Nigeria in 1min: Economic, Business and Financial Headlines – 210618

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Thursday, June 21, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

President Buhari’s Speech At The Signing of The 2018 Appropriation Bill into Law- I would like to thank the leadership of the National Assembly, particularly the Senate President and the Speaker of the House of Representatives, as well as all the Distinguished Senators and Honourable Members, for passing the 2018 Appropriation Bill, after seven months. Source Proshare Read more 

Sugar Prices Lose 1.03% in Value to $0.1254 per Pound- The FGN plans to shut its land borders with neighboring countries to stop rice smuggling into Nigeria. The country had boasted of self-sufficiency in rice by November this year. Source Proshare Read more 

Average Prices of 1kg of Tomato Increased MoM by 6.10% to N307.14 in May 2018 - NBS- Selected food price watch data for May 2018 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 4.96% and decreased month-on-month by -0.62% to N548.66 in May 2018 from N552.09 in April 2018 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -8.68% and month-on-month by -1.14% to N41.77  in May 2018 from N42.25  in April  2018. Source Proshare Read more 

‘Farmers earned N73.24bn from agric exports in three months’ - The sum of N73.24bn was earned by farmers in the country between January and March this year through the export of agricultural products. Source Punch Read more 

Physical examination increases cargo dwell time by over 100% - The physical examination by the Nigeria Customs Service, NCS and other government agencies involved in cargo examination process at the nation’s seaports has increased the cargo dwell time by over 100 percent. Source Vanguard Read more

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PROSHARE MARKETS

Stock Market Extends Negative Trend as NSEASI Dips Further by -0.15% Amid Positive Breadth- Equities market closed today on a negative note, as NSEASI depreciated by -0.15% to close at 38,605.07  basis points as against -0.68% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.95%. Source Proshare Read more 

DMO Publishes Q1 2018 Debt Data; Total Public Debt Stood At N22.71trn or US$74.28bn - Nigeria’s Total Public Debt as at March 31, 2018 stood at N22.71 Trillion or USD74.28 billion. This represents a marginal increase of 4.52% when compared to the figure as at December 31, 2017. Source Proshare Read more 

Invest in FGN Monthly Bond Auction – June 2018- The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for.  Source Proshare, Read more

Offshore Selloff Drives FGN Bond Yields Closer to 14% - Bond yields rose significantly higher by c.20bps, largely driven by offshore selloffs especially on the 2026 and 2037 bonds. Source Proshare Read more 

CBN Injects $210m into FX Market - The naira appreciated to N359.5 to a dollar on the parallel market yesterday, compared with the N360 to a dollar it closed on Tuesday. Source Thisday Read more 

NNPC to begin refineries’ maintenance by Dec – Kachikwu - The federal government said it will shut down the three refineries and begin turnaround maintenance on them by December 2018. Source Daily Trust Read more 

Bonga Oil Spill: Court Affirms FG’s $3.6bn Penalty On Shell - Justice Mojisola Olatoregun of the Federal High Court in Lagos has dismissed a suit filed by Shell Nigeria Exploration and Production Company Ltd challenging the fine of $3.6billion imposed on it over the Bonga Oil Spill of December 20, 2011 by the federal government through the National Oil Spill Detection and Response Agency (NOSDRA). Source Leadership Read more 

NERC suspends Ibadan DisCo directors over N6bn loan - The Nigerian Electricity Regulatory Commission (NERC) has suspended the board of directors of Ibadan Electricity Distribution Company (IBEDC) over a N6bn “inappropriate” loan to its core investor. Source TNM Read more

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PROSHARE BUSINESS

South Africa's CPI slows to 4.4 pct y/y in May -  South Africa’s headline consumer inflation slowed to 4.4 percent year-on-year in May from 4.5 percent in April, data from Statistics South Africa showed on Wednesday. Source Reuters Read more 

Argentina to Join Widely Watched Emerging Markets Index By MSCI - MSCI returned Argentina to emerging market status for the first time in nearly a decade, a move that is expected to provide a much-needed boost to the beleaguered country as it Source WSJ Read more 

OPEC, Russia Promise More Oil, but Can They Pump Enough? - Saudi Arabia and Russia have promised they will lead OPEC and other big oil producers in a deal this week to boost output and lower prices. Source WSJ Read more 

Saudi Arabia Wins Coveted Emerging-Market Status in MSCI Upgrade - Saudi Arabia’s efforts to modernize its stock market and attract billions in investments were recognized by MSCI Inc., which announced on Wednesday the addition of the kingdom to its group of emerging markets. Source Bloomberg Read more 

U.S. Sanctions on Iran Crude Stir Up a Corner of the Oil Market - Effects of the U.S. decision to renew sanctions on OPEC member Iran are already spreading beyond the world of crude to some corners of the oil market. Source Bloomberg Read more 

Goldman Says Emerging Markets Are Flashing Green, Buy Local Debt - Emerging market assets have been beaten up lately, but many of their fundamentals are still in good shape, and their local bonds are a buy, Goldman Sachs Group Inc. strategists say. Source Bloomberg Read more

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PROSHARE TECHNOLOGY

IMF Mission Team to Engage Fintech Nigeria on June 29, 2018 - The 2018 Nigeria/International Monetary Fund staff visit exercise at the instance of the Federal Government of Nigeria is scheduled to start from the 27-29th of June, 2018 in Lagos. Source Proshare Read more 

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