Nigeria in 1min: Economic, Business and Financial Headlines – 110618

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Monday, June 11, 2018 / 10:10 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 110618 - During the week, we released the May 2018 Edition of the Proshare Confidential Report which took a cursory look at how deeply the weakness in Human Development Index has become but far beyond the embers of income. Source Proshare Read more 

Headline inflation to decline further to 11.8% in May 2018  - Headline inflation is expected to slow further in May, falling by 68bps to 11.8% from 12.48% in April. This will mark the 16th consecutive monthly decline and the lowest rate of inflation since February 2016. Source Proshare Read more 

States raise domestic debt by N1.64tn in three years - The resort to borrowing by the country to finance virtually everything has become worrisome to many analysts, with the state governments increasing their exposure to the foreign and domestic debt markets at will, EVEREST AMAEFULE writes Source Punch Read more 

Buhari Signs Bills Granting Financial Autonomy To State Assembly And Judiciary; Signs 3 Others - President Muhammadu Buhari yesterday signed four bills related to the Nigerian Constitution’s  Alteration 4th Amendment into law. Source Proshare Read more 

POCKET Economics: Addressing Income Inequality- Evidently, there has been erosion in growth largely due to years of policy summersaults and uncertainty. As a result, output gaps have been inevitable which led to a recession.  Interestingly, qualitative indicators such as the Human Development Index (HDI) have been weak and have become accentuated in the macro space, as household wallets shifted inwards and real incomes were suppressed. Source Proshare, Read more 

Government gets $1b debt offer from Afreximbank - The African Export-Import Bank (Afreximbank) has reiterated its cooperation with Nigeria in its quest for development, as well as willingness to arrange financing of up to $1 billion to support the government’s investments in trade enabling infrastructure. Source Guardian Read more 

BoI, Ebonyi unveil N4bn agric fund for civil servants - The Bank of Industry (BoI) and Ebonyi State government have unveiled another N4 billion matching funds to improve agricultural activities embarked upon by workers in the state. Source Guardian Read more 

Poor demand, others push inventory to N321.12b - The Manufacturers Association of Nigeria (MAN) has attributed the rising stock of unsold goods to low real consumption in the economy. Source Guardian Read more 

Nigeria sovereign investment closes year with N27.93bn income - The Nigeria Sovereign Investment Authority (NSIA) has declared an income of 27.93bn for the financial year ended 31st December 2017. Source Daily Trust Read more 

Healthcare operations crippled over debts by HMOs - Nigeria’s healthcare delivery system which pales in comparison to many other countries in the world, appears to be getting worse as privately-run medical centres are finding it difficult to finance their operations owing to backlog of debt from health insurance providers. Source BUSINESSDAY Read more 

Nigeria got $17bn from Afreximbank in 24 yrs — Oramah - The African Export-Import Bank (Afreximbank) said, weekend, it has approved a total of $17 billion financing for Nigerian entities between its commencement of operations in 1994 and last December. Source Vanguard Read more

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PROSHARE MARKETS

Nigerian Stock Market Resumes Downtrend as NSEASI Dips By -0.96% - Equities market closed today on a negative note, as NSEASI depreciated by -0.96% to close at 38,669.23.  basis points as against +1.58% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.11%. Source Proshare Read more 

Corporate Earnings for the Week Ending 080618 – GNI Declares N67.31m PAT in Q1 2018 Results - During the week ending  June 08, 2018, two(2) quoted firms declared their results.  Source Proshare Read more 

Cost of funds to fall as N425bn hit interbank - COST of funds in the interbank money market is expected to moderate downward this week as N425 billion inflows from maturing treasury bills boost market liquidity. Source Vanguard Read more 

I&E Forex Window attracts $50.73b in 13 months - The Investors’ and Exporters’ (I&E) Forex Window has attracted to the economy in 13 months $50.73 billion, a report by FSDH Research has shown. Source THE NATION Read more 

External reserves under pressure as foreign investors search for increased yields - Nigeria’s external reserve has been under pressure following increased demand from foreign investors, who are seeking increased yields from favourable markets. Source BUSINESSDAY Read more 

Fuel price rises to N205, under recovery hits N60/litre - The actual price of Premium Motor Spirit, PMS, also known as petrol, climbed to N205 per litre, according to documents obtained from the Petroleum Products Pricing Regulatory Agency, PPPRA. Source Vanguard Read more 

Sahara Power calls for policy overhaul in energy sector - Sahara Power Group has called on policymakers to critically re-assess existing policies with the aim of analysing their impact on stakeholders in the energy sector of the Nigerian economy. Source Daily Trust Read more

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PROSHARE BUSINESS

Toyin Sanni, CEO of United Capital Leaves At month End - Mrs. Toyin Sanni, Group CEO of United Capital Plc is set to leave her job by month end, after an award-filled career of positive engagements locally and internationally. Source Proshare Read more 

Buhari Nominates Ade Shonubi As CBN Deputy Governor  - President Muhammadu Buhari has approved the nomination of Folashodun Adebisi Shonubi as the Deputy Governor of the Central Bank of Nigeria; subject to senate confirmation. Source Proshare Read more 

First Bank Plc Presents Its Position On Contempt Judgement And Matters Arising  - FirstBank of Nigeria Limited (FirstBank) was not a party to the suit and earlier order of Honourable Justice I.N Buba dated 14th June 2010 in respect of which His Lordship has now committed the Board Members of FirstBank for contempt. Source Proshare Read more 

Oil dips as U.S. and Russian supplies grow, but market eyes Singapore summit - Oil prices fell on Monday, pulled down by rising Russian production and U.S. drilling activity creeping to its highest in more than three years. Source Reuters Read more 

Ghana to Buy Contracts to Protect It From High Oil Prices - Ghana will buy contracts to protect it from higher oil-product prices in the third quarter as the West African nation seeks to curb volatility in what consumers pay at the pump amid rising costs of the fuel in international markets. Source Bloomberg Read more 

Ethiopian Govt To Open Telecoms And National Airline To Foreign Investors - Ethiopia is opening the state-owned telecommunications company and airline to foreign investors for the first time, a move that indicates new Prime Minister Abiy Ahmed is more receptive to outside interests in Africa’s second-most populous nation. Source Proshare Read more

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PROSHARE TECHNOLOGY

The Nigerian Trading Online Report 2018 To Include Section on Regulatory Technology  - The Online Trading Ranking Reports was initially dedicated to providing an index for measuring the adoption of technology amongst capital market operators. In the last year, we recognised the convergence taking place and the rate of acceleration in adoption amongst the financial services sector. Source Proshare Read more 

MTN Ghana Launches Mobile Money Based IPO  - It is the first time shares of a major corporation can be purchased using mobile money accounts. Ghanaians will be able to buy shares using Momo Wallet, MTN’s local mobile money platform with 6.2 million users. Source Proshare Read more 

Cryptocurrencies Lose $46 Billion After South Korean Bourse Hack - A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fueling a $46 billion selloff and extending this year’s Bitcoin slump to more than 50 percent. Source Bloomberg Read more 

EU To Create A Common Cybersecurity Certification Framework And Beef Up Its Agency  - The EU is to enhance its cyber resilience by setting up an EU-wide certification framework for information and communication technology (ICT) products, services and processes. Source Proshare Read more

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PROSHARE REGULATORS

SEC Nigeria to work with Grassroots Groups on Financial Literacy - The Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with various grassroots groups in its financial literacy campaign. Source Proshare Read more 

 

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