Nigeria in 1min: Economic, Business and Financial Headlines – 250719

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Thursday, July 25, 2019 / 07:10 AM / By News Aggregator / Header Image Credit:  

 

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PROSHARE ECONOMY

Further Tilt To The Downside In WEO Script - The IMF’s latest World Economic Outlook (WEO) has trimmed its global growth forecasts for this year and next from 3.3% and 3.6% to 3.2% and 3.5% respectively. The only sizeable upward revision is from 2.3% to 2.6% for this year for the US. Source FBNQuest Research Read More

NSR H2 2019 (5) - Crude oil - Clearer Path, Not Entirely Great - At the start of the year, we had projected that growth in crude oil supply from US and other nonOPEC producers, as well as weaker pace of growth in demand will result in an extension of the net surplus position in the oil market. Source ARM Research Read More 

Nigeria Ranks 114 Globally In Innovation - Nigeria is among the low-middle income countries that are underperforming in the creation and utilisation of innovations, the 2019 Global Innovation Index released on Wednesday said. The study said Africa’s largest economy performed below expectations compared with the level of economic development in the country. Source Punch Read More

Oil Price Outlook Supporting Nigeria’s Growth, Says IMF - International Monetary Fund (IMF) has said that despite its reversal of Nigeria’s growth forecast, a positive oil price outlook will support the country’s challenging economy in 2019. The development is still reaffirming Nigeria’s dependence on the performance of hydrocarbon, despite seeming an improvement in non-oil exports and acclaimed diversification efforts. Source Guardian Read More

Namibia Announces $338 Million, 5-Year Renewable-Energy Strategy - Namibia’s state-run utility will build four plants powered by renewable energy over the next five years as the southern African nation seeks to guarantee local supplies and cut its use of fossil fuels. Source Bloomberg Read More

 

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PROSHARE MARKETS

Domestic and Foreign Portfolio Participation in Equity Trading - June 2019 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI) 4 flows. As at 30 June 2019. Source NSE Read More

PZ Cussons Take Proactive Action As Nigerian OpCo Troubles Expected To Persist - PZ Cussons Plc (LON:PZC) will sell off non-core brands and simplify its Nigerian business as part of a new a new strategy launched after annual profits fell sharply and tough economic conditions are expected to persist in Africa. Source Proactive Investor Read More

Market Resumes Negative Posture As NSEASI Dips By -0.20% - Equities market closed today on a negative note, as NSEASI depreciated by 0.20% to close at 28,088.74 points as against 1.21% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.63%. Source Proshare Markets Read More

New Zenith Bank GMD, Onyeagwu Visits NSE; Pledges Transparency In Disclosure - The New Group Managing Director/ Chief Executive Officer of  Zenith Bank Plc, Mr Ebenezer Onyeagwu, has assured the Nigerian capital market, that the bank will maintain transparent in its financial disclosures. Source WebTV Read More

Nigerian Inter-Bank Forex Market Gets CBN Boost - The Nigerian inter-bank foreign exchange market received another boost of $210 million from the Central Bank of Nigeria (CBN) following transactions concluded on Tuesday, July 23, 2019.  Source CBN Read More

Investors Stake N301bn In FG’s N145bn Bonds - Investors demonstrated their thirst for investment outlet on Wednesday as they staked more than N300bn even though the Federal Government sought to raise N145bn through its monthly offer of the FGN Bonds, A statement issued by the Debt Management Office showed that the government made allotment to correspond with the N145bn it originally sought to raise. Source Punch Read More 

 

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PROSHARE BUSINESS

MTN Nigeria Reconstitutes Board, Replaces Dozie With Ndukwe - This is to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders that following the expiration of their tenure and in compliance with applicable codes of Corporate Governance, the under listed Non-Executive Directors are retiring from the Board with effect from 2nd September 2019. Source NSE Read More

Nigeria’s $23.5m Sheep, Goat Leather Export Potential Untapped - Information from the Nigeria Export Promotion Council (NEPC) showed that Nigerian exporters can make about $6.3 million from export of prepared sheep/lamb and $17.2 million from export of prepared goat leathers from now to 2021. Source Dailytrust Read More

Ministers, Lawmakers Among N5tn Chronic Debtors – AMCON - The Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria, Ahmed Kuru, said the chronic debtors of the corporation were occupying top government positions. Source Punch Read More

NNPC Suspends Cash Call Payment To Italy’s Eni - NNPC owes billions of dollars to international oil companies (IOCs), including Eni, its share of operating costs for their joint ventures, better known as cash calls. The corporation, has however, paid over $2 billion of the debt, which was originally $5 billion. Source Thisday Read More

Central Bankers Playing a Dangerous Game With Asset Prices - The world’s central banks are in danger of storing up problems for later by taking action to ensure the economic expansion stays on track. In cutting already low interest rates to bolster a sagging global economy, monetary policy makers risk fueling asset bubbles that may eventually burst and propping up zombie companies that could keep dragging down growth.  Source Bloomberg Read More 

 

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PROSHARE FINANCE 

NAICOM – Insurers to Submit Recapitalization Plans By August 20, 2019 - Insurers and Reinsurers shall submit their recapitalization plan to the Commission on or before 20th August, 2019. The plan should include among others. Source NAICOM Read More 

 

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