Nigeria in 1min: Economic, Business and Financial Headlines – 240518

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Thursday, May 24, 2018 / 7:00 AM / Proshare News 


PROSHARE ECONOMY

Q1 2018 GDP Figure: Still Miles Away From An Escape Velocity  - The recently published national account figures for the first Quarter of 2018 by the Nigerian National Bureau of Statistics showed that the Gross Domestic Product at market prices stood at N28.70 trillion at the end of  1st Quarter 2018, thus reflective of a slight faint in Market value of GDP  by 0.9%.  Source Proshare Read More 

Economic Associate’s Conference on ‘Nigeria’s Economic Outlook’, to hold on June 21, 2018 - Economic Associates (EA) will host a one-day conference on Nigeria’s Economic Outlook on Thursday, 21 June 2018 at Lagos Continental Hotel, Kofo Abayomi Street, Victoria Island, Lagos. Source Proshare Read More 

Federal, states, local govts share N701b - The Federation Account Allocation Committee (FAAC) yesterday shared N701.022 billion to  the three tiers of government as federal allocation for May, 2018. Source THE NATION Read More 

Nigeria’s leasing industry deals reach N1.44 trillion - The Nigerian leasing industry continued its growth trend in 2017, as the outstanding lease volume grew to N1.44 trillion, against N1.26 trillion in 2016, representing a growth of 14.5 per cent. Source Guardian Read More 

Nigeria’s industrial production has fallen by 41% –AfDB - Nigeria’s industrial value dropped by 41 per cent between 2012 and this year, the African Development Bank has said. Source Punch Read More 

Buhari yet to get 2018 budget from National Assembly - President Muhammadu Buhari has yet to get a clean copy of the 2018 Appropriation Bill as passed into law by the two chambers of the National Assembly last week. Source Punch Read More

 
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PROSHARE MARKETS

Market Extends Loss as NSEASI Dips by -0.25% - Equities market closed today on a negative note, as NSEASI depreciated by -0.25% to close at 40,150.55. basis points as against -0.43% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.99%. Source Proshare Read More 

Weak Auction Results Dampen Bond Market Outlook - The Bond Market traded with mixed sentiments as market players sold off on the shorter end of the curve (19s and 20s) whilst there were slight interests on the medium to long end. Yields consequently rose higher by c.6bps on average. Source Proshare Read More 

Shareholders Approve Forte Oil’s Divestment Plan From Subsidiaries - Shareholders today approved the divestment plan of Forte Oil Plc from its subsidiaries, as part of its restructuring plan. Source Proshare Read More 

Naira closes stable as CBN lifts forex market with $210m - The nation’s currency closed stable on Wednesday after the Central Bank of Nigeria (CBN) made available the sum of $210 million, to meet customers’ requests in various segments of the foreign exchange market. Source BUSINESSDAY Read More 

22 Firms Receive NERC's ''No Objection'' to Participate in Meter Procurement Process - Following the Commission’s approval of the Meter Asset Provider (MAP) Regulations 2018, applications were invited from interested investors for ‘No Objection’ from the Commission. Source Proshare Read More 

Trans Forcados oil pipeline resumes operation - Flows of crude oil along Nigeria’s Trans Forcados pipeline have started to ramp up again after an outage of almost a week, several trading sources said on Wednesday. Source Daily Trust Read More

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PROSHARE BUSINESS

“Pursue your Aspirations”, FCMB Inspires Customers in a New Thematic Campaign - First City Monument Bank (FCMB) recently took another bold step to deepen its history of excellence and consolidate its position as one of the foremost financial institutions in Nigeria. Source Proshare Read More 

Oil prices drop on potential increase in OPEC output -  Oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran. Source Reuters` Read More 

Deutsche Bank Is Considering Increasing Job Cuts to 10,000 - Deutsche Bank AG is considering 10,000 job cuts and retreating from equities markets across the world as part of a sweeping overhaul by Chief Executive Officer Christian Sewing, people familiar with the matter said. Source Bloomberg  Read More

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PROSHARE TECHNOLOGY

MTN to price $2 billion Ghana IPO next week - Africa’s telecommunication giant MTN is said to start selling about a third of its Ghanaian unit worth $754 million representing 35 percent of the $2 billion next week in an initial public offering. Source BUSINESSDAY Read More 

Coinbase is shutting down GDAX to launch new ‘Pro’ cryptocurrency exchange - Popular cryptocurrency exchange desk Coinbase has announced plans to shutter its digital asset platform GDAX to launch the brand new Coinbase Pro which will cater specifically to crypto-traders. Source TNW Read More

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