Nigeria in 1min: Economic, Business and Financial Headlines – 261118

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 Monday November 26, 2018 / 7:00 AM / Proshare News

 

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PROSHARE ECONOMY

The Rich, The Poor and Buharinomics - As the dust settles on the nation’s 58th independence celebration, we reflect on the last independence celebration prior to the 2019 general elections. Source Proshare Read More

Average Prices of PMS, AGO, HHK and Cooking Gas – October 2018 - Average price paid by consumers for premium motor spirit (petrol) increased by 0.8% year-on-year and decreased by -0.1% month-on-month to N147.20 in September 2018 from N147.30 in August 2018. Source Proshare Read More 

Average Intercity Bus Fare Increased By 0.24% MoM – NBS - The Transport fare watch report for October 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 

Sugar Prices Down 2.66% After The USDA Projected A Sharp Increase In India’s Sugar Output - Brent crude price has plunged by 27% to $62.06pb since October. Source Proshare Read More 

Average Prices of 1kg of Tomato Increased By 5.2% YoY to N306.59 In October 2018 - NBS - Selected food price watch data for October 2018 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 2.1% and month-on month by 2.2% to N482.9 in October 2018 from N472.73 in September 2018 while the average price of piece of Agric eggs medium size(price of one) decreased year-on-year by -0.8% and increased month-on-month by 1.4% to N41.73 in October 2018 from N41.17 in September 2018. Source Proshare Read More 

Electricity Is Too Expensive In Nigeria - Since I gave up paying bills in my house my poor wife has been picking the bills. Of late I’ve been paying mind to her struggles. I was shocked the first time I found we spent N10,000 on electricity every week, even though we still have down time when the estate generating set kicks in. I think back to where we are coming from. Source Proshare Read More 

To Rescue Nigeria: We Must Go Into A War Mode - I just received a text requesting for comment from one newspaper correspondent. He wrote about ‘rumours’ that the government is compelling all MDA s - Ministries, Departments and Agencies to reduce their budgets for 2019 and wanted to know the implications. In the news is also the fact that government has taken from the budget for education, health and other essentials, to fund the 2019 elections. Source Proshare Read More

Nigeria Commodity Exchange Moves To Reduce N2.7tn Post-Harvest Losses -  The Nigeria Commodity Exchange has entered into an agreement with the New Nigeria Commodity Marketing Company to ensure a massive boost in the trading of agricultural produce in the country. Source Punch Read More


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PROSHARE REGULATORS 

NAICOM Restructures, Creates New Directorates - The governing board of the National Insurance Commission has approved the restructuring of the commission to accommodate new directorates and state branch offices across the country. Source Punch Read More 


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PROSHARE MARKETS

Monetary Policy Remains Unchanged With Minimal Volatility Expected For The Fixed Income Market The FGN bond auction results of yesterday took its toll on the market as trading activities remained muted for most part of the trading session. Some offshore investors sell-off was seen towards the close of market. Source Proshare Read More 

UNITYBNK Records Biggest Weekly Gain in Ten Months-The shares of Unity Bank Plc gained 30.99 percent after the close of trading in the week ended Friday, November 16, 2018, their biggest weekly gain in almost ten (10) months. Source Proshare Read More 

NSE Partners Corporate Farmers to Host Maiden Financing Agric Commodity Value Chain Seminar-The Nigeria Stock Exchange in partnership with the Corporate Farmers International today hosted the maiden Financing Agricultural Commodity Value Chain seminar in Lagos. Source Proshare Read More 

Stanbic IBTC - Offer For Subscription Of N30b Series 1 Senior Unsecured Fixed Rate Notes-The Series 1 Bond issue of up to N30billion by Stanbic IBTC Bank Plc under the bank’s recently renewed N150billion Structured Note Programme is imminent. Source Proshare Read More 

NSEASI Losses on Closing Day of Week, Dips By -0.96%, YTD Returns Stands at -17.17%- Equities market closed today on a negative note, as NSEASI depreciated by -0.96% to close at 31,678.70 basis points as against +0.05% appreciation recorded previously. Source Proshare Read More 

NASD OTC Market CAP Declined By -0.14% to N493.35bn - As at close of trade week on 23 November 2018, market Capitalisation decreased to 493.35 billion from last week's previous 494.46 billion, which shows a 0.14% decline in Capitalisation. Also the USI for the week ending 23 November, 2018 recorded a 0.14% decrease from 710.84 points to 709.84 points. Source Proshare Read More                                                                                                   

Market Review and Round-Up of Corporate News Announced During The Week Ending 231118 - The equities market recorded negative performance – the listed equities market recorded -1.18% loss WoW while the NASD OTC also went down by -0.14% WoW. Source Proshare Read More 

What To Expect From The Markets This Week - 261118 - In the next months, prices may resume an uptrend given festive and pre-election spending, but we believe the threat of both factors will be moderate. However, we believe lower food supplies as the harvest season gives way may pose more threat to inflation going forward. Source Proshare Read More 

Crude Oil prices hit 1-year lows, investor sell-offs hit Eurobonds - The Bond market closed the week on a relatively quiet note, as yields traded flat across the curve. Market participants continue to trade cautiously in the interim as most investors expect yields to trend up as election activities begin to kick in. Source Proshare Read More 

SEC Partners CAC To Boost Trading In Unlisted Securities - In a move to boost trading in unlisted securities, the Securities and Exchange Commission, SEC, said it is working in conjunction with the Corporate Affairs Commission, CAC, to enforce compliance to securities registration by unlisted public companies. Source Vanguard Read More 

Flight To Safety, Low Interest Rates Trigger 270% Boom In Commercial Papers - The quest for cheaper funds by corporate bodies and fear of non-performing loans by banks have triggered a boom in the market for Commercial Papers, CP, with the market growing by 270 percent in the third quarter of the year (2018). Source Vanguard Read More 

 

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PROSHARE BUSINESS 

Nigeria’s Infrastructure Racket – Frauds, Corruption and Shallowness - I visited Oshogbo, the Osun State Capital, recently. This was my second visit to the city, and I believe I got a better glimpse of it. On both occasions that I’ve been there I saw a people in financial distress. Of course as in most other states in Nigeria, anyone not plugged directly to government - and Government House especially - is in financial limbo. Source Proshare Read More 

Afreximbank Rakes in $546.6m in Nine Months - The African Export-Import Bank (Afreximbank) has released its unaudited financial statements for the nine months ended September 30, 2018, showing strong financial and operational performance. Source Thisday Read More

 Olowu: CIBN to Name, Shame Bank Directors Involved in Misconduct - The Chartered Institute of Bankers of Nigeria about five months ago inaugurated Dr. Uche Messiah Olowu, as its President and Chairman.  In this interview, he warns that any bank director involved in any form of wrongdoing will face a tribunal that had been set up by the council and if found guilty would be de-registered from the institute. He also reveals that the institute is adopting a name and shame strategy for bad behaviour. Source Thisday Read More 

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