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Nigeria in 1min: Economic, Business and Financial Headlines – 280518

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Monday, May 28, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

What To Expect From The Markets This Week - 280518 - The Federal Government on several occasions has reiterated its intention to bolster revenue generation by increasing indirect taxes; especially propping value added tax’s from 6% to 19%. Source Proshare Read More 

FG saves N125bn from first-class travel ban, others - The Minister of Finance, Mrs. Kemi Adeosun, on Sunday said that between 2016 and 2017, the Federal Government was able to save the sum of N125bn through reduction in travel allowances, sitting allowances and other recurrent expenditure such as office stationery. Source Punch Read More 

FG Carries over N538bn Unspent 2017 Capital Vote to 2018 Budget - With barely a week to the end of the lifespan of the 2017 budget, the federal government has achieved an unprecedented 73.5 per cent implementation of the appropriation, deciding to carry over the remaining 26.5 per cent to the 2018 fiscal year. Source Thisday Read More 

Travel Agents Sold N503bn Tickets in 2017 - The President of National Association of Nigerian Travel Agents (NANTA), Bankole Bennard said that members of the organisation sold tickets worth about N503 billion in 2017. Source Thisday Read More 


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PROSHARE MARKETS

NASD Introduces Trade Alert Notification Service; CSCS Holds 24th AGM - The NASD OTC Market ends the week with a decrease in market metrics, as the NASD USI decreased by 1.63%, closing at 664.38 points (as against 675.43 points last Friday). Consequently, total market capitalization shed 1.63% this week, closing lower at ₦449.61 billion compared to ₦457.08 billion last Friday. Source Proshare Read More 

Nigeria’s Equities Market Extends Losing Streak As NSEASI Dips by -1.01%; Records -2.84% Loss WoW - Equities market closed today on a negative note, as NSEASI depreciated by -1.01% to close at 39, 323.62. basis points as against -1.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.83%. Source Proshare Read More 

Bank directors’ dividends rise to N30bn despite CBN’s restrictions - DESPITE the last minute directive  by the Central Bank of Nigeria, CBN, that restricted banks’ dividend pay-outs, leading banks which are quoted on the Nigerian Stock Exchange, Source Vanguard Read More 

SPDC JV Paid N5.31tn to FG in Four Years - Shell Petroleum Development Company (SPDC) joint partners’ economic contribution to the federal government between 2013 to 2017 stands at $23 billion (N5.31 trillion). Source Thisday Read More 

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PROSHARE BUSINESS

S&P affirms South Africa rating, keeps stable outlook - S&P Global Ratings affirmed South Africa’s sub-investment grade credit rating and kept its stable outlook on Friday, warning the country’s improved economic growth remained tentative and the fiscal position was still weak. Source Reuters Read More 

Anti-corruption group says Nigeria expanding use of opaque $670 million 'slush fund' - Anti-corruption group Transparency International said on Monday Nigeria's government has in the run-up to elections expanded the use of opaque $670 million-a-year funds that fuel graft. Source Reuters Read More 

Oil sinks while stocks gain on North Korea, euro shaken by Italy - U.S. oil futures hit six-week lows on expectations major producers may ease output curbs on Monday, while Asian stocks and U.S. share futures gained on signs the United States and North Korea were still working towards holding a summit. Source Reuters Read More 

OPEC and Allies Are Said to Have Already Cleared Oil Surplus -Oil Returning to 'Sweet Spot' After 'Overheated' Market, Schork Says Stephen Schork, president of the SchorkGroup, an energy consulting company, talks about oil production and prices. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

South Africa investigates $80 million bitcoin scam - South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialised, police said on Friday. Source Reuters Read More 

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