Nigeria in 1min: Economic, Business and Financial Headlines – 230719

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Tuesday, July 23, 2019 / 06:40 AM / By News Aggregator

 

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PROSHARE ECONOMY

Re-Introduction of VAT on Market Transaction Charges Take Effect From July 25th, 2019 - VAT Charges on transactions in the Nigerian Capital Market suspended in 2014 will be re-introduced effective from July 25th, 2019. The charges suspended by a former coordinating minister of the economy and minister of finance, Dr. Ngozi Okonjo-Iweala was designed to encourage increased trading activities in the market. Source Proshare Research Read More

Kenya Launches Africa’s Largest Wind Power Plant, Plans To Go 100% Green Energy by 2020 - Kenya has unveiled Africa’s largest wind power plant with plans to go 100% green energy by 2020. President Uhuru Kenyatta disclosed this on at the unveiling ceremony of the wind power plant on Friday. Source Proshare Read More

The MPC Set to Hold its Fire This Week - The monetary policy committee (MPC) holds its latest meeting today and tomorrow in Abuja. In March nine members out of eleven voted in favour of easing and in May nine voted for no change in stance, with two supporting a rate cut of 25bps. Source FBNQuest Read More

Eskom To Receive Extra $4.2bn Allocation For Its Operations - Eskom, the South-African state-owned power utility company, has received an extra allocation of 59 billion rand ($4.24 billion), to enable it service operations over the next two years.   Source Proshare Read More

NSR H2 2019 (1) - Global - Wobbly Growth Picture, More Tilted To The Downside - Negating rhetoric at the beginning of the year of a broad-based deceleration in growth across Developed Markets (DMs) and stagnant growth in Emerging and Developing Economies (EMDEs), economic growth in DMs surprised over the first quarter of 2019 –  expanding 2.1% YoY compared to 1.8% in Q4 18 –, while growth in EMDEs decelerated by 10bps to 4.8% YoY. Source ARM Research Read More

NSR H2 2019 (2) - MEA Region - Neither Booming Nor Collapsing - In our H1 19 outlook, we laid out our expectations for growth in Sub-Saharan Africa (SSA) underpinned by recovery in powerhouse constituents (such as South Africa, Nigeria and Angola) and sustained growth in smaller countries. Source ARM Research Read More

Foreign Commercial Loans Rise By $7.87bn In Two Years -  Nigeria’s commercial foreign loans have risen by $7.87bn in the last two years, investigation has shown. Data obtained from the Debt Management Office on Monday showed that the country’s commercial loans as of March 2017 stood at $3bn. Source Punch Read More 

 

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PROSHARE MARKETS

Afrinvest Stock Recommendation for the Week 220719 - The local bourse continued its bearish run as the All Share Index (ASI) suffered losses on 4 of 5 trading sessions last week. Consequently, the benchmark index slid 2.3% W-o-W to settle at 27,919.50 points while YTD loss declined to -11.2%. Source Afrinvest Research Read More

Average Yield Pressured to 10.5% on Sustained Demand Buoyed by Robust System Liquidity - Last week, the Treasury bills secondary market sustained its bullish run for the fifth consecutive week as system liquidity remained elevated (N302.9bn as at Friday) amidst the Primary Market Auction (“PMA”) and OMO auction conducted by the Apex bank during the week. Source Afrinvest Research Read More

Market Resumes Negative Posture as NSEASI Dips By -0.40% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by 0.40% to close at 27,808.69 points as against 0.20% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.52%. Source Proshare Markets Read More

CBN Sells $4.47bn Forex To Dealers In Two Months - The Central Bank of Nigeria sold $4.47bn forex to authorised dealers between April and May. The CBN’s May report on foreign exchange market developments stated that, “The bank continued to intervene in the foreign exchange market to further sustain the improved liquidity and relative stability in the market. Source Punch Read More

Market Players Place Bullish Bets on FGN Bonds Ahead of MPC - Activities in the FGN bond market were bullish today. We expect yields to remain depressed in tomorrow’s session, with Coupon payment on the FGN 2030 bond expected to further bolster demand interests. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS

$1bn ECA Balance Is $123.11m, Says Presidency - The Presidency on Monday gave additional details on how the controversial $1bn approved from the Excess Crude Account in 2017 to fund security operations was spent. According to the   Presidency,  the unspent balance as of today  is  $123.11bn. Source Punch Read More

Nigeria, Siemens Sign 25,000MW Six-Year Electricity Deal - Nigeria and electricity giant, Siemens, have signed a power deal that will lead to the production of 25,000 megawatts of electricity by 2025. President Muhammadu Buhari gave the indication at the Presidential Villa on Monday during a meeting with the Siemens’s Global Chief Executive Officer, Mr Joe Kaeser. Source Punch Read More

IIF Acquires Stake, Injects N3.6bn In Royal Exchange General - InsuResilienceInvestment Fund has acquired 39.25 per cent stake in Royal Exchange General Insurance Company, the subsidiary of Royal Exchange Plc, a finance and insurance services group. IIF was established by the German Development Bank (KfW) and managed by Swiss based Impact Investment Manager, BlueOrchard Finance Investment Limited (“BlueOrchard”). Source Punch Read More

Infracos To Access N65b Broadband Subsidy - Infrastructure Companies (infraCos) expected to drive broadband penetration in Nigeria would have access to the N65 billion subsidies over the next four-years. However, The Guardian gathered that InfraCos that will access the subsidy are required to meet some set milestones, as compiled by the Nigerian Communications Commission (NCC), even as it seeks to get approval for more funding from the Presidency. Source Guardian Read More

Lafarge Africa Shareholders Approve Sales Subsidiary For $316m - Shareholders of Lafarge Africa Plc on Monday unanimously approved the proposed sale of Lafarge South Africa Holding Limited (LSAH) to LafargeHolcim Group for 316.2 million dollars. Source Vanguard Read More

 

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PROSHARE MSME

DBN makes a case for Increased MSMEs Funding With Lecture Series - Development Bank of Nigeria (DBN), has further shown its commitment to the needs of the sector by driving the call for MSMEs funding through the maiden edition of its Lecture Series scheduled to take place at the Congress Hall, Transcorp Hilton Hotel, Abuja on July 29, 2019. Source DBN Read More

 

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