Nigeria in 1min: Economic, Business and Financial Headlines – 121118

Proshare

Monday November 12, 2018 / 7:00 AM / Proshare News

 

Click Here To Read Latest Updates

 

PROSHARE ECONOMY

Political Headwinds and Economic Challenges – LBS Executive Breakfast Session – Nov 2018 - As we approach the 2019 elections, investors are being cautious about the likely changes and implications of economic policy before and after the elections.  The Government has approved a conservative and prudent budget for 2019 of N8.73trn whilst emphasizing policy continuity. Source Proshare Read More 

FG Reactivates Export Grant With N13.2bn – Udoma - The Minister of Budget and National Planning, Senator Udoma Udoma, has said the Federal Government has reactivated the Export Expansion Grant with the sum of N13.28bn to stimulate the exports of locally produced goods. Source Punch Read More 

 FG Invests N72 Billion in Distribution of 2000MW, Others-Although, there are about 645 million people without electricity in Africa, with about 90 million Nigerians affected, the Minister of Power, Works and Housing, Babatunde Fashola, has said the Federal Government is doing everything possible to reverse the trend in Nigeria. Source Guardian Read More

Click Here To Read More News on Economy

 

Proshare Nigeria Pvt. Ltd.

 

 

PROSHARE REGULATORS

FAQs By SEC Nigeria On Regularization Of Multiple Subscriptions - The Securities and Exchange Commission (”The Commission”) has received enquiries from investors who are interested in (a) identifying shares which they obtained/purchased through multiple subscriptions to public offers and (b) claiming the dividends accruing to such shares. Source Proshare Read More 

PenCom Moves Against Using Pension Accounts For Money Laundering - As part of the efforts to prevent workers from using their pension accounts for money laundering, operators will begin to investigate workers who make voluntary contributions of N5m and above into their Retirement Savings Accounts. Source Punch Read More 

Social Issues, Product Development Bane of Inclusion, Says CBN - The earlier financial inclusion strategy of banks’ branch expansion and opening up of more micro finance banks has been overtaken by technological advances, but poor product developments and social issues are now challenging ongoing reforms, the Central Bank of Nigeria (CBN) has said. Source Guardian Read More 

Interest Rate Irregularity Scuttles Corporate Bond Market – FMDQ - The Managing Director of  FMDQ,  Mr. Bola Onadele Koko, has said the volatilities and irregularities of interest rate has been the bottleneck for the corporate bond market. Source Daily Trust Read More

 

Click Here To Read More News On Regulators

 

Proshare Nigeria Pvt. Ltd.

 

 

PROSHARE MARKETS

DMO Publishes 4th Strategic Plan (2018 – 2022) - Following the expiration of the 3rd Strategic Plan (2013 – 2017), and in recognition of the evolving roles of the DMO, and the need to align public debt management activities with Government's economic policy thrusts, as encapsulated in the Economic Recovery and Growth Plan (ERGP), amongst others, the need to develop a new Strategic Plan therefore, became imperative. Source Proshare Read More 

ALERT: ZENITHBANK Trades 1% of Its Total Outstanding Shares and 64% of Total Market Volume -  At the close of trading on Wednesday November 7th, 2018, Zenith Bank recorded an unusual upsurge in the volume of shares traded, making the tier-one bank the top traded equity both by volume and value on the bourse for the day in question. Zenith Bank Plc (financial services sector), traded a total volume of 288.27 million shares worth N6.88 billion on Wednesday, its highest daily traded volume of shares since July 2017 and second highest since December 2010. Source Proshare Read More 

Is ETI The Only Bank Using CBN Rates To Convert Its USD Results Into NGN and Vice Versa? - One of the stated objectives of IFRS is comparability, i.e. QC20 Users’ decisions involve choosing between alternatives, for example, selling or holding an investment, or investing in one reporting entity or another.Consequently, information about a reporting entity is more useful if it can be compared with similar information about other entities and with similar information about the same entity for another period or another date. Source Proshare Read More 

NSE Lifts Suspension Placed on the Trading in the Shares of FTN Cocoa Processors Plc - We refer to our Market Bulletin dated 8 October 2018 notifying the public of the suspension of six (6) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period. Source Proshare Read More 

NSEASI Losses on Closing Day of Week, Dips By -0.09%, YTD Returns Stands At -15.80% - Equities market closed today on a negative note, as NSEASI depreciated by -0.09% to close at 32,200.21 basis points as against +0.37% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.80%. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 091118 - The FX market experienced mixed performance during the week. The BDC rate closed flat, the CBN and the IEFX rates both depreciated while NAFEX rate appreciated by 0.03%. Source Proshare Read More 

NASD Present At 1st Nigeria-Canada Investment Summit; USI Up By 2.84% WoW - Nigerian Private and public sector players collaborated to host Canadian diplomats, investors and academia to a three-day summit in Abuja Nigeria.  The event themed “Fostering Strong Business Partnerships into the Future” focused on building sustainable and mutually beneficial partnerships between Nigeria and Canada specifically in six segments which Nigeria has identified as critical and which Canada has significant successful experience. Source Proshare Read More 

Bond Yields Stay Flat amid Dampened Local Demand - The Bond Market traded flat in today’s session, as market players wound up activities in what has been a characteristically weak trading week for bonds. Yields however compressed by c.6bps w/w, mostly due to gains on the Jul 2021s and Apr 2037s. Source Proshare Read More 

What To Expect From The Markets This Week - 121118 - We believe implementation of the minimum wage will suffer across States, although the FG should be able to fully fund its own obligation. In the private sector, we also expect implementation to suffer considering the fragile state of the economy. Indeed, there is no urgency for private employers in the informal sector to boost wages given surplus labour. Thus, we do not expect the wage increase to have a strong pass-through to inflation. Source Proshare Read More 

London Stock Exchange Group Launches Reports On African Capital Markets - The reports will be launched at the African Investment Forum in Johannesburg. The five reports put forward recommendations on how African capital markets could be further developed to increase global investment flows. The reports were commissioned by LAAG following its series of meetings over two years with its members, Africa’s business leaders, policymakers and investors. The reports have been produced in conjunction with stakeholders in London and across Africa. Source Proshare Read More 

Standard Chartered Places World’s First Sovereign Blue Bond - STANDARD Chartered Plc in partnership with the World Bank has launched the world’s first sovereign blue bond for the Republic of Seychelles. Source Vanguard Read More  

Click Here To Read More News on Markets

 

Proshare Nigeria Pvt. Ltd. 

 

PROSHARE BUSINESS

Mr. Wole Abegunde Resigns from Berger Paints Board - This is to inform our stakeholders that Mr. Wole Abegunde, a Non-Executive Director of Berger Paints Nigeria Plc. (BPN), has resigned from the Board effective October 25, 2018. Source Proshare Read More 

First Bank Launches Chat Banking on WhatsApp, to Bolster Social Banking - Nigeria’s Oldest Banking Group, First Bank as part of its commitment to creating a unique digital experience for its customers launched its chat banking on the WhatsApp platform. At its digital lab in Yaba, the bank hosted a media parley to give further insight into the launch and how it will improve financial services delivery. Source Proshare Read More 

NIRSAL, CBN, Others Agree To Increase Agric Lending - The Nigerian Incentive-Based Risk-Sharing System for Agricultural Lending, the Central Bank of Nigeria and Deposit Money Banks have agreed to stimulate the flow of lending to the agricultural sector. Source Punch Read More 

Drugs, Products Regulatory Agencies Get N49bn in 3yrs - Nigeria has spent nearly N50 billion in the last three years to fight illicit drugs, as well as substandard products and food in the country. Source Daily Trust Read More

 CFA Society Nigeria Awards Certificate to 86 New Members - The CFA Society Nigeria on Friday November 09, 2018 inducted 86 news members into its fold who successfully passed their Chartered Financial Analysts Institute exams in 2018. Source Proshare Read More

Click Here To Read More News on Business

 

Proshare Nigeria Pvt. Ltd.

 

PROSHARE TECHNOLOGY

Unimpressive Growth in Mobile Payments - Data from the CBN’s recently released H1 2018 report reveal that a total volume of 596 million transactions was recorded on electronic payment channels in the first half of this year, compared with 462 million in the same period of 2017. As expected, ATM transactions dominated with a volume of 429 million. Source Proshare Read More

MTN Nigeria Sues FGN and AGF For N3billion - MTN Nigeria Communication Ltd has filed a fresh suit at the Federal High Court in Lagos to challenge the legality of N242 billion and $1.3 billion import duties and withholding tax demanded from it by the Federal Government. Source Proshare Read More

Click Here To Read More on Technology 

Proshare Nigeria Pvt. Ltd.

PROSHARE FINANCE

Claims, Exposure, Dividends and Shareholders in the Insurance Industry: An Advice - Warren Buffett, one of the world's leading investor and wealthiest person in the world said in his famed annual Berkshire Hathaway letters:"Simply put, insurance is the sale of promises. The customer pays money now; the insurer promises to pay money in the future if certain events occur. Sometimes, the promise will not be tested for decades. (Think of life insurance bought by those in their 20s.). Source Proshare Read More

 

Click Here To Read More on Finance

 

WATCH LATEST VIDEO ON PROSHARE WEBTV   

Proshare Nigeria Pvt. Ltd.

 

Click Here To Watch More Videos


READ MORE:
Related News
SCROLL TO TOP