Nigeria in 1min: Economic, Business and Financial Headlines – 300718

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Monday, July 30, 2018 / 7:00 AM / Proshare News

PROSHARE ECONOMY

What To Expect From The Markets This Week – 300718- The Debt Management Office (DMO) recently published the Debt Sustainability Analysis Report for 2017. The report stated that external debt to gross domestic product stood at 4.9% at the end of 2017, while the DMO foresees debt to GDP maintaining its current northward trajectory, thereby notching upwards to 5.2% and 5.5% at the end of 2018 and 2019. Source Proshare Read more

NSR H2 2018 (11)- Currency: The Battle for Naira Stability- In our H1 18 Nigeria Strategy Report, we projected a blow in FX outflows that will impulse the CBN to step up its intervention across FX markets. Our projection was based on the confluence of policy normalization in developed markets, flight to safety across EMs, lower domestic interest rate environment, and political risk in the domestic clime.  Source Proshare Read more

Strong Dollar Could Cap Oil Prices- The strength of the U.S. dollar poses an obstacle to further gains in oil prices. President Trump's trade war with China, which is still in its early stages, has already battered the yuan. The dollar has gained more than 8 percent against the Chinese currency since March. Source Proshare Read more

Cocoa Prices Declined By 0.13% to $2,254 per MT despite Poor Weather in Ivory Coast - The Republic of Niger and Nigeria have signed a bilateral agreement to build a 150,000bpd capacity refinery in Katsina state. The petroleum feedstock and final product for this project will be delivered via a pipeline network. It is expected that product availability will help reduce smuggling and subsidy abuse. Source Proshare Read more

Average of 92,747MWh of Energy Generated Daily in Q1 2018- The power generation statistics for Q1 2018 reflected that a total average of 92,747 MWh of energy was generated daily by power stations. Daily energy generation attained a peak of 105,755 MWh on the 14th of March 2018. Source Proshare Read more

The Richard Koch Breakthrough £50,000 Prize In Economics- Last week, the Institute of Economic Affairs launched the second year of their prestigious essay competition - the Richard Koch Breakthrough Prize, which looks for market-based solutions to the most pressing problems in society. Source Proshare Read more

Anti-graft war: Reps pass proceeds of crime bill- The House of Representatives has passed the Proceeds of Crime Bill, further empowering anti-graft agencies to confiscate proceeds of assets acquired through crimes. The bill was sponsored by the Chairman, House Committee on Financial Crimes, Mr Kayode Oladele. Source Punch Read more

U.S. Growth Hits 4.1%, Fastest Since 2014, in Win for Trump- The U.S. economy accelerated to a 4.1 percent pace of growth in the second quarter, the fastest since 2014, letting President Donald Trump claim a win for his policies even though expansion is projected to cool. Source Bloomberg Read more

Central Banks Meet, China Embraces Dollar, Fiscal Boost: Eco Day- Central bankers in the U.S., Japan, U.K., Brazil and India will meet to set their respective policies this week. President Trump is casting a political shadow over the Fed, while the time seems right for another rate hike in India. Source Bloomberg Read more

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PROSHARE MARKETS

Market Review and Round-Up of Corporate News Announced During The Week Ending 270718- The equities market recorded positive performance – the listed equities market recorded +0.09% gain WoW while the NASD OTC also went up by +1.19% WoW. Source Proshare Read more

Corporate Earnings for the Week Ending 270718 – DANGSUGAR Declares N12.72bn PAT in Q2 2018 Results- During the week ending July 27, 2018, twenty (20) quoted firms declared their results. Seventeen (17) quoted companies recorded growths in revenue while three (3) recorded decline. Source Proshare Read more

Nigeria’s Equities Market Maintains Uptrend as NSEASI Inches Up by 0.58%; Records 0.09% Gain WoW- Equities market closed today on a positive note, as NSEASI appreciated by +0.58% to close at 36,636.97 basis points as against +0.22% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.20%. Source Proshare Read more

FCMB Q2 2018 results - PBT Grew by 109% YoY to N3.8bn- FCMB’s Q2 PBT missed our forecast by 27% due to negative surprises from both revenues lines and opex. When annualised, FCMB’s H1 2018 PBT also tracks behind consensus 2018 PBT forecast of N15.3bn. Consequently, we expect to see a subdued reaction from the market.  Source Proshare Read more

11 Plc Q2 2018 Results Reviews - PAT grew by 126% YoY to N2.7bn- Upward adjustment to consensus estimates expected following better-than-expected results. Compared with our estimates, while sales were in line with our N40.4bn forecast, PBT beat by c.22%. The variance was driven by positive surprises on the opex and other income lines. On an annualised basis, H1 PBT of N8.1bn is tracking ahead of consensus estimates of N14.4bn. Source Proshare Read more

Okomu Oil Q2 2018 Results -Operating Expenses Declined By -26% YoY to –N1.5bn.- On an annualised basis, Okomu’s H1 2018 sales and PBT of N12.9bn and N7.0bn are tracking ahead of consensus estimates of N23.0bn and N12.4bn respectively. However, we expect a negative reaction by the market on the back of the relative weaker y/y performance. Source Proshare Read more

DMO Publishes 2017 Debt Sustainability Analysis- Nigeria undertakes the conduct of the Debt Sustainability Analysis (DSA) exercise on an annual basis. It is an exercise that takes into consideration a country’s ten-year historical macroeconomic data and twenty-year projected data to assess the level of risk of debt distress. Source Proshare Read more

DMO Raises N66.9bn at the July 2018 FGN Bond Auction- As part of the capital raising for the 2018 Budget, the Debt Management Office (DMO) raised N66.9 billion at the FGN Bond Auction on July 25, 2018. Source Proshare Read more

Oando Plc Successfully Concludes 41st Annual General Meeting- Oando PLC (referred to as “Oando” or the “Company”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today successfully concluded its 41st Annual General Meeting at the Eko Hotel and Suites, Victoria Island, Lagos. Source Proshare Read more

FBNH Declares N13.5bn PAT in Q2 2018 Results,(SP:N10.00k)- Source Proshare Read more

Forex: CBN Injects $340m, CNY 69m into Retail SMIS- Following last week’s take-off of its intervention in the sale of foreign exchange in Chinese Yuan (CNY), the Central Bank of Nigeria (CBN), on Friday, July 27, 2018, injected the sum $340, 507, 376.51  into the interbank retail Secondary Market Intervention Sales. Source Proshare Read more                                                                                           

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Bond Yields Compress following Demand on the Bond Yields- The Bond market closed the week on a slightly more active note, with spreads getting tighter across the curve. This came on the back of some demand especially on the mid tenured bonds (27s & 28s) which compressed yields by c.17bps, consequently reversing some of the losses from the previous session. Source Proshare Read more

FMDQ shareholders approve N5bn capital raise, name change- SHAREHOLDERS of FMDQ OTC Plc have approved the plan by the Board of Directors to raise N5 billion fresh capital to further boost its operation. Source Vanguard Read more

Notore eyes N100bn valuation from share sale on NSE- Nigeria-based fertilizer maker, Notore Chemicals Limited has got regulatory approval to list its shares on Nigerian Stock Exchange (NSE). Source Businessday Read more

CIS pledges commitment with NASS to amend investment laws- THE Chartered Institute of Stockbrokers, CIS, has emphasized its commitment to work with the National Assembly to amend some relevant investment laws that impede Nigeria’s economic development. Source Vanguard Read more

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PROSHARE BUSINESS

IFRS 15 Implementation Efforts of 2018 Interim Reporters in the Oil and Gas Industry- IFRS 15 [Revenue from contracts with customers] became effective 1 January 2018 and is already being implemented in the 2018 interim reports of IFRS reporters. Source Proshare Read more

NECCI 18th PR Roundtable Discusses Youth Inclusion, Engagement and Transformation in Nigeria- The NECCI PR Roundtable one of Nigeria’s foremost strategic and thought-provoking national dialogues, hosted its 18th annual edition discussing the theme “The Youth Debate: From Potential to Reality-Inclusion, Engagement & Transformation”. Source Proshare Read more

Allegations by ICAN are baseless, says CIFIA- The Chartered Institute of Forensic Investigative Auditors in Nigeria, CIFIA, at the weekend, hit back at the Institute of Charted Accountants of Nigeria, ICAN, over allegations and moves to stop passage of CIFIA Bill into law by the National Assembly. Source Vanguard Read more

What Now for Saudi Arabia's Planned $2 Trillion Fund?- Saudi Arabia is now looking for Plan B to propel its sovereign wealth fund into the ranks of global giants. The initial plan was to raise at least $100 billion through an initial public offering of a small stake in Saudi Aramco, the state-owned oil company, in the second half of 2018. Source Bloomberg Read more

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G20 agriculture ministers slam protectionism, pledge WTO reforms- Agriculture ministers from the G20 countries criticized protectionism in a joint statement on Saturday, and vowed to reform World Trade Organization (WTO) rules, but did not detail what steps they would take to improve the food trade system. Source Reuters Read more

PROSHARE TECHNOLOGY

9Mobile Acquisition Parties Agree To Extension Of Timeline- The Board of 9Mobile today announced the extension of the timeline for closure of the acquisition process. Source Proshare Read more

The possible impacts of the general data protection regulation (GDPR) on Nigerian businesses- The General Data Protection Regulation (GDPR or the Regulation) became operative on May 25, 2018and it is expected to have a profound effect on the management of personal data by data controllers and processors globally. Source Businessday Read more

South Africa’s Biggest Bank Heist Leaves Trail of Destruction- South Africa’s biggest bank heist took place without a single shot being fired. Thieves armed with explosives and assault rifles attacked dozens of armored vehicles delivering cash to the country’s lenders last year, stealing hundreds of millions of rand. Source Bloomberg Read more

Facebook is sued after stock plunge 'shocked' market- Facebook Inc and its chief executive Mark Zuckerberg were sued on Friday in what could be the first of many lawsuits over a disappointing earnings announcement by the social media company that wiped out about $120 billion of shareholder wealth. Source Reuters Read more

YouTube plans original programing in India, Japan and other markets- Alphabet Inc’s YouTube is creating scripted series and other original programing for international markets including France, Germany, Japan, Mexico and India to try to draw new customers to its paid subscription service, a senior executive said on Friday. Source Reuters Read more

Twitter warns fake account purge to keep erasing users, shares drop 19 percent- Twitter Inc on Friday said it lost 1 million monthly active users from the previous quarter and warned the closely watched figure could keep falling as it deletes more phony accounts, causing the biggest one-day decline in its shares since 2016. Source Reuters Read more

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PROSHARE FINANCE

Pension fund assets now total N8.14trn, says PenCom- The National Pension Commission said that the total pension fund assets stood at N8.14trn as at May, 2018. PenCom in a statement signed by its spokesman, Mr. Peter Aghahowa, on Sunday said the assets rose from N7.52trn in December 2017, to N8.14trn in May 2018. Source Punch Read more

PROSHARE REGULATORS

Investors Alert On Stock Picks Published In Investment Research Websites- This Investor Alert has been issued as a guide/warning to investors that seemingly independent commentary on investment research and news websites may in fact be part of paid stock promotion campaign. Source Proshare Read more

U.S. regulator stands by decision to block Winklevoss bitcoin ETF- The U.S. Securities and Exchange Commission on Thursday stood by a decision blocking an exchange-traded fund that would have tracked bitcoin, citing concerns about market manipulation. Source Reuters Read more

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