Nigeria in 1min: Economic, Business and Financial Headlines – 180718

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Wednesday, July 18, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY
NSR H2 2018 (4) - Commodity Prices: Peaks and Troughs Across Soft Commodities- After a decline of 1.6% in 2017, the S&P GSCI Agricultural Index shed more weight in the first half of 2018 (-49bps) against the backdrop of subsisting declines in the price of key soft commodities. Major commodities that drove the decline include barley, rubber, crude palm oil (CPO) & raw sugar, while wheat and cocoa prices tracked higher, limiting the drop in the index. Source Proshare Read more 

Nigeria's Buhari sends $750 mln supplementary budget to lawmakers - Nigerian President Muhammadu Buhari submitted a 228.9 billion naira ($750 million) supplementary budget for 2018 to parliament on Tuesday after a six-month delay in getting the main budget approved. Source Reuters Read more 

World Bank spent $300m on community projects in Nigeria - The World Bank says it has spent $300 million out of the $415 million earmarked to support Community and Social Development Projects (CSDP) across 30 states of the federation and the FCT. Source Daily Trust Read more 

IMF: rising risks constrain lending by banks - The International Monetary Fund (IMF) has said the risk associated with lending is limiting the volume of loans being granted by banks. Source THE NATION Read more 

Hadi Sirika And The Return Of Nigeria Airways- One of the usual features on Nigerian social media is the nostalgic passion with which Nigerians often distribute pictures of the old Nigeria Airways and how that company once considered one of the best in Africa was mismanaged and made to fail. Source Proshare Read more
 
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PROSHARE MARKETS
Equities Market Maintains Downtrend as NSEASI Dips Further by -0.81% to Close Below 37,000bpts- Equities market closed today on a negative note, as NSEASI depreciated by -0.81% to close at 36,963.70 basis points as against -0.34% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.35%. Source Proshare Read more 

Liquidity supports demand pressures, but only at the short end - Yields in the bonds market weakened today, with yields expanding by c.0.02bps on the average across the curve. Source Proshare Read more 

Lafarge Africa Plc - Still Navigating Murky Waters- Extending the poor run from FY’17, Lafarge Africa recently released its Q1’18 result reporting weak earnings in the period. The disappointing performance was on the back of poor contributions from both Nigeria and South African businesses. Source Proshare Read more 

Ahead Of Next T-Bills Auction Scheduled 18th of July 2018- The Central Bank of Nigeria (CBN) is scheduled to hold a Treasury Bills (T-Bills) Primary Market Auction (PMA) on the 18th of July 2018. T-Bills worth NGN178.41bn will mature, while an equal amount is expected to be issued in 91-day, 182-day and 364-day instruments. Source Proshare Read more 

Corporate Earnings as Big Picture for Short and Long-Term Price Movement- No doubt, statistics from the Nigerian Stock Exchange (NSE) have established great facts about the great improvements recorded in corporate earnings over the past five quarters, reflecting the positive impact of monetary policy stimulus of the CBN on the economy, especially on the manufacturing sector. Source Proshare Read more 

Osinbajo inaugurates N107bn BUA’s Sokoto cement plant - Vice-President Yemi Osinbajo on Tuesday in Sokoto State inaugurated the BUA cement and coal power plants built at the cost of $350m (N107bn). Source Punch Read more 

AFC Grants Waltersmith $35m Facility for Refinery Project - The Africa Finance Corporation, (AFC) has signed a $35 million debt facility agreement with Waltersmith Refining and Petrochemical Company Limited, for a proposed 5,000 barrel per day (bpd) refinery project to be situated in Imo state. Source Thisday Read more

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PROSHARE BUSINESS
Minister Kemi Adeosun’s NYSC Certificate- The Minister of Finance, Mrs Kemi Adeosun has been in the eye of the storm, and that is putting it mildly. While I believe that she may be the target of a conspiracy against her by persons on whose toes she may have stepped, (otherwise, who is still worrying these days about NYSC certificate?), it seems she herself has not helped matters by refusing to say a word to explain her dilemma. Source Proshare Read more 

Corporate Governance Is A Myth- The concept of corporate governance implies consistent and effective laws, methods, and metrics for governing our nation's public companies. The sad fact is that there is no such thing. It's a myth. Here's why Source Proshare Read more 

‘Half trillion naira locked in corruption cases’ - More than half a trillion naira is currently locked in several corruption cases pending in courts, the Nigerian government has said. Source Guardian Read more 

FG recovers US$2 trillion assets in 18 years - Dogara - The Speaker of the House of Representatives, Yakubu Dogara, on Tuesday disclosed that the total value of recovered funds and assets by the Federal Government since 1999 is estimated at US$2 trillion dollars. Source Daily Trust Read more 

We will need N242bn for 2019 elections, Buhari writes Senate - ONE Month after the 2018 budget was signed into law by President Muhammadu Buhari, strong indications emerged yesterday that fresh crisis looms between the Executive and the legislative arm of government over the burning issue of insertion of N578bn into the N9.12trillion 2018 budget by the lawmakers. Source Vanguard Read more 

May’s Brexit Plan Narrowly Survives in Parliament - Prime Minister Theresa May’s Brexit plan narrowly survived a series of votes in Parliament on Tuesday, a struggle that casts doubt on whether she can negotiate an exit deal with the European Union that is acceptable to British lawmakers. Source Reuters Read more 

Egypt's parliament passes $11 billion sovereign wealth fund - Egypt is setting up a sovereign wealth fund with a capital of 200 billion Egyptian pounds ($11 billion), the state news agency said on Tuesday. Source Reuters Read more 

Oil prices drop amid surprise jump in U.S. stockpiles - Oil prices dropped on Wednesday after an industry group reported that U.S. crude inventories rose last week, defying analyst expectations for a significant reduction. Source Reuters Read more 

Templeton, BlackRock Say Now's the Time to Buy Emerging Markets - Emerging markets are poised to rally after more than $7 trillion in stocks slid into bear territory, according to three of the world’s largest money managers. Source Reuters Read more 

Angola Cuts Borrowing Costs for the First Time in Four Years - Angola’s central bank cut benchmark borrowing costs for the first time in four years, and the same man who presided over the last easing in July 2014 is now again in charge of policy. Source Reuters Read more 

It’s Adapt or Die in the New Saudi Economy - Just off the busy boulevard that runs through central Riyadh, an Italian restaurant called Forchetta lay empty and dusty for months. Source Bloomberg Read more
 
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PROSHARE TECHNOLOGY
TaxiTV Raises Seed Fund From Beta.Ventures- TaxiTV, a Lagos based advertising-technology startup has secured an undisclosed amount of seed funding in a round led by Beta.Ventures. TaxiTV is an in-ride entertainment system startup founded in October 2017 by Akinbola Asalu, CEO, and Dami Osiyale, COO. Source Proshare Read more 

Greentree Investment Company Targets Funding Of Promising Nigerian Startups- Over the weekend, GreenTree Investment Company, a venture capitalist firm based in Lagos, organised a Pitch Day for promising Nigerian startups; many of whom could potentially receive thousands of dollars in funding for their businesses. Source Proshare Read more 

Nigeria connects 93.3 million unique telephone subscribers - Although there are about 240 million telephone connections in Nigeria, with no fewer than 160 million active lines, the country has 93.3 million unique mobile phone subscribers. Source Guardian Read more
 
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PROSHARE FINANCE
PwC Hospitality Outlook 2018-2022: Positioning For Future Growth- The 8th Annual edition Outlook provides an overview of how the hotel industry in South Africa, Nigeria, Mauritius, Kenya and Tanzania is expected to develop over the coming years. It details the key trends observed and discusses the challenges facing the sector, as well as considering its future prospects. Source Proshare Read more
 

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