Nigeria in 1min: Economic, Business and Financial Headlines – 250918

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Tuesday September 25, 2018 / 7:00 AM / Proshare News 

PROSHARE ECONOMY

MPC Preview - Threading the Needle - Today, the Central Bank of Nigeria (CBN) commences its two-day monetary policy meeting amidst worries on both the global and domestic front. On the global front, there has been apprehension over the recent trade spat between the US and China. Source Proshare Read More 

BPE to open IPOs for Eleme, SAHCOL, others - Within the next two months, the Bureau of Public Enterprises (BPE), plans to make public share offerings for some of the privatised state-owned enterprises, in which the Federal Government had diluted a significant amount of its equity. Source Guardian Read More 

Governance in New Polaris Bank, CAC Actions Offer A Clue - The action of the Central Bank of Nigeria (CBN) on Friday, September 21, 2018 to revoke the license of Skye Bank Limited and to transfer all assets and liabilities of the limited liability company to an entity described as Polaris Bank Limited (as described in the CBN governors’ press release – see point 6) has attracted both interest and intrigue from market analyst and the financial engaging public. Source Proshare Read More 

FG releases N42.68bn to public varsities, Nigerian Airways retirees - The Federal Government has approved the payment of N42.68bn for the payment of retirement benefits to ex-workers of the liquidated Nigeria Airways Limited and the revitalisation of public universities in the country. Source Punch Read More 

Investors apathy led to suspension of Nigeria Air project – FG - The Federal Government yesterday gave further insights into the circumstances surrounding the suspension of the national carrier project, saying it was due to lack of commitment by investors Source Daily Trust Read More

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PROSHARE MARKETS

Nigerian Stock Market Halts Gaining Streak to Open The Week Negative as NSEASI Dips by -0.27% - Equities market closed today on a negative note, as NSEASI depreciated by -0.27% to close at 32,451.27 basis points as against +0.18% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.14%. Source Proshare Read More 

Bond Market OpensFlat, as Market Players Await Auction - The Bond market opened the week on a relatively quiet note, with some interests on the higher yielding 2021 bond, offset by some selloff on the 2036s which pushed yields higher by c.7bps across the curve. Source Proshare Read More 

Buying Interest Pressures Rates Lower as Average Rate Declines 1.6% WoW - The bearish trend was reversed last week as demand returned to the secondary Treasury Bills (“T-Bills”) market on the back of persistent buoyant system liquidity and the reduction of OMO mop ups by the CBN. Source Proshare Read More 

Overnight Rate Falls to 4.75% as Money Market Rate Decrease Last Week - The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 4.75% and 4.00% respectively. Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 240918 - Following a 3-week decline, the local bourse rebounded last week as the All Share Index (ASI) inched 0.7% higher to close at 32,540.17 points while YTD loss improved to -14.7%. Source Proshare Read More 

NSE Suspends Trading on Skye Bank Shares - The Nigerian Stock Exchange (“The Exchange” OR “NSE”) hereby notifies the investing public that the shares of Skye Bank Plc (“Skye Bank”) will be suspended from trading on the floor of The Exchange effective Monday, 24 September 2018. Source Proshare Read More 

2nd tranche of N100bn Sukuk bond to be issued October - One year after the first tranche of N100 billion Islamic bond, Sukuk, was issued by the Federal Government, a second tranche of another N100bn is in the works and would be advertised in October this year. Source Daily Trust Read More 

Gas flaring: FG gives oil firms 2019 deadline - Any oil company that cannot stop gas flaring by 2019 should stop producing, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said. Source Punch Read More 

Power Gencos Gear Up for Force Majeure Over N600bn Debt - Electricity generation companies (Gencos) in Nigeria’s power sector may be forced to declare force majeure on their operations anytime soon on account of accumulated debts owed them by the market since 2013 Source Thisday Read More


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PROSHARE BUSINESS

CBN to review our $2.63bn penalty – Stanbic IBTC - The Central Bank of Nigeria has said it will review its decision on the $2.632bn regulatory fine it imposed on Stanbic IBTC Bank Plc on the basis of the Certificates of Capital Importation to MTN Nigeria Communications Limited. Source Punch Read More 

Honeywell Sues Ecobank N72bn for Damages after Failed Ex-parte - The Supreme Court has upheld decision of the Court of Appeal, which dismissed the asset-freezing ex-parte order filed by Ecobank Plc against Honeywell Group at the Federal High Court in Lagos. Source Thisday Read More 

Brent Crude Tops $80, Closes at Highest Level Since 2014 -Global oil prices surged to their highest close in nearly four years on Monday after OPEC left production steady over the weekend, fueling fresh bets that U.S. sanctions against Iran and outages in Venezuela will lead to supply shortages. Source WSJ Read More 

U.S. Government Bonds Fall Ahead of Fed Meeting - U.S. government bond prices swung between gains and losses before falling Monday on signs that conditions are improving for the global economy, curbing demand for safe assets. Source WSJ Read More 

Labour Says It Will Reject Brexit Deal, Piling Pressure on May - The U.K.’s opposition Labour Party is preparing to vote down any deal with the European Union that Theresa May brings to Parliament, adding to pressure on the beleaguered premier ahead of a showdown with her own party next week. Source Bloomberg Read More

 
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PROSHARE TECHNOLOGY

Artificial Intelligence For Financial Inclusion Summit, AI For Executive MasterClass And AI Bootcamp - Data Science Nigeria is now set for its annual summit focused on the application of AI in Financial Inclusion with specific interest in the use of alternative data (geospatial, social media) to develop inclusive credit scoring algorithm and AI-enabled interface for financial service delivery. Source Proshare Read More 

Konga to invest N2.9b in K-Xpress for e-commerce logistics - Electronic Commerce firm, Konga is set to invest N3.5 billion in K-Xpress, its logistic arm, for better service delivery. Source Guardian Read More 

Visible YoY Increase in Internet Subscriptions - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 104.6 million in August, representing y/y growth of 14%. Source Proshare Read More 

Access Bank partners World Remit for instant money transfers to Nigeria - Leading digital money transfer service World Remit has partnered with Access Bank for instant money transfers to Access Bank accounts in Nigeria. Source Proshare Read More

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