Nigeria in 1min: Economic, Business and Financial Headlines – 190718

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Thursday, July 19, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

Nigeria Outlook H2-18: Caught Between Two Stools  - Entering H2-18, the harmonized global growth of last year is fizzling out amid trade tensions between the US, China and most of the advanced economies. Economies of commodity-exporting countries are poised to strengthen as demand and supply dynamics continue to favour gradual uptick in prices. Source Proshare Read more 

NSR H2 2018 (5) -EM Portfolio Flows: Slowing the Flow, But Far From A Dribble  - At the start of the year, we projected some bouts of headwinds to emerging market portfolio flows, despite stable and growing global economy, higher commodity prices and improving fundamentals in key financial markets. Source Proshare Read more 

S and P Global Ratings Publishes Emerging-Market Sovereign Rating Trends For Midyear 2018 - Despite the increasingly blustery external environment, which saw sizable non-resident portfolio outflows from emerging markets throughout the second quarter of 2018, ratings on sovereigns in the region have remained relatively resilient year to date Source Proshare Read more 

IMF’s Review and Outlook of Nigeria  - The IMF, in its latest review of Nigeria, raised some concerns about Nigeria’s revenue shortfalls and low private sector lending. According to the Fund, Nigeria’s recovery from the 2015/2016 recession was supported by higher oil prices and short-term portfolio inflows. Source Proshare Read more 

Nigeria launches national carrier that it hopes will fly to China and India - Nigeria has released details of its new national carrier, Nigeria Air, which is due to be launched at the end of this year. Source CNBC Read more 

FG bans importation of 10-year old haulage vehicles - The Federal Government has placed a ban on importation of haulage vehicles that are 10 years and above old from the date of manufacture. The ban is expected to take effect from 1st of January 2020. Source Vanguard Read more 

Nigeria attracts $1.3bn Foreign Direct Investment from US in 2017 -The American Business Council (ABC) has disclosed that Foreign Direct Investment (FDI) of about 1.3 billion dollars flowed into the Nigerian economy from the US in 2017. Source Vanguard Read more 

FG makes N343.05m from savings bond in July – DMO - The Federal Government said it made N343.05 million from sales of savings bond in July. Source Vanguard Read more 

Senate approves N348bn to 74 oil marketers for outstanding subsidy claims - THE Senate Wednesday approved the payment of N348 billion as outstanding subsidy claims to Oando, Total, Honey Well, Capital Oil, Conoil, A.A. Rano, Folawiyo, Eternal and other petroleum marketers. Source Vanguard Read more

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PROSHARE MARKETS

Equities Market Extends Two-Day Losing Streak by -0.58% as Sell Pressure Continues - Equities market closed today on a negative note, as NSEASI depreciated by -0.58% to close at 36,748.18 basis points as against -0.81% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.91%.  Source Proshare Read more 

Treasury bills remain toast of fixed income investors - Yields in the bonds market continued to weaken across the curve, with yields expanding by c.0.02bps on the average across the curve. Demand pressures remained on the mid-end of the curve, where yields compressed by c.05bps on the FGN 2026 & 2028 maturities. Source Proshare Read more 

Nigeria plans to list N10.69bn green bond on NSE - Nigeria’s Debt Management Office plans to list the country’s 10.69 billion naira Sovereign Green Bond on the Nigerian Stock Exchange later this week. Source CNBC Read more 

Nigeria loses N72bn to gas flaring in three months - Oil and gas companies operating in the country flared a total of 85.81 billion standard cubic feet of natural gas in the first three months of the year, causing the country an estimated loss of N72.41bn. Source Punch Read more

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PROSHARE BUSINESS

Buhari Appoints Banire as AMCON Chairman - President Muhammadu Buhari has officially written to the Nigerian Senate for the confirmation of the nomination of Mr. Muiz Adeyemi Banire (SAN) for his appointment as the Board Chairman in compliance with Section 10(1) of the Assets Management Corporation of Nigeria (AMCON) Act, 2010. Source Proshare Read more 

Shares Pump and Dump Schemes - Legality  - The fraudulent practice of artificially pumping up the price or value of the Shares or Stock of a company, whether a private company or a public company, which artificial increase in value is not reflective of the forces of demand and supply, with the penultimate objective of dumping such Shares or Stock at their highest unrealistic price, on members of the public to purchase, is again on the rise. Source Proshare Read more 

Nigeria's Senate to investigate "anomalies" in renewal of oil leases - Nigeria’s upper house of parliament will investigate anomalies in the renewal of oil leases by the ministry of petroleum, it said on Wednesday. Source Reuters Read more 

Kenya to launch Nairobi financial centre later this year-finmin - Kenya will launch its international financial centre in the capital Nairobi later this year to attract large foreign financial firms and boost capital flows, its finance minister said on Wednesday. Source Reuters Read more

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PROSHARE TECHNOLOGY

The Case for Financial Integration in West Africa  - It is well known that micro, small and medium enterprises (MSMEs) play an important role in developing a robust economy. At a time when unemployment is as high as 18%, credit support for small business owners might be what is needed to create jobs and strengthen the market place Source Proshare Read more 

Nigerians Bury Cash in Backyard Banks as Mobile Money Stumbles - Every few days, Tasiu Abdurrahman takes the money he makes from selling spices in Nigeria’s biggest northern city and buries it in his yard. Source Bloomberg Read more 

Google Is Fined $5 Billion by EU in Android Antitrust Case - The European Union hit Alphabet Inc.’s Google with a record $5 billion antitrust fine and ordered changes that could reshape the business model underlying its biggest growth engine: mobile phones. Source WSJ Read more

Amazon.com’s stock market value reaches $900 billion, threatening to dislodge Apple as Wall Street’s most valuable jewel  - Amazon.com’s (AMZN.O) stock market value reached $900 billion on Wednesday for the first time, marking a major milestone in its 21-year trajectory as a publicly listed company and threatening to dislodge Apple (AAPL.O) as Wall Street’s most valuable jewel. Source Reuters Read more


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PROSHARE REGULATOR

CBN recovers N65b illegal bank charges - The Central Bank of Nigeria (CBN)  said it has recovered over N65 billion  wrongfully deducted and illegal charges from customers’ deposits and other transactions within the banking system. Source THE NATION Read more

 

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