - NBS - The various items that make up airport transportation in Nigeria in 2018 experienced growth in 2018. The total number of passengers who passed through Nigerian airports reached 17,230,438. The total number of international passengers who passed through Nigerian airports reached 4,438,799 in 2018 as against 3,936,424 passengers in 2017.  Source NBS Read More

N24.39tn Debt: IMF Worries Over Nigeria’s Repayment Capacity - The International Monetary Fund, on Tuesday, expressed worry over Nigeria’s ability to repay its foreign debt which had continued to rise. Source Punch Read More

OPEC Projects To Tighter Oil Market In 2019 - The research and analysis arm of the Organisation of Petroleum Exporting Countries pointed towards a much tighter market in 2019 as the group has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela. Source Punch Read More

FG Releases N1.5bn as Death Benefits for Deceased Civil Servants - The federal government has released N1.5 billion as death benefits to all certified next-of-kin to deceased civil servants. This disclosure was made Wednesday by the Permanent Secretary, Service Welfare Office, in the Office of the Head of Civil Service of the Federation, Mrs. Didi Walson-Jack, at the second edition of the permanent secretary’s quarterly forum with labour leaders in Ministries, Departments and Agencies (MDAs). Source Thisday Read More

Fuel Subsidy, Nigeria’s Biggest Fiscal Burden — LCCI - Lagos Chamber of Commerce and Industry, LCCI, has described fuel subsidy which the World Bank said cost Nigeria N731 billion in 2018, as the biggest fiscal burden currently staring the nation’s economy in the face. Source Vanguard Read More

 

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PROSHARE MARKETS

11 Plc Q4 2018 Results Review - 6% Cut to EPS Estimates Over The 2019-21E Period - 11 Plc’s FY earnings of N9.3bn missed our estimate by around 10% due to negative surprises on the opex and other income lines. Although 11’s petroleum products marketing business grew y/y with sales up 31%, driven by white product sales which grew up 33% y/y, the business segment was less profitable with PBT margin contracting slightly by –21bps to 3.5%. Source FBNQuest Read More 

NSEASI Erases Previous Day Loss; Inches Up By 0.12% - Equities market closed today on a positive note, as NSEASI appreciated by 0.12% to close at 29,193.42points as against 0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.12%.  Source Proshare Read More 

FIRSTALUM Issues Explanatory Statement on Its Proposed De-Listing From the Main Board of NSE - This Explanatory Statement contains all the information considered by the Shareholders of First Aluminium Nigeria Plc. (“FAN” or “the Company”), in respect of the decision to voluntarily delist First Aluminium Nigeria Plc from the Main Board of The Nigerian Stock Exchange (“NSE”). Source NSE Read More 

 

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PROSHARE BUSINESS 

German Agency Decries Unemployment, To Invest N9b In Nigeria - The agency said it would invest over £19.2 million (N9.03 billion) through its Skills Development for Youth Employment (SKYE) programme to support the promotion of need-based technical vocational education as well as training and youth development in the country.  Source Guardian Read More

Ghana Is the Star in IMF’s 2019 Economic Growth Forecast - Ghana will be the fastest-growing economy in the world this year, according to the International Monetary Fund. The lender’s growth forecast of 8.8 percent for the producer of cocoa, gold and oil dwarfs the 6.6 percent median in a Bloomberg survey. The IMF’s projection in its latest World Economic Outlook published Tuesday is “way too generous,” Neville Mandimika, an analyst at FirstRand Group Ltd.’s Rand Merchant Bank, said on Twitter. Source Bloomberg Read More

EU Gives May Till October For Brexit, Seeking Clarity - European Union leaders gave Britain six more months to leave the bloc, more than Prime Minister Theresa May says she needs but less than many in the bloc wanted, thanks to fierce resistance from France. Source Reuters Read More

 

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