Nigeria in 1min: Economic, Business and Financial Headlines – 210918

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Friday, September 21, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

FAAC Disburses N714.81bn in August 2018 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N714.81bn to the three tiers of government in August 2018 from the revenue generated in July 2018. Source Proshare Read More 

IMF harps on Structural Reforms,Non-Oil revenue mobilization for Nigeria’s Economy - The International Monetary Fund has reiterated the need for Nigeria to give top priority to structural reforms and growth friendly fiscal consolidation based on non-oil revenue mobilization. Source Proshare Read More 

Nigeria-Based Zenith Bank ''B and B'' And ''ngA and ngA-1'' Ratings Affirmed; Outlook Stable - We forecast that Zenith Bank's asset quality will remain stronger than that of its domestic peers and that despite the slow economic recovery in Nigeria, it will report sound earnings generation. Source Proshare Read More 

Nigeria ''B and B'' And ''ngA and ngA-1'' Ratings Affirmed; Outlook Stable - S&P Global Ratings affirmed its 'B/B' long- and short-term  sovereign credit ratings on Nigeria. The outlook is stable. At the same time,  we affirmed our long- and short-term Nigeria national scale ratings at 'ngA/ngA-1'. Source Proshare Read More 

National carrier will cost $8bn in 10 years – Airline operators - The Airline Operators of Nigeria (AON), the umbrella body of indigenous carriers, has described the suspension of the Nigeria Air project by the Federal Government as a bold move. Source Daily Trust Read More 

FG pays N1.05bn labour liabilities of defunct PHCN - The Federal Government has released about N1.05 billion to settle outstanding claims and entitlements of 408 staff and retirees of the defunct Power Holding Company of Nigeria (PHCN). Source Daily Trust Read More 

W’Bank approves $60m for Ogun rural projects - The World Bank Group, through the International Bank for Reconstruction and Development, has approved $60m grant for the implementation of rural and marketing projects in Ogun State. Source Punch Read More

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PROSHARE MARKETS

NSEASI Inches Up by 0.33% to Erase Previous Day Loss as Market Sentiment Closes Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.33% to close at 32,480.89 basis points as against -0.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.07%. Source Proshare Read More 

One Week After: FO Share Price Moves Up by 25.71%; Adds N5.86bn in Market CAP - Following our earlier update on the hit recorded by the share price of Forte Oil Plc titled ‘ FO Share Price Drops by -16.67% in Four Days - Coincidence or News Led?’ following the news of the possibility that the leadership of the Peoples Democratic Party (PDP) in Lagos State may offer the party’s 2019 governorship ticket to the chairman of Forte Oil Plc, Mr Femi Otedola. Source Proshare Read More 

What is Happening to the Currency Market in Nigeria? - The naira has been trading within a tight band of N359-N361/$ for the past 2 months in the parallel market, whilst the IEFX exchange rate traded within a band of N360-N362. Source Proshare Read More 

Conviction Of Nigerian Oil Deal Middlemen Spells Trouble For Shell and Eni On Eve Of Major Trial - Conviction in middlemen’s fast-tracked OPL 245 trial a poor omen for Shell and Eni’s defence just days before major bribery trial hears first prosecution witnesses. Source Proshare Read More 

Oil Prices Slip After Trump Slams OPEC On Twitter - As Brent Crude prices have been slowly creeping up to the $80 mark for a week, U.S. President Donald Trump took to Twitter again to slam OPEC about pushing prices higher, sending oil down early on Thursday. Source Proshare Read More 

NNPC records N17.16 billion trading surplus - The Nigerian National Petroleum Corporation (NNPC), has recorded  trading surplus of N17.16billion in April, 2018. Source THE NATION Read More

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PROSHARE BUSINESS

South African central bank holds repo rate in tight call - South Africa’s central bank left its benchmark repo rate at 6.5 percent on Thursday, with the bank’s governor striking a more hawkish note than at the last rate meeting in July. Source Reuters Read More 

China Plans Broad Import Tax Cut as Soon as October - China is planning to cut average tariff rates on imports from the majority of its trading partners as soon as next month, two people familiar with the matter said, in a move that would lower costs for consumers as a trade war with the U.S. deepens. Source Bloomberg Read More

US stock market underpinned by strong fund inflows - Investors pour $14.5bn in past week into equity funds at fastest pace since March Source FT Read More 

Wells Fargo to cut workforce by up to 10% - US bank says reduction will be made over the next three years Source FT Read More

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PROSHARE TECHNOLOGY

MTN shares rise after Nigeria says reviewing information to resolve $8.1 bln dispute -  Shares in South Africa’s MTN rose 5 percent on Thursday, after Nigeria’s central bank said on Wednesday that it was reviewing information provided by the telecoms firm and four banks over a dispute on the repatriation of dividends. Source Reuters Read More 

It’s Official—Cannabis Is the New Crypto - Marijuana Inc. is making more headlines than Crypto Corp. as the stocks of companies linked to the cannabis craze get caught up in a mania that’s sent prices surging. Source Bloomberg Read More

 

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