Nigeria in 1min: Economic, Business and Financial Headlines – 130519

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Monday, May 13, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @FMPWH

 

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PROSHARE ECONOMY

The New Agenda: Continuity or Change? – LBS Executive Breakfast Session – May 2019 - As the first term of the current administration winds down, investors and analysts are having mixed views on the shape of the economy in the next four years. Some are optimistic about a possible fundamental change in structure and direction. Source FDC Read More

Moderating Inflation Rate – Any Policy Response? - There is good news for consumers and the Nigerian economy, as FSDH Research expects the inflation rate for the month of April 2019 to drop further to 11.23% from 11.25% recorded in March 2019. Source FSDH Read More

Oil Supply Shortages Countered By Trade War – OIR 100519 - Oil prices were flat in early trading on Friday, sandwiched between supply outages and the escalating U.S.-China trade war. Source Oilprice Read More

Weekly Economic and Financial Commentary – WE 10th May, 2019 - The Nigerian Bourse closed negative this week with the NSE ASI slipping 1.25% WoW to close at 28,847.81 points, with the market capitalization dropping by N137 billion. Source ARM Read More

Oil Slump: FAAC Disbursements Drop In Q1 2019 - The figure represents a 0.45 per cent decline from the N1.938tn disbursed for the same period in 2018, but 36.7 per cent higher than the N1.411tn disbursed in the corresponding period in 2017. Source Punch Read More

FG Spent 78% Of 2018 Revenue On Recurrent Expenditure — Investigation - The 2018 budget, signed by President Muhammadu Buhari on June 20, 2018, had a total spending of N9.1tn. The capital expenditure was proposed to gulp 31.5 per cent of the total expenditure at N2.87tn while recurrent non-debt spending was planned to gulp N3.51tn in 2018. Source Punch Read More

FG To Bar AMCON Debtors From Official Businesses, Says Osinbajo - To boost the Asset Management Corporation of Nigeria (AMCON’s) ability to recover high-profile debts estimated at N5trillion, the Federal Government has resolved to bar debtor companies/individuals from its official businesses. Source Guardian Read More

 

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PROSHARE MARKETS

What To Expect From The Markets This Week - 130519 - Given the current trend observed during the week, we foresee a continuation of positive trading activity at week start. Also, investors will be looking out for April inflation figures at the start of the week. Source Proshare Read More 

Unilever holds 94th AGM, Declares N8.62 billion Dividend - Shareholders at the 94th Annual General Meeting (AGM) of Unilever Nigeria Plc have commended the company’s management for their commitment to growth as the company declares a N8.62 bn dividend. Source Unilever Read More 

Gross Official Reserves Increased By US$360m in April 2019 to US$44.79bn - Gross official reserves increased by US$360m in April to US$44.79bn. This follows a brief surge the previous month, driven by very strong inflows from foreign portfolio investors (FPIs) on the fixed income side. Source FBNQuest Read More 

African Countries: Taking the Easy Way Out? - In recent years, most African countries have turned to the international debt capital market to satisfy their funding needs while turning a blind eye to the cheaper but stricter loans by supranational organizations. Source United Capital Read More 

 Investors Lose N136.88bn WoW As NSEASI Dips By -1.25% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.17% to close at 28,847.81 points as against 0.24% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.22%. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 100519 - The equities market recorded mixed performance – the listed equities market recorded -1.25% loss WoW while the NASD OTC also recorded +1.03% gain WoW. Source Proshare Read More  

NASD OTC Market CAP Increased By 1.03% WoW To Close At N549.50bn - As at close of trade week on 10 May 2019, market Capitalisation increased to 549.50 billion from last week's previous 543.90 billion, which shows a 1.03% increase in Capitalisation. Also the USI for the week ending 10 May 2019 recorded an increase from 757.06 points to 764.86 points. Source NASD Read More

 

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PROSHARE BUSINESS 

No Monies Missing, Stolen in CBN - The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations  amongst the Governor, Deputy Governor  and some Senior Officials. Source CBN Read More

China-U.S. Feud Fuels Haven Demand as Traders Rewrite Playbook - Forget all the optimism that briefly reverberated through markets over trade on Friday. The weekend’s events have reshuffled the deck and traders are once again looking toward haven assets. Source Bloomberg Read More

FG Loses N52bn To Illegal Iron, Steel Importation Yearly –MAN Group - The group, at a press briefing in Abuja on Friday addressed by its consultant, Mr Obiorah Ifoh, also called for the reintroduction of pre-shipment inspection in order to check the high incidence of the importation of the substandard steel products into the country. Source Punch Read More

NNPC To Pay N534bn Debt To Federation Account - even years after, the Nigerian National Petroleum Corporation (NNPC) has agreed to pay a debt of $1.740 billion or N534.180billion billion (at 307/$1 official exchange rate) to the Federation Account. The whole debt will be cleared within 18 months. Source Leadership Read More

Citi Group Addresses Fraud Allegations Against Jumia - Citigroup Global Markets Inc., an investment bank for Jumia Technologies, has responded to fraud allegations levelled against the e-commerce company by a research firm, Citron Research. Citi Group in its analysis of the allegation said claims by Citron were manipulated and recommended that Jumia make more disclosure of its performance. Source Punch Read More

 

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PROSHARE TECHNOLOGY      

Proshare Set To Release The Nigerian Online Trade Ranking Report 2019 - In 2016, Proshare commenced the release of “The Nigerian Online Trade Ranking Report” – a survey-backed report providing a holistic ranking of online trading platforms in the Nigerian Financial Market based on the following criteria: Technology, Accessibility, Service, Fees & Benefits. Source Proshare  Read More 

CBN Partners Women’s World Banking Group To Explore Deepening Financial Inclusion For Nigerian Women - Deepening Financial Inclusion for Women in Nigeria was the key focus of a stakeholder forum organized in Lagos, by the Central Bank of Nigeria (CBN) in partnership with Women’s World Banking Group. Source Proshare  Read More

 

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PROSHARE MSME

FG, P&G Nigeria To Launch SME Development Academy - This strategic partnership will leverage the Ministry of Industry, Trade and Investment’s SME Academy Program, which aims at delivering structured skills training, advisory and mentoring activities and services for selected Nigerian owned SMEs within the SME Academy Program in order to enable better outcomes for the nation, communities and households. Source Leadership Read More

Stock Market Opens New Listing Opportunities For SMEs, Start-Ups - Nigerian capital market authorities have created a new platform for listing of newly established companies and small and medium enterprises (SMEs). The new window allows SMEs and new companies, otherwise known as start-ups, to list their shares and raise capital through the stock market. Source TheNation Read More

 

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