Nigeria in 1min: Economic, Business and Financial Headlines – 131217

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December 13, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

There is More to Economic Growth Than Numbers - LBS EBS – December 2017 - As we approach election campaign season, the use and misuse of economic data to make a strong or weak case for the incumbents, opposition and the unknowns will become the norm.  Proshare Read More 

Some Welcome Surprises on Revenues - Although the National Assembly has started to scrutinize the 2018 budget proposals submitted by the president on 07 November, we are in the curious position of commenting on a document that is not in the public domain.  Source Proshare Read More 

Headline Inflation to Dip Again To 15.88% in November - We forecast that headline inflation will decline for the 10th consecutive month to 15.88%. We believe that this will be the lowest rate of inflation in 2017 as inflation flattens out. Source Proshare Read More 

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Nigeria Q3’17 Trade Report - Oil Exports Lift Current Account To 3-Year High - Driven by the highest quarterly exports in three years, Nigeria’s current account surplus rose to ₦1.2 trillion in Q3’17 (Q1’17: ₦719 billion, Q2’17: ₦506 billion), the highest since the 2014 oil price slump. Source Proshare Read More 

IMF Harps on Economic Diversification for Nigeria, Others - The Managing Director of the International Monetary Fund (IMF), Christine Lagarde on Tuesday stressed the need for Nigeria and other African countries to ensure that they diversify their economies in other to be able to withstand shocks. Source Thisday Read More 

US Firms Generate N1trn Revenue From Nigeria In 2016 - United States of America businesses generated N1trillion revenue for Nigeria in 2016 financial year and made contribution of more than N34.4 billion to the tax revenue according to published survey conducted by global tech, strategy, digital and consulting service firm, Accenture and two other firms released yesterday in Lagos. Source Leadership Read More 

Govt, firms raise N1.55tr in nine months - Governments and companies raised N1.55 trillion from the capital market within the first nine months of this year, an official has said. Source THE NATION Read More 

‘Banks, insurance firms owe NHF N6.7 trillion’ - The refusal of banks and insurance companies to comply with the laws on funding the National Housing Fund (NHF) contributed largely to its failure, the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Ahmed Dangiwa has said. Source THE NATION Read More 

Railway: FG, Lagos agree to demolish Jibowu, Costain bridges - The Federal Government and the Lagos State Government have agreed to pull down two bridges in Lagos located at Jibowu and Costain as part of efforts to address challenges facing the ongoing construction of a new Lagos-Ibadan standard gauge rail line. Source Punch Read More 

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PROSHARE REGULATORS

CBN: Local Rice Production Records 70% Increase - The Central Bank of Nigeria (CBN) has stated that the production of rice locally has increased to 70per cent following the introduction of the Anchor Borrowers Programme by the federal government. Source Thisday Read More 

PROSHARE MARKETS

DANGSUGAR, MAYBAKER and INTBREW Among Best Performing Stocks in 2017 - Market performance in the current year has been very impressive. As at 11th December, 2017, NSEASI YTD return was put at +44.80% as against -6.17% loss recorded in the year 2016. Source Proshare Read More 

Market Resumes Uptrend as NSEASI Inches Up Marginally by 0.03% - Equities market closed today on a positive note, as NSEASI appreciated by +0.03% to close at 38,924.63 basis points as against -0.88% depreciation recorded previously.  Source Proshare Read More 

Forex Market Gets Another $210m Boost from CBN - The interbank window of Nigeria’s Foreign Exchange market on Tuesday, December 12, 2017, received yet another boost of $210,000,000.00 from the Central Bank of Nigeria (CBN).  Source Proshare Read More 

DMO Redeems N198.032billion of Nigerian Treasury Bills Maturing in December - The Debt Management Offices wishes to inform the General Public that the N198.032 billion Nigerian Treasury Bills (NTBs) which will mature in December 2017 will be repaid in full at maturity.  Source Proshare Read More 

Market reacts to DMO’s NTB Redemption Notice - The bond market shed another 21bps in today’s session, as the market reacted to news of the DMO’s plan to redeem all maturing NTBs in the month of December. Source Proshare Read More 

Access Bank GMD speaks on Nigerian Banking Sector in 2017 - As the year 2017 wraps up and we brace up for the new year 2018, it has been an eventful year for the banking sector and the financial services industry. Source Proshare Read More 

Access Bank Ghana shareholders approve 450 mln cedis in bond, share issues - Access Bank Ghana shareholders have approved a programme of capital raising via bonds and rights issues worth 450 million cedis ($100 mln), the bank said on Tuesday. Source Reuters Read More 

Union Bank sells N291m shares to employees - Union Bank of Nigeria (UBN) Plc has listed 51.299 million ordinary shares of 50 kobo each at the Nigerian Stock Exchange (NSE), pushing its total issued shares from 16.936 billion ordinary shares to 16.987 billion ordinary shares. Source THE NATION Read More 

Foreign investors’ inflow into stock market decreases by N9bn - Foreign investors inflow into the nation’s capital market decreased by 18.30 per cent from N48.42 billion in September 2017 to N39.56 billion in October 2017. Source Daily Trust Read More 

Mainstream, GE sign N9.6bn overhaul contract for 80mw Kainji Power turbine - Mainstream Energy Solutions Limited has signed a $26 million (about N9.360 billion) contract with General Electric (GE) to begin overhaul of an 80 megawatts (mw) capacity turbine at Kainji hydropower plant in Niger state. Source Daily Trust Read More 

Govt to initiate legislative framework for renewable energy - The Federal Government will soon initiate a legislative and judicial framework for the utilisation of renewable energy in the country, the Minister of Science and Technology, Dr. Ogbonnaya Onu, has said. Source Punch Read More 

World Bank to stop financing oil, gas projects from 2019 - The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced Tuesday at a climate summit seeking to boost the global economy’s shift to cleaner energy. Source Punch Read More 

Oil Prices Hit $65 on North Sea Pipeline Closure - Oil prices in the international market sustained their rally on Tuesday, with the Brent crude, the international benchmark for crude oil, trading at $65.24 a barrel Source Thisday Read More 

Kachikwu: 2019 Target to End Petrol Imports - The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Tuesday disclosed that the federal government’s target to end importation of petroleum products in 2019 was is non-negotiable, stressing that operators in the oil and gas industry, who cannot deliver on this target had failed the country. Source Thisday Read More 

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PROSHARE BUSINESS

Somalia's battered economy to grow 2.5 percent in 2018, IMF says -  Somalia’s economic growth is expected to pick up next year and in 2019 after drought and security issues cut growth this year, the International Monetary Fund said on Tuesday. Source Reuters Read More 

Asian shares up, dollar dips as Democrat wins Alabama Senate race - U.S. stock futures, Treasury yields and the dollar fell on Wednesday as Democrat Doug Jones beat Republican Roy Moore in a bitter U.S. Senate race in Alabama, while Asian shares edged up as crude oil futures took back lost ground. Source Reuters Read More 

Japan's ultra-low rates could hurt banks' business, economists say: Reuters poll - Economists fear that the Bank of Japan’s ultra-low interest rates could hurt banks’ ability to do business if they are kept too long, a Reuters poll found on Wednesday. Source Reuters Read More 

Europe's Unibail bids $16 billion for Westfield to counter online threat - Europe’s biggest property firm Unibail-Rodamco is to buy U.S. and UK mall operator Westfield Corp for $16 billion, in a defensive move to create a global leader in a sector grappling with the online shopping challenge led by Amazon (AMZN.O). Source Reuters Read More 

Namibia's economic growth seen at 4 percent in 2019/20 financial year - IMF - The International Monetary Fund expects economic growth in Namibia to reach 4 percent in the 2019/2020 financial year, driven by growth in mining, the fund’s senior official said on Tuesday. Source Reuters Read More 

Guinea to receive $650 mln in loans under new IMF programme - Guinea will receive a loan package worth $650 million under a new three-year programme with the International Monetary Fund (IMF), Finance Minister Maladho Kaba told reporters on Tuesday. Source Reuters Read More 

Canada Stocks Hit Five-Week High, Crude Gap Widest in Four Years - Canadian stocks closed at a five-week high amid gains in material and consumer shares, while the Western Canada crude differential hit the widest gap in four years. Source Bloomberg Read More 

Traders See No End to the Dollar’s Pain in 2018 - For the almighty dollar, 2017 has been nothing short of abysmal. Next year might be even worse. Source Bloomberg Read More 

Saudi Arabia to Set Up Entity for Assets Taken in Crackdown - Saudi Arabia is setting up an organization to manage assets relinquished by detainees as part of settlement agreements in the crackdown on corruption, according to people with knowledge of the matter. Source Bloomberg Read More 

U.S. Plans Qatar, U.A.E. Talks on Airline Subsidies - The U.S. State Department is planning talks with Qatar and the United Arab Emirates to discuss allegations that the Persian Gulf nations have spent billions of dollars subsidizing their state-sponsored airlines, people familiar with the matter said. Source Bloomberg Read More 

Bitcoin Fascination Feels Like ‘Speculative Mania,’ RBA Says - Australia’s central bank chief added his voice to growing criticism of bitcoin, saying the cryptocurrency that’s soared more than 17-fold this year is more likely to appeal to criminals than consumers Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

Trump signs into law U.S. government ban on Kaspersky Lab software - President Donald Trump signed into law on Tuesday legislation that bans the use of Kaspersky Lab within the U.S. government, capping a months-long effort to purge the Moscow-based antivirus firm from federal agencies amid concerns it was vulnerable to Kremlin influence. Source Reuters Read More 

Bitcoin hits another record high in march towards $20,000 - Virtual currency bitcoin hit another all-time peak on Tuesday, two days after the launch of the first ever bitcoin futures on a U.S. exchange and ahead of the start of another futures contract next week, as investors grew optimistic that the $20,000-mark is within reach. Source Reuters Read More 

Russia May Turn To Cryptocurrencies For Oil Trade - Russia may be looking to use cryptocurrencies for oil trade to avoid payments in U.S. dollars and limit the impact of the U.S. sanctions, Russia’s government-backed outlet RT reports. Source Proshare Read More 

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