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Nigeria in 1min: Economic, Business and Financial Headlines – 200618

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Tuesday, June 20, 2018 / 7:00 AM / Proshare News 

PROSHARE ECONOMY

FG Mandates all MDAs and FIRS to Authenticate All TCCs Presented by Companies and Individuals- Government of Nigeria has mandated all Ministries, Departments and Agencies of government (MDAs), and FIRS Nigeria, to authenticate all Tax Clearance Certificates (TCCs) presented by companies and individuals engaged in public procurement processes. Source Proshare Read more 

Moody's: Nigeria and Angola's Dependence on Oil and Gas Creates Challenges- Although Nigeria (B2 stable) and Angola's (B3 stable) economies, external positions and public finances are expected to stabilise, their continued dependence on oil and gas means they will both face a range of challenges in the coming years, Moody's Investors Service said in a report today. Source Proshare Read more 

Nigeria Records Strong Growth in Foreign Trade- Nigeria Records Strong Growth in Foreign Trade The external sector of the Nigerian economy improved further in Q1 2018 as it recorded the best trade performance in the last nine quarters. The figures for Q1 2018, as published by the National Bureau of Statistics (NBS), reveal a noticeable improvement in the major indicators of the Nigerian foreign trade data. Source Proshare Read more 

N1.6 trillion released for capital projects in 2017 budget – Adeosun - THE Federal Government has announced that a total of N1.6 trillion (N1,580,270,755,084.44) capital cost was released to Ministries, Departments and Agencies for the 2017 federal budget. Minister of Finance, Kemi Adeosun, made this known in Abuja, yesterday. Source Vanguard Read more 

FG plans Western rail line to cover 9 states, FCT— Amaechi - Minister of Transportation, Mr. Chibuike Amaechi, yesterday, said  Nigeria’s rail line would  cover Western corridor of the country traversing nine states and the Federal Capital Territory, Abuja spanning a total of 1,402 kilometres. Source Vanguard Read more 

Fed Govt to build 94 ranches in 10 states - The National Economic Council (NEC) chaired by Vice President Yemi Osinbajo has approved a 10-year National Livestock Plan which will cost about N179 billion. All 36 state governors are members of the NEC. Source THE NATION Read more 

Buhari signs N9.12trn 2018 budget today - Minister of information and Culture, Alhaji Lai Muhammed, had earlier confirmed that the signing ceremony had been scheduled for yesterday (Tuesday). Source SUN Read more 

Auditors to get N8.7bn for recovering N58bn into Federation Account -Auditors who helped to recover N58bn into the Federation Account are to receive N8.7bn for their efforts, investigation has revealed. Source Punch Read more

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PROSHARE MARKETS

Nigeria’s Equities Market Extends Losing Streak to Open The Week Negative as NSEASI Dips by -0.68%-Equities market closed today on a negative note, as NSEASI depreciated by -0.68% to close at 38,664.15.  basis points as against -0.26% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +1.10%. Source Proshare Read more 

Afrinvest Stock Recommendation for the Week - 190618- The bullish performance of the equities market was extended as the All Share Index (ASI) advanced 0.7% W-o-W to close at 38,928.47 points while YTD return improved to 1.8%.  Source Proshare Read more 

GTI Top-5 Stock Picks for 190618- We expect to see a mixed performance in the current week as portfolio and fund managers continue to reposition their portfolios in light of the expected Q2 2018 results from companies listed on the Stock Exchange. Source Proshare Read more 

LeapFrog Takes Stake In One Of Nigeria's Largest Pension Companies, ARM Pensions- Nigeria, a country of 200 million, requires companies to provide retirement plans to workers, yet 89% of those employed haven’t registered for one. In the past nine years, pension assets have quadrupled to $22 billion. That makes pensions one of the fastest growing segments in Nigeria’s financial industry. Source Proshare Read more 

Oil slips on U.S.-China trade dispute, OPEC supply outlook - Oil fell on Tuesday ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp sell-offs in many global markets. Source Reuters Read more 

24 GenCos record N36.8bn shortfall for April energy bill - Twenty four electricity Generation Companies (GenCos) have recorded N36.8 billion shortfall in the Nigerian Electricity Market (NEM) after the 11 Distribution Companies (DisCos) failed to remit the full N50bn energy invoice for electricity generated and sent to them in April 2018. Source Daily Trust Read more 

NNPC repairs pipeline, power generation increases by 1,304MW - Power generation has risen to 3,876.9 megawatts after the Nigerian National Petroleum Corporation fixed the gas pipeline that was ruptured on Friday, which supplies gas to most thermal electricity generating plants in the country. Source Punch Read more 

UK to end diesel, petrol cars sales by 2040 - Britain still plans to end the sale of new diesel and petrol cars by 2040 and will set out more detail as soon as this week, a government source told Reuters on Tuesday after a report suggested the plans were being watered down. Source Punch Read more

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PROSHARE BUSINESS

How Qatar Weathered The Gulf Crisis- In June 2017, Bahrain, Egypt, Saudi Arabia, and the United Arab Emirates cut diplomatic ties with Qatar and instituted an economic and trade embargo that closed Qatar’s only land border and heavily restricted the sea and airspace open to Qatar-bound traffic. Source Proshare Read more 

Canada legalises marijuana for recreational use after landmark law is passed - Canadians will be allowed to buy the drug legally from as early as September this year Source SUN Read more 

Egypt says to receive $2 bln IMF payment by end-July - Egypt says it will receive the next $2 billion instalment of a $12 billion loan from the International Monetary Fund (IMF) in the second half of July, newspaper Al-Masry Al-Youm reported on Tuesday. Source Reuters Read more 

Iran Rejects Compromise as OPEC Heads for Battle in Vienna - Iran put itself on a collision course with Saudi Arabia at this week’s OPEC meeting, rejecting a potential compromise that would see a small oil-production increase to appease energy consumers. Source Bloomberg Read more 

EU Leaders Call for More Preparations for No-Deal Brexit - European Union leaders will say next week they’re concerned about the lack of progress in Brexit talks and call for member states to step up preparations in case no deal is reached, according to the first draft of their summit statement. Source Bloomberg Read more

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PROSHARE TECHNOLOGY

South Korea's Bithumb loses $32 million in digital money heist, bitcoin falls - South Korean cryptocurrency exchange Bithumb said 35 billion won ($31.5 million) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital asset. Source Reuters Read more
 

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