Nigeria in 1min: Economic, Business and Financial Headlines – 170718

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Tuesday, July 17, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY
Global Market Review and H2 2018 Outlook; Still On Track, Albeit Slippery Slope- Global economic growth seemed on track to reach 3.9% in 2018 (20basis points higher than 2017), according to the International Monetary Fund, given the rapid expansion in the Euro Area, Japan, China and the United States. Source Proshare Read more 

NSR H2 2018 (3) - Crude Oil: Stability Gains Ground in Titans' Tug of War- At the start of the year, we had forecasted that the rebalancing process of the crude oil market would leave prices stable over 2018, wherein we had a base case forecast of $60/bbl. for 2018. Source Proshare Read more 

Strong Balance of Payments but Vulnerable- FSDH Research’s analysis of Nigeria’s Balance of Payments (BOP) position as at Q1 2018 confirms our view that the country’s external position remains strong but vulnerable to developments in the crude oil and gas market. Source Proshare Read more 

IMF upgrades Nigeria’s 2019 GDP growth forecast to 2.3% - THE International Monetary Fund (IMF) yesterday upgraded its growth rate forecast for Nigeria’s Gross Domestic Product (GDP) in 2019 to 2.3 percent, while retaining 2.1 percent for 2018, citing improved crude oil prices. Source Vanguard Read more 

Awolowo: we have 1% of African import - The 2017 statistics from the international trade centre has shown that Nigeria  accounts for only one per cent in value of African imports from the world. Source THE NATION Read more 

Afreximbank, AfDB sign $.5m pact - The African Export-Import Bank (Afreximbank) has sealed $500,000 pact with the African Development Bank to  support African Private Sector Assistance (FAPA) programme. The fund will be used in supporting emerging factoring firms in Africa. Source THE NATION Read more 

Rivers seals 9mobile office over N108m tax default - The Association of Licensed Telecommunication Operators of Nigeria (ALTON) has decried the unilateral closure of 9mobile Port Harcourt Regional Office by officials of Rivers State Internal Revenue Service (RIRS). Source THE NATION Read more 

Industry loses N240b to eight million uninsured automobiles - The insurance industry has lost a whopping N240 billion premium income from the non-insurance of an estimated eight million tricycles and motorcycles which ply Nigerian roads between 2000 and 2017, The Guardian has learnt. Source Guardian Read more

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PROSHARE MARKETS
Afrinvest Stock Recommendation for the Week – 160718- The equities market maintained a bearish run for the second consecutive week as the NSE All Share Index (ASI) shed 0.6% W-o-W to settle at 37,392.77 points while YTD loss further declined to 2.2%. Source Proshare Read more 

Cordros Weekly Stock Recommendation – 160718- he shares of CADBURY dropped by 9.35% to NG11.15. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. CADBURY published Q1-18 result, showing EBIT was higher by 76.2% while PBT was lower by 67.2%, both compared to Q1-17. Source Proshare Read more 

Equities Market Resumes Downtrend as NSEASI Dips by -0.34% to Open The Week Negative- Equities market closed today on a negative note, as NSEASI depreciated by -0.34% to close at 37,266.86 basis points as against +0.45% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.55%. Source Proshare Read more 

Fixed Income Market Monitor- Average Money Market Rate Decreased Marginally to 9.17%- The money market rate decreased slightly last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) fell to 9.42% and 8.92% respectively. Consequently, the average money market rate decreased marginally by 2.96% to settle at 9.17% as system liquidity is estimated to have increased to c.N303bn. Source Proshare Read more 

NNPC, Cross River plan 14MW oil palm-biodiesel project - The Nigerian National Petroleum Corporation announced on Monday that it had commenced a stakeholders’ engagement to sensitise residents of Iwure, Ojor and Osomba/Akin communities of Cross River State ahead of the proposed 14 megawatts oil palm-biodiesel project in that part of the state. Source Punch Read more
 
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PROSHARE BUSINESS
LCIA Gives Judgment For Ansbury, Orders OODP and Whitmore To Pay $680m In a ruling delivered on July 6th 2018, the LCIA issued an award against Ocean and Oil Development Partners (OODP) BVI (who through their holding company Ocean and Oil Development Partners (OODP) Nigeria Ltd own 55.96 per cent equity in Oando PLC) and Whitmore Asset Management Ltd (owned by Wale Tinubu and Mofe Boyo) to jointly pay a total sum of US$680 million to Ansbury Investments Limited (owned by Mr. Gabriele Volpi). Source Proshare Read more 

Oando Plc Sets the Record Straight Regarding the LCIA’s Ruling on Whitmore, OODP BVI and Ansbury- Lawyers representing Wale Tinubu and Mofe Boyo the Group Chief Executive and Deputy Group Chief Executive of Oando PLC and co-owners of Whitmore Asset Management Limited, have come out to say that contrary to a statement issued by the Legal Counsel to Ansbury Investment. Source Proshare Read more 

China overloading poor nations with debt, top US official says - China is saddling poor nations with unsustainable debt through large-scale infrastructure projects that are not economically viable, the head of the U.S. Overseas Private Investment Corporation (OPIC) said on Monday. Source Reuters Read more 

Oil climbs from 3-mth low as more oil workers strike in Norway - Brent crude prices rose from a three-month low on Tuesday after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days. Source Reuters Read more 

Jeff Bezos Becomes the Richest Man in Modern History, Topping $150 Billion - The Amazon.com Inc. founder’s net worth cracked $150 billion in New York on Monday, according to the Bloomberg Billionaires Index. That’s about $55 billion more than Microsoft Corp. co-founder Bill Gates, the world’s second-richest person. Source Bloomberg Read more 

OPIC plans to invest $1bn in Africa - The U.S. Government's development finance institution, the Overseas Private Investment Corporation has announced a $1 billion dollar investment in Africa through the Connect Africa Initiative, to boost Infrastructure, communications and value chain connectivity. Source CNBC Read more
 
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PROSHARE TECHNOLOGY
MTN's Dubai subsidiary sells MTN Cyprus for $304 million - South Africa-based mobile telecommunications company MTN Group Ltd said on Monday its Dubai subsidiary sold its Cyprus business to Monaco Telecom S.A for 260 million euros($304 million). Source Reuters Read more 

70% of Kenyans have been victims of digital financial transaction fraud - Over 70 per cent of Kenyans have been victims of financial fraud, with majority of Kenyan banking leaders singling out SIM swaps. Source CNBC Read more 

Telecom firms, banks, others spend N246bn on foreign software - Telecomms companies, banks, insurance companies and management services firms have spent N246bn on licensing of foreign software in six years. Source Punch Read more 

Coinbase reportedly gets approval from U.S. regulators to start listing tokenized securities - Coinbase shared big news Monday that federal regulators are allowing the popular cryptocurrency exchange to proceed with plans to sell cryptocurrency tokens that are deemed securities. Source Tech Crunch Read more

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PROSHARE MSME

BoI to give MSMEs N250bn at single digit interest - The Managing Director, Bank of Industry, Mr Olukayode Pitan, has said the $750m (N250bn) syndicated loan facility, which it received from the African Export-Import Bank last week, will be disbursed to Micro, Small and Medium Enterprises at single digit interest rate Source Thisday Read more

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