Nigeria in 1min: Economic, Business and Financial Headlines – 240718

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Tuesday, July 24, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

NSR H2 2018 (8) - Game Of Thrones! How They Stack Up In the Race- In the gear up to 2019 election, political gimmicks are starting to resonate with the last general election, an indication of a tough ride for the ruling party. For some (Nigerians), security, and perhaps economic challenges, as well as the feeling of dissatisfaction fueled by the perceived variance in expectation and reality of the ruling party, has instigated another clamor for change. Source Proshare Read more 

Nigeria Air: 5 Things To Note And Other FAQs- Last week Wednesday July 18, 2018 the Minister of State, Aviation; Captain Hadi Sirika at the Farnborough International Public Airshow in London, announced the renaming of Nigeria’s national carrier from “Nigeria Airways” to “Nigeria Air”. Source Proshare Read more 

Pre-MPC Commentary -Fed, Herdsmen, Elections to Stay MPC Hand- Having maintained the status quo so far this year, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) sits for its mid-year session this week. Despite signs of slowing economic recovery and impressive moderation in inflation, we anticipate a “HOLD” decision at the MPC meeting, and expect the committee to strike a more hawkish tone. Source Proshare Read More

Headline Inflation Drops to 11.23% in June 2018; 0.37% Lower Than May 2018 Rate- The Consumer Price Index (CPI) which measures inflation increased by 11.23 percent (year-on-year) in June 2018. This is 0.37 percent points less than the rate recorded in May 2018 (11.61) percent and represents the seventeenth consecutive disinflation since January 2017. Source Proshare Read more 

Only 63% of privatised enterprises performing – BPE DG - Only 63% of the privatised enterprises are currently performing while  the remaining 37% are not, the Director General of the  Bureau for Public Enterprises (BPE), Mr Alex Okoh, has said. Source Daily Trust Read more 

65 agencies have never submitted accounts for audit –AuGF - The Auditor-General for the Federation, Mr Anthony Ayine, has said that a total of 65 agencies of government never submitted their financial statements for audit purposes in line with the provisions of Financial Regulations 321. Source Punch Read more 

FG to commence River Benue dredging next year - The Acting Managing Director, National Inland Waterways Authority, Danladi Ibrahim, has said the dredging of the River Benue will commence fully next year. Source Punch Read more 

NPA lifts suspension on Maersk line, Cosco, two others - The Nigerian Ports Authority (NPA) has lifted the 10-day suspension it placed last week on four shipping lines. They included Maersk Line and Cosco. Source Daily Trust Read more 

Apapa ports are most expensive globally - Globally, the cost to ship cargo or freight by a shipping container from the United States to Apapa (Nigeria) is about the highest in the world. Source BUSINESSDAY Read more

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PROSHARE MARKETS

Stock Market Maintains Uptrend to Open The Week Positive as NSEASI Inches Up Further by 0.30%- Equities market closed today on a positive note, as NSEASI appreciated by +0.30% to close at 36,711.96 basis points as against +0.37appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.00%. Source Proshare Read more 

Oando Shares Spike after Senate Approved Outstanding Subsidy Claims for Oil Marketers-The Senate on Wednesday approved the payment of 348 billion outstanding subsidy claims to 74 petroleum marketers in the country. This helped Oando’s share price spike to the top of the gainer’s table on Thursday. Source Proshare Read more 

Afrinvest Stock Recommendation for the Week – 230718- The domestic equities market maintained a downward trend last week as the All Share Index (ASI) slid 2.1% W-o-W to settle at 36, 603.44 points while YTD loss dipped to 4.3%. Source Proshare Read more 

Fixed Income Market Monitor- The Open Buy Back Rate (OBB) Rose by 6.08% to 15.00% WoW-The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) rose to 15.67% and 15.00% respectively. Consequently, the average money market rate increased by 6.17% to settle at 15.34% as system liquidity reduced due to fortnightly Retail FX Auction and first Yuan retail auction conducted by the CBN. Source Proshare Read more

Osinbajo charges Nigerian Capital Market on Economic Growth- Vice President Yemi Osinbajo has said that for investors to take advantage of government’s incentives and improved business environment, there needs to be availability of medium to long term capital in the form of bonds, equity and loans. Source Proshare Read more 

June 2018 Inflation figure posts at 11.23%, markets shrug in reaction - The bond market opened the week on a quiet note, as Inflation figure came out above expectation and as participants wait on the outcome of the Monetary Policy Committee meeting holding today and tomorrow. Source Proshare Read more 

NNPC targets 20% equity in Nagarjuna fertilizer coy - The Nigerian National Petroleum Corporation (NNPC) says it is targeting to take 20 per cent equity in the Nagarjuna Fertilizer Project. Source Daily Trust Read more 

FG suspends licence application for new power plants - The Federal Government has suspended the consideration of new licence application for building power Generation Companies (GenCos) as it reviews the conditions for private investors in the generation section of the power sector value chain. Source Daily Trust Read more 

NERC clears 65 firms for DisCos’ meter financing, installation - The Nigerian Electricity Regulatory Commission (NERC) has granted ‘No Objection’ to 15 other firms to participate as Meter Assets Providers (MAP) who upon engagement by the 11 Distribution Companies (DisCos) will finance the installation of meters for electricity users. Source Daily Trust Read more 

Grid loses 3,109MW of electricity to gas issues, others - The Nigerian national grid last weekend lost 3,019 megawatts (MW) of electricity to key power sector constraints of gas, load demand frequency, line constraint and water management issue Source Daily Trust Read more 

Discos: We Were Entitled to Only N58bn of CBN’s Power Sector Fund - The electricity distribution companies (Discos) have said the Central Bank of Nigeria (CBN) reserved just about N58.45 billion or 27.75 per cent of its N213 billion power sector intervention fund for the Discos, while the balance went to generation companies (Gencos) and gas suppliers. Source Thisday Read more


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PROSHARE BUSINESS

Ghana central bank keeps policy rate at 17 pct - Ghana’s central bank kept its benchmark interest rate unchanged at 17 percent as expected on Monday, mindful of the possible impact on inflation of pressure on emerging economies, governor Ernest Addison said. Source Reuters Read more 

Oil prices fall as oversupply concerns weigh - Oil prices extended losses on Tuesday as attention shifted to the risk of oversupply, with market participants shrugging off escalating tensions between the United States and Iran. Source Reuters Read more 

IMF projects Venezuela inflation will hit 1,000,000 percent in 2018 - Venezuela’s inflation rate is likely to top 1,000,000 percent in 2018, an International Monetary Fund official wrote on Monday, putting it on track to become one of the worst hyperinflationary crises in modern history. Source Reuters Read more

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PROSHARE TECHNOLOGY

Fed Govt unveils ICT roadmap - The Minister of Communication, Dr.  Adebayo Shittu, yesterday unveiled the Nigeria Communication Technology (ICT)  roadmap 2017 – 2018, in Lagos. Source THE NATION Read more

 

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