Nigeria in 1min: Economic, Business and Financial Headlines – 310518

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Wednesday, May 31, 2018 / 7:00 AM / Proshare News

 

PROSHARE ECONOMY

External reserves drop further, lose $99m - The nation’s foreign exchange reserves have declined further, losing $99m to close at $47.65bn on Monday, latest data from the Central Bank of Nigeria showed on Wednesday. Source Punch Read More 

Pension assets hit N8trn - The National Pension Commission (PenCom) has said that pensioner’s contribution has hit the N8 trillion mark. The Commission said that the contributions moved from N7.779 trillion in March 2018 to N8 trillion in April. Source SUN Read More 

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IMF not worried about Nigeria’s debt, says Adeosun - The Minister of Finance, Mrs. Kemi Adeosun, has said that the International Monetary Fund is not worried about Nigeria’s debt profile. Source Punch Read More 

Global economy loses $160 trillion to gender inequality issues - No fewer than 141 countries are losing $160 trillion in wealth because of differences in lifetime earnings between women and men, the World Bank Group report on gender inequality has shown. Source Guardian Read More 

Afreximbank, others to mobilise $1b for region’s industrialisation - The African Export-Import Bank (Afreximbank), Finance Center for South-South Cooperation (FCSSC) and Made-in-Africa Initiative (MIAI) have kicked off a joint effort to mobilise $1billion in equity fund. Source Guardian Read More 

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PROSHARE MARKETS

NSEASI Dips Further by -1.08% as Equities Market Extends 8-Day Losing Streak - Equities market closed today on a negative note, as NSEASI depreciated by -1.08% to close at 38, 606.41. basis points as against -0.75% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.95%. Source Proshare Read More 

Bond Yields Compress as N300bn Bond Maturity hits System - The Bond market traded on a bullish note, with yields trending lower by c.20bps d/d. This was driven by local client demand especially on the short and medium tenured buckets. Source Proshare Read More 

CBN sustains forex intervention with $210m injection - The Central Bank of Nigeria (CBN), yesterday sustained foreign exchange  supply in the inter-bank Foreign Exchange market with the sum of $210 million. Source THE NATION Read More 

N210bn power Fund: Kaduna, Yola DisCo yet to access N51bn since 2015 - Three years after the Central Bank of Nigeria (CBN) launched the N210 billion Electricity Market Stabilisation Fund (NEMSF), two power firms - Kaduna and Yola electricity Distribution Companies (DisCos) are yet to meet requirements to access N51bn of the facility since 2015 when the disbursement began. Source Daily Trust Read More 

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PROSHARE BUSINESS

Aregbesola, Osoba, Soyinka, Falana, Moghalu grace Kunle Ajibade’s 60th Birthday Colloquium - It was a day of celebration and tributes to the remarkable journalism career of Mr Kunle Ajibade, as family, friends and associates gathered at the Nigeria Institute of International Affairs, Lagos  for his 60th birthday colloquium. Source Proshare Read More 

SEC Issues Investors Alert Over the Activities of Partnership Inv. Co. Plc and Its Subsidiaries - The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to an electronic message being circulated to investors on behalf of Partnership Investment Company Plc and its subsidiaries captioned “Re Partnership Investment Company Plc. Restructuring and Re-organization: A Plan to Pay All Creditors/Customers”. Source Proshare Read More 

Oil prices dip on unexpected growth in U.S. crude stocks - Oil prices dropped on Thursday, weighed down by a surprise rise in U.S. crude inventories and by expectations that OPEC and other producers could increase output at a meeting in June. Source Reuters Read More 

Egypt to spend $1.4 bln over two years to develop electricity grid - Egypt has set aside 25 billion Egyptian pounds (around $1.4 billion) to be spent over two years on developing the country’s electricity network, the electricity minister said on Wednesday. Source Reuters Read More 

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PROSHARE TECHNOLOGY

Taxify closes $175m investment, targets expansion in Nigeria - Ride-hailing company, Taxify, has said it is now working on expanding the platform’s availability to drivers and riders in Nigeria after completing an investment round of $175m. Source Punch Read More 

U.S. regulator wins order halting coin offering scheme - The U.S. Securities and Exchange Commission said on Tuesday it had won an emergency court order halting an alleged fraud involving an initial coin offering that raised as much as $21 million from investors in the United States and elsewhere. Source Reuters Read More 

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PROSHARE FINANCE

Sukuk Volumes Grow but Structural Constraints Remain - The relatively moderate growth in sukuk volumes in 1Q18 highlights continued interest in the asset class, but also the structural constraints on faster expansion, Fitch Ratings says. Issuer funding needs and investor appetite for the remainder of the year will be determined by various factors including oil prices, tighter global financing conditions, and investor sentiment in the light of regional tensions in the Middle East. Source Proshare Read More 

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