Nigeria in 1min: Economic, Business and Financial Headlines – 190219

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 Tuesday February 19, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

Why Nigeria’s Elections Matters to the World - The large contingent of foreign observer groups for Nigeria’s 2019 elections reflects the importance of Nigeria in the calculations of the international community for the political and financial stability of African South of the Sahara. Source Proshare Read More 

Performance of The Nigerian Economy in 2018 – Implications - Ahead of the Presidential election, the National Bureau of Statistics (NBS) released its final judgment on the performance of the Nigerian economy in 2018. Source FSDH Research Read More 

FRSC To Pay N10m Damages For Wrongful Check - The Federal High Court, Warri has delivered Judgment in the case of Darlington Ugo Ehirim v. Federal Road Safety Commission Suit No. FHC/W/CS/90/2017. Source Agency News Read More 

Average Price of 1kg of Tomato Decreased By 2.39% YoY To N265.49 in January 2019 - NBS - The average price of 1kg of tomato decreased year-on-year by -2.39% and month-on-month by 2.22% to N265.49 in January 2019 from N271.51 in December 2018. Source NBS Read More

PIB’s fate Uncertain as Elections Take Centre Stage The fate of the Petroleum Industry Bill is still hanging in the balance as none of the four bills in which it was split into has become law a few months to the end of the current administration. Source Punch Read More

FG’s 5,375mw Inadequate for Electricity ConsumersStakeholders - Despite  the Transmission Company of Nigeria, TCN’s attainment of 5,375 megawatts, MW peak generation, stakeholders said the nation still has a long way, considering the 180,000 megawatts, MW requirement. Source Vanguard Read More

Oil Price Rises Above $66 on OPEC Deal, US Sanctions - Crude oil rose for a fifth day yesterday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that the Organisation of Petroleum Exporting Countries’ (OPEC) supply cuts will prevent a build-up in unused fuel, though concern over China’s economy tempered gains. Source Thisday Read More


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PROSHARE MARKETS

NB Declares N19.44bn PAT in Q4 2018 Results; Proposes N1.83k per share Final Dividend(SP:N83.00k) - NB’s FY PBT of N29.4bn implies that its earnings track behind ours and consensus 2018E PBT forecasts of N31.9bn and N34.7bn respectively. Source NSE/FBN Quest Research Read More 

Money Market Rate Decreased as Overnight Rate fell to 17.50% - The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 17.50% and 15.83% respectively. Source Anchoria AM Research Read More 

Average Yields on T-Bills Close at 14.9% on Sustained Sell-offs - Last week, the Treasury Bills (“T-Bills”) market started off on a bearish note, sustaining its performance in the previous week as investors continued to exit positions at the shorter-end of the curve – particularly the 28-Feb-19 (+134bps) and 04-Apr-19 (+298bps) bills – due to the liquidity squeeze within the system. Source Afrinvest Research Read More 

NSE Lifts Suspension Placed On The Trading In The Shares of Goldlink Insurance Plc - We refer to our Market Bulletin dated 5 July 2017, with Reference Number: NSE/LARD/LRD/MB02/05/07/17 by which we notified Dealing Members of the suspension of seventeen (17) listed companies for non-compliance with Rule 3.1. Source NSE Read More 

NSEASI Dips by -1.61%; Records Third Highest Loss in 2019 After Election Postponement - Equities market closed today on a negative note, as NSEASI depreciated by -1.61% to close at 32,190.07basis points as against +0.81% appreciation recorded previously. Source Proshare Read More 

Nigeria’s Stock Market Prices-in Election Postponement - Nigeria’s All Shares Index (ASI) took a -1.61% dive on day-end trading for Monday 18 February 2019. Source Proshare  Read More 

CBN Avoids OMO Sale, as System Liquidity Dips to Negative - The Bond Market opened the week on a relatively quiet note, as market players digested news of the postponed Nigerian Elections. Yields rose marginally higher by c.6bps following slight sell on the 2028s, in anticipation of renewed supply of the bond at the FGN auction scheduled for Wednesday. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS 

Coronation MB, JP Morgan, Barclay and two others ranked amongst World’s Best Investment Banks - Global Finance magazine has named its 20th annual World’s Best Investment Banks in an exclusive survey to be published in the April 2019 issue. Source Coronation Merchant Bank Read More 

Only 12% of Workers Contributing to Pension Scheme –PenCom Out of the over 70 million people that represent the working population in Nigeria, only 8.41 million of them are currently making contributions into the Contributory Pension Scheme. Source Punch Read More

FG Approves CIBN’s Disciplinary Tribunal Rules - The Federal Government has approved the rules governing the conduct of the disciplinary tribunal of the Chartered Institute of Bankers of Nigeria. Source Punch Read More

New Round of U.S.-China Trade Talks to Begin in Washington on Tuesday - A new round of talks between the United States and China to resolve their trade war will take place in Washington on Tuesday, with follow-up sessions at a higher level later in the week, the White House said on Monday. Source Reuters Read More

Nigeria’s Biggest Indian Oil Buyer Signs First Deal For US Oil - State-owned Indian Oil Corp (IOC) has signed its first annual deal to buy US oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 Reuters reported yesterday quoting the company’s chairman. Source Dailytrust Read More

Airlines, Service Providers, Agencies Lose over N8bn to Poll Shift - Skeletal services continued yesterday at most of the country’s airports as airlines, ground handling operators, service providers and over 100 concessionaires in the aviation sector count their losses following Saturday’s postponement of the Presidential and National Assembly elections. Source Dailytrust Read More


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PROSHARE TECHNOLOGY

Fintech In Sub-Saharan Africa: A Potential Game Changer - If you are reading this blog—drawn by current buzz around financial technology and the "fintech” reference in the title, and its promise to democratize financial services—then it is probably a safe bet to assume that you have heard of M-Pesa. Source Amadou N. R. Sy / IMF Read More 

Regulatory Sandboxes Not Always the Answer for Regulating Inclusive FinTech – UNSGSA - Regulatory sandboxes are neither necessary nor sufficient to promote financial inclusion, and similar results can be achieved through innovation offices and other tools. Source UNSGSA /IMF Read More

 

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