Nigeria in 1min: Economic, Business and Financial Headlines – 210519

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Tuesday, May 21, 2019 / 06:40 AM / By News Aggregator

 

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PROSHARE ECONOMY 

Nigeria’s GDP Grew By 2.01% YoY In Real Terms In Q1 2019 - Nigeria’s Gross Domestic Product (GDP) grew by 2.01%(year-on-year), in real terms, in the first quarter of 2019. Compared to the first quarter of 2018, which recorded real GDP growth rate of 1.89%. Source NBS Read More 

The MPC Likely To Sit On The Fence This Week - The monetary policy committee (MPC) holds its latest meeting today and tomorrow in Abuja. In March it surprised with a 50bps cut in the policy rate to 13.50%, its first change in stance since July 2016. Source FBNQuest Read More 

Average Fare For Bus Journey Intercity Increased By 0.77% MoM to N1604.36 in April 2019 - NBS - The Transport fare watch report for April 2019 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person. Source NBS Read More 

FG, States, LGs Got N5.5tn In Eight Months — Finance Minister - Between September 2018 And April This Year, The Three Tiers Of Government Shared The Sum Of N5.5tn As Revenue Allocation From The Federation Account. The Amount, Distributed By The Federation Account Allocation Committee, Was Shared From Two Major Revenue Components. Source Punch Read More 

 

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PROSHARE MARKETS 

Afrinvest Stock Recommendation For The Week 200519 - The downtrend in the domestic equities market came to a halt this week as the NSE All Share Index trended upward, advancing 1.0% W-o-W to settle at 28,871.93 points. Source Afrinvest Read More 

SEPLAT Petroleum Development Company Plc Announces Resolutions At Its AGM Held May 16th, 2019 - SEPLAT Petroleum Development Company Plc announces that at its Annual General Meeting held yesterday, Thursday 16 May 2019, all resolutions set out in the Notice of Annual General Meeting put to the shareholders were duly passed by the requisite majority. Source NSE Read More 

The Bulls Sustain Hold On The T-Bills Market As CBN Halts OMO Auctions; Average Yields Down to 12.3% - Last week, the Treasury Bills (“T-Bills”) secondary market extended its bullish run into a second consecutive week in the absence of customary Open Market Operations (“OMO”) mop-ups (for the first time in weeks) by the Apex bank. Source Afrinvest Read More 

Money Market Rate Decreased As OVN and OBB Fell To 5.29% and 4.57% - The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 5.29% and 4.57% from 10.00% and 9.14% respectively. Source  Anchoria AM Read More 

Nigerian Stock Market Opens The Week Positive; Investors Gain N220.88bn As NSEASI Inches Up By 1.74 - Equities market closed today on a positive note, as NSEASI appreciated by 1.74% to close at 29,373.40 points as against 1.53% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.54%. Source Proshare Read More  

NSE Clarifies Concerns on MTN Nigeria's Premium Board Listing - The attention of The Nigerian Stock Exchange (NSE or The Exchange) has been drawn to a few critical issues raised in various print and social media platforms regarding the listing of MTN Nigeria Communications Plc (MTN Nigeria) on the Premium Board of the Exchange. Source NSE Read More


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PROSHARE BUSINESS 

Price Of Bonny Light Drops To $73.58 As OPEC Plans To Stabilise Market – The  price of Bonny Light, Nigeria’s premium oil grade has dropped from $74.00 to $73.58 as the Organisation of Petroleum Exporting Countries, OPEC, plans action to achieve market stability. Source Vanguard Read More

China Warns About ‘Unwavering Resolve’ to Fight U.S. ‘Bullying’ - China could retaliate against the U.S. after President Donald Trump blacklisted Huawei Technologies Co., the Chinese ambassador to the European Union said. Source Bloomberg Read More

SIM Registration: MTN Pays N235bn Fine - MTN Nigeria Communications Limited has paid a total of N235bn out of the N330bn fine imposed on the mobile telecommunications operator in August 2015 by industry regulatory agency, the Nigerian Communications Commission. Source Punch Read More

 

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PROSHARE TECHNOLOGY   

The Search For Digital Insurance Platforms in Nigeria; Illusive Unicorns - Late last year, I published a guide to the FinTech ecosystem in Nigeria with a snapshot of the most active players across key verticals. Source Segun Adeyemi Read More 

 

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PROSHARE FINANCE 

Minimum Paid-Up Share Capital Policy For Insurance And Reinsurance Companies In Nigeria - In 2005/7, the insurance industry witnessed its last recapitalization and despite the astronomical increase in value of insured assets, consequent exposure to higher level of insured liabilities and Operating cost of insurers, the same capital continued to rule in the insurance industry. Source NAICOM Read More 

 

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