Nigeria in 1min: Economic, Business and Financial Headlines – 291118

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Thursday November 29, 2018 / 7:00 AM / Proshare News

 

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Fitch Upgrades United Bank for Africa to 'B' Plus; Outlook Stable-Fitch Ratings has upgraded United Bank for Africa Plc's (UBA) Long-Term Issuer Default Rating (IDR) to 'B+' from 'B'. The Outlook is Stable. Source Proshare Read More 

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

Fitch Rates Stanbic IBTC Bank Plc's Upcoming Senior Notes 'AAA(nga)(EXP)'-Fitch Ratings has assigned Nigeria-based Stanbic IBTC Bank PLC's (SIBTC) upcoming Series 1 naira-denominated up to NGN30 billion, five-year senior unsecured notes due 2023 an expected National Long- Term Rating of 'AAA(nga)(EXP)'. Source Proshare Read More 

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

Fitch Revises Outlook on FBNH to Positive; Affirms at 'B-'-Fitch Ratings has revised the Outlook on the Long-Term Issuer Default Ratings (IDR) of FBN Holdings Plc (FBNH) and its primary operating company, First Bank of Nigeria (FBN) to Positive from Negative and affirmed the IDRs at 'B-'. Source Proshare Read More 

Fitch Affirms Access Bank at 'B'; Stable Outlook-Fitch Ratings has affirmed Access Bank Plc's (Access) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. The Viability Rating (VR) is affirmed at 'b'. Source Proshare Read More 

4.37bn Litres of PMS Imported into Nigeria in Q3 2018 – NBS-The petroleum products importation statistics for Q3 2018 reflected that 4.37 bln litres of premium motor spirits (PMS), 873.72 mln litres of automotive gas oil (AGO), 312.71 mln litres of household kerosene (HHK), 212.80 mln litres of aviation turbine kerosene (ATK), and  162.37 mln litres of Liquefied Petroleum Gas (LPG) were imported into the country in Q3 2018. Source Proshare Read More 

Nigeria’s GDP Growth’ll Be Below 2% In 2018 – World Bank - The World Bank has projected a slow growth in Nigeria’s economy in 2018 in its latest report.According to the report on Nigeria’s bi-annual Economic Update on Wednesday, the country’s Gross Domestic Product growth is expected to hover slightly below two per cent in 2018, largely driven by non-oil industry and services. Source Punch Read More 

Malabu: Nigeria Loses Over $10bn In One Deal, Say Reps, CSO - The House of Representatives has raised the alarm that Nigeria may have lost up to $10bn in the controversial Malabu oil deal in one transaction on Operating Licence 245.The lower chamber said available data indicated that the deal was never in the interest of the country. Source Punch Read More 

FG Slashes Fees of JAMB, SSCE - The Federal Executive Council (FEC) Wednesday approved a reduction in the cost of obtaining Joint Admissions and Matriculation Board (JAMB) application forms from N5, 000 to N3, 500, starting from January 2019. Source Thisday Read More 

FG Investigating Mobil For Alleged $1.9bn Fraud, Says Obono-Obla - The presidency said Wednesday that the federal government is investigating multinational giants, including Mobil Oil Producing for allegedly short changing the federation in the payment for the oil blocks they acquired and remittance of taxes. Source Thisday Read More 

FG Probes N7bn Bailout Funds to Banks in 2006 - The presidency wednesday disclosed that it is investigating the bailout funds granted to commercial banks in the country in 2006.A Senior Presidential Assistant and Chairman of the Special Panel on Recovery of Public Properties, Okoi Obono-Obla, disclosed this at a press conference in Abuja. Source Thisday Read More 

NNPC To Shut Down Non-Performing Business Units - The Nigerian National Petroleum Corporation, NNPC, Wednesday, disclosed that it would shut down its business units that are not performing to set standards. Source Vanguard Read More 

 

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No Escape for African Stock Markets as Emerging and Frontier Economies Remain Under Pressure-Emerging and frontier economies remain under pressure from the two related drivers of global financial markets, the normalization of US monetary policy and the recovery of the US dollar. Source Proshare Read More 

Forex: Central Bank of Nigeria Injects $210m in Wholesale Segment, Others-The Central Bank of Nigeria (CBN) on Tuesday, November 27, 2018, intervened in the wholesale segment of the foreign exchange market, offering the sum of $100 million to dealers in that window. Source Proshare Read More 

CCNN, CILEASING and NEM Top As Best Performing Stocks YTD-Nigeria’s equity market recorded its third consecutive decline after the close of trading on Tuesday, November 27, 2018 as the key performance indicator, the NSEASI, shed 114 basis points to close at 31,173.71 points, the lowest level since June 1, 2017. Source Proshare Read More 

Nigeria’s Access Bank to Repay $400 Million Bond Two Years Early-Access Bank Plc plans to redeem a $400 million subordinated Eurobond due in 2021 two years early as Nigeria’s fourth-largest lender seeks to reduce funding costs. Source Proshare Read More 

Investors Lose N54.83bn as NSEASI Sheds -0.48%; Hits 17-Month Low-Equities market closed today on a negative note, as NSEASI depreciated by -0.48% to close at 31,023.47 basis points as against -1.14% depreciation recorded previously. Source Proshare Read More 

DIAMONDBNK Lost N5.09bn This Week To Date; Extends November Loss to N15.75bn-Market sentiments around DIAMOMNBNK remained negative on the Nigerian bourse as the stock, emerged again as the top loser for the second time this week. Source Proshare Read More 

Stop Rates Remain Unchanged As The CBN Successfully Rolls Over Maturing Ntbills - The Bond Market was more active today with some demand seen especially on the long end of the curve. We saw some local clients cherry pick attractive long end FGN bonds , which was matched with supply from foreign investors downsizing their holdings on FGN papers. Source Proshare Read More 

 

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