Nigeria in 1min: Economic, Business and Financial Headlines – 230119

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 Wednesday January 23, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

Economic Indicators: Moving Forward Slowly - With oil prices sliding steadily and public revenues plunging, albeit mildly, coupled with global trade activity shrinking on the back of a bitter disagreement between the world’s largest trading partners. Source Proshare Read More 

Fitch Ratings: Global Growth Outlook Dented Not Dismantled - Fitch Ratings says the outlook for global growth has been dented by a series of recent weak data releases, but not dismantled. Source Fitch Ratings Read More

Huge Backlog Could Trigger New Wave of Shale Oil - The number of drilled but uncompleted wells (DUCs) in the U.S. shale patch has skyrocketed by roughly 60 percent over the past two years. Source Oil-Price Read More

NSR H1 2019 (8) - Nigerian Fiscal - More Strain on FG Finances - In our H2 18 strategy report, we had estimated fiscal deficit over 2018 to print at N1.8 trillion – from our revenue expectation of N5.1 trillion and expenditure of N6.9 trillion – which basically formed our domestic borrowing expectation of N388 billion over 2018 after adjusting for CBN funding of 50% of the projected domestic borrowing N775 billion. Source ARM Research Read More 

FAAC Disburses N2.38trn To FG in 2017 – NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N2.38trn to the Federal Government of Nigeria in 2017 while states received a total of N11.81trn within the period under review. Source NBS Read More 

CBN Communiqué No. 122 of the MPC Meeting – Jan 21-22, 2019 - The Monetary Policy Committee (MPC) held its first meeting for fiscal 2019 on 21st and 22nd January, 2019 amidst concerns over the slowdown in global economic activity, arising from on-going trade tensions, tightening global financing conditions and mounting external debt in Emerging Market and Developing Economies (EMDEs). Source CBN Read More 

Discourse on Nigeria’s Investment Outlook 2019 - At the 2019 edition of the Nigerian Economic 0utlook Conference organized by Time Economics, panelists Mr Peter Ashade, GCEO United Capital and Mr Rotimi Oyekanmi, Partner APIS LLP shared their perspectives on the Nigerian investment climate for the year. Source Proshare Read More

What’s Driving Oil Prices Down? – OIR 220119 - Despite greater oil price volatility in recent months, our research shows that the sector appears confident in its ability to better cope with market instability and long-term lower oil and gas prices. For the most part, industry leaders now appear to be positive that growth can be achieved after several difficult years. Source Oilprice Read More

NLC Fumes as Council of State Fixes Minimum Wage at N27,000- The National Council of State on Tuesday fixed N27, 000 as the new National Minimum Wage.The figure is N3, 000 short of the N30, 000 initially recommended by the Tripartite Committee on Review of National Minimum Wage chaired by a former Head of Service of the Federation, Ms Amma Pepple. Source Punch Read More 

Five takeaways from CBN‘s 122nd Monetary Policy Committee Meeting, January 2019 - The central bank (CBN) is worried about inflation pressures and is not prepared to loosen its leash on money supply. With inflation rising to 11.44% in December 2018 up from 11.28% in November of the same year, the regulator is determined to restrict growth of narrow and broad money supply, M1 and M2 at least throughout Q1. Source Proshare Read More 

 

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PROSHARE MARKETS

Access Bank Announces the Cancellation of EGM Scheduled To Hold On February 1, 2019 - Access Bank Plc ('the Company') hereby advices of the cancellation of the previously publicized Extraordinary General Meeting scheduled to hold on February 1, 2019 at Balmoral Convention Centre, Federal Palace Hotel, Ahmadu Bello Way, Victoria lsland, Lagos at 10.00 am. Source NSE Read More 

NSEASI Inches Up Marginally By 0.01% as Market Sentiment Turns Positive; MPC Leaves Rates Unchanged - Equities market closed today on a positive note, as NSEASI appreciated by +0.01% to close at 30,736.88 basis points as against -0.88% depreciation recorded previously. Source Proshare Read More 

Lafarge Africa Plc Extends Rights Issue Closure Date to Monday January 28, 2019 - The Rights Issue will now close on Monday, 28 January 2019 as against Saturday, 26 January 2019 earlier announced since Saturday, 26 January 2019 is not a business day. Source NSE Read More 

Union Bank of Nigeria Plc Series 1 and 2 Commercial Paper Offer Now Open - Stanbic IBTC Capital Limited and Standard Chartered Capital & Advisory Nigeria Limited are delighted to notify you of the inaugural Commercial Paper (“CP”) Issuance by Union Bank of Nigeria PLC (“Union Bank” or the “Bank”) under its N100 billion CP Issuance Programme. Source Stanbic IBTC Stock-brokers Read More 

How Does Online Foreign Exchange Trading Work? - Forex is a good way to earn extra income. However, in order to trade in the Forex market, it is necessary to have not only interest in this and some funds, but also know the basics of how Forex trading takes place. Let's consider this issue. Source Justforex Read More 

Naspers Progresses Plans to List MultiChoice Group Limited and Unbundle Its Shares - On 17 September 2018, Naspers announced its intention to list its video entertainment business separately on the Johannesburg Stock Exchange (JSE) as MultiChoice Group Limited (MultiChoice Group) and simultaneously unbundle its shares in this business to Naspers shareholders. Source Multichoice Read More 

Reserves Would’ve Crashed To $2bn Without Forex Restriction — FG - Nigeria’s foreign exchange reserves would have crashed to as low as $2bn if the Central Bank of Nigeria had not restricted importers from accessing forex for the importation of about 42 items, the Federal Government declared on Tuesday. Source Punch Read More 


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PROSHARE BUSINESS  

AMCON Seeks Investors For Polaris Bank - The Asset Management Corporation of Nigeria is seeking new investors to take over Polaris Bank after elections next month and is taking stock of the bank’s assets ahead of a sale. The spokesman for AMCON, Jude Nwauzor, was quoted by Reuters as saying on Tuesday, “The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process.  Source Punch Read More

CAM Bill Passes Third Reading At House Of Reps - According to a statement signed by the Senior Special Assistant to the President on Industry, Trade and Investment, Dr Jumoke Oduwole, the bill, which was passed by the Senate in 2018, is the largest business reform bill to be passed in Nigeria in over 28 years, as it represents the re-enactment of the existing Companies and Allied Matters Act 1990. Source Punch Read More 

Nigeria, Others Get $40b as Global FDI Falls to $1.2tr - Global foreign direct investment (FDI) fell by nearly a fifth in 2018, to an estimated $1.2 trillion from $1.47 trillion in 2017, according to the latest UNCTAD Global Investment Trends Monitor released on Monday, with Nigeria and Angola experiencing weak performance. Source Guardian Read More  

Asian Stocks Pause Amid Worries Over Growth And Trade - Asian stocks took a breather on Wednesday, with mounting signs of slowing global growth and concerns over a yet-unresolved Sino-U.S. trade dispute putting the brakes on investor appetite for risk assets. Source Reuters Read More

China Says Will Step up Fiscal Spending This Year to Support Economy - China will step up fiscal spending this year to support its economy, focusing on further cuts in taxes and fees for small firms, finance ministry officials said on Wednesday. Source Reuters Read More


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PROSHARE FINANCE

Pencom Set To Roll Out Micro-Pension Scheme  - All is now set for the launching of Micro Pension Scheme by the National Pension Commission (PenCom) this month, an initiative expected to attract over 20 million workers and N3 trillion into the pension assets. Source Guardian Read More 


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