Nigeria in 1min: Economic, Business and Financial Headlines – 120819

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Monday, August 12, 2019 / 06:20 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY

H2 2019 Outlook: Fish or Cut Bait - As expected, Outlook remained at the heart of global economic discourse and could well prove to be the most influential force in determining global growth for 2019E. Only recently, the IMF slashed its global growth expectation by 10bps to 3.2% YoY partly due to concerns around the US-China trade tensions. Source CardinalStone Research Read More

Headline Inflation To Drop To A 42-Month Low Of 10.98% In July - FDC - We are forecasting that the headline inflation in July will slide to 10.98% from 11.22% in June. If accurate, it will be the lowest level since January 2016. The moderation in the general price level would be largely underpinned by lower food inflation due to favourable harvest. Source FDC Ltd Read More

Oil Markets On Edge Despite Price Bounce – OIR 090819 - While a promise from Saudi Arabia to keep oil exports below 7 million bpd has given oil markets some hope, overall sentiment appears to be very bearish. Source By Tom Kool of Oilprice.com Read More

Global Uncertainty – Is This The New Economic Order?– LBS Executive Breakfast Session – August 2019 - The new ministers will be allocated their portfolios on August 21. The economic management team will have its work cut out, even though the fiscal team is appearing relatively powerless. Source FDC Read More

Weekly Economic and Financial Commentary – WE 09 August 2019 - The Nigerian bourse ended the week negative, declining -1.17% WoW (YTD: -13.12%) to close at 27,306.81 points with market capitalization shedding N157.7 billion. Further breakdown reveals sectoral losses across the index, save the Telecoms sector (+2.16% WoW) which closed in the positive territory. Source ARM Read More 

 

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PROSHARE MARKETS  

What To Expect From The Markets This Week - 120819 - The Interbank call rate advanced 243bps to settle at 11.43%. Negative sentiment persisted in the secondary market, with average yields in the T-bills space advancing 37bps d/d, taking the week’s change to +131bps. Source Proshare Read More

AIRTELAFRI Declares $2.49m PAT in 2019 Audited Results; SP: N323.50K – Airtel Africa Plc released its 2019 Audited Results for the Period ended March 31, 2019. Interest Receivable and Similar Income of $3.75m Declared Source NSE Read More 

Investors Lose N157.72bn WoW As NSEASI Dips By -1.17% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.43% to close at 27,306.81 points as against +0.05% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.12%. Source Proshare Read More 

Economic Reforms in Egypt and Slowing inflation, What Next for the Central Bank? - We recall that Egypt signed an economic reform program with the IMF about 3-years ago in a bid to salvage the economy from the throes of the economic and political crisis. Source United Capital Research Read More 

Forex Intervention: CBN Injects $280.04m, CNY 28.3m Into Retail SMIS - The Retail Secondary Market Intervention Sales (SMIS) has received a boost of $280.04million from the Central Bank of Nigeria (CBN), which also injected the sum of CNY 28.3million in the spot and short tenored forwards segment of the inter-bank foreign market. Source CBN Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 090819 - The equities market recorded negative performance – the listed equities market recorded -1.17% loss WoW while the NASD OTC recorded -0.64% loss WoW. Source Proshare Read More 

NASD OTC Market CAP Decreased By -0.64% WoW To Close At N515.16bn - As at close of trade week on 09 August 2019, market Capitalisation decreased to 515.16 billion from last week's previous 518.49 billion, which shows a 0.64% decrease in Capitalisation. Also the NSI for the week ended 09 August 2019 recorded a decrease from 721.70 points to 717.05  points. Source NASD Plc Read More 

 

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PROSHARE BUSINESS

SEC Warns Nigerians Against Ponzi Schemes - The Securities and Exchange Commission on Sunday warned Nigerians to desist from investing their money in investment schemes being operated by persons or organisations that were not registered to carry out fund management functions. Source Punch Read More

Don’t Force Insurers On Borrowers, CBN Warns Banks - The Central Bank of Nigeria has warned the banks from compelling borrowers to patronise specific underwriting companies to buy insurance covers that are mandatory to access some loans. The apex bank gave this order in its consumer protection guidelines on ‘Responsible business conduct.’ Source Punch Read More

NAICOM: Insurers Lose N41.7b Business To Foreign Firms - Insurance firms have ceded businesses worth  $115.74 million (about N41.7billion) abroad because of lack of financial and technical capacity, a report by the National Insurance Commission (NAICOM) has shown. A breakdown of the lost deals include business of 11 multinationals and local firms abroad, holding only $45 million. This indicates that the firms ceded 72 per cent insurance business abroad. The development is against the implementation of the Local Content Law in the country. Source TheNation Read More

Africa’s Emerging Agritech Market Valued at €5.3bn - Africa’s emerging agritech market valued at €5.3 billion is hugely untapped, according to a new report by the Technical Centre for Agricultural and Rural Cooperation (CTA) and Dalberg Advisors. Source Thisday Read More

Goldman Sachs Economists Say Fears Rise That U.S.-China Trade War Leading To Recession - Goldman Sachs Group Inc (GS.N) said on Sunday that fears of the U.S.-China trade war leading to a recession are increasing and that Goldman no longer expects a trade deal between the world’s two largest economies before the 2020 U.S. presidential election. Source Reuters Read More

Oil Declines as Trade Tensions Continue to Stoke Demand Fears - Oil dropped as U.S. President Donald Trump said planned trade talks with China next month could be called off, stoking concerns the deepening dispute will damage global growth. Source Bloomberg Read More

 

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PROSHARE TECHNOLOGY  

Why Financial Services Can Kickstart Africa's Digital Economy - Africa’s largely informal economy is digitizing. Improved internet and smartphone penetration have given rise to virtual marketplaces, also known as digital platforms, where millions of workers and enterprises have the opportunity to sell their goods and services digitally. Source Herman Smit*, World Economic Forum Read More

Open Banking Will Eventually Transit Into An Open X Phase - With ecosystem partnerships being recognized and valued, open banking will eventually transition into an Open X phase in which standardized APIs, insights from customer data, and effective collaboration prevail. Open X drives data-use excellence that fosters a seamless exchange of resources, improved experience for customers, and expedited product innovation. Source Capgemini, Efma Read More

 

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PROSHARE FINANCE 

Kidnapping Insurance: Is It Hot In Nigeria? - As the recapitalization demand on insurance companies in Nigeria fills the discussion space, few operators are more concerned about how and where premiums (revenues) will be sourced. Source Ekerete Gam Ikon Read More 

Eid-El-Kabir: Buhari Reassures Nigerians That FG Will Tackle Terrorism, Extremism - President Muhammadu Buhari in his Eid-El-Kabir message to all Muslims and Nigerians, has vowed to deal with every form of terrorism, extremism and vices fuelling insecurity and tensions in the country. Source Proshare Read More

 

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