Nigeria in 1min: Economic, Business and Financial Headlines – 280519

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Tuesday, May 28, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @FMPWH

 

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PROSHARE ECONOMY

N289.04bn Generated as VAT in Q1 2019 - NBS - Sectoral distribution of Value Added Tax (VAT) data for Q1 2019 reflected that the sum of N289.04bn was generated as VAT in Q1 2019 as against N298.01bn generated in Q4 2018 and N269.79bn generated in Q1 2018 representing -3.01% decrease Quarter-on-Quarter and 7.13% increase Year-on-Year. Source NBS Read More

OPEC Calls for Adherence to Oil Output Deal - The Organisation of Petroleum Exporting Countries (OPEC) has called on its member countries as well as non-OPEC countries led by the Russian Federation to conform fully to the oil production curb agreement they reached to rebalance the global oil market. OPEC said conformity to the output cut deal it reached under the Declaration of Cooperation (DoC) with non-members was 168 per cent in April 2019, adding that average conformity reached 120 per cent since January 2019. Source Thisday Read More

We’ll Create 20 Million New Jobs In Next Four Years –FG - The Federal Government on Monday unveiled fresh plans to create about 20 million new jobs in four different sectors of the economy. The strategy was disclosed in Abuja by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, at a stakeholders’ meeting on job creation. Source Punch Read More

 

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PROSHARE MARKETS

Afrinvest Stock Recommendation For The Week 270519 - Building on the momentum from MTNN’s listing, the local bourse sustained a positive performance this week as the All Share Index (ASI) rose 7.0% W-o-W to settle at 30.881.3 points. Source Afrinvest Research Read More

Investors Show High Appetite for Longer Tenor Bond; OVN and OBB Rose to 12% and 11.14% - The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 12.00% and 11.14% from 5.29% and 4.57% respectively from the previous week. Source Anchoria AM Read More 

Bullish Run Subsides as CBN Resumes OMO Auction; Average Yields Close at 12.2% - Last week, the Treasury Bills (“T-Bills”) secondary market performance was slightly bullish due to sustained demand for long-term bills, especially the 30-Jan-20 (-71bps) and 13-Feb-20 (-58bps) maturities. Source Afrinvest Research Read More

Investors Lose N302.41bn As Stock Market Maintains Downtrend; NSEASI Dips By -2.22% - Equities market closed today on a negative note, as NSEASI depreciated by 2.22% to close at 30,194.71 points as against 1.89% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.93%. Source Proshare Read More

SEC Nigeria Restates Zero Tolerance For Commission Sharing by Brokers, Issuing Houses and Other Rec - The Securities and Exchange Commission, SEC, has warned some Operators in the Capital market to desist from unethical practices that could lead to strict regulatory actions in accordance with the rules and regulations of the Commission. Source SEC Nigeria Read More

 

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PROSHARE BUSINESS  

Power Ministry, Firm Sign 1.52MW Solar Plant Deal -  EM-ONE Energy Solutions has signed a contract with the Federal Ministry of Power, Works and Housing to design and install a 1.52 megawatts solar plant with a battery storage capacity of 2.26 megawatt-hours. Source Punch Read More

Trade Tension Deals Tractor Makers a Fresh Blow - Tariffs and trade tensions are pushing makers of U.S. farm-equipment into a deeper ditch. Deere & Co., CNH Industrial NV and other makers of the tractors and combines used to plant and harvest American crops are already facing weak demand from farmers as a result of a five-year slump in the agricultural economy. Source WSJ Read More

 

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PROSHARE TECHNOLOGY      

Google Invests $670 Million to Expand Its Data Center in Finland - Google will pay about 600 million euros ($670 million) to build a data center in Finland amid a push by its parent Alphabet Inc. to invest heavily in servers and feed demand for faster access to files and media. Source Bloomberg Read More

Alibaba Plans $20 Billion Blockbuster Hong Kong Listing - Alibaba is considering raising as much as $20 billion through a secondary listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion float in New York. Source Reuters Read More

Nigeria Loses N200 Billion Yearly To Cyber Crimes - Experts in the financial services sector have said Nigeria loses about N200 billion yearly to cybercrime menace, even as it is 20 years behind in recruiting skilled professionals who would fight the menace of digital security, but loses to the western world, who see cyber security talents as priority. Source Guardian Read More 

 

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