Nigeria in 1min: Economic, Business and Financial Headlines – 230718

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Monday, July 23, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 230718 - Nigeria’s gross foreign exchange reserve stands at $47.44billion, reflective of a 0.4% dip when compared with the previous month, June 2018. In the same vein, the foreign reserves is considered liquid as it currently stands at $46.11billion reflective of a 1.9% dip when compared to the previous month Source Proshare Read more 

MPC Meeting: Considerations and Policy Options - Reduce Rates, Hold or Increase? - Reduce Rates, Hold or Increase? The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) may hold rates when it meets next week. Source Proshare Read more         

NSR H2 2018 (7) - Pension: Multi-fund - Will Variable Assets Blow-Up or Blow Over? - The pension fund assets continued its ascent, rising by N581 billion between year-end 2017 to April 2018, to print at N8.1 trillion, reflecting contributions (est. N174 billion) and more importantly, gains in assets. Source Proshare Read more 

Weekly Economic and Financial Commentary – WE 20th July, 2018  - U.S. retail sales grew by 0.5% MoM in June, rising for the fifth consecutive month (vs. 1.3% MoM in May). The growth in retail sales was boosted by higher motor vehicle sales dur-ing the period. Source Proshare Read more 

JAMB remits N7.8b as examination surplus - THE Joint Admissions and Matriculation Board (JAMB) has remitted another N7.8 billion to the Federal Government. Source THE NATION Read more 

U.S. firms in Nigeria generate N2.6tr - United States’ companies operating in Nigeria generated revenue worth more than N2.6 trillion in 2017, a survey conducted by the American Business Council, in collaboration with Accenture, KPMG, PwC and the U.S. embassy has revealed. Source Guardian Read more 

Nigeria produces less than 25 percent of local fruit juice demand – RMRDC - The annual national demand for fruit juices is presently estimated at 550 million litres, but the current supply is estimated at 135 million litters which represent less than 25% of the demand, the Raw Material and Research Development Council (RMRDC) has said. Source Daily Trust Read more 

Nigeria, others to get AFREXIM Bank’s $25bn grant - The President, African Export-Import Bank, Dr Benedict Oranma, has said there are plans by the bank to support Nigeria and a number of other African countries with $25bn within the next three years. Source Punch Read more

 
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PROSHARE MARKETS

Market Review and Round-Up of Corporate News Announced During The Week Ending 200718 -The equities market recorded mixed performance – the listed equities market recorded -2.11% loss WoW while the NASD OTC went up by +1.25% WoW. Source Proshare Read more 

Corporate Earnings for the Week Ending 200718 – DANGCEM Declares N113.16bn PAT in Q2 2018 Results - Source Proshare Read more 

FMDQ Lists N10.69bn Pioneer FGN Green Bond - The FMDQ OTC Exchange today listed the pioneer FGN Green Bond valued at N10.69bn at 13.48% fixed rate yield for a 5 year tenure. Source Proshare Read more 

DMO Lists N10.69bn FGN Sovereign Green Bond on NSE  - The Nigerian Stock Exchange (NSE) is pleased to announce the listing of the N10.69billion, 5-year, Federal Government Sovereign Green Bond at coupon rate of 13.48% on the Exchnage by Debt Management Office (DMO) on Friday, July 20, 2018. Source Proshare Read more

CBN commences sale of Chinese Renminbi at its retail auction - The bond market witnessed tepid interest, as yields compressed by c2bps on the average across the curve. Source Proshare Read more 

Nine banks earned N25.9bn from electronic products in Q1 - Nine Nigerian banks made about N25.9bn in the first three months of the year from electronic transactions, the first quarter unaudited annual reports of the banks showed. Source Punch Read more 

Currency devaluation, forex, cost of fund push firms to N10 billion losses - Five manufacturing companies quoted on the Nigerian Stock Exchange (NSE) were among the big losers in the 2017 financial year, which presented operational challenges to the sector, as they lost more than N10 billion. Source Guardian Read more 

Oil prices fall on demand concerns as G20 warns of risks to growth - Oil prices fell on Monday because of increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions. Source Reuters Read more 

Shell in Talks to Sell $2 Billion Nigeria Oil Assets - Royal Dutch Shell Plc is in talks to sell two Nigerian oil licenses in an area that’s at the heart of environmental and human rights controversies for $2 billion, according to people familiar with the plan. Source Reuters Read more 

DisCos lose N48 per unit as NERC stalls power tariff for 30 months - The 11 electricity Distribution Companies (DisCos) said they lose an average of N48 per kilowatt hour (KWH) of electricity due to the deliberate stoppage of a new tariff in the past 30 months. Source Daily Trust Read more 

Kaduna, Port Harcourt refineries dormant – NNPC - The latest operational performance of the nation’s refineries as released by the Nigerian National Petroleum Corporation shows that two of the plants in Kaduna and Port Harcourt have been dormant. Source Punch Read more 

Power firms, others lost N268bn in six months - The losses incurred in Nigeria’s power sector have been on a persistent rise as the Federal Government and electricity distribution companies continue to disagree over issues affecting the industry. Source Punch Read more

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PROSHARE BUSINESS

State House, Budget Office, 306 others spent N149bn illegally – Auditor-General - The Auditor-General for the Federation, Mr Anthony Ayine, has queried 308 Ministries, Department and Agencies of government over extra-budgetary spending of N149.5bn in 2016. Source Punch Read more 

Egypt hikes gas prices by up to 75 pct in IMF-backed austerity plan - Egypt said on Saturday it was raising the price of natural gas for home and commercial use by up to 75 percent, the latest move in an IMF-backed austerity programme that has left many Egyptians struggling to make ends meet. Source Reuters Read more 

Fewer mergers and acquisitions are taking place in Africa - Total deal volumes and values of Merger & Acquisition (M&A) transactions in Africa fell sharply in the first half of 2018, declining 44% in deal volume and 57% in aggregate value, compared to the first half of 2017, according to analysis by Baker McKenzie of Thomson Reuters  M&A data for Africa Source Reuters Read more

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PROSHARE TECHNOLOGY
Mobile Phone Subscribers Now over 163m, Says Osinbajo - Vice-President Yemi Osinbajo saturday in Dubai, United Arab Emirates (UAE), disclosed that the number of mobile telephone subscribers in Nigeria has risen to 163 million barely 17 years after its advent. Source Thisday Read more

 

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