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Nigeria in 1min: Economic, Business and Financial Headlines – 130618

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Wednesday, June 13, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

Average Prices of PMS, AGO, HHK and Cooking Gas – May 2018- Average price paid by consumers for premium motor spirit (petrol) decreased by -0.3% year-on-year and -0.8% month-on-month to N150.2 in May 2018 from N151.4 in April 2018. Source Proshare Read more 

FG announces new national building code - The Federal Government yesterday announced a new national building code that will regulate construction with the aim of improving on measures to safeguard lives and property in the country. Source Guardian Read more 

Buhari Signs 2018 Budget Wednesday - Barring any last-minute change, President Muhammadu Buhari will Wednesday sign the 2018 Appropriation Bill into law Source Thisday Read more 

AfDB okays $120m to boost cassava, others - The African Development Bank (AfDB) yesterday said it will invest $120 million between the next two and three years to boost the productivity and transform cassava and other eight other commodities on the continent. The nine commodities are cassava, rice, maize, sorghum/millet, wheat, livestock, aquaculture, high iron beans and orange fleshed sweet potatoes. Source THE NATION Read more 

National carrier to begin operation in December —NCAA - The Director-General, Nigerian Civil Aviation Authority, Capt. Usman Muhtar, has confirmed December as the commencement date for the proposed national carrier. Source Punch Read more 

Benue has lost N40bn to herdsmen attacks – 0rtom - Benue State Government said it has lost over N400 billion worth of property to renewed militia herdsmen attacks on communities in between 2015 and 2018. Source THE SUN Read more


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PROSHARE MARKETS

Nigerian Stock Market Extends Gaining Streak as NSEASI Firms Up by 0.83%-Equities market closed today on a positive note, as NSEASI appreciated by +0.83% to close at 39,167.04.  basis points as against +0.46% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.42%. Source Proshare Read more 

FBNH Plc - Attractively Priced As Concerns Are Overcooked, Strong BUY - ARM- We maintain our STRONG BUY rating on FBN Holdings (FBNH) with a revised FVE of N14.40/share (from N16.69/share) due to our lower loan book forecast (-2% YoY) and an upward revision to loan loss provision to N117.2 billion (previously: N78.5 billion).. Source Proshare Read More 

Ahead Of Next T-Bills Auction Scheduled 13th of June 2018- The Central Bank of Nigeria (CBN) is scheduled to hold a Treasury Bills (T-Bills) Primary Market Auction (PMA) on the 13th of June 2018. T-Bills worth NGN180.85bn will mature, while an equal amount expected to be issued in 91-day, 182-day and 364-day instruments. The CBN is expected to auction NGN6.22bn, NGN50.00bn and NGN124.64bn in the 91-day, 182-day, and 364-day instruments respectively. Source Proshare Read more 

Investors Remain Bearish on Nigerian Eurobonds ahead of Expected US Rate Hike - Bond yields moderated slightly with some buys mostly on the 2034s taking yields lower by c.2bps on average. Source Proshare Read more

Value of Insurance Stocks Fall 15% on New Pricing Methodology - The aggregate value of insurance stocks on the Nigerian Stock Exchange (NSE) has depreciated by 15 per cent since the Exchange introduced a new pricing methodology and par value rule on January 29, 2018. Source Thisday Read more 

CBN injects $210m into forex market - The Central Bank of Nigeria (CBN) has stepped into the inter-bank sector of the Foreign Exchange market, yet again, intervening in the wholesale segment and other sectors of the market to the tune of $210 million. Source THE NATION Read more 

Forwards contracts lead CBN dollar sales with $11.2bn - Foreign exchange, forex, sales by the Central Bank of Nigeria (CBN) was dominated in 2017 by Forwards contracts which accounted for $11.2 billion or 70 percent of total sales. Source Vanguard Read more 

NNPC raises kerosene price thrice in two months - The Nigerian National Petroleum Corporation has increased the price of kerosene three times between May and so far this month, raising the cost of the commodity by about N40 per litre, an investigation by our correspondent has revealed. Source Punch Read more 

NDPHC invests N225bn in distribution substations - The Niger Delta Power Holding Company on Tuesday announced that it was building and had also completed several electricity distribution substations with the cumulative capacity to evacuate about 750 megawatts and valued at approximately N225bn. Source Punch Read more

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PROSHARE BUSINESS

Landmark FHC Judgment On The Information Rights of Investors In The Nigerian Capital Market- Balogun Harold, has won a landmark judgment which firmly establishes the rights of both institutional and retail investors in the Nigerian capital market, to (1) demand for information from securities exchanges operating in the Nigerian capital market and; (2) the obligation of securities exchanges to provide requested information within the period stipulated under the Freedom of Information Act, 2011. (the FOI Act). Source Proshare Read more 

Russia to Seek Oil-Cuts Rollback for Most OPEC+ Nations - Russia plans to propose that OPEC and its allies be allowed to return production to October 2016 levels, rolling back most but not all of their output cuts within three months, according to a person familiar with Russian thinking. Source Bloomberg Read more

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PROSHARE TECHNOLOGY

Bitcoin sinks to two-month low as downtrend persists - Bitcoin fell to a two-month low on Tuesday, sliding in three of the last four sessions on nagging regulatory and security concerns after the weekend hacking of South Korean cryptocurrency exchange Coinrail. Source Reuters Read more
 

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