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Nigeria in 1min: Economic, Business and Financial Headlines – 191217


December 19, 2017 7:30 AM / Proshare News 


Headline Inflation Drops to 15.90% in November 2017; 0.01% Lower Than 15.91% October Rate- The Consumer Price Index (CPI) which measures inflation increased by 15.90 percent (year-on-year) in November 2017. Source Proshare Read More 

Average Intercity Bus Fare Increased by 14.78% MoM in November 2017- The Transport fare watch report for November 2017 covers the following categories namely bus journey within the city per drop constant route  Source Proshare Read More 

Average Price of 1kg of Tomato Increased by 8.09% YoY in November 2017- Selected food price watch data for November 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 7.52% and decreased month-on-month by -2.06% to N463.11 in November 2017 from N472.85 in October 2017 Source Proshare Read More 

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Average Prices of PMS, AGO, HHK and Cooking Gas – November 2017- Average price paid by consumers for premium motor spirit (petrol) decreased by -0.7% year-on-year and -0.3% month-on-month to N145.6 in November 2017 from N146 in October 2017.  Source Proshare Read More 

Surge in Trade Surplus in Q3 2017- The latest data from the NBS in its Foreign Trade in Goods Statistics for Q3 2017 show the total value of trade as N5.92trn, representing an increase of 4% on the preceding quarter.  Source Proshare Read More 

Edo LGAs’ IGR appreciates by 500%, from N30m to N150m- Edo State Governor , Mr Godwin Obaseki has said that Internally Generated Revenue (IGR) reforms being implemented by his administration have yielded positive results Source Proshare Read More 

FG Orders Dangote, BUA to Vacate Disputed Mining Site in Edo - In order to quell the ongoing war between Dangote Group and BUA Group over the mining rights in Obuh, Okpella, Etsako East Local Government Area of Edo State, the federal government has ordered both companies to vacate the site to prevent a breakdown of law and order in the area. Source Thisday Read More 

N16bn Double Budgeting Discovered in Power Ministry’s Budget - The Senate Committee on Power, Steel Development and Metallurgy has discovered a double allocation of N16 billion in the budget of the Ministry of Power, Works and Housing after the allocation for the same item appeared in the budget of the power ministry, and that of the Transmission Company of Nigeria (TCN). Source Thisday Read More

Niger loses N15bn yearly to FCT through wrongful tax remittances - The Governor of Niger, Mr Abubakar Bello, yesterday, says the state government loses N15 billion annually to Federal Capital Territory through wrongful tax remittances. Source Daily Trust Read More 

Inflation Déjà vu in November - Nigeria’s inflation statistics for November came in very close to October readings, underscoring the current stickiness of inflation. Source Proshare Read More 

Food inflation sticky at 20.3 % despite FG Agric interventions - Food inflation in Nigeria fell marginally to 20.30 percent in November, a 0.01 percent points decrease compared to 20.31 percent recorded in October 2017. Source BUSINESSDAY Read More 

Nigeria’s External Sector Position Improves - The positive developments in the crude oil markets and the improved confidence in the outlook of the Nigerian economy have improved Nigeria’s external sector position. Source Proshare Read More 

N100bn debt: Reps accuse FG of flouting compensation law - The House of Representatives said on Monday the Federal Government owed over N100bn, covering employees’ compensation and insurance remittances. Source Punch Read More 

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Nigerian Stock Market Opens The Week Negative as NSEASI Dips by -1.24%- Equities market closed today on a negative note, as NSEASI depreciated by -1.24% to close at 37,957.96 basis points as against +1.32% appreciation recorded previously. Source Proshare Read More 

Consumer Goods Sector – GUINNESS Records Over 3,000 PE Ratio-The consumer goods sector which is one of the attractive sectors on NSE has food products, beverages, automobiles, personal and households’ durables goods companies’ stocks listed in the sector.  Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 181217- The equities market was largely bearish last week as the All Share Index (ASI) depreciated 2.1% W-o-W to close at 38,436.08 points while YTD gain contracted to 43.0% respectively. Source Proshare Read More 

Cordros Weekly Stock Recommendation- 181217- The shares of CADBURY depreciated by 7.11% last week to N14.77. CADBURY trades at a significant forward PE above its 5-year historical average of 24.9x. Source Proshare Read More 

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Further Uptick in Bond Yields amidst OMO Resumption and Weak Inflation Results - The bond market opened today on a weaker note following the OMO auction announcement by the CBN for the first time this month, coupled with a weak inflation result from the NBS. Source Proshare Read More 

FG offers N10.7bn Green Bonds at 13.48% - DMO - The Federal Government on Monday offered for subscription by auction N10.69 billion worth of sovereign green bonds, the Debt Management Office (DMO) said. Source Daily Trust Read More 

FG to service MAN, others with 2,000mw unused electricity - The Minister of Power, Works and Housing, Babatunde Fashola said the federal government will work with the Manufacturers Association of Nigeria (MAN), the Lagos Chamber of Commerce and Industry (LCCI) and other stakeholders to get their load audit and deploy the available 2,000 megawatts (mw) of electricity to them. Source Daily Trust Read More 

NNPC petroleum products distribution, sale increase by 29% - The Nigerian National Petroleum Corporation (NNPC) distributed and sold about 1.3 billion litres of petroleum products throughout the country in September, a report has said. Source Guardian Read More 

Oil Prices Rise as PENGASSAN Strike, North Sea Pipeline Threaten Supply - Oil prices edged higher again Monday as a planned workers’ strike in Nigeria’s oil and gas industry and the North Sea pipeline outage threatened crude supply to the international market. Source Thisday Read More 

Nigeria’s rush for petrol could save Europe’s sagging margins -  Nigeria’s rush to keep its citizens supplied with fuel is expected to boost purchases of European petrol in December, offering a potential respite to European refineries and storage terminals threatened by an oversupply that has battered margins. Source Punch Read More 

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South African rand hits nine-month high as Ramaphosa wins ANC leadership - South Africa’s rand scaled nine-month highs on Monday after Deputy President Cyril Ramaphosa became the new leader of the ruling African National Congress (ANC) party, succeeding President Jacob Zuma. Source Reuters Read More 

Angolan crude exports in Feb set so far at 45 cargoes - source - Angolan crude oil exports are set to slip in February to 45 cargoes from 51 in January, a trade source said on Monday, citing preliminary loading schedules. Source Reuters Read More 

JPMorgan Says Ramaphosa No Magic Bullet for South Africa - Investors cheering Cyril Ramaphosa’s victory in South Africa’s ruling-party elections may be getting ahead of themselves. Source Bloomberg Read More 

.@TicToc, the first live news network for Twitter, launched today - Source OPEN MARKET Read More 

Egypt Plans Power Link to Saudis in $1.6 Billion Project - Egypt will connect its electricity network to Saudi Arabia, joining a system in the Middle East that has allowed neighbors to share power. Source Bloomberg Read More 

Saudi Budget Gap Falls Below 10% in 2017, Finance Ministry Says - Saudi Arabia’s budget deficit narrowed in 2017 to below 10 percent of economic output for the first time since the collapse in oil prices battered public finances, as the kingdom prepared to unveil what is expected to be an expansionary budget for next year. Source Bloomberg Read More 

U.K. Businesses Are Increasingly Pessimistic on the Nation’s Outlook - Almost two-thirds of British businesses say changes in the labor market will make the nation a less attractive place to invest over the next five years. Source Bloomberg Read More 

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A Small Fintech Stock Surged 2,600% in a Week After Announcing It’s a Crypto Company - Fintech plus cryptocurrency equals about $7 billion. Source Bloomberg Read More 

How Central Banks Are Using Big Data to Help Shape Policy - Central bankers around the world have set up or are creating departments to embrace big data in the quest for deeper insight into the economies they manage. Source Bloomberg Read More 

Virgin Hyperloop One Rebuffs a Sale and Takes $50 Million Lifeline - Virgin Hyperloop One, a beleaguered startup trying to develop a futuristic, tube-based transportation system, got a lifeline in the form of $50 million from two foreign backers. Source Bloomberg Read More 

Google’s Record Fine of $2.8 Billion Was a ‘Deterrent,’ EU Says - The European Union aimed for a “deterrent effect” on Google and other technology giants when it ordered the internet search provider to pay 2.4 billion euros ($2.8 billion) for breaching antitrust law over how it displays shopping ads. Source Bloomberg Read More 

Toyota will electrify entire vehicle lineup by 2025 - The announcement from Toyota comes via a Tokyo press briefing on Monday, which elaborates on earlier comments made by the company around its intent to target China first for fully electric vehicle sales. It’s also planning to sell pure EVs in Japan, India, Europe and the U.S., the automaker says. Source TechCrunch Read More 

Bitcoin Futures, Explained- What are futures? Futures are an agreement to buy or sell an asset on a specific future date at a specific price. Source Proshare Read More 

Bitcoin not yet proven as credible currency: Japan finance minister - Japanese Finance Minister Taro Aso said on Tuesday that bitcoin has not been proven to be a credible currency and that he would watch its developments in the near-term. Source Reuters Read More 


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