Nigeria in 1min: Economic, Business and Financial Headlines – 251218

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Tuesday, December 25, 2018/ 05:00AM / Zedcrest Capital

 

 

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PROSHARE ECONOMY

External Sector Remains Vulnerable to Crude Oil Movements - FSDH Research expresses concern about the short-term outlook of the external sector of the Nigerian economy. We also observe the continued dominance of crude oil exports on total exports. Source FSDH Read More 

Fitch Places Diamond and Access on Rating Watch on Merger Announcement - Fitch Ratings has downgraded Diamond Bank Plc's (Diamond) Long-Term Issuer Default Rating (IDR) to 'CC' from 'CCC' and Viability Rating (VR) to 'cc' from 'ccc' and placed its IDRs and VR on Rating Watch Evolving (RWE). Source Fitch Read More 

Average Intercity Fare Decreased By -1.54% MoM to N1790.14 in November 2018 - NBS - The Transport fare watch report for November 2018 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More 

276,852 Pos Transactions Failed On Christmas Eve —NIBSS - About 25 per cent of Point of Sale transactions conducted by customers on Christmas Eve were not successful according to records from the Nigeria Inter-Bank Settlement System Plc. Source Punch Read More 

FG: No Tax Increment In 2019 - The Federal Government yesterday said it has no immediate plans to increase tax rates as earlier speculated in some quarters even as it said high net worth individuals will have to pay more taxes. Source Dailytrust Read More 

 

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PROSHARE MARKETS

Money Market Rate Decreased As Overnight Rate Fell to 25.08% - The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 25.08% and 21.67% respectively. Source Anchoria AM Read More 

NSEASI Closes Above 31,000bpts; Inches Up By 3.88% In A Santa Claus Rally - Equities market closed today on a positive note, as NSEASI appreciated by +3.88% to close at 31,967.01 basis points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.41%. Source Proshare Read More 

GNI Notifies Its Shareholders on Its Voluntary Delisting From The Nigerian Stock Exchange - This public notice is issued pursuant to the Listing rules of the Nigerian Stock Exchange (”the NSE” or ”The Exchange”). Source NSE Read More 

Demand Pressures Force c.50bps Rally on 2024 FGN Bond - A rally on the 2024 FGN Bond today which compressed by c.50bps on the day caused yields to compress marginally by c.6bps on average. This was despite the relatively lacklustre trading observed on other maturities which were much unchanged on the day.  Source Zedcrest Capital Read More

FG’s N100bn Sukuk Bond Oversubscribed By 32% - The second federal governments Sovereign Sukuk Bond offer for the month of December has received huge investors’ patronage. Source Leadership Read More 

MTN Nigeria Resolves Amicably Issues Relating to Foreign Exchange Remittances - The Central Bank of Nigeria (CBN) in August 2018 directed MTN Communications Limited (MTNN) to reverse repatriations valued at $8.1 billion done on its behalf by four commercial banks between 2007 and 2015 on the basis of Certificates of Capital Importation (CCIs) irregularly issued to MTNN. Source CBN Read More

 

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PROSHARE BUSINESS 

Zedcrest Capital Appoints New Directors to Drive its New Growth Strategy - Leading capital management firm, Zedcrest Capital Group, has announced the appointments of Babatunde Sanda and Stella Duru to its Board of Directors as part of its corporate governance strategy and business expansion drive. Source Zedcrest Capital Read More 

Cloud Trade Platform Reshapes Nigeria’s FX Market - Trading foreign currencies has been a challenge for Nigerians as trade platforms have been weak, largely unknown and generally  unsophisticated, this has meant that several inefficiencies have emerged giving room to large arbitrage opportunities. Source Proshare Read More 

Oil And Gas Companies Shun Insurers With Capital Below N9bn - As renewal of major insurance covers for the next financial year continues, Vanguard investigations have revealed that most of the oil majors in the country no longer want to give their oil and gas risks  to companies with capital base below N9 billion. Source Vanguard Read More 

 

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