Nigeria in 1min: Economic, Business and Financial Headlines – 181217

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December 18, 2017 7:20 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 181217 - In the week ahead the National Bureau of Statistics will make available the inflation figures for November 2017. In October 2017, core inflation rose from 12.12% to 12.4%, as it became less predictable compared to earlier trend. Month on Month inflation has been on a downward trajectory due to the Central Bank’s dynamic sterilization, regardless of the festive period drawing closer. Source Proshare Read More 

Nigeria, others need commodity-price surge to avert debt crunch–IMF - The sub-Saharan Africa faces a potential debt crunch unless commodity prices improve and boost the pace of economic growth, the International Monetary Fund has said. Source Punch Read More 

FG, 19 states to spend N14.5 trillion in 2018 - The central and 19 state governments are planning to spend N14.5 trillion next year, Daily Trust investigations have shown. Source Daily Trust Read More 

Nigeria implements 21% of capital budget in 2017 - The New Year is barely two weeks away and Nigeria’s Federal government has only achieved 21 percent of its planned annual spend on capital projects for this year, amounting to a deficit of N1.7 trillion. Source BUSINESSDAY Read More 

Lagos-Ibadan Expressway to gulp N20bn in 2018 – Senator Adeola - Chairman of Senate Committee on Local Content, Solomon Adeola, has disclosed that the ongoing construction of the Lagos-Ibadan Expressway by Julius Berger Nigeria Plc and Reynolds Construction Company Ltd. will gulp N20 billion in 2018. Source THE SUN Read More 

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PROSHARE REGULATORS

E- fraud reduces by 40% in 2 years – CBN - The Central Bank of Nigeria has disclosed that it has been able to further reduce electronic fraud incidence by 40 percent, from N652.8 million in  Quarter 3, 2015 to N403 million in quarter 3, 2017. Source Daily Trust Read More 

PROSHARE MARKETS

Market Resumes Uptrend as NSEASI Inches Up by 1.32% - Equities market closed today on a positive note, as NSEASI appreciated by +1.32% to close at 38,436.08 basis points as against -1.56% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +43.02%. Source Proshare Read More 

NASD Security Categorisation Methodology - The NASD OTC Securities Exchange brings a new layer of investment opportunity to investors in unlisted public securities who hitherto now, were unable to liquidate their shares.  It also brings a new level of confidence to issuers who need quick access to the Capital Market to raise required capital. Source Proshare Read More 

Oando’s Official Statement on the Commencement of a Forensic Audit into the Affairs of the Company - Oando PLC, as a responsible company recognizes and respects the authority of the Securities and Exchange Commission (SEC) to regulate the market as it deems fit. The Company would like to categorically state that no action taken thus far has been to undermine the authority of the SEC Source Proshare Read More 

NSE places 44 companies on red alert - The Nigerian Stock Exchange (NSE) authorities have placed 44 companies on red alert, raising a caution to investors to beware of underlying corporate governance abuse. Source THE NATION Read More 

Foreign investors book profit from T-bills pressuring I & E window - Foreign investors are selling their Treasury Bills positions, booking profits and turning to the Investors and Exporters Foreign Exchange (FX) window to buy dollars. Source BUSINESSDAY Read More 

CBN’s FX policy, others propel banking stocks to 71% rally - Several Nigerian Deposit Money Banks demonstrated resilience in the last two years amidst macro-economic challenges, which weighed solely on credit expansion, asset quality and capital adequacy, to record largely positive performances for the year. Source THE SUN Read More 

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Banks borrow N671bn from CBN in five days - The Deposit Money Banks in the country borrowed the sum of N671.47bn from the Central Bank of Nigeria in the past five working days, data from the CBN have revealed. Source Punch Read More 

Fuel queues return to Lagos, persist in Abuja, others …as oil workers begin strike today - The lingering petrol scarcity in many parts of the country grew worse on Sunday in Lagos, Abuja, Nasarawa, Kaduna and Niger states as many filling stations were shut. Source Punch Read More 

DPR suspends 6 marketers in Akwa Ibom - The Department of Petroleum Resources (DPR), Eket field, says it has suspended six marketers in Akwa Ibom for diverting petroleum products Source BUSINESSDAY Read More 

Egypt’s Zohr gas field to start production at 350 mln cubic feet/day - Egypt’s mammoth offshore Zohr gas field in the Mediterranean is live and set to produce an initial 350 million cubic feet per day, the petroleum ministry said Saturday.  Source BUSINESSDAY Read More 

FG to build 28.6mw power plants, connect 224,800 people in 9 varsities - The Federal Government has unveiled plans to build eight power plants with 28.6 megawatts (mw) of electricity for 224,800 people across eight federal universities and a teaching hospital. Source Daily Trust Read More 

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PROSHARE BUSINESS

Angola 2018 budget forecasts 4.9 pct growth - Angola’s government expects the country’s economy to grow 4.9 percent next year, according to a draft of the state budget presented to parliament on Friday. Source Reuters Read More 

Zimbabwe's inflation rises to 2.97 percent y/y in November -  Zimbabwe’s consumer price inflation quickened to 2.97 percent year-on-year in November compared with 2.24 percent in October, data from the national statistics agency showed on Friday. Source Reuters Read More 

Egypt's Giant Zohr Gas Field Starts Production - Egypt’s Eni SpA-operated Zohr natural gas field has started production, bringing the country closer to its goal of energy self-sufficiency. Source Bloomberg Read More 

Singapore Chip Firm Global A&T Files for Bankruptcy in NY - Global A&T Electronics, a Singapore-based chip assembler that took on hefty debt a decade ago through a buyout by TPG Capital and Affinity Equity Partners, filed for bankruptcy as a 2013 debt exchange came back to haunt it. Source Bloomberg Read More 

Japan’s Export Recovery Stretches to 12th Month in November - Japan’s exports grew for a 12th straight month in November, topping economists’ expectations, as external demand continued to fuel the nation’s longest stretch of economic growth since the 1990s. Source Bloomberg Read More 

Denmark Raises Economic Outlook for 2018 as Tax Cuts Planned - Denmark raised its outlook for economic growth next year as the center-right government plans tax cuts it says will help raise productivity. Source Bloomberg Read More 

EU Banks Told to Get Crisis-Ready by Removing Wind-Down Hurdles - Big euro-area lenders face a choice; clean up the complicated corporate structures that make them difficult to wind down in a crisis, or watch Elke Koenig do it for them. Source Bloomberg Read More 

Power Failure at Atlanta Airport Cancels Hundreds of Flights - A major power outage at Atlanta’s airport -- one of the world’s busiest -- forced Delta Air Lines Inc. and other carriers to cancel over a thousand flights and led to the diversions of many others. Source Bloomberg Read More 

Asian shares rise amid U.S. tax cut hopes; China in focus - Asian shares edged up on Monday, with sentiment boosted by expectations U.S. lawmakers will pass a long-awaited tax bill, while Chinese stocks were soggy after the country’s central bank raised interest rates. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Digital Payment Will Save Nigeria N3.2trn – IMF - The International Monetary Fund (IMF) has said federal government’s embracement of digital payment could save between $5 and $9 billion (N3.2trillion), which is about 1.7 per cent of Gross Domestic Product (GDP), for Nigeria. Source Leadership Read More 

People buying bitcoin should be prepared to lose their money, according to a senior UK regulator - The price of the cryptocurrency has been soaring in recent weeks. With that has come many new investors, hoping to make money from the surging interest in the virtual currency. Source Proshare Read More 

Bitcoin Is Now Trading on the World's Largest Futures Exchange - CME Group (CME, +0.38%), the world’s largest derivatives exchange operator, began trading bitcoin futures Sunday, with the contract opening at what is currently its session high and dropping over 6% within the first half hour. Source FORTUNE Read More 

Oracle Corp to buy Australia's Aconex for $1.19 billion -  Australia’s Aconex Ltd (ACX.AX) said on Monday it had received a A$1.56 billion ($1.2 billion), or A$7.80 in cash-per-share, buyout offer from U.S. software major Oracle Corp (ORCL.N), sending the target’s share price up 45 percent. Source Reuters Read More 

Equinix to buy Australia's Metronode data center group for $791 million - U.S. data center group Equinix Inc on Monday said it was buying Australian data center company Metronode from the Ontario Teachers’ Pension Plan in an all-cash deal worth A$1.035 billion ($791.15 million). Source Reuters Read More 

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