Nigeria in 1min: Economic, Business and Financial Headlines – 200818

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Monday, August 20, 2018 / 8:00 AM / Proshare News

 

PROSHARE ECONOMY

AMCON and Financial Services Debt Burden in Nigeria - The history of economies is best captured by business cycle. It reflects the grim reality that the seed of every burst is sown in its bubble. Every prosperity leads to an uptick in   asset prices, and with time moral hazards are piled up. Source Proshare Read more 

What To Expect From The Markets This Week - 200818 - The total foreign exchange turnover for the month of July 2018 stood at $12.16 billion. Thereby putting foreign exchange turnover at the OTC hitting at a twelve month low.  At the same time underlining a 36.16% decline compare to the previous month. Source Proshare Read more 

Weekly Economic and Financial Commentary – WE 17th August, 2018 - Eurozone Q2 18 GDP trumped analysts’ expectation after expanding 0.4% QoQ (Q1 18: +0.3%). Source Proshare Read more 

Nigeria’s External Debt Service Cost Drops by10.15% in Q2 - The amount that Nigeria spent to service its external debt stock dropped by 10.2 per centto $202,373.63 as at the second quarter of 2018, compared with the $225,253.15 it was in the first quarter of same year. Source Thisday Read more 

HI’18: Manufacturing firms’ incur more costs, up by 20.2% - Despite the steady decline in the inflation rate over the past 18 months, leading manufacturers quoted in the Nigerian Stock Exchange, NSE, Source Vanguard Read more 

NIPOST loses N3bn annually to non-completion of training institute - Simon Emeje, director-general, Nigeria Postal Service (NIPOST), said the country loses about N3 billion annually to the non-completion of its training institute in Benin-City, Edo State. Source BUSINESSDAY Read more 

Privacy concerns’ll raise information security spending to $124bn  - Global spending on information security products and services will reach more than $114bn in 2018, an increase of 12.4 per cent from last year, a latest forecast by Gartner Inc says. Source Punch Read more

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PROSHARE MARKETS

Market Review and Round-Up of Corporate News Announced During The Week Ending 170818 - The equities market recorded mixed performance – the listed equities market recorded -0.51% loss WoW while the NASD OTC went up by +0.71% WoW. Source Proshare Read more 

NASD USI Gained 0.71% WoW - The NASD OTC Market ends the week with an increase in market metrics, as the NASD USI increased by 0.71%, closing at 692.47 points (as against 687.60 points last Friday). Source Proshare Read more 

Bond yields Test 15% levels amid continued Offshore Selloff - The bearish sentiment in the Bond market persisted in today’s session, due to renewed selloff mostly from offshore clients. Source Proshare Read more 

Corporate Earnings for the Week Ending 170818 – STANBIC Declares N43.08bn PAT in Q2 2018 Results - Source Proshare Read more 

ALERT: NEM Trades 34.86% of Total Market Volume Today - At the closing of trading today, a total volume of 130.49mln units of shares of NEM Plc valued at N521.41mln was traded. Source Proshare Read more 

Nigeria central bank to sell Chinese yuan in second auction -traders - Nigeria’s central bank asked lenders on Friday to submit bids for the Chinese yuan, traders said, in its second auction of the currency after it agreed a swap with the People’s Bank of China in May. Source Reuters Read more 

FX utilisation for invisible trade up 52% to $12.48bn in 2017 - Aggregate foreign exchange utilisation rose by 9.7 per cent to $27.64 billion in 2017 compared to $25.19 billion in 2016 according to the Central Bank Source BUSINESSDAY Read more 

Power firms reject TCN as proposed N72bn fund manager - Operators in Nigeria’s power sector on Sunday rejected the Federal Government’s selection of the Transmission Company of Nigeria as the firm that will manage a N72bn investment fund expected to boost electricity distribution networks across the country. Source Punch Read more 

IBEDC invests N11.5bn in metering, network - Ibadan Electricity Distribution Company has said it invested over N11.5bn in metering, network upgrade and rehabilitation in the last six months. Source Punch Read more 

Gencos Give Six Conditions to Avoid Operational Shutdown - Power generation companies (Gencos) in Nigeria have listed six conditions that must be met by the federal government or they shut down their operations. Source Thisday Read more

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PROSHARE BUSINESS

Oscar Onyema, NSE CEO Elevated To Fellow Of The Chartered Institute Of Stockbrokers (CIS) - The Chief Executive Officer of The Nigerian Stock Exchange, Mr. Oscar N. Onyema, OON, has been inducted as a Fellow of the Chartered Institute of Stockbrokers (CIS) of Nigeria. Source Proshare Read more 

Akwa Ibom government sues EFCC, seeks N50b damages - The Akwa Ibom State government has instituted a N50 billion suit against the Economic and Financial Crimes Commission (EFCC) for freezing its account for 72 hours, saying the action crippled the state’s economy and soiled its reputation. Source Guardian Read more 

President Buhari Returns From Vacation, Resumes Duties - Nigerian President Muhammadu Buhari returned to the country’s capital, Abuja, on Saturday from a 10-day vacation in London and immediately resumed his duties, state-owned radio said. Source Bloomberg Read more 

Oil prices edge down on worries over slowing economic growth - Oil prices fell on Monday as concerns over slowing economic growth weighed on markets. Source Reuters Read more 

Gold Trading Volumes Double in Turkey Amid Currency Crisis - First Turkish President Recep Tayyip Erdogan argued citizens should buy gold, then he said sell. Add dramatic swings in the lira, and the country’s traders are now enthusiastically doing both. Source Bloomberg Read more 

Afreximbank posts $343m H1 revenue - Despite the undulating global business terrain, the African Export-Import Bank (Afreximbank) has posted a gross revenue of $343 million as contained in its unaudited financial statements for the half-year period ended 30 June 2018, that was released, on Friday, in Cairo. Source THE SUN Read more
 
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PROSHARE TECHNOLOGY

Banking Sector Records 509.67m Volume of Transactions in Q2 2018 - NBS - A total volume of 509,668,433 transactions valued at N32.90trn were recorded in Q2 2018 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Source Proshare Read more

 
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PROSHARE MSME

Kwara commits N2.25bn to SMEs’ capacity development - Julius Babatunde Agboola, Kwara State commissioner for commerce and cooperatives, has said that the state government has injected over N2.25 billion in strengthening the capacity of SMEs since inception and is deeply committed to the direction with yearly budget of N500 million. Source BUSINESSDAY Read more

 

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