Nigeria in 1min: Economic, Business and Financial Headlines – 270718

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Friday, July 27, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY
MPC and the Search for an Eclectic Policy  - At the end of the third (3rd) statutory   monetary policy committee (MPC) meeting for the year 2018, expectedly   the committee   left all its levers unchanged. Source Proshare Read more 

Nigeria Tax Authorities Seek To Deepen Tax Penetration through Automation - The Joint Tax Board (JTB) which is the umbrella body for all State Boards of Internal Revenue (SBIRs) in Nigeria held its 141st meeting on 16 July 2018. The theme of the meeting was ‘Leveraging on ICT for Efficient Tax Administration and Revenue Enhancement: Focusing on State IRS’. Source Proshare Read more 

FG implements new template for operating surplus - The Federal Government is set to inaugurate the use of a new template for calculating the operating surplus payable by government agencies and departments deemed as revenue generating organisations. Source Punch Read more 

Rising debt service to revenue ratio can expose Nigeria to debt crisis, DMO warns - Debt Management Office, DMO, yesterday warned that Nigeria’s high debt service to revenue ratio, which deteriorated in 2016, could trigger a debt crisis. Source Vanguard Read more 

NEXIM approves N25bn loan in support of Nigerian exporters - The Nigerian Export-Import Bank (NEXIM) has approved the disbursement of loans totaling about N25billion in support of various projects in the non-oil export sector. Source THE NATION Read more 

Nigeria spends N1.5trn on importation of food annually —DANGOTE - AFRICA’S richest man, Alhaji Aliko Dangote, yesterday, lamented that Nigeria currently spends about N1.5 trillion annually on importation of food, saying it puts heavy pressure on the country’s foreign exchange. Source Vanguard Read more 

Nigeria passports now to have 10 years validity - The Federal Government led by Muhammadu Buhari has approved the extension of validity of Nigeria’s international passport to 10 years from five year Source BUSINESSDAY Read more 

Abuja- Kaduna train sevice records 900,000 passengers in 2 years - NRC -  The Nigerian Railways Corporation (NRC) has said the Abuja to Kaduna train service has recorded approximately 900,000 passengers in two years. Source Daily Trust Read more 

Oil: ‘Nigeria loses N3trn yearly over poor governance’ - A coalition of Civil Society Organisations (CSOs) under the auspices of the Petroleum Industry Governance Bill (PIGB) Advocacy Team has said Nigeria loses N3 trillion annually over lack of proper governance in the extractive industry. Source Daily Trust Read more

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PROSHARE MARKETS

Understanding Lafarge’s H1 2018 Results- Lafarge Africa Plc recently published its Q2 2018 and Half year 2018 results on the floor of the Nigerian Stock Exchange with growth recorded in the Nigerian operations in Q2 reflecting a resilient player in the cement market/sector, while its South African operations continued to show lacklustre performance as the industrial challenges at the Lichtenburg plant in Q2 undermined the H1 performance of the company. Source Proshare Read more 

Nigerian Stock Market Halts Two-Day Losing Streak as NSEASI Inches Up by 0.22%- Equities market closed today on a negative note, as NSEASI appreciated by +0.22% to close at 36,427.22 basis points as against -0.30% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.75%.  Source Proshare Read more 

OKOMUOIL Q2 2018 Result- Volumes Slump Drives Earnings Weakness- The Okomu Oil Palm Plc (Okomu) released its Q2 2018 result yesterday wherein earnings dipped 22% YoY to N2.47 billion, translating to an EPS of N2.59. The dull Q2 performance eroded volumes-led gains in Q1 2018 as cumulative earnings in H1 2018 plunged 4.7% YoY to N5.94 billion. Source Proshare Read more 

DANGSUGAR H1 2018 Results- Losing Competitiveness to Border Sneak- Dangote Sugar Refinery (DSR) earnings in first half 2018 result declined 25.6% YoY to N12.7 billion (ARM forecast: N12.1 billion) and translating to an EPS of N1.07 (vs. N1.43 in H1 17). Expectedly, the slump in earnings in H1 18 stemmed from lower revenue (-29.2% YoY to N84.1 billion) induced by weaker sales volume as well as price rollbacks on its refined sugar product. Source Proshare Read more 

Bond Yields Trend Higher as Market players Cut losses on the 10-Yr - The Bond market remained scantily traded in today’s session, with very few trades observed mostly on the 2020s and 2034s. Market players were however bearish on the 2028s following the significantly higher stop rate on the bond at the previous day’s auction. Source Proshare Read more
 
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PROSHARE BUSINESS

IFRS 15 Implementation Efforts of 2018 Interim Reporters in the Oil and Gas Industry- IFRS 15 [Revenue from contracts with customers] became effective 1 January 2018 and is already being implemented in the 2018 interim reports of IFRS reporters. Source Proshare Read more 

LAGOS BRT SERVICE: 5 Things to Note- The Lagos Bus Rapid Transit System, also Known as BRT is regulated by the Lagos Metropolitan Area Transport Authority (LAMATA) and currently operated by Primero Transport Services Limited.  Source Proshare Read more 

BRICS emerging economies reaffirm support for multilateral trade under WTO rules - Leaders of the BRICS bloc of emerging economies, meeting in the wake of tariff threats by U.S. President Donald Trump, signed a declaration supporting an open and inclusive multilateral trading system under World Trade Organisation rules at their summit in South Africa on Thursday. Source Reuters Read more 

Oil markets inch down after three days of gains - Oil prices edged down on Friday after three days of gains, but were still supported by Saudi Arabia’s halt on transporting crude through a key shipping lane, falling U.S. inventories and easing trade tensions between Washington and Europe. Source Reuters Read more 

ECB Leaves Rates on Hold as It Affirms Bond Taper Plan - The European Central Bank confirmed plans to gradually phase out easy money on Thursday but said it would probably keep rates steady through next summer, underscoring a growing policy divergence with the U.S. Source WSJ Read more 

BHP sells US oil and gas assets to BP for $10.5 bn - The world's biggest miner BHP announced Friday the sale of its US shale oil and gas operations to BP for US$10.5 billion, a heavy loss but a potential windfall for shareholders. Source Daily Mail Read more 

Saudi Aramco Is Weighing a Global Bond Sale for the First Time - Saudi Aramco is weighing tapping the international bond market for the first time to finance the acquisition of petrochemical giant Sabic, a move into global capital markets that could offer an alternative to an initial public offering, according to people familiar with the talks. Source Bloomberg Read more 

May's Brexit Options Narrow After EU Tears Up Her Customs Plan - Source Bloomberg Read more 

Ex-Googler Becomes China’s 12th Richest Person - Pinduoduo Inc. founder Colin Huang became China’s 12th richest person with the soaring U.S. trading debut of his e-commerce company. Source Bloomberg Read more

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PROSHARE TECHNOLOGY

9Mobile Acquisition Parties Agree To Extension Of Timeline- The Board of 9Mobile today announced the extension of the timeline for closure of the acquisition process. Source Proshare Read more 

Google bans cryptocurrency mining apps from the Play Store - Google has updated its Play Store developer policies to ban several more categories of apps, including cryptocurrency mining ones and apps with disruptive ads, as reported by Android Police. Source THE VERGE Read more

 

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