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Nigeria in 1min: Economic, Business and Financial Headlines – 281117

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November 28, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

Total Value of Capital Imported into Nigeria in Q3 2017 Estimated at $4,145.1m - NBS- The capital importation into Nigeria in 2017 Q3 recorded a substantial increase compared to the past few quarters Source Proshare Read More 

Fragile Growth: A Need for Expansionary Policies-The fragile growth that the Nigerian economy recorded in Q3 2017 further buttresses the need for expansionary policies to stimulate inclusive growth. Source Proshare Read More 

Fitch ratings assign B+ to Nigeria Debt notes - FITCH ratings has assigned the final rating of ‘B+’ to  Nigeria’s Debt notes,  consisting of  USD1.5 billion 6.5 percent senior unsecured notes due November 28, 2027 and USD1.5 billion 7.625 percent senior unsecured notes due November 28, 2047. Source Vanguard Read More 

Budget: FG adjusts 2018-2020 MTEF/FSP by N1.5tn - The Federal Government on Monday gave details of the adjustments it made to the 2018-2020 Medium-Term Expenditure Framework and Fiscal Strategy Paper, explaining that they were incorporated in the 2018 budget proposal presented to the National Assembly on November 7 by President Muhammadu Buhari. Source Punch Read More 

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Tax debt: FIRS seals companies in Lagos, Port Harcourt - The Federal Inland Revenue Service on Monday shut down tax-defaulting companies in Lagos and Port Harcourt, the Rivers State capital. Source Punch Read More 

Banks’ bad loans rise by 50% to N2.4tn - The economic challenges in the country made the level of non-performing loans in the Deposit Money Banks to rise by 50 per cent from N1.639tn in December 2016 to N2.424tn by September this year, according to the Nigeria Deposit Insurance Corporation data. Source Punch Read More 

FG allots N256.23m in Savings Bond sales - The Federal Government has allotted N256.23 million in its November 2019 and 2020 savings bond sales, according to the Debt Management Office (DMO). Source THE SUN Read More 

FIRS hits 79.35% of 2017 collection target in 10 months — Fowler - The Federal Inland Revenue Service (FIRS), on Monday in Abuja, said it generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017. Source THE SUN Read More 

PROSHARE MARKETS

NSEASI Halts Uptrend to Open the Week Negative; Dips by -0.31%- Equities market closed today on a negative note, as NSEASI depreciated by -0.31% to close at 37,250.78 basis points as against +1.85% appreciation recorded previously. Source Proshare Read More 

Nigerian Breweries Plc Announces Date of Board Meeting- We hereby notify The Nigerian Stock Exchange (“The NSE”) that a meeting of the Board of directors of our Company has been scheduled for Friday, 8th December, 2017. Source Proshare Read More 

GTI Top-5 Weekly Stock Picks -271117- Equity market transactions on the floor of the Nigerian Stock Exchange (NSE) in the week under review traded on a stronger than expected positive note Source Proshare Read More 

Afrinvest Stock Recommendation for the Week - 271117- Last week, market performance was largely bullish as the All Share Index rose 1.8% W-o-W while YTD return expanded to 39.0%. Source Proshare Read More 

Invest 2017 Edition Recommended Stocks Records Robust Returns YTD- Investdata Consulting Limited will on December 9, 2017 host another edition of its one-day annual Traders and Investors’ Summit to look once again into the investment opportunities presented by the coming year Source Proshare Read More 

External Debt Ratios to Savour- The FGN’s external debt obligations at end-September amounted to US$15.35bn, equivalent to 3.9% of 2016 GDP. Source Proshare Read More 

CBN Ends Forex Trading Week With $288m Retail SMIS- The Central Bank of Nigeria (CBN) on Friday, November 24, 2017 Source Proshare Read More         

Union Dicon Salt Plc Incorporates UDS Farms Limited to run the Agribusiness Operations of the Company- Union Dicon Salt Plc wishes make the following announcements to the market. Source Proshare Read More 

FCMB Group Plc: Earnings Miss But Investment in Legacy Provides Optimism-FCMB released its 9M’17 result, reporting weaker than expected performances across major line items with PAT down 58% y/y to ₦5.5 billion Source Proshare Read More 

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Oil Revenue Has Exceeded 2017 Budget Benchmark by 18%, Says NNPC - The Nigerian National Petroleum Corporation (NNPC) has stated that oil revenue in the first ten months of the year has exceed the 2017 budget oil benchmark of $44.50 per barrel by 18 per cent, revealing that oil has sold at an average of $52.49 per barrel between January and October. Source Thisday Read More 

FG attracting N383bn to raise transmission capacity – TCN - The Interim Managing Director of the Transmission Company of Nigeria (TCN), Mr Usman Gur Mohammed, has said the public utility wants to attain 14,000 megawatts (mw) under the Transmission Expansion and Rehabilitation Programme (TERP) being financed with about N383bn ($1.064 million) from international lenders. Source Daily Trust Read More 

Eligible electricity customers’ regulation to raise residential tariffs by N4 per kWh - The Association of Nigerian Electricity Distributors (ANED) has said the removal of Eligible Customers from the Electricity Distribution Companies (DisCos) network would lead to increase in the tariff for residential consumers by N4 per kilowatt per hour (kwh). Source Guardian Read More 

Axxela Invests N216bn To Boost Gas Infrastructure In Nigeria – Osunsanya - Axxela Limited, an indigenous gas player, has spent a whopping N216 billion ($600 million) in the development of over 260 kilometres of gas pipeline infrastructure, virtual pipelines, and captive power plants in the country. Source Leadership Read More 

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PROSHARE BUSINESS

OPAN To Hold 1st Annual New Media Conference in February 2018-The Online Publishers Association of Nigeria (OPAN), Nigeria’s premier association of digital/new media publishers and entrepreneurs is set to launch its inaugural Annual New Media Conference. Source Proshare Read More 

Burundi’s inflation rises to 17.6 pct yr/yr in October -  Burundi’s inflation accelerated to 17.6 percent year-on-year in October from 15.2 percent in September due to rising food costs on local markets, official figures showed on Monday. Source Reuters Read More 

Ghana central bank cuts policy rate by 100 basis points to 20 pct - Ghana’s central bank cut its benchmark interest rate on Monday by 100 basis points to 20 percent, citing a drop in consumer inflation and the possbility of steady economic growth, governor Ernest Addison told a news conference in the capital Accra. Source Reuters Read More 

Philippines' Second-Biggest Bank Penalized for $35 Million Fraud - The Philippine central bank sanctioned Metropolitan Bank & Trust Co. after the regulator investigated an alleged internal fraud that cost the lender 1.75 billion pesos ($35 million). Source Bloomberg Read More 

Kenya Seeks Proposals for $2 Billion Eurobond Sale - Kenya’s government is seeking proposals from banks about a possible $2 billion Eurobond offering in the first quarter of 2018, according to two people familiar with the matter. Source Bloomberg Read More 

Asian shares fall from decade peak as China falters - Asian shares stepped back from decade highs on Tuesday as Chinese stocks stumbled for a second straight session, while the U.S. dollar trod water ahead of a crucial Senate vote on tax reform. Source Reuters Read More 

Oil prices fall on pipeline restart, uncertainty over OPEC output cuts - Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts. Source Reuters Read More 

Oil Sleeps Through Saudi-Iran Spat and Imminent OPEC Meeting - With tensions between Saudi Arabia and Iran ratcheting up and OPEC about to announce its plans for global crude supply, investors would be forgiven for anticipating a few gyrations in oil prices. Source Bloomberg Read More 

Amnesty Wants Shell Probed for Nigerian Abuses in the 1990s - Royal Dutch Shell Plc should face investigations in three countries for alleged complicity in Nigerian government abuses, including murder and rape, more than two decades ago in the oil-rich Niger River delta, Amnesty International, said. Source Bloomberg Read More 

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PROSHARE TECHNOLOGY

SoftBank Bids to Buy Uber Shares for 30% Less Than Current Value - SoftBank Group Corp. and a group of investors are trying to buy a stake in Uber Technologies Inc. at a sizable discount to the ride-hailing company’s $69 billion valuation, seeking to clinch what would be one of the largest purchases of stock in a private company. Source Bloomberg Read More 

Elon Musk's SpaceX Raises Another $100 Million - Space Exploration Technologies Corp. added another $100 million to its latest fundraising round, bringing the total to nearly $450 million, according to an amended regulatory filing. Source Bloomberg Read More 

Internet businesses ask U.S. to keep net neutrality rules - AirBnb, Reddit, Shutterstock, Inc, Tumblr, Etsy (ETSY.O), Twitter (TWTR.N) and a long list of small internet companies urged the Federal Communications Commission on Monday to scrap a plan to roll back net neutrality rules. Source Reuters Read More 

Cyber Monday sales jump 17 percent, on pace for record - Cyber Monday was on track to become the biggest-ever internet shopping day in the United States as people snapped up bargains on toys and electronics, with many more buying from their phones. Source Reuters Read More 

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