Nigeria in 1min: Economic, Business and Financial Headlines – 180219

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Monday February 18, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

FAAC Disburses N649.19bn in January 2019 - The Federation Account Allocation Committee (FAAC) disbursed the sum of N649.19bn to the three tiers of government in January 2019 from the revenue generated in December 2018.  Source NBS Read More

Headline Inflation Increases By 11.37% YoY in January 2019; 0.07% Lower Than December 2018 Rate - The consumer price index, (CPI) which measures inflation increased by 11.37 percent (year-on-year) in January 2019. This is 0.07 percent points lower than the rate recorded in December 2018 (11.44) percent.  Source NBS Read More

Nigeria GDP - Q4 2018 Shows Improving Momentum - Q4 2018 GDP was reported today at +2.38% y/y versus the Bloomberg consensus estimate of +2.10% y/y.  Non-oil growth was a respectable +2.70% y/y and has accelerated over the past four quarters. Source Coronation Read More

Commodities Market Outlook - Commodity Traders Expect The Bullish Trend In Grains Market To Continue - Insights for the commodity markets are also critical in the New Year 2019 as this will be a major theatre of trade engagement as traders in primary export goods will be hemmed in by shrinking global trade relations and slower Asian growth. Source Proshare Read More

Average Intercity Bus Fare Decreased By -13.90% MoM To N1,541.38 in January 2019 - The Transport fare watch report for January 2019 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport.  Source NBS Read More

INEC Postpones Presidential Elections to February 23rd, 2019 and Gubernatorial Polls to March 9th - The Independent National Electoral Commission met on Friday 15th February, 2019 and reviewed its preparations for the 2019 General elections scheduled for Saturday, 16th February, 2019 and Saturday, March 2nd , 2019. Source INEC Read More

Nigerian General Elections Postponed by a Week Until Feb. 23 - Nigeria’s presidential and parliamentary elections have been postponed by a week because of logistical problems, the electoral commission announced less than six hours before the balloting was due to start. Source Blomberg Read More

2019 Elections Postponement: US, UK and Observer Groups Call for Calm - The Observer groups monitoring the 2019 general elections have in their joint statement, called for calm in the country over the decision of the Independent National Electoral Commission to reschedule the Presidential/National Assembly and Gubernatorial/State House of Assembly elections to February 23rd and March 9th, 2019 respectively. Source OGM Read More

OPEC Cuts Oil Production, U.S.-China Trade Deal Looks Positive - Oil posted sizable gains this week, with ongoing outages in Venezuela tightening the market. Also, one of the largest bearish factors for oil – the U.S.-China trade war – showed some signs of easing. Source Oilprice Read More

FIRS Suspends Directive To “Freeze” Taxpayers’ Bank Accounts - The Federal Inland Revenue Service (FIRS) has through its letter dated 15 February 2019 directed banks to suspend its lien on bank accounts of alleged tax defaulters for a period of 30 days with immediate effect. Source KPMG Read More

Oil Hits $65 On OPEC Cuts, Saudi Shutdown - Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by OPEC-led supply cuts and a partial shutdown of Saudi Arabia’s biggest offshore oil field. Source TheNation Read More

INEC Reviews Ban On Political Campaigns Today - There are strong indications that the Independent National Electoral Commission (INEC) may lift its ban on political campaigns, following the one week postponement of the presidential and National Assembly elections. Source Sun Read More

 

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PROSHARE REGULATORS

Increased Deposits At CBN Raises Currency In Circulation To N2.329tn - The currency in circulation at the end of December 2018 rose by 20.9 per cent to N2.329tn, compared with the growth of 1.4 per cent at the end of September 2018, the Central Bank of Nigeria disclosed this in its 2018 fourth quarter report. Source Punch Read More

 

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PROSHARE MARKETS

Investors Gain N442.01bn WoW as NSEASI Inches Up By 3.76% - Equities market closed today on a positive note, as NSEASI appreciated by +0.81% to close at 32,715.20basis points as against +0.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.09%.  Source Proshare Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 150219 - The equities market recorded mixed performance – the listed equities market recorded +3.76% gain WoW while the NASD OTC went down by -1.42% WoW. Source Proshare Read More

Market Players Rally FGN Bonds in Final Pre-election Bets - The Bond Market maintained a firmly bullish trend as market players sustained demand on the mid to long end of the curve. Offers pulled further apart especially on the long end of the curve as market players retained sentiments for a bullish run post-election. Source Zedcrest Capital Read More

NASD OTC Market CAP Moved Down By -1.42% WoW - As at close of trade week on 15 February 2019, market Capitalisation decreased to 513.16 billion from last week's previous 520.27 billion, which shows a 1.42 % decrease in Capitalisation. Source NASD Read More

What To Expect From The Markets This Week – 180219 - In its fourth positive session this week, the Nigerian Bourse advanced 81bps d/d, contributing to a 3.76% gain w/w. Strong performances from the Oil & Gas (+594bps w/w) and Consumer Goods (+541bps w/w) sectors were the main drivers of the positive market performance, driven by advances in OANDO (+20.00% w/w), SEPLAT (+10.44% w/w), MOBIL (+222bps w/w), UNILEVER (+17.57% w/w), CADBURY (+15.00% w/w) NB (+641bps w/w) and NESTLE (+433bps w/w). Source Proshare Read More 

Reserves Fall to Two-Month Low Of $42.86bn - The nation’s foreign exchange reserves have fallen to $42.86bn, the lowest level in two months, the latest data from the Central Bank of Nigeria showed on Sunday. Source Punch Read More


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PROSHARE BUSINESS 

The Business of Valentine Day 2019; The Day After - Valentine day 2019 has come and gone but the memories linger. Younger lovers smooched away the evening arm in arm blowing soft kisses as their dreamy-eyed innocence concealed economic ignorance, older couples tugged at each arms as they cuddled themselves into a comfortable notion of marital bless marked by a casual poke at financial unruliness. Source Proshare Read More

The Day After: Experts Estimate Cost Of Postponed Elections - Nigerians who were surprised when the country’s presidential election was postponed Saturday might suffer a second shock when they learn the cost, some economists and business leaders say. Source Punch Read More

Sector to Lose N46 Billion Income To 9.2m Uninsured Vehicles - The gale of premium losses to the nation’s insurance industry has continued with estimated N46 billion on the line from non-insurance of 9.2 million vehicles across the country. According to the Nigerian Bureau of Statistics (NBS) report, out of estimated 11.7 million vehicles in the country at the end of second quarter of 2018, only 2.5 million are captured in the motor insurance policy records. Source Guardian Read More

Nigeria Loses N800bn Yearly To Collapsed Paper Mill Sector - The privatisation of Nigeria’s three state-owned paper mills has gone awry, just the same way it happened with many other public assets sold in the past, leaving the country with another huge income deficit. Source Leadership Read More 

Manufacturers, Importers Groan over Customs’ End User Certificate Abuse-Importers and manufacturers of chemical substances in the country have accused the Nigeria Customs Service (NCS) of abuse of End User Certificate (EUC), leading to their loss of over N200 million monthly to demurrage on imported chemicals for paint and some pharmaceutical products. Source Thisday Read More

ALSCON: How BPE Continues to defy Supreme Court Order-The Bureau of Public Enterprises (BPE) has announced the Aluminium Smelter Company of Nigeria (ALSCON), Ikot Abasi, in Akwa Ibom State will soon recommence normal operations.The Director-General, Alex Okoh, said in a statement sent to the media on February 2, that the privatisation agency was consulting to resolve critical issues to facilitate the reopening. Source Premium Times Read More


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PROSHARE TECHNOLOGY 

Facebook needs Independent Ethical Oversight: UK lawmakers-Facebook and other big tech companies should be subject to a compulsory code of ethics to tackle the spread of fake news, the abuse of users’ data and the bullying of smaller firms, British lawmakers said on Monday. Source Reuters Read More


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