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Nigeria in 1min: Economic, Business and Financial Headlines – 210518

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Monday, May 21, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 210518 - On Tuesday, May 16, 2018, Nigeria’s budget was passed by the upper chamber. Apart from a 6% increase in the initial quantitative value from N8.6 trillion to N9.12 trillion, coupled with a change in the oil benchmark from $45 to $51 per barrel, there were no significant material changes to the budget. Source Proshare Read More 

MPC Meeting: Considerations and Policy Options - Monetary Policy Easing Required to Stimulate Growth - FSDH Research believes the recent developments in the Nigerian economy and the short-term outlook of the economy favour monetary policy easing, which is required to stimulate economic growth and credit creation. Source Proshare Read More 

Buhari’ll receive passed 2018 budget this week – Reps - The House of Representatives has said that a clean copy of the 2018 budget will be on the table of President Muhammadu Buhari within one week from the date of passage. Source Thisday Read More 

2017 Budget: Net Oil Revenue Dropped by N401bn in Q3 - The actual net oil revenue into the Federation Account in the third quarter (Q3) of 2017 stood at ₦692.40 billion, indicating a drop of ₦401.51 billion or 36.7 per cent decline in the quarterly estimated budget of ₦1.093 trillion, the draft third quarter 2017 Budget implementation report has shown. Source Thisday Read More 

N29bn debt: AMCON takes over Sea Petroleum Oil & Gas Limited - ASSET Management Corporation of Nigeria, AMCON, has taken over the assets of Sea Petroleum Oil & Gas Limited due to failure to repay N20 billion debt owed Union Bank of Nigeria Plc. Source Vanguard Read More 

Unemployment: 11,254 jobs lost, 13 firms shut in food, beverage sector - About 11,254 jobs have been lost with 13 companies shutting down in the nation’s Food, Beverage and Tobacco sub-sector in the last four years. Source Daily Trust Read More 

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PROSHARE MARKETS

Corporate Earnings for the Week Ending 180518 MBENEFIT Declares N671.69m PAT in Q1 2018 Results - During the week ending May 18, 2018, MBENEFIT released its FY 2017 and Q1 2018 Reports. Source Proshare Read More 

NASD USI Sheds 1.48% WoW - The NASD OTC Market ends the week with a decrease in market metrics, as the NASD USI decreased by 1.48%, closing at 675.43 points (as against 685.62 points last Friday). Consequently, total market capitalization shed 1.48% this week, closing lower at ₦457.08 billion compared to ₦463.96 billion last Friday. Source Proshare Read More 

Stock Market Maintains Downtrend as NSEASI Dips by -0.44%; Records -1.34% Loss WoW - Equities market closed today on a negative note, as NSEASI depreciated by -0.44% to close at 40,472.45. basis points as against -0.77% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.83%. Source Proshare Read More 

Domestic and Foreign Portfolio Participation in Equity Trading – April 2018 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from major custodians and market operators on their Foreign Portfolio Investment (FPI) flows. The table below shows an analysis of transactions on The Exchange as at the end of April 2018. Source Proshare Read More 

FG Stops Seplat’s Project over Alleged Violation of Nigerian Content Law - The federal government through the Nigerian Content Development and Monitoring Board (NCDMB) has directed Seplat Petroleum Development Company Plc to suspend work on its ANOH Gas Plant project in Oil Mining Lease (OML) 53 over alleged violation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010 by using a UAE firm for the engineering and fabrication Source Thisday Read More 

NNPC reduces loss by 77.1% as refineries perform poorly - The Nigerian National Petroleum Corporation reduced its group operational loss by 77.1 per cent, cutting it down by N5.3bn within a period of one month. Source Thisday Read More 

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PROSHARE BUSINESS

CIBN Inaugurates Dr. Uche Olowu as 20th President - The foremost banking institute in Nigeria, the Chartered Institute of Bankers of Nigeria(CIBN) today marked another significant moment of its existence with the inauguration of its 20th President Dr Uche Messsiah Olowu. Source Proshare Read More 

Oil prices boosted by news China, U.S. put trade war 'on hold' - Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world’s two biggest economies “on hold”. Source Reuters Read More 

Britain Discovers Shale Energy - Britain’s Tory government announced last week that “shale gas development is of national importance” and could “deliver substantial economic benefits,” which counts as intellectual and political progress. Source WSJ Read More 

Bank of Kigali to list at the Nairobi Securities Exchange - Bank of Kigali plans to list at the Nairobi Securities Exchange. The firm announced this earlier today at their annual general assemble making it the first local company to cross-list. Source CNBC Read More 

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