Nigeria in 1min: Economic, Business and Financial Headlines – 171218

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Monday December 17, 2018 / 7:00 AM / Proshare News 

 

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PROSHARE ECONOMY

Headline Inflation Increases By 11.28% YoY in November 2018; 0.02% Higher Than October 2018 Rate-The consumer price index, (CPI) which measures inflation increased by 11.28 percent (year-on-year) in November 2018. Source Proshare Read More 

2019 Elections: Osinbajo, Obi and 3 Others to Debate Economy, Policies-As the 2019 general elections draw near political campaigns and rallies have resumed with intensity, across the nation. Source Proshare Read More 

Nigerian Economy in Perspective 2019 - Dysfunctional Policies and Structural Rigidities-How Did We Get Here Source Proshare Read More 

7 Key Takeaways From The November 2018 Inflation Report - The November, 2018 consumer price index (CPI) latest report released today by the National Bureau of Statistics, (NBS) showed that the increase by 11.28% which is 0.02 points higher than the 11.26% rate recorded in October 2018. Source Proshare Read More 

Weekly Economic and Financial Commentary – WE 14th Dec, 2018 - Data released during the week revealed that inflation rate in the US fell to 2.2% in November (from 2.5% in the previous month) following faster contraction in energy prices (-2.2% m/m). Source Proshare Read More 

Overall Balance of Payments Swung Into Deficit of $4542.08m in Q3 2018 - The provisional Balance of Payments (BOP) estimates for Q3 2018 showed a significant  turnaround in the country’s position as the overall balance of payments swung into a deficit of US$4,542.08 million compared to surpluses  of US$503.97 million and US$2,787.13 million recorded in the preceding quarter and corresponding period of 2017, respectively. Source Proshare Read More 

Is Nigeria Better Off Selling Palm Oil Than Crude Oil In The Long Run? – Making The Case - On a whim the other day, I decided to determine what the price per liter of crude oil is. Of course I had been worried sick that this crude oil thing is a big myth. This crude oil upon which every calculation is based in Nigeria is a big mirage. Source Proshare Read More

 

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PROSHARE REGULATORS

Gov. Emefiele Outlines Policy Thrust for 2019; Woos Foreign Investors-The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has outlined the monetary policy thrust for 2019, saying that the Bank is of the view that the short-term outlook of the Nigerian economy remains good.  Source Proshare Read More 

CBN Reads Riot Act to Banks on Fraud Reporting - The Director, Payment System Management Department, Central Bank of Nigeria, Mr. Sam Okojere, has urged banks to enhance their reporting on fraud related cases in accordance to the CBN’s directive. Source Thisday Read More

Our Cost Of Transaction, Fees, Attractive — SEC Boss - The Acting Director General of the SEC, Ms. Mary Uduk, made the claim at Capital Market Correspondents Association of Nigeria (CAMCAN) 2018 workshop with the theme: “Exploring Green Bond Market for Economic Development” in Lagos. Source Vanguard Read More

 

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PROSHARE MARKETS

Why Diamond Bank Opted For A CBN-Managed Acquisition By Access Bank Over The Carlyle Group - Five (5) months ago, when we became aware of the developments in Diamond Bank Plc, and sought to primarily devote time and resources to understand the nature of the changes that the Central Bank of Nigeria (CBN) was contemplating to deal with the challenges the tier-2 Nigerian banks posed to financial stability. Source Proshare Read More

Capital Hotels Plc Issues an Update on Its Appeal in Its Case With Alhaji Musa Abdullahi-Capital Hotels Plc wishes to update its Shareholders and other Stakeholders on the Execution levied on Friday 8th December, 2018 via Gamishee Order on the Hotel’s account at GTBank to the tune of N503,600,000.00 (Five hundred and three million, six hundred thousand Naira,). Source Proshare Read More

NSEASI Inches up by 0.37% as Investors Loses N61.81bn WoW-Equities market closed today on a positive note, as NSEASI appreciated by +0.37% to close at 30,681.50 basis points as against -0.24% depreciation recorded previously. Source Proshare Read More 

NSE Migrates REITs and Closed End Funds from the Main Board to a Separate Board-The Nigerian Stock Exchange “the Exchange” or “NSE” today announced the migration of REITs and Closed End Funds (CEFs) to a separate board under Equities, effective December 17, 2018. Source Proshare Read More 

Market Review and Round-Up of Corporate News Announced during the Week Ending 141218-The equities market recorded mixed performance – the listed equities market recorded -0.63% loss WoW while the NASD OTC also went up by +0.77% WoW. Source Proshare Read More 

T-Bills Market Ends Bearish as CBN Conducts Special OMO Auction - The FGN Bond market closed the week on a relatively quiet note, with slight interests on the 2028s and 2036s offset by some bearish retracement on the 2037s. Yields were consequently lower by c.1bp on the day. Source Proshare Read More

NASD Supports Initiatives to Ease Capital Raising for Growth Enterprises - As at close of trade week on 14 December 2018, market Capitalisation increased to 492.97 billion from last week's previous 489.22 billion, which shows a 0.77% increase in Capitalisation. Source Proshare Read More 

What To Expect From The Markets This Week - 171218 - There were multiple macroeconomic data releases to analyse this week. The Q3:2018 GDP report which was published on Monday showed an improvement in economic growth to 1.8% (Q2: 1.5%), although the overall economy remained fragile. Source Proshare Read More 

Compliance With IFRS IAS21 – ETI and The Effects of Changes in Foreign Exchange Rates - IAS 21 prescribes how to account for the use of different currencies when presenting financial statements. Source Proshare Read More 

Nedbank Associate Under Scrutiny - Sunday Times SA - A bank in which Nedbank has a significant holding is under investigation for allegedly manipulating its accounts to improve its financial results. Source Proshare Read More

 

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PROSHARE BUSINESS 

NASCON launches New Dangote Classic Seasoning Cubes-Management of the NASCON Allied Industries Plc, a subsidiary of the Dangote Industries Limited has pledged its commitment towards a healthy living by the people by producing products that meet the physical and mental needs of the people. Source Proshare Read More

Winners Emerge In 2018 NSE CEO Awards - The Nigerian Stock Exchange, NSE, has announced winners of the 2018 NSE CEO Awards at a ceremony held at the Stock Exchange House in Lagos. Source Vanguard Read More

The Strange Case Of The US$1 Billion Fund To Revive Ajaokuta - Strange things happen in government all over the world but stranger things do happen in the Nigerian government. On Thursday, November 13, the Senate ‘strangely’ passed a bill to provide for the withdrawal of $1billion from the Excess Crude Account (ECA) for the completion of the Ajaokuta Steel Company. Source Businessday Read More 

 

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PROSHARE TECHNOLOGY

5G Explained: How A New Network Of Technologies Is Set To Transform Our World - 5G will have an impact similar to the introduction of electricity or the car, affecting entire economies and benefiting entire societies. Source Proshare Read More

 

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PROSHARE FINANCE

NDIC joins Islamic Financial Services Board - The Nigeria Deposit Insurance Corporation (NDIC) has been formerly admitted as full member of the Islamic Financial Services Board (IFSB). Source Vanguard Read More 

Policies: NAICOM Threatened With Legal Actions - A few weeks after the National Insurance Commission was forced to cancel its Tier Based Solvency Capital recapitalisation after some shareholders dragged it to court, the regulator is facing another legal threat for introducing the State Insurance Producers’ programme. Source Punch Read More 


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