Nigeria in 1min: Economic, Business and Financial Headlines – 271118

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 Tuesday November 27, 2018 / 7:00 AM / Proshare News

 

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PROSHARE ECONOMY

Fitch Rates Nigeria's USD Notes Final 'B' Plus- Fitch Ratings has assigned Nigeria's new senior unsecured USD notes a final rating of 'B+'. The notes are in three tranches: Source Proshare Read More 

Fitch Revises Nigeria's Outlook to Stable; Affirms at 'B' Plus- Fitch Ratings has revised the Outlook on Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the rating at 'B+'. Source Proshare Read More 

Nigerian Banks' Eurobond Buybacks Show Better FC Liquidity – Fitch- Large Nigerian banks' early redemption of Eurobonds highlights the improvement in their domestic foreign-currency (FC) liquidity, as well as a lower appetite for FC loans among borrowers, Fitch Ratings says. Source Proshare Read More 

Sub-par Capital Spending by The FGN- The striking conclusion to draw from our chart is that the FGN’s retained revenue has not once covered its recurrent expenditure in the past two years. Source Proshare Read More 

FAAC Disburses N741.84bn in September 2018 – NBS-The Federation Account Allocation Committee (FAAC) disbursed the sum of N741.84bn to the three tiers of government in September 2018 from the revenue generated in August 2018. Source Proshare Read More 

Buhari Approves Enhanced Salary Structure for Police - President Muhammadu Buhari has approved an enhanced salary structure for the Nigeria Police Force (NPF) and gave assurance that his administration will continue to pay attention to the welfare and operational needs of the force. Source Thisday Read More 

Nigeria’s Taxpayer Population Hits 33m — Fowler - The country’s taxpayer roll is set to hit 33 million. This was disclosed by Mr. Tunde Fowler, Chairman, Joint Tax Board (JTB) and Executive Chairman, Federal Inland Revenue Service (FIRS) at the 142nd meeting of the JTB in Bauchi Monday. Source Vanguard Read More

 

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PROSHARE REGULATORS

NAICOM Restructures, Creates 20 State Branches - The National Insurance Commission, NAICOM, has created 20 additional state branch offices across the six geo-political zone. Source Vanguard Read More

 

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PROSHARE MARKETS 

Afrinvest Stock Recommendation For The Week 261118-The downtrend in the domestic bourse persisted last week as sustained sell offs in market bellwethers – DANGCEM, GUARANTY and ETI weighed on overall performance. Source Proshare Read More 

FSDH Research Spots Investment Opportunities in FGN Savings Bonds for Low-Income Earners- FSDH Research observes that the coupon rates (interest rates) on the Federal Government of Nigeria Savings Bonds (FGNSB) in November 2018 were the highest rates recorded since October 2017. Source Proshare Read More 

Money Market Rate Decreased Marginally as Overnight Rate Fell to 6.58%-The money market rate decreased marginally last week as the Overnight rate (OVN) and Open Buy Back (OBB) fell to 6.58% and 5.83% respectively. Source Proshare Read More 

Elevated Liquidity Levels Pressure Rates Lower as PMA Holds on Wednesday- In the Treasury bills (T-Bills) market last week, activities remained quiet with bullish bias as heightened liquidity levels pressured rates lower while investors sustained their demand forshort-term instruments ahead of Primary Market Auction (PMA”) this week. Source Proshare Read More 

Nigerian Stock Market Opens The Week Negative as NSEASI Dips By -0.31%-Equities market closed today on a negative note, as NSEASI depreciated by -0.31% to close at 31,579.72 basis points as against -0.96% depreciation recorded previously. Source Proshare Read More 

DIAMONDBNK Has Lost N12.74bn in Market CAP, 39.01 per cent Month To Date-Market sentiments around DIAMOMNBNK closed negative on the bourse today as the stock opened the week in the RED, topping the list of losers. Source Proshare Read More 

Fixed Income & Currency Turnover Drops 19.81% in October -  Investment in the Fixed Income and Currency (FIC) market recorded a downturn to the tune of 19.81 per cent in October as turnover dropped by N3.30 trillion to N13.35 trillion from N16.65 trillion of the previous month. Source Thisday Read More

 

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PROSHARE BUSINESS 

Seplat Petroleum Emerges 2018 Pearl of the Capital Market- Seplat Petroleum Development Company a leading Nigerian indigenous oil and gas firm emerged the 2018 overall winner of PEARL Awards capital market prize in Lagos. Source Proshare Read More 

A Review of the United Capital “InvestNow” App- On September 27, 2018, the management of United Capital one of Pan-Africa’s leading investment banking groups, engaged the media on the roll out of its upgraded version of “InvestNow” App. Source Proshare Read More 

Oteh, Onyema Task African Exchanges to Encourage Listing of SMEs - Vice President and Treasurer, World Bank, Ms. Arunma Oteh yesterday urged the African Securities Exchanges Association (ASEA) to ensure listing the of 44,000 Small and Medium Enterprises (SMEs) out of 44 million operating on the continent. Source Thisday Read More  

Ecobank Wins 2018 MSME Award - The Board of the Nigeria Entrepreneurs Award (NEA) has named Ecobank Nigeria as the best Supporting Bank to Micro, Small and Medium Scale Enterprises in Nigeria for 2018. Source TheNation Read More 

22nd ASEA Conference: Osinbajo calls on African Exchanges to Support Growth of Startups - Vice-President Prof. Yemi Osinbajo, SAN of Nigeria has charged African Securities Exchanges to make conscious efforts to support Startups, particularly in the technology space to grow their businesses in the region. Source Proshare Read More 

RMAFC Recovers N73bn From Bank Reconciliation, Verification - Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) yesterday said that it has recovered over N73 billion through verification and reconciliation of collections by banks, while a similar exercises on stamp duty collections and tax liabilities of the three tiers of government on Withholding Tax (WHT) and Value Added Tax (VAT) yielded N27 billion and N168 billion respectively. Source Sun Read More

 

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PROSHARE TECHNOLOGY

Microsoft Briefly Tops Apple As Most Valuable Company - Microsoft briefly overtook Apple on Monday as the world’s most valuable company by market capitalization before slipping back into second place. Source Punch Read More 

FG, AfDB Plan $500m Fund for Fintechs - The federal government is working with the African Development Bank (AfDB) to establish a $500 million fund aimed at financing technological innovation that will grow the country’s financial services sector and economy in general. Source Thisday Read More 

Blackberry Bounces Back With Android Phone - Blackberry Mobile Nigeria yesterday unveiled Blackberry KEY2 LE,  an Android version of Blackberry smartphone in the Nigerian market. Source Leadership Read More

 

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