Nigeria in 1min: Economic, Business and Financial Headlines – 260718

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Thursday, July 26, 2018 / 7:10 AM / Proshare News
 

PROSHARE ECONOMY

NSR H2 2018 (10)- Balance of Payment: CA Surplus Recycled Through Record Portfolio Outflows- In our H1 2018 strategy report, we had posited that in the face of currency-induced jump in import, sustained crude price rally would provide some cheers for oil export with knock-on effect keeping surplus trade balance largely intact. Upon our thesis, external trade balance stretched its growth to Q1 18, rising by +5.1% QoQ to $5.8 billion. Source Proshare Read more 

Average Intracity Transport Fare Increased MoM by 1.53% to N168.90 - NBS - The Transport fare watch report for June 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 Proshare Read more 

Average Price of 1kg of Yam Tuber Increased MoM by 4.93% to N305.70 - NBS- Selected food price watch data for June 2018 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 4.88% and decreased month-on-month by -1.62% to N539.75 in June 2018 from N548.66 in May 2018 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -8.61% and month-on-month by -0.92% to N41.38  in June 2018 from N41.77  in May 2018. Source Proshare Read more 

Monetary Policy: Helicopter Money or QE? The Two Set of Rules- The decision of the Monetary Policy Committee (MPC) to hold its policy parameters came as little surprise. However, in a turn of events, the number of committee members supporting an immediate hike, stepped up to three, from one at the last meeting. 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 

World Bank portfolio in Nigeria rises to $8.52bn - Nigeria’s liabilities to the World Bank Group now stands at $8.52bn, investigation has shown. Source Punch Read more 

DMO limits FG borrowing to N1.9tn this year - The Debt Management Office has set the maximum limit of $6.25bn (N1.906tn) for the Federal Government’s borrowing in the 2018 fiscal year. Source Punch Read more 

Customs unit seizes N1.12bn contraband - The Nigeria Customs Service, Federal Operations Unit (Zone A), Ikeja, has announced a total seizure of N1.120bn worth of contraband between June 13 and July 24. Source Punch Read more 

Nigerian economy loses N3bn to crashes annually –FRSC - The Corps Marshal, Federal Road Safety Corps, Dr Boboye Oyeyemi, has stated that the nation’s economy loses about N3bn to road traffic crashes annually. Source Punch Read more 

FG to provide $55m needed to run Nigeria Air in first year of operation - The federal government has said that it plans to provide $55 million upfront grant/viability gap funding to finance start-up capital and pay commitment Source BUSINESSDAY Read more 

Edo, FG to make Nigeria world’s biggest palm oil producer – Obaseki - EDO  State governor, Mr. Godwin Obaseki, has said that the state had joined forces with the Federal Government and other partners to re-establish the country to its former position as the largest palm oil producing country in the world. Source Vanguard Read more 

Total: We Have Injected $10bn into Nigeria’s Economy - Total E&P Nigeria Limited has put the value of its total investment in the Nigerian economy in the last five years at $10 billion. Source Thisday Read more 

Only Committed States Qualify for $400m World Bank YESSO Programme’ - The federal government has revealed that only states that demonstrate readiness, commitment and willingness to contribute 10 per cent counterpart fund are qualified to access the $400 million World Bank Youth Employment and Social Support Operations (YESSO) programme. Source Thisday Read more

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PROSHARE REGULATORS

IOSCO to Launch 2018 World Investor Week to Promote Investor Education- The International Organization of Securities Commissions (IOSCO) is preparing to launch its second annual World Investor Week (WIW) from 1 through 7 October 2018, following the success of last year´s event in promoting investor education and protection and highlighting the various initiatives of securities regulators in those two areas around the globe. Source Proshare Read more

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PROSHARE MARKETS

Nigeria’s Equities Market Maintains Downtrend as NSEASI Dips Further by -0.30%- Equities market closed today on a negative note, as NSEASI depreciated by -0.30% to close at 36,346.80 basis points as against -0.70% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.96%.  Source Proshare Read more 

Bond Yields Expected to Tick Higher following Weak Auction Results - The Bond market traded on a relatively quiet note, as market players waited on the sidelines in anticipation of results of today’s Bond auction, which has been much anticipated to provide a direction for movement in yields in the near term. Source Proshare Read more 

Key Message On 8.25% US$300m FBN Finance Co BV Subordinated Callable Note Due 2020- First Bank of Nigeria Limited, the largest subsidiary of FBN Holdings Plc exercised its option to redeem the fixed rate subordinated Note held by FBN Finance Company B.V. Accordingly, FBN Finance Company B.V. exercised its option to call the US$300,000,000 8.25% subordinated notes, raised in the international debt markets, due August 2020. Source Proshare Read more 

LafargeAfrica Plans N90bn Fresh Capital Injection to Boost Profitability - The board of Lafarge Africa Plc has approved the extension ofexisting shareholder loan of $315 million and a new Right Issue of up toN90 billion as part of efforts to reduce the company’s leverage and strengthen its profitability. Source Thisday Read more 

DMO raises N66.9b at bond auction - The Federal Government raised N66.9 billion at its bond auction yesterday, as part of moves to finance the 2018 budget. Source THE NATION Read more 

Insurance firms get N15b recapitalisation mandate - Insurance companies willing to play at the highest level in the country yesterday got an order from the regulator to recapitalise to the tune of N15 billion. Source THE NATION Read more

 
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PROSHARE BUSINESS

United Capital Honours Outgoing GCEO Toyin Sanni, welcomes Peter Ashade - United Capital one of Africa’s leading Investment banking groups hosted its outgoing Group Chief Executive Officer, Mrs. Toyin Sanni to a fond farewell to celebrate her (4) four years of dedicated service and leadership of the bank. Source Proshare Read more 

New Qualified Dealing Clerks At Nigeria Stock Exchange- Good afternoon distinguished Ladies and Gentlemen. On behalf of the National Council and Executive Management of The Nigerian Stock Exchange, I welcome you to the “2018 Batch A” induction ceremony for recently qualified Dealing Clerks of The Exchange. Source Proshare Read more 

IPPA Roundtable Harps on Policy Measures to Address Illicit Trade in Nigeria- Stakeholders at The Initiatives for Public Policy Analysis (IPPA) Breakfast Roundtable today harped on the need for Nigeria to take strong policy measures to address illicit trade that affects the economy of the nation. Source Proshare Read more 

Zuckerberg Loses $16.8 Billion in a Snap as Facebook Plunges - Mark Zuckerberg is counting the cost of user disenchantment with Facebook Inc. Source Bloomberg Read more 

Japan and Germany Find Common Ground Opposing Trump on Trade  - Japan and Germany said Wednesday they would step up their alliance to promote free trade and the Paris climate agreement, in a shot at the agenda pursued by the U.S. under President Donald Trump. Source WSJ Read more 

Chinese shopping platform becomes second-largest 2018 US IPO - Pinduoduo, a Chinese shopping platform, late on Wednesday raised $1.6bn, according to people familiar with the deal, making it one of the largest US-listed initial public offerings this year. Source Reuters Read more 

Trump relents on EU car tariffs, as U.S.-China fight derails Qualcomm deal - In what the EU chief called a “major concession,” U.S. President Donald Trump agreed on Wednesday to refrain from imposing car tariffs while the two sides launch negotiations to cut other trade barriers, easing the threat of a transatlantic trade war. Source Reuters Read more 

Europe to Become ‘Massive’ Buyer of U.S. LNG, Trump Says - Europe will build more terminals to import U.S. liquefied natural gas, the head of the European Commission told U.S. President Donald Trump during a meeting aimed at averting a transatlantic trade war. Source Bloomberg Read more 

Saudis Load Up on Debt as Government's Austerity Program Bites - Saudi nationals are borrowing two to three times more money than last year as government moves to shore up public finances push up living costs. Source Bloomberg Read more 

Oil climbs after Saudi Arabia suspends shipments through Red Sea lane - Brent crude led oil prices higher, extending gains into a third day after Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane and as data showed U.S. inventories fell to a 3-1/2 year low. Source Reuters Read more

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PROSHARE TECHNOLOGY

NCC holds back approval for 9mobile takeover - The Nigerian Communications Commission (NCC) is yet to grant regulatory approval for the finalisation of 9mobile takeover by teleology holdings limited Source BUSINESSDAY Read more

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PROSHARE MSME

CBN Empowers Women in Business with 60% SME Loan - The Central Bank of Nigeria (CBN) has moved to encourage women in business by setting aside 60 per cent of the N220 billion CBN loan set out for small and medium scales enterprises (SMEs) so that they can be gainfully involved in the private sector of the economy. Source Thisday Read more
 

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