Nigeria in 1min: Economic, Business and Financial Headlines – 240719

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Wedneday, July 24, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @HerbertOWigwe

 

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PROSHARE ECONOMY

NSR H2 2019 (3) - Commodity Prices - Mixed Bag For Global Soft Commodity Market - Over the first half of 2019, the S&P GSCI Agricultural index declined by 14.1% YoY, extending the bearish run observed over the second half of 2018 – largely reflecting price declines across key commodities. In line with our expectation Cocoa, Sugar and CPO prices sustained bearish trend due to market glut necessitated by the favorable weather condition. Source ARM Read More

MPC Maintains Status Quo After July 2019 Meeting - The Monetary Policy Committee (MPC) meeting that held on the 22nd and 23rd of July has just been concluded with the following policy decisions. Source CardinalStone Read More

NSR H2 2019 (4) - EM Capital Flows - Break Out The Champagne - Rebounding from paucity of flows over H2 18, total net FPI flows to EMs more than tripled to $193.9 billion in the first half of 2019 (from a low of $65.1 billion in H2 18), with 77% ($148.7 billion) of the total flows channeled towards EM debt counters while equities ($45.2 billion) continues to account for a meagre share of the pie. Source ARM Read More

CBN Communiqué No. 125 of the MPC Meeting – July 22-23, 2019 - The Monetary Policy Committee (MPC) met on the 22nd and 23rd of July, 2019, in an environment of subdued global growth and fragile domestic economic recovery. The Committee reviewed developments in the global and domestic macro-economy. Source CBN Read More

Oil Markets Ignore The Tanker War- OIR 230719 - Oil prices initially traded up on Monday on geopolitical tension in the Middle East, but gave up some of those gains on fears of an oil glut. At the start of Tuesday, oil prices dipped further, weighed down by demand fears. Source Oilprice Read More

IMF Raises Nigeria’s Growth Forecast To 2.3% - The International Monetary Fund on Tuesday raised the growth forecast of Nigeria’s economy for the 2019 financial year by 0.3 per cent to 2.3 per cent. It disclosed this in its July update on the World Economic Outlook with the theme, ‘Sluggish global growth call for supportive policies’. The Fund in its January report had revised the country’s Gross Domestic Product projection down to two per cent from 2.3 per cent projected in October 2018. Source Punch Read More

Gas Flare Out Programme To Revive Oil Industry Fortunes – FG - The Federal Government has assured that the Nigerian Gas Flare Commercialisation Programme, NGFCP, would reverse the current lull in the Nigerian petroleum industry and attract investment valued at about $3.5 billion to the industry. Source Vanguard Read More 

 

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PROSHARE REGULATORS

CBN Licences Three New Banks - The Central Bank of Nigeria (CBN) has expanded the banking space in the country with the issuance of banking licences to three new players in the industry. Source Business247 Read More

 

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PROSHARE MARKETS

WAPCO Declares N9.01bn PAT in Q2 2019 Result,(SP:N13.10k) - Lafarge Africa Plc released its Q2 Unaudited Results for the Period ended June 30, 2019. Source NSE Read More

Lafarge Africa Plc - Positive Performance But Weak Top Line - Late yesterday, Lafarge Africa Plc (Lafarge) released Q2 19 results, which showed EPS grew to N0.36 from loss recorded in Q2 18. This mirrored support from lower operating expense and lower finance costs, but of which supported the flattish top line.  Source ARM Read More

NASD Gross Earning Rises By 85% In 2018 As Economy Stutters - Despite the slow growth of the national economy in 2018 (Q4 2.38%), Nigeria’s over-the-counter (OTC) unlisted securities market, NASD, pushed against broad economic headwinds to grow gross corporate revenue and net profit by over 80%.  Source NASD Read More

NSEASI Inches Up By 1.21%; Closes Above 28,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by 1.21% to close at 28,144.87 points as against 0.40% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.45%. Source Proshare Read More 

 

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PROSHARE BUSINESS

NNPC Targets $10.2b Earnings From Financing Deal For OML 13 - Nigerian National Petroleum Corporation (NNPC’s) resolve to increase the nation’s crude oil reserves and daily oil production to three million barrels per day (mbpd), may have received a boost with the signing of a $3.15billion Financing and Technical Services Agreement (FTSA). Source Guardian Read More

South Africa’s Economic Growth Prospects Keep Diving - South Africa’s economic growth prospects keep going from bad to worse. Source Bloomberg Read More 

 

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PROSHARE FINANCE

DMO Lists FGN Second N100bn Sukuk On NSE - Debt Management Office (DMO) of Nigeria on Tuesday, July 23, 2019, listed on The Nigerian Stock Exchange, the second 100bn, 7-Year, FGN Sukuk due to mature in 2025. The Sukuk was raised at a rental rate of 15.743%, a 73-basis point discount from the 16.47% rental rate of the maiden issuance listed in April 2018. Source NSE Read More 

 

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