Nigeria in 1min: Economic, Business and Financial Headlines – 150119

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Tuesday January 15, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

Technical Committee on Minimum Wage to look for Additional Revenue – Udoma - The Minister of Budget and National Planning, Senator Udoma Udo Udoma, at the weekend explained that the Technical Committee on the Implementation of a new Minimum Wage inaugurated last Wednesday by President Muhammadu Buhari. Source Ministry of Budget and National Planning Read More 

The Unsustainable Operations of Nigeria’s Rail Sector - This is meant to be a sort of travelogue of my first train ride in Nigeria. I will focus the first part on exactly what happened and the second part on an analysis of what can be done better. Source Tope Fasua Read More 

Review of Key Developments in the Nigerian Economy Week 2 of 2019 - It was an eventful second week of January, 2019 for the Nigerian Economy and we present the key developments that occurred during the week. Source Proshare Read More 

Nigeria Targets Sub-100 On World Bank Doing Business Ranking - The Federal Government has expressed optimism to double its target this year by moving Nigeria’s ranking to sub-100 in the 2020 World Bank Doing Business Report.It expressed more optimism following last year’s target that was surpassed, where the country moved up 24 places in the last two years, with sub-Sahara at 140, and Nigeria at 169. Source Guardian Read More 

IMF: Nigeria, other African Economies to Grow 3.8% - The economies of Nigeria and other sub-Saharan Africa countries will be home to several of the world’s fastest-growing economies this year, the International Monetary Fund (IMF) said yesterday. The region, it said, is expected to have overall economic growth of 3.8 per cent, on par with the global forecast of 3.7 per cent. Source TheNation Read More 

Fed Govt, States Issue N3.24tr Bonds in One Year - The Federal and state governments borrowed N3.24 trillion in local and international bond issuances last year, it was learnt yesterday. Source The Nation Read More

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PROSHARE MARKETS

Afrinvest Stock Recommendation for The Week 140119 - The local bourse maintained a downtrend W-o-W as the All Share index fell by 2.6% to close at 29,830.70 while market return year to date worsened to -5.1%. Source Afrinvest Research Read More 

Money Market Rate Decreased as Overnight Rate fell to 22.50% - The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 22.50% and 20.00% respectively. Source Anchoria AM Research Read More 

T-Bills Market Records Bullish Performance as Average Yields Decline to 15.3% - The Treasury Bills (“T-Bills”) secondary market last week reversed the bearish performance recorded in the previous week – which so far has indicated a W-o-W undulating trend – as investors interest was centred on the short tenored bills. Source Afrinvest Research Read More 

NSE Resumes Trading After A Technical Glitch; Extends Trading Hours to 3:30PM - The Nigerian Stock Exchange (NSE) today, January 14, 2019, encountered a technical glitch which impacted trading activities for about four hours. Source NSE Read More 

NSE CEO Reviews 2018 Market Performance and Gives Outlook for 2019 - The Nigerian Stock Exchange (“NSE” or “The Exchange”) held its 2018 Market Recap and Outlook for 2019 on Monday, January 14, 2018, at the Stock Exchange House, Marina, Lagos. Source NSE Read More 

Nigeria’s Equities Market Maintains Positive Stance to Open The Week in Green; NSEASI Inches By 0.4 - Equities market closed today on a positive note, as NSEASI appreciated by +0.45% to close at 29,964.79 basis points as against +1.06% appreciation recorded previously. Source Proshare Read More 

Bond Yields Compress Further as Coupon Expectations Sustain Buying Interests - In line with our expectations, yields in the bond market moderated further by c.2bps, even as offers pulled further away following demand on the mid to long end of the curve, especially the 27s and 37s. Source Zedcrest Capital Read More 

Coronation Merchant Projects 2.25% GDP Growth For 2019 - Coronation Merchant Bank, yesterday, projected that Nigeria’s economy will grow by 2.25 percent in 2019. Source Vanguard Read More 

 

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PROSHARE BUSINESS 

Banks To Lose 18-Month Interest On Marketers’ Subsidy Debts - The Central Bank of Nigeria has asked Deposit Money Banks to forgo the interest charged on petrol subsidy-induced loans advanced to oil marketers from June 2017 to December 2018, our correspondent has learnt. Source Punch Read More

China's $300 Billion Tax Cut Is Key Growth Stabilizer: JPMorgan - China’s government is turning increasingly to tax cuts as the first line of defense against a slowing economy, in a departure from the wasteful infrastructure binges of the past. Source Bloomberg Read More

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PROSHARE TECHNOLOGY

Stakeholders Converge on Abuja for Financial Literacy Confab - National Financial inclusion stakeholders in Nigeria, led by the Central Bank of Nigeria (CBN), will converge on Abuja on Thursday, January 17 and Friday, January 18, 2019, for the launch of key policy documents aimed at facilitating the attainment of the financial inclusion target of 80 per cent by 2020. Source CBN Read More

 

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PROSHARE FINANCE

NIA Introduces USSD Verification, Registers Three Million Vehicles - The Nigeria Insurers Association has introduced an Unstructured Supplementary Service Data that motorists can use to verify the authenticity of their vehicle insurance certificates. Source Nike Popoola of Punch Read More

 

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