Nigeria in 1min: Economic, Business and Financial Headlines – 140818

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Tuesday, August 14, 2018 / 7:10 AM / Proshare News
 

PROSHARE ECONOMY

FAAC Disburses N668.90bn in June 2018 – NBS – The Federation Account Allocation Committee (FAAC) disbursed the sum of N668.90bn to the three tiers of government in June 2018 from the revenue generated in May 2018. Source Proshare Read more 

Clouded Outlook for Global Mining Due to Trade Tensions- The outlook for the mining sector has become more clouded in recent months due to trade tensions between the US and China, Fitch Ratings says. Prices for several commodities, including copper, nickel and zinc, fell sharply in July due to investor concerns about global growth. Source Proshare Read more 

Nigeria’s economy attracts N8.5tn investments in three years - The Nigerian economy attracted a total investment inflow of $27.9bn between July 2015 and March this year. Source Punch Read more 

25% Of Nigerian Economy Controlled By China – Umoden - About twenty five per cent of the economy of Nigeria if not more is controlled by the People’s Republic of China.This  accounts for the reason why Nigerian market is saturated with Chinese products. Source Leadership Read more 

FG, States Fail To Adopt New 18% Monthly Pension Contributions - The federal government and the 36 States of the country, including the Federal Capital Territory (FCT) are yet to implement the new 18 per cent monthly pension contributions of their workers, four years after the Pension Reforms Act (PRA) 2014 was established, LEADERSHIP can now reveal. Source Leadership Read more

 
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PROSHARE MARKETS

Nigeria’s Equities Market Sheds -0.13% to Close First Trading Day of The Week in Red-Equities market closed today on a negative note, as NSEASI depreciated by -0.13% to close at 35,399.28 basis points as against -2.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.44%. Source Proshare Read more 

Average T-Bills Rates Settle at 11.5% as T-Bills PMA and FGN Bond Auction Hold this Week- The T-Bills market was largely quiet last week on the back of sell offs particularly at the mid-long end of the curve as investors anticipated an OMO auction with more attractive yields by the Apex bank. Consequently, average rates across tenors inched 22bps higher to close the week at 11.5%. Source Proshare Read more 

Cordros Weekly Stock Recommendation – 130818- The shares of CADBURY rose by 2.56% to NGN10.00. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x.  Source Proshare Read more 

NSEASI Trades Towards 11-Month Low; YTD Loss Hits -7.44% - Nigeria’s equities market maintained downtrend to extend its six-day losing streak as NSEASI dipped by -0.13% to open the first trading day of the week negative while NSEASI YTD loss hits -7.44% at the close of trading as at August 13th, 2018. Source Proshare Read more 

Seplat Announces the Signing Of the Shareholder Agreement with NGPTC - NGPTC will subscribe for fifty per cent of the shares in ANOH Gas Processing Company Limited (“AGPC”), a company that was incorporated in 2017, for the purpose of processing future wet gas production from the upstream unitised gas fields at OML 53 & OML 21, which is operated by Shell. Source Proshare Read more 

Afrinvest Stock Recommendation for the Week – 130818- Last week, the performance of the domestic bourse was dragged by sustained profit taking across board. As a result, the All Share Index (ASI) declined 2.9% W-o-W to settle at 35,446.47 points while YTD loss moderated to -7.3%. Sector performance was equally negative as all indices under our coverage closed in the red. Source Proshare Read more 

Investment Opportunities in the FGN Savings Bonds- In March 2017, the Debt Management Office (DMO) introduced the Federal Government of Nigeria Savings Bond (FGNSB) to provide an avenue for low-income earners to earn consistently good returns over time. Source Proshare Read more 

Gas: NNPC, Seplat to deliver 3.4bn scf per day -Plans are afoot to bridge gas supply gap in the country as the Nigerian National Petroleum Corporation (NNPC) and Seplat Petroleum Development Company (SPDC) have sealed pacts to deliver about 3.4 billion standard cubic feet (scf) of gas per day by 2020. Source THE SUN Read more 

Nigeria’s LPG Market To Attract N7.2trn Investments - As government pushes for stronger liquefied petroleum gas, LPG utilisation through various incentives, the presidency has disclosed that the nation’s gas market is set to attract about $20 billion (N7.2trillion) in investments. Source Leadership Read more 

Oil Prices Rise As US Sanctions On Iran Tightens Market - Oil prices moved up yesterday as United States of America (USA) sanctions against Iran pointed towards a tighter market, even as concerns over slowing economic growth amid global trade tensions kept a lid on gains. Source Leadership Read more 

N280m Debt: 19 Ondo Communities Cut Off From National Grid – BEDC - The management of Benin Electricity Distribution Company (Benin DisCo) yesterday said 19 communities in Ondo State which are part of its coverage area will continue to remain unconnected to the national electricity grid due to infrastructure that must be replaced at a cost ₦390million, and outstanding debts of 280million. Source Leadership Read more 

Electricity transmission records 2,000 outages – Benin Disco - THE BEDC Electricity Plc’s (BEDC’s), otherwise known as Benin Disco, has said that the Transmission Company of Nigeria (TCN) national grid has recorded over 2,000 outages and interruptions in its network coverage area of Delta, Edo, Source Vanguard Read more 

Electricity generation drops to 2,684MW - The nation’s power generation plunged by 777.9 megawatts on Monday as output from the hydropower plants and some gas-fired stations, including Egbin in Lagos, suffered declines. Source Punch Read more

 
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PROSHARE BUSINESS

Announcing The Launch of The Newly Redesigned Proshare Markets; Replaces #TheAnalyst  - It Is Here – Proshare is happy to launch our newly redesigned website, Proshare Markets. We have redesigned it with you in mind, streamlining ecosystem, live feeds, data arrangement and interrogation, menus, simplifying navigation and linkages, building a responsive layout for all related platforms and providing more resources and information on our products and services; and how we can help you meet your needs. Source Proshare Read more

Roaring To Life: Growth and Innovation In African Retail Banking- Africa’s banking markets are among the most exciting in the world. The continent’s overall banking market is the second-fastest-growing and second-most profitable of any global region, and a hotbed of innovation. Source Proshare Read more 

10 Red Flags That An Unregistered Offering May Be A Scam- Under the nation’s securities laws, a company may not offer or sell securities unless the offering has been registered with the SEC or an exemption to registration is available.  If the offering is not registered, it is often called a private placement or unregistered offering. Source Proshare Read more 

Ponzi Scheme - “Red Flags” And How To Spot One- A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi scheme organizers often promise to invest your money and generate high returns with little or no risk. Source Proshare Read more 

Turkey’s Lira Extraordinary Slump – Running Through Developments And Options?- It has lost a third of its value against the US dollar in a week (!) as investors have grown more anxious about the country’s financial health, its diplomatic row with the US, and its central bank’s reluctance (or inability) to raise borrowing costs to stem the crisis. Source Proshare Read more 

FIRS agrees to refund $2m, other tax overpayments in Arco, GE saga - The Federal Inland Revenue Service (FIRS), has said it will refund the N360million and $2million excess withholding tax (WHT) deducted from Arco Petrochemicals Engineering Company Limited, through its business dealings with General Electric (GE) International Operations Nigeria Limited.This was contained in a letter obtained by The Guardian, dated July 26, 2018, and directed to PricewaterhouseCoopers (PwC) Limited, (tax advisers to GE) with reference number: FIRS/TPAD/GEN/272/V.IX/. Source Guardian Read more 

Ghana’s $84m oil money goes ‘missing’ - Ghana’s Public Interest and Accountability Committee (PIAC) said it is yet to receive any form of explanation from the country’s Ministry of Finance on the whereabouts of over-GH¢400million (about $84million) oil revenues allocated to the Annual Budget Funding Amount in 2017. Source Daily Trust Read more 

South Africa's rand hits 2-year low, bonds tumble as Turkey rout spreads - South Africa’s rand plunged to a 2-year low against the dollar in early trade on Monday and government bonds weakened sharply as a renewed rout in the Turkish lira spread to other emerging market currencies. Source Reuters Read more 

U.S. economy seen strong in 2018, to slow in 2019: CBO - U.S. economic growth will probably accelerate this year before slowing in 2019 to well below the Trump administration’s 3 percent target as a fiscal stimulus fades, congressional researchers projected on Monday. Source Reuters Read more 

China Growth Momentum Stalls as Debt Campaign and Trade War Bite - China’s economy hit a mid-year rough patch as efforts to curb risky lending and excessive debt collided with a deepening trade war. Source Bloomberg Read more 

Turkish Lira Falls Further; Erdogan Fails to Assuage Investors’ Concerns - Turkey’s currency plunged again, rattling other vulnerable emerging markets, as a defiant speech from President Recep Tayyip Erdogan and policy moves from the nation’s central bank failed to assuage investors’ concerns about the country’s perilous financial condition. Source WSJ Read more 

OPEC’s Output Rose in July Despite Decline in Saudi Oil Production - OPEC’s oil production ticked up slightly in July, the cartel said Monday, even as production in Saudi Arabia—the de facto leader of the group—declined. Source WSJ Read more

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PROSHARE MSME

Fidelity Bank, BOI, Ford Foundation Unveils Lending Scheme for Aba Leather Manufacturers - Fidelity Bank Plc, top Nigerian lender in strategic partnership with the Bank of Industry (BoI) has launched the Aba Finished Leather Goods Cluster Financing Programme, as part of continuous efforts to promote Made-in-Nigeria goods capable of meeting global standards for export and local consumption. Source Proshare Read more

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PROSHARE TECHNOLOGY

Bitcoin Sinks Below $6,000 as Almost Everything Crypto Tumbles - Bitcoin dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up. Source Bloomberg Read more 

Nigeria Achieves 70% of it's broadband penetration 2018 TARGET - Telecoms sector regulator Nigerian Communications Commission (NCC) has said going by the long and short term targets of the National Broadband Plan (NBP), the country has achieved 70 per cent broadband penetration. Source THE NATION Read more 

Banks say NCC hurting 9mobile with delayed sale - Nigerian banks owed by the telecommunications firm 9Mobile say they feel let down and confounded by the undue delay in completing the sale of the firm Source BUSINESSDAY Read more 

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PROSHARE REGULATORS

CBN okays N14.9b for Northeast commodity association - The Central Bank of Nigeria (CBN) has approved N14.9 billion loan to the Northeast Commodity Association (NECAS) on the platform of its Anchor Borrowers’ Programme (ABP). Source THE NATION Read more

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