Nigeria in 1min: Economic, Business and Financial Headlines – 160719

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Tuesday, July 16, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: NSE

 

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PROSHARE ECONOMY

Headline Inflation Increases By 11.22% YoY in June 2019; 0.18% Lower Than May 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 11.22 percent (year-on-year) in June 2019. This is 0.18 percent points lower than the rate recorded in May 2019 (11.40) percent. Source NBS Read More

CBN Unveils University-based Poultry Revival Program - In fulfilment of its resolve to diversify the economy, create jobs and engender inclusive economic growth in the country, the Central Bank of Nigeria (CBN) has launched an intervention programme aimed at reviving the comatose poultry sub-sector in the country. Source CBN Read More

External Debt More Than 50% Concessional - The FGN’s external debt obligations at end-March totalled US$25.61bn, equivalent to 6.1% of 2018 GDP. This includes the external borrowings of state governments, which are necessarily guaranteed by the FGN and stood at US$4.23bn at end-December. The debt stock increased by just US$340m over the quarter. Source FBNQuest Research Read More

Average Prices of PMS, AGO, HHK and Cooking Gas – June 2019 - Average price paid by consumers for premium motor spirit (petrol) decreased by -1.8% year-on-year and increased by 0.2% month-on-month to N145.4 in June 2019 from N145.0 in May 2019. Source NBS Read More

NCC Remits N51.3bn To FG In Three Months - The Nigerian Communications Commission says it remitted N51.3bn to the Consolidated Revenue Fund of the Federal Government in the first quarter of 2019. The remittance, according to the Executive Vice-Chairman, NCC, Prof. Umar Danbatta, is in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007). Source Punch Read More

Nigeria Needs Radical Industrialisation, NECA Tells FG - The Nigeria Employers’ Consultative Association has urged the Federal Government to reassess its strategies and tailor its policies and reforms towards a radical industrialisation of the country. Source Punch Read More

 

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PROSHARE MARKETS

Afrinvest Stock Recommendation For The Week 150719 - The local bourse continued its bearish run as the All Share Index (ASI) shed 2.4% W-o-W to settle at 28,566.79 points following losses on 4 out of the 5 trading days. Accordingly, YTD loss worsened to -9.1%. However, market capitalisation rose to N13.9tn from N12.9tn last week mainly due to the listing of 3.7 billion shares of Airtel Africa valued at N1.4tn. Source Afrinvest Research Read More 

Bullish Momentum Sustained as Average T-Bills Yield Contracts 80bps to 11.1% - The Treasury Bills (“T-Bills”) secondary market sustained its bullish trend due to non-issuance of OMO bills by the Apex bank. The T-Bills demand was bolstered on the back of the CBN’s new policy which reduced the excess deposits placed by Deposit Money Banks at the SDF (Standing Deposit Facility) from N7.5bn to N2.0bn. Source Afrinvest Research Read More 

Average Money Market Rate Went Down By 1.65% To Settle At 2.57% From 4.22% - The average money market rate went down by 1.65% to settle at 2.57% from 4.22% in the previous week due buoyant system liquidity seen during the week as CBN continued to hold off on the issuance of OMO. Source Anchoria AM Research Read More 

Market Maintains Negative Posture as NSEASI Dips By -0.79% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.79% to close at 28,341.03 points as against 0.51% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.83%. Source Proshare Markets Read More

Offshore Investors Rally 10-Year Bond following Decline in CPI Inflation - Demand Interests remained stable in the FGN bond space, with yields relatively unchanged on the day, as market players remained cautious ahead of the Q3 FGN Bond Calendar release. Source Zedcrest Capital Read More 

I&E Forex Window Attracts $18.79b In Seven Months - The Investors and Exporters (I&E) Foreign Exchange Window has attracted $18.79 billion from foreign investors in the last seven months, a report from research unit, Coronation Merchant Bank, has shown. The window is also called the Nigerian Autonomous Foreign Exchange (NAFEX). Source TheNation Read More


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PROSHARE BUSINESS

SEC Commences Verification of Claims of Unpaid Investors of Dantata Success and Profitable Company - Sequel to the appointment of joint Administrators/Trustees for Dantata Success and Profitable Company by the Securities and Exchange Commission (SEC) pursuant to section 13 and 173 of the Investment and Securities Act, and consequent to an Order Exparte granted by the Federal High Court Kano Source SECNigeria Read More

NNPC Awards Crude-For-Fuel Swap Contracts - A total of 15 groupings, with at least 34 companies in total, received award letters, four sources with knowledge of the deals were quoted as saying.  The letters were said to have been circulated on Monday. Source Punch Read More

Value Of Electronic Payment Transactions Rise In H1’19 - The volume and value of electronic payment transactions rose in the first half of 2019 (H1’19) as Nigeria Interbank Settlement System (NIBSS) Instant Payment (NIP) recorded the highest transactions with N7.9 trillion during the period. Source Vanguard Read More

NERC Moves To Stop Arbitrary Estimated Billing - The Nigerian Electricity Regulatory Commission (NERC) yesterday held a public consultation as part of efforts to stop arbitrary billing of electricity consumers by the 11 distribution companies (DisCos) following the commencement of the Meter Assets Provider (MAP) regulations on May 1, 2019 nationwide. Source Leadership Read More

Trump Sees Slowing Chinese Growth Pressuring Beijing On Trade - U.S. President Donald Trump on Monday seized on slowing economic growth in China as evidence that U.S. tariffs were having “a major effect” and warned that Washington could pile on more pressure as bilateral trade talks sputtered along. Source Reuters Read More

What Africa’s Key Central Banks Will Discuss in the Next 10 Days - Central banks in sub-Saharan Africa’s key economies will take direction from U.S. Federal Reserve Chairman Jerome Powell when they make calls on interest rates in the next 10 days. Source Bloomberg Read More

 

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PROSHARE FINANCE 

The Insurance Sub-Sector: Its Challenges As Opportunities For All - Arguably, the problems and challenges faced by countries are solved and better tackled by foreigners. The United States of America may have discovered this early and decided to legalise the entrance of foreigners using the Visa Lottery system, Academic Scholarship and other such means to attract the best brains into the US, making it the most sought-after immigrants program until Canada adopted the approach. Source Ekerete Gam Ikon Read More 

 

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