Nigeria in 1min: Economic, Business and Financial Headlines – 250718

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Thursday, July 25, 2018 / 7:30 AM / Proshare News

 

PROSHARE ECONOMY

CBN Communiqué No. 119 of the MPC Meeting – July 23-24, 2018 - The Monetary Policy Committee (MPC) held its 262nd meeting on Monday, 23rd and Tuesday, 24th July, 2018 amid fragile improvements in global growth and the domestic economic recovery. Source Proshare Read more 

NSR H2 2018 (9)- Growth to Run Above 2%, But Nearing a Cyclical Peak - Amidst improved activities in the oil sector and resilient growth in Agric, the Nigerian economy grew by 1.95% YoY in Q1 18 (Q4 17: 2.1% YoY). The reported numbers missed our estimate of 3.1% hinged on the surprising contraction in trade and construction sectors. Drilling to the sub components, oil sector growth (14.8% YoY) was a core component in driving growth, accounting for 64.5pps. Source Proshare Read more 

OAuGF 2016 Audited Annual Report Submitted, Issues Qualified Report- The Auditor-General for the Federation (AuGF), Mr. Anthony Mkpe Ayine, on Thursday 21st June, 2018 submitted the743 page 2016 Audited Annual Report of his Office to the National Assembly. Source Proshare Read more 

Average Prices of PMS, AGO, HHK and Cooking Gas – June 2018- Average price paid by consumers for premium motor spirit (petrol) decreased by -1.5% year-on-year and -1.4% month-on-month to N148.1 in June 2018 from N150.2 in May 2018. Source Proshare Read more 

Dasuki’s Bail, The Attorney General and Commitment To The Rule Of Law- It is more than two weeks now since His Lordship Justice Ijeoma L. Ojukwu of the Federal High Court, Abuja, gave clear, positive and unambiguous orders in the matter between Col Mohammed Sambo Dasuki (rtd) as applicant and three persons. Source Proshare Read more 

3rd Mainland Bridge: Closure for maintenance shifted to August 24 - The three-day closure of the Third Mainland Bridge for investigative maintenance test earlier slated to begin on July 27, 2018, has been shifted to August 24. Source Leadership Read more 

FG’ll provide $55m upfront grant for Nigeria Air –Sirika - The Federal Government on Tuesday provided a breakdown of how the new national carrier, Nigeria Air, would be funded, stating that it would provide $55m upfront grant in order to ensure the take-off of the airline this year. Source Punch Read more 

Mass Defections Of Legislatures Makes APC Opposition Party; Loses 15 in Senate and 37 in House- The Senate President Dr Bukola Saraki today announced the defection of (15) fifteen Senators from the ruling All Progressives Congress Party to the Peoples Democratic Party in the Upper Chamber. Source Proshare Read more

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PROSHARE MARKETS

Market Erases Previous Day Gain to Halt Uptrend as NSEASI Sheds -0.70%- Equities market closed today on a negative note, as NSEASI depreciated by -0.70% to close at 36,455.24 basis points as against +0.30% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.68%. Source Proshare Read more 

Nigeria’s MPC retains benchmark rates, leans toward tighter policy - The Monetary Policy Committee at its 262nd meeting announced its decision to maintain its benchmark rates at 14.00% as well as other monetary policy parameters, in line with market consensus. Source Proshare Read more 

Lafarge Africa PLC (WAPCO.LG) Declares N3.90bn Loss in Q2 2018 Results, (SP:N32.50k)- Lafarge releases Q2 report for the period ended 30 June 2018. Source Proshare Read more 

Lafarge Africa Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways - Lafarge Africa Plc held its H1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read more 

Dangote Cement PLC H1 2018: On Track For a Strong FY’18 Performance- DANGCEM released its H1’18 result, reporting a 3% y/y PAT growth to 113 billion vs. our 123 billion estimate. The earnings growth was supported by strong Nigerian and Pan African operations, with Group EBITDA rising 21% y/y to 246 billion ahead of our 226 billion estimate – translating to a 51% margin vs 49% in H1’17. Source Proshare Read more 

FirstBank to repay $300m Eurobond 2yrs before maturity - First Bank of Nigeria yesterday said it will repay a $300 million Eurobond debt, two years before it matures in 2020. Source Vanguard Read more 

Dollar is over-valued –IMF - The International Monetary Fund  said on Tuesday that the US. dollar was over-valued, and that the value could add to growth risks and trade tensions. Source Punch Read more 

Dangote arranges $4.5bn financing for refinery - The President, Dangote Industries Limited, Aliko Dangote, has arranged more than $4.5bn in debt financing for his crude oil refinery project and aims to start production in early 2020. Source Punch Read more 

Nigeria, Niger Republic Sign MoU On $2bn Refinery Project - The federal government yesterday  took a bold step towards resolving the challenge posed by the continued importation of refined petroleum products as it signed a memorandum of understanding (MoU) with the Republic of Niger on a project that will facilitate the construction of a 100,000 – 150,000 barrels capacity refinery to be located in Katsina State. Source Leadership Read more 

FG to Sell Yola Disco, Two Power Generation Plants - The federal government will re-sell the Yola Electricity Distribution Company (Disco), which was returned to it in 2015 by a core investor as a result of the Boko Haram insurgency, and two additional gas-fired power generation plants Source Thisday Read more 

Nigeria Loses 3,036MW as Six Power Plants Remain Shut - Nigeria loses 3,036 megawatts of electricity as six gas-fired power generation plants have not been able to generate electricity to the national grid as a result of operational challenges and gas supply constraints, a daily operational record for July 21 Source Thisday Read more

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PROSHARE BUSINESS

BRICS bank approves $600 mln loans for South African, Chinese projects - The New Development Bank, set up by the BRICS group of emerging economies, has approved loans of $300 million for energy projects in South Africa and $300 million for a transportation project in China. Source Reuters Read more 

Rwanda signs $300 million in loan deals with China and India - Rwanda signed loan agreements worth more than $300 million with China and India to fund roads and irrigation, officials said, as leaders from the two Asian powers made their first visits to the East African nation. Source Reuters Read more 

Oil prices rise for second day, buoyed by fall in U.S. inventories - Oil prices rose for a second day on Wednesday after industry group data showed U.S. crude inventories fell more than expected last week, easing worries about oversupply that had dragged on markets in recent sessions. Source Reuters Read more 

China Pledges $14.7 Billion in Investments to South Africa - China pledged to invest $14.7 billion in South Africa and grant loans to its state power utility and logistics company as the two nations seek to strengthen economic ties and increase trade. The rand gained. Source Bloomberg Read more 

Russian Oil Getting Ready for Biggest Tax Overhaul in 20 Years - Russia, one of the world’s top three crude producers, is preparing the most radical shakeup of its oil-tax system since 1999. Source Bloomberg Read more 

Trump Administration Plans Up to $12 Billion in Farm Aid to Ease Concerns Over Trade Disputes - The Trump administration said Tuesday it would extend $12 billion in emergency aid to farmers amid signs the U.S. agricultural sector is beginning to feel the impact of President Donald Trump’s escalating trade disputes with major U.S. trading partners. Source WSJ Read more

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PROSHARE TECHNOLOGY

Bitcoin Crosses $8,000 for First Time in Two Months - The price of bitcoin jumped above $8,000, extending a rally that has lifted the largest cryptocurrency by market value to its highest level in two months. Source WSJ Read more

 

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