Nigeria in 1min: Economic, Business and Financial Headlines – 310519

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Friday, May 31, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY

FG Okays N22.6b Pension Balance For Nigeria Airways Ex-Workers - The Minister of Finance, Zainab Ahmed, recently secured the approval of President Muhammadu Buhari, to the release and subsequently pays the outstanding 50 per cent entitlements. Source Guardian Read More


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NSE Launches Facts Behind the Sustainability Report to Promote ESG Reporting; DAMGCEM Headlines Maid - In its quest to continually champion sustainable practices in the African capital markets, The Nigerian Stock Exchange (“NSE” or “Exchange”) is pleased to announce the launch of Facts Behind the Sustainability Report (FBSR), with Dangote Cement Plc (DCP) presenting at the maiden edition on Thursday, May 30, 2019, at the Stock Exchange House, Lagos. Source NSE Read More

ACCESS Announces Early Redemption Of Its USD400 Million Subordinated Unsecured Notes - Access Bank Plc (the “Issuer’) hereby notifies the Nigerian Stock Exchange and the public that it intends to exercise its option to redeem the USD400 million subordinated unsecured notes at a fixed rate of 9.25%, due 2021. Source NSE Read More

Total Nigeria Plc Q1 2019 Results Review: Downgrading to Underperform from Neutral - Total Nigeria (Total) posted a loss after tax of –N474m, the first quarterly loss reported by the firm in over a decade. Similar to Q4 results which were disappointing, the driver behind Q1 losses was elevated interest expenses due to uncharacteristically high debt levels. Source FBNQuest Research Read More

11 Plc Q1 2019 Results Review: Neutral Rating Maintained - 11 Plc’s Q1 2019 earnings of N2.0bn missed our estimate by around 19%, primarily on the back of a negative surprise on the gross margin line. As such, we have cut our earnings forecast over the 2019-21E period by around -5%. As anticipated, sales came in subdued, up by just 2% y/y to N46.1bn. White products sales in Q1, which accounted for c.82% of total sales, were flattish y/y at N37.5bn. Source FBNQuest Research Read More


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MTN Nigeria - Banking on High Speed Mobile Growth - With around 173 million subscribers, Nigeria’s mobile penetration has reached a peak of 91%. However, viewed from the context of African peers such as Kenya and South Africa with penetration levels of 100% and 173% respectively, and unique mobile subscribers, the country’s penetration level still has room for expansion. MTN Nigeria’s unrivalled network infrastructure and coverage. Source FBNQuest Research Read More

Investors Lose N23.26bn As Market Sentiment Closes Negative; NSEASI Dips By -0.17% - Equities market closed today on a negative note, as NSEASI depreciated by 0.17% to close at 31,254.19 points as against 3.68% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.56%.  Source NSE Read More

Stanbic IBTC Bank Plc Series 48, 49 " 50 Commercial Paper To Open On May 31, 2019 - We are pleased to inform you of the intention of Stanbic IBTC Bank Plc to issue Series 48, 49 & 50 Commercial Paper Notes under its N100bn Commercial Paper Programme. Source Stanbic IBTC Stockbrokers Read More

Mergers And Acquisitions Now Under The Joint Purview Of SEC and FCCPC, Till Further Notice - Pursuant to the Federal Competition and Consumer Protection Act (FCCPA), which was signed into law on 30 January 2019, the Securities and Exchange Commission (SEC) and Federal Competition and Consumer Protection Commission (FCCPC) recently issued joint guidance on submission of notifications for proposed mergers, acquisitions and other business combination notifications (the Guidance). Source Deloitte Nigeria  Read More 

 

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PROSHARE BUSINESS 

The Evolution Of Business Rescue In Nigeria - In Nigeria, the current legal framework for corporate insolvency is embodied in the Companies and Allied Matters Act, Chapter C20, Laws of the Federation of Nigeria 2004 (CAMA). Under CAMA, the options available to financially distressed companies are receivership,1 liquidation,2 and arrangement and compromise.3 In practice however, liquidation and receivership are most common. Source Perenami Momodu and Odinaka Okoye of AELEX  Read More 

Nigeria-China $70b Trade Volume Gets Boost - Nigerian and China bilateral relations got a boost when more than 200 Chinese companies attended a three-day China Homelife Fair in Lagos. The Chinese firms were on a trade mission to expose themselves to the country’s manufacturing environment and strike deals with state governments and others who desire to go into joint ventures. Source TheNation Read More

African Trade Pact Takes Off Without Nigeria - The African Continental Free Trade Area (AfCFTA) agreement came into effect yesterday, without Nigeria, Africa’s largest economy, following ratification of the deal by the required 22 countries a month ago. Source Vanguard Read More

Investors Comforted by Continuity in Key Ramaphosa Ministers - When it comes to the key jobs of managing finances and overseeing reform of the country’s bloated and faltering state-owned companies, it turns out that continuity is crucial in calming the markets. Ramaphosa retained Finance Minister Tito Mboweni and Public Enterprises Minister Pravin Gordhan in their posts as he named a slimmed down executive on Wednesday evening. Source Bloomberg Read More

 

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