Nigeria in 1min: Economic, Business and Financial Headlines – 210818

Proshare

Tuesday, August 21, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

Total Value of Capital Importation into Nigeria Stood at $5,513.55m in Q2 2018 - NBS - The total value of capital importation into Nigeria stood at $ 5,513.55 million in the second quarter of 2018. This was a decrease of 12.53% compared to Q1 2018, but a 207.62% increase compared to the second quarter of 2017. Source Proshare Read more 

EGRP: FG To Establish Delivery Units In 6 Ministries - The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, says the federal government will establish delivery units in six ministries for the Economic Recovery and Growth Plan (ERGP). Source Leadership Read more 

Domestic debt servicing gulps N656.59bn in three months - The Federal Government spent a total of N656.59bn in the second quarter of the year on servicing domestic debt; statistics obtained from the Debt Management Office have shown. Source Punch Read more 

NBS: With N3.45tn, Oil Sector Got Highest Credit in Q2 - The National Bureau of Statistics (NBS) has put the total amount of credit allocated by banks to the oil and gas sector in the second quarter of 2018 at N3.45 trillion, which it said was the highest during the period. Source Thisday Read more 

FDI Grows 5.97% to $261.35m in Q2 - Total Foreign Direct Investment (FDI) stood at $261.35 million in the second quarter of 2018, growing by 5.97 per cent from the first quarter of the same year, but falling by 4.75 per cent when compared with the corresponding quarter of last year. Source Thisday Read more 

The Bola Tinubu – Bukola Saraki Exchange For The Records  - I have always restrained from joining issues in the media with Asiwaju Bola Ahmed Tinubu and this is based on my respect for him. However, I will not allow him to create a wrong, false and mischievous impression about the reasons for my decision to exit the All Progressives Congress (APC) and present his prejudice as facts for public consumption. Source Proshare Read more

 Proshare Nigeria Pvt. Ltd.

PROSHARE MARKETS

Nigeria’s Equities Market Halts Uptrend to Open The Week Negative; NSEASI Records -1.71% Loss - Equities market closed today on a negative note, as NSEASI depreciated by -1.71% to close at 34,663.48 basis points as against +1.87% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.36%. Source Proshare Read more 

Yields Retrace Slightly as Offshore Sellers Take a Breather - The Bond Market traded on a relatively calm note, with yields retracing by c.6bps from its previous session highs, as market players cherry-picked on offers, mostly on the shorter end of the curve. Source Proshare Read more 

Bearish Trend Sustained as Average Rate Advanced 19bps to 11.7%– The bearish sentiment in the T-Bills secondary market persisted last week due to further sell-offs by offshore players on the back of current pressures in the Emerging markets. Source Proshare Read more 

Investment Opportunities in Commercial Papers- FSDH Research identifies investment opportunities in Commercial Papers (CPs). CPs are unsecured money market instruments issued in the form of promissory notes to raise shortterm funds, which companies use to finance their operations. Source Proshare Read more 

Total Nigeria Plc Q2 2018 Results Review: Neutral Rating Maintained Despite Upside Potential- Total Nigeria’s (Total) Q2 2018 earnings of N4.0bn grew by 107% y/y and ahead of our expectations. Therefore, we have raised our EPS estimates over the 2018-19E period by around 25% on average, and our price target by 15% to N359.0 as we roll forward our valuation to 2019E. Source Proshare Read more 

Fixed Income Market Monitor – Overnight Rate Fell to 833%- The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) fell to 8.33% and 7.33% respectively. Consequently, the average money market rate decreased by 1.01% to settle at 7.83% as system liquidity increased to c500bn due to inflow from OMO T-Bills maturity of cN514bn. Source Proshare Read more 

Shell suspends 8m barrels worth $560m as Trans Ramos oil Pipeline remains shut - THERE are indications that Shell Petroleum Development Company (SPDC), Nigeria’s highest crude oil producer with over 600, 000 barrels per day, has so far suspended the production of 800 million barrels worth $560 million as its Trans Ramos Pipeline (TRP), remains shut. Source Vanguard Read more 

NNPC receives N28.85bn from Glencore for crude oil sales - THE Nigerian National Petroleum Corporation, NNPC, received $94.279 million, about N28.85 billion, from Anglo-Swiss multinational commodity trading and mining company, Glencore, being payment for crude oil sold to the company in 2017. Source Vanguard Read more 

GenCos demand payment for 24 months energy debts - Power Generating Companies (GenCos) have demanded the payment of outstanding balances for the energy they supplied to the Distribution Companies (DisCos) for over 24 months between 2015 and 2016. Source Daily Trust Read more 

Banks worry as power firms’ debts worsen - Many of the Nigerian banks that gave loans to core investors during the privatisation of the power sector in 2013 may have incurred losses, our correspondent has learnt. Source Punch Read more 

Nigeria Wasted $1tn Earned in Oil Booms, Says Report - But for the recurring wastefulness of federal government, the country could have used about $1 trillion it earned from its production and sale of crude oil in five different oil booms to develop and diversify its economic base, a report titled ‘’Stabilising Nigeria’s Volatile Economy’’, has disclosed. Source Thisday Read more

 Proshare Nigeria Pvt. Ltd.

PROSHARE REGULATOR

Memo To The Market – The NSE, Oscar Onyema Foundation And Corporate Governance  - The mandate given to the newly constituted executive management of the NSE post-Ndi Okereke-Onyuike was to develop, grow and implement an exchange driven by, and able to hold itself to the best possible standards of governance and to exercise extreme caution where any appearance of or circumstance may present itself. Source Proshare Read more

 Proshare Nigeria Pvt. Ltd.

PROSHARE BUSINESS

2018 Eid El-Kabir Celebrations in Nigeria:3 Key Issues to Note - The origin of Eid-El-Kabir dates back to the story of the prophet Ibrahim, as told in the Quran. After years of longing for a child, Ibrahim and his wife were given a son in their old age. But, as a testament to his love for Allah, Ibrahim was asked to sacrifice him. Source Proshare Read more 

Josephine Anan-Ankomah Appointed Ecobank TI''s New Group Executive, Commercial Banking - Ecobank Transnational Incorporated has appointed Mrs Josephine Anan-Ankomah as its new Group Executive in charge of commercial banking, replacing Mrs. Laurence Do Rego. Source Proshare Read more 

Ethiopian Airlines, Zambia to relaunch national airline at cost of $30 million - Ethiopian Airlines has signed a shareholding agreement with Zambia’s main develoment agency to relaunch the southern African country’s flag carrier at an initial cost of $30 million. Source Reuters Read more 

China sells diesel to South Africa as refiners seek new export markets - State-run oil company Sinopec is selling diesel as far afield as South Africa as China’s refiners seek homes for their surplus fuel in the latest sign of troubles in the domestic refining business. Source Reuters Read more 

Nairobi Securities Exchange suspends trading of Kenya's ARM Cement - The Nairobi Securities Exchange (NSE) said on Monday it had suspended trading of Kenya’s ARM Cement three days after it was put under administration. Source Reuters Read more 

Oil gains on easing trade war concerns, sanctions on Iran - Oil futures rose on Monday after weeks of declines, as investors grew more concerned about an expected fall in supply from Iran due to U.S. sanctions and worried less that a trade war between the United States and China would hurt economic growth. Source Reuters Read more 

Turkish Lira Leads Global Losses on Downgrades, Sanction Concern - The Turkish lira led global currency losses after dual credit-rating downgrades underscored concern the Middle East’s largest economy could be hobbled amid prospects of escalating U.S. sanctions. Source Bloomberg Read more 

Deutsche Bank Raises Bet on Noble Group's $3.5 Billion Rescue - Deutsche Bank AG is doubling down on a bet that troubled commodities trader Noble Group Ltd. will be able to pull off a $3.5 billion reorganization. Source Bloomberg Read more 

Venezuela lops five zeros off the bolívar - Currency devalued by 95 per cent and redenominated in effort to curb hyperinflation Source FT Read more 

JPMorgan cuts Tesla target on lack of buyout funding - Analyst drops valuation to $195 a share on conclusion financing was not ‘secured’ Source FT Read more

 Proshare Nigeria Pvt. Ltd.

PROSHARE TECHNOLOGY

Microsoft Finds New Russian Effort to Hack U.S. Political Groups - Microsoft Corp. disclosed a new effort by a group of cyber-attackers linked to the Russian government to target American groups, including those affiliated with the Republican Party, ahead of the U.S. midterm elections. Source Bloomberg Read more

 

WATCH LATEST VIDEO ON PROSHARE WEBTV  

Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP