Nigeria in 1min: Economic, Business and Financial Headlines – 280818


Tuesday, August 28, 2018 / 7:10 AM / Proshare News



2018 Second Quarter GDP and The Missing Growth Syndrome  - Gross domestic product value at market price at the end of the second quarter of 2018, stood at N30.95 trillion compared to the first quarter which was N28.708 trillion. Source Proshare Read more 

Nigeria’s GDP Grew by 1.50% YoY in Real Terms in Q2 2018- In the second quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 1.50% (year-on-year) in real terms to N16.58trillion. Growth in Q2 2018 was 0.79% points higher when compared to the second quarter of 2017 which recorded a growth of 0.72%. Source Proshare Read more 

Nigeria’s Q2, 2018 GDP Report: 5 Takeaways - The National Bureau of Statistics today released the Q2, 2018 Nigerian GDP report, which showed that the current growth rate is pegged at 1.50%, a       -0.45% decline from the previous quarter (Q1, 2018) growth of 1.95%. Source Proshare Read more 

2608 Road Traffic Crashes Occurred in Q2 2018 - NBS - The Q2 2018 road transport data reflected that 2,608 road crashes occurred within the quarter under review. Speed violation is reported as the major cause of road crashes in Q2 and it accounted for 50.65% of the total road crashes reported. Source Proshare Read more 

Apapa gridlock: Haulage cost rises by 360 per cent - Port users have raised the alarm over about 360 per cent hike in haulage cost in the last three weeks, resulting from the current traffic logjam being experienced along the Lagos ports access routes. Source Punch Read more 

Mohammed: How 800 Containers of TCN’s Transformers Got Trapped at Seaport - For many years, up to 800 containers of electricity transmission equipment belonging to the Transmission Company of Nigeria were stuck at seaports in Nigeria. Source Thisday Read more 

Markets may be signaling rising recession risk: Fed study - A narrowing gap between short-term and long-term borrowing costs could be signaling heightened risk of a U.S. recession, researchers at the San Francisco Federal Reserve Bank said in a study published on Monday. Source Reuters Read more 

USAID to spend addition $26.5m on Nigeria’s development goals - The U.S. Agency for International Development (USAID) has announced an additional $26.5 million development assistance to support the development goals outlined in the bilateral development objectives assistance agreement signed in 2015 between the U.S. and Nigerian governments. Source BUSINESSDAY Read more

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Nigerian Stock Market Halts Two-Day Gaining Streak; NSEASI Dips by -0.32%- Equities market closed today on a negative note, as NSEASI depreciated by -0.32% to close at 35,311.36 basis points as against +0.62% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.67%.  Source Proshare Read more 

Fixed Income Market Monitor - Average T-Bills Yield Fell by 5bps to Close The Week at 12.15%– The money market rate decreased marginally last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) fell to 7.92% and 6.75% respectively. Consequently, the average money market rate decreased by 0.50% to settle at 7.34% despite reduction in the system liquidity to close at cN361bn due to outflow from Wholesale. Source Proshare Read more 

Afrinvest Stock Recommendation for the Week – 270818- The domestic bourse closed in the green last week as bargain hunting in DANGCEM drove the All Share Index (ASI) 0.5% higher to 35,426.21 points while YTD loss stood at -7.4%. Source Proshare Read more 

Opportunities in a Bear Market – FSDH- FSDH Research believes there are investment opportunities in the Nigerian equity market for long-term investors despite its year till date weak performance so far in 2018. Year-to-date (YTD). Source Proshare Read more 

Short end T-bill Yields Trend Lower as Market players Maintain Risk Averse Posture - The Bond market opened the week on a relatively quiet note, with scanty trades observed on the mid to long end of the curve. Source Proshare Read more 

We Cannot Recover N72bn Investment in Our Networks, Discos Say - The electricity distribution companies (Discos) in Nigeria’s power sector have cautioned the federal government against unilaterally investing N72 billion to upgrade their distribution networks, stating that they may not be able to recover it from the current tariff they charge for distributing power to consumers. Source Thisday Read more

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Copyright Collective Societies'' Regulations Revisited - Legal Alert- The Nigerian Copyright Commission (“NCC”) approval of the Music Copyright Society of Nigeria (“MCSN”) as a Collecting Society/Collective Management Organisation (“CMO/Collective Society”); and the suspension of the Copyright Society of Nigeria (“COSON”) operating licence for infringing provisions of the Copyright (Collective Management Organisations) Regulations, 2007 (“Copyright CMO Regulations”) has again brought to the fore the challenges that Copyright administration faces in Nigeria. Source Proshare Read more 

President Kenyatta Witnesses Signing Of Investment Deals Worth $238 Million In Washington DC  - President Uhuru Kenyatta today witnessed the signing of two agreements that will see two US companies invest $238 million worth of projects in Kenya as he urged the US government to facilitate the operations of US businesses Africa. Source The Presidency Read more 

U.S., Mexico reach NAFTA deal, turn up pressure on Canada - The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to new terms on auto trade and dispute settlement rules to remain part of the three-nation pact. Source Reuters Read more 

China raises yuan mid-point most in 15 months, spurs dollar buying - China’s central bank raised its daily guidance rate for the yuan by the most in nearly 15 months on Tuesday as part of its latest move to put a floor under the currency as a trade war with the United States grinds on. Source Reuters Read more 

China Gets Another Shot at Mideast Energy After Total Leaves Iran - Total SA’s withdrawal from Iran’s giant South Pars gas field has given China another chance to secure a stake in the world’s most coveted energy assets: abundant and low-cost Middle Eastern oil and gas. Source Reuters Read more 

Total sells equity in Hazira terminal, signs LNG agreement with Shell - Total has signed a binding Letter of Intent (LOI) with Shell for the sale of its 26 per cent minority equity stake in Hazira LNG regasification terminal in India. The transaction remains subject to the approval of regulatory authorities. Source Vanguard Read more 

Nasdaq Hits New Record as It Passes 8000 Mark - The Nasdaq Composite index vaulted above 8000 for the first time Monday, underscoring the dominant role megacap technology shares have played in propelling the U.S. stock market past its global peers this year. Source WSJ Read more 

U.S. to Pay Farmers $4.7 Billion to Offset Trade-Conflict Losses - The Trump administration pledged to pay farmers $4.7 billion to offset losses from trade disputes with foreign buyers of U.S. agricultural products. Source WSJ Read more 

Saudi Arabia Grants Aramco 40-Year Oil Concession - Saudi Arabia has granted its state-owned oil company a 40-year concession to exploit the kingdom’s hydrocarbon reserves as part of Aramco’s preparation for a potential initial public offering, a person familiar with the matter said. Source Reuters Read more 

Oil prices edge up on supply disruption worries - Oil prices rose on Tuesday as risks of supply disruptions from places such as Venezuela, Africa and Iran triggered expectations of a tightening market. Source Reuters Read more

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40 million Nigerians denied access to Internet – NCC - Coverage gaps in 200 communities across the country deprive more than 40 million people access to the Internet, the Nigerian Communications Commission has said. Source Punch Read more 

Toyota to invest $500 million in Uber for self-driving cars - Toyota Motor Corp (7203.T) will invest $500 million in Uber to jointly work on developing self-driving cars, the companies said on Monday, a bid by both to catch up to rivals in the hotly competitive autonomous driving business. Source Reuters Read more 

Google selects 11 start-ups for second accelerator class - Google has announced the selection of 11 start-ups for its second Launchpad Accelerator Africa class as part of its ongoing efforts to support entrepreneurship on the continent. Source Punch Read more

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