Nigeria in 1min: Economic, Business and Financial Headlines – 310119

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Thursday January 31, 2019 / 7:00 AM / Proshare News

 

 

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PROSHARE ECONOMY

Oil Prices Bounce On Venezuela Turmoil And Saudi Cuts - We will take a quick look at some of the critical figures and data in the energy markets this week. Source Oilprice.com Read More 

Subpar Budget Revenues from Oil - Federally-collected revenues continue to run behind budget, according to data in the CBN’s monthly reports. For the 13 months through to October, total oil collections (gross), as with the non-oil equivalent, did not once reach the pro rata budget figure of N640bn: the closest they came was N514bn in July. Source FBNQuest Research Read More 

Strong West African Supply of Cocoa to Depress Prices - The US and China are scheduled to hold trade talks in Washington to douse the trade tension between the two countries. Source FDC Read More 

Oversold Lithium Could Be About To Rally - It's been a decade of lows for commodities after posting 7 declines in 11 years, but we've seriously underestimated lithium. It's back with a vengeance in 2019. Source Oilprice.com Read More 

FG Targets $2bn From Oil, Gas Lease Licence Renewal - The federal government yesterday said it was targeting $2 billion revenue from the ongoing renewal of oil licence. Source Leadership Read More  

Erratic Power Supply: ‘FG must adopt National Energy Policy’-The Federal Government has been called upon to adopt a National Energy Policy (NER) that will end the erratic power supply affecting businesses across the country, as well as hold the executives accountable for their inability to provide Nigerians sustainable electricity. Source Punch Read More

CBN Recorded $40.9bn Forex Inflow in Nine Months – Report - Between January and September last year, a total foreign exchange inflow of $40.93bn was recorded by the Central Bank of Nigeria. Source Punch Read More 


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PROSHARE REGULATORS 

CBN Releases Revised 2018 Exposure Draft for the “Regulation on End-To-End Electronic Payment” - The Central Bank of Nigeria (CBN) released the Guideline on End-to-End Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria in 2014; referenced CBN/BPS/PS V/GEN/014/05 to enhance the adoption of electronic payments while ensuring stability in the Payments System. Source CBN Read More 

 

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PROSHARE MARKETS

Nigerian Eurobonds Turn Bearish Ahead of US FOMC Decision - The Bond market traded on a relatively quiet note, as market players looked ahead to the Bond auction scheduled to hold tomorrow. Source Zedcrest Capital Read More 

Forex: CBN Injects $210m Into Inter-Bank Market - In continuation of its periodic intervention in the foreign exchange market, the Central Bank of Nigeria (CBN) on Tuesday, January 29, 2019, injected another sum of $210 million into the inter-bank foreign exchange market. Source CBN Read More 

GUINNESS Declares N2.58bn PAT in Q2 2019 Results (SP:N70:00k) - On an annualised basis, Guinness’ H1 2019 PBT of N3.8bn tracks behind consensus 2019E PBT (end-June) forecast of N10.9bn. Source NSE With Additional Comments from FBNQuest Research Read More 

Market Sentiment Remains Negative As NSEASI Closes Southwards By -0.11% - Equities market closed today on a negative note, as NSEASI depreciated by -0.11% to close at 31,145.34 basis points as against -0.53% depreciation recorded previously. Source Proshare Read More 

Between Unilever And PZ Cussons: More Positive on Unilever – ARM - In this report, we update our views on PZ and Unilever, making adjustment to our cost of sales to reflect expectation of lower petrochemical prices over 2019. Source ARM Research Read More 

FLOURMILL Declares N7.89 bn PAT in Q3'18 Result,(SP:N19.00k) - FMN’s Q3 2019 PBT more than halved to N3.0bn largely due to a -484bps contraction in gross margin to 11.1%. Consequently, PBT missed our forecast by 12%. Nevertheless, FMN’s annualised PBT tracks above consensus 2019E PBT forecast of N11.7bn.  Source NSE Read More 

Foreign Portfolio Participation in Equity Trading in 2018 - Participation of offshore portfolio managers in the Nigerian equities market gained heft, following the introduction of Investors’ and Exporters’ FX window by the CBN in April 2017 but with rising negative sentiments expressed by foreign portfolio managers (FPIs) in 2018, foreign participation in equities market dipped marginally compared to the previous year, 2017. Source Proshare Read More

FG Bonds Attracts N197b Subscription - The Federal Government Bond auctioned by the Debt Management Office (DMO) on Wednesday attracted N197 billion. Source Vanguard Read More 

 

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PROSHARE BUSINESS  

Sterling Bank Opens $16bn Global Market to Nigerian Businesses - Customers of Sterling Bank Plc, are set to access a new stream of foreign direct investment valued at about $16 billion across 17 African member-countries the bank said in a statement on Tuesday. Source Guardian Read More 

NCC: Subscribers Lose N12.5b To Telecom-Related Frauds - The Nigerian Communications Commission (NCC) yesterday said subscribers have lost over N12. 5 billion to telecom related financial crimes and deductions since the use of smartphones became prominent in the country. Source TheNation Read More 

Shoprite Plunges Most Since 1999 After Grocer’s Profit Warning - Shoprite Holdings Ltd. shares slumped the most since 1999 after Africa’s biggest grocer said first-half earnings dropped as much as 26 percent, with South African food deflation and IT troubles compounding weakness in the rest of the continent. Source Bloomberg Read More

 

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PROSHARE TECHNOLOGY

The Increasing Accessibility of AI in Business - In this installment of the Zeitgeist series, we’ll be talking about how artificial intelligence technologies will become more accessible to businesses and non-technical employees. Source Emerj Read More 

Berkshire Partners To Invest In Teraco Data Environments - Teraco Data Environments, African provider of colocation data centre infrastructure, has announced that Berkshire Partners LLC, a Boston-based investment firm, has entered into a definitive agreement to acquire a majority stake in the company. Source AfricaTech Read More 

FG Urged to Develop ICT Capabilities for National Development-The Institute of Software Practitioners of Nigeria (ISPON) has called on the federal government to refocus its priorities and begin to look at capacity building in the area of Information and Communications Technology (ICT), especially in software development. Source Thisday Read More


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PROSHARE MSME

UBA, Japan collaborate to promote MSMEs in Africa- United Bank for Africa [UBA] Plc has indicated its readiness to support the Japanese government in its drive to promote Small and Medium Scale Enterprises [SMES] across Africa. Source Vanguard Read More


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