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Tuesday, July
31, 2018 / 6:30 AM / Proshare News
PROSHARE ECONOMY
Nigeria: Mid-Year Economic Review By Biodun Adedipe Associates- The economy had impressive, non-inclusive
growth up until 2014. Annual GDP growth averaged 6.4% during 2001-14. The
pre-election year fever of 2014 up to the general elections of 2015, coupled
with the endemic structural defects and rigidities resulted in 2.5% GDP growth
the 2016 recession. Source Proshare Read
more
Profits For Oil Majors Soar But Wall Street Wants More- Oil prices started the week moving upwards after geopolitical tensions threatened both Iranian and Saudi Arabian oil, but a rising rig count on Friday has all but erased those gains. Source Proshare Read more
Trade
War Escalation Would Knock 0.4% off World Growth An escalation of global
trade tensions that results in new tariffs on USD2 trillion in global trade
flows would reduce world growth by 0.4% in 2019, to 2.8% from 3.2% in Fitch
Ratings' June 2018 "Global Economic Outlook" baseline forecast. The
US, Canada and Mexico would be the most affected countries. Source Proshare Read
more
GDP By Income and Expenditure Approach 2017 - Household Final Consumption Fell by -0.99% in 2017- In 2017, real GDP turned to positive growth in the second quarter and sustained its acceleration on a year-on-year basis. Annual real GDP growth rate in 2017 was recorded at 0.82%, signifying economic recovery when compared to –1.58% in 2016. Source Proshare Read more
Major
Oil Companies Set to Reap Benefits of Higher Commodity Prices- ExxonMobil,
Chevron, Royal Dutch Shell, Total and BP are set to reap the benefits of a
partial recovery in oil prices, Moody's Investors Service says in a new report.
The five major integrated oil companies responded to the oil price collapse by
cutting costs, slashing capital spending and divesting assets, and by doing so,
positioned their businesses to prosper in a world of range-bound commodity
prices. Source Proshare Read
more
Oil
prices drop on oversupply concerns as OPEC output increased in July- Oil prices
fell on Tuesday, with Brent futures set for their biggest monthly loss in two
years, on oversupply concerns after a report showed OPEC’s output in July rose
to its highest for 2018. Source Reuters Read
more
Coke,
Meth And Booze: The Flip Side Of The Permian Oil Boom- The
fastest-growing oil region in the U.S. is fueling not only the second American
shale revolution—it's fueling a subculture of drug and alcohol abuse among oil
field workers. Source Proshare Read
more
Buhari
preaches respect for rule of law at ECOWAS/ECCA Summit in Togo- PRESIDENT
Muhammadu Buhari in Lome, Togo, advised states in West and Central Africa to
always uphold the tenets of respect for rule of law, democracy and human rights
saying that they are the panacea for good governance. Source Vanguard Read
more
DisCos dodge 60% loss from eligible customer rule- Nigeria’s electricity distribution companies (DisCos) who had hitherto feared a 60 per cent revenue loss from the eligible customer directive issued. Source Businessday Read more
N179.8m
fraud: EFCC docks 3 INEC officials- THE Economic and Financial Crimes
Commission, EFCC, yesterday, arraigned three officials of the Independent
National Electoral Commission, INEC, in Ogun State before a Federal High Court,
Lagos, over alleged laundering of N179.8 million. Source Vanguard Read
more
W/Bank energy financing in Nigeria, others increase by $7.7bn- The World Bank has stated that it has exceeded its financing target in new energy for Nigeria and other developing countries. Source Vanguard Read more
Kenya's
MPC Cuts Rates to Spur ‘Below-Potential’ Economic Growth- Kenya’s
Monetary Policy Committee unexpectedly cut its benchmark rate for the second
time this year to spur private-sector lending and economic growth. Source Bloomberg
Read
more
BOJ
to Allow Flexibility in Bond Operations, Adjusts ETF Buying- The Bank of
Japan left its key interest rates unchanged while announcing policy tweaks,
including a shift in purchases of exchange-traded funds toward assets linked to
the Topix equities index and flexibility in bond operations. Source Bloomberg Read
more
PROSHARE MARKETS
GLAXOSMITH
Records 10.39% Gain - What is Driving This Movement in Share Price?- At the
closing of trading today, GLAXOSMITH recorded +10.39% gain to close at N17.00k
from the previous price of N15.40k. A look at the performance of the stock’s
share price in the last one week reflected that it has also moved up by +1.8%. Source Proshare Read
more
FBN Holdings Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways- FBN Holdings Plc held its H1 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read more
NASD
Market Cap Closed Higher by 1.2%; LBIC Shareholders Approve Admission To NASD- The NASD OTC
Market ends the week with an increase in market metrics, as the NASD USI
increased by 1.2%, closing at 707.45 points (as against 699.13 points last
Friday). Consequently, total market capitalization gained 1.2% this week,
closing higher at ₦478.75 billion compared to ₦473.12 billion last Friday. Source Proshare Read
more
Cordros Weekly Stock Recommendation – 300718- The
shares of CADBURY dropped by 0.93% to NG10.70. CADBURY trades at a significant
forward PE above its 5-year historical average of 24.9x. Source Proshare Read more
Afrinvest Stock Recommendation for the Week – 300718- 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
Fixed Income Market Monitor- Overnight Rate (OVN) Fell to 7.25% as at Last Week- The money market rate decreased last week as the Overnight rate (OVN) and Open Buy Back rate (OBB) fell to 7.25% and 6.83% respectively. Consequently, the average money market rate decreased by 8.30% to settle at 7.04% as system liquidity increased to cN265.8bn due to inflow from FAAC payment of N321bn, OMO maturity of N404bn and Coupon Payment of N116 bn despite outflows from OMO Sales of N584bn .Source Proshare Read more
FCMB Delivers
A strong Set Of H1 2018 Results - ARM- First City
Monument Bank Plc (FCMB) published its half-year results at the close of last
week showing strong set of results across key line items. EPS of N0.29 was ~90%
higher YoY on the back of moderation in funding cost, strong numbers on the
non-interest revenue (NIR) line, and substantial decline in loan-loss
provision. Source Proshare Read
more
Liquidity Levels May Drive Rates Southwards Amid PMA This Week- The
Treasury Bills (“T-Bills”) market took a slightly bearish turn last week as
average rate stood at 11.4% merely inching 6bps higher W-o-W. Short term bills
advanced 20bps W-o-W to 11.0% on the back of sell trades on October bills while
medium term instruments closed flat due to investors’ shift to OMO, offering
higher yield. On the flipside, buying interest on 21-Mar-19 (up 1.1% W-o-W)
drove rates 10 bps lower at the long end of the curve. Source Proshare Read
more
Seplat Plc Q2 2018 - Higher Downtime in Q2 Offset by Lower Finance
Charge- Earlier today, Seplat Petroleum Development Company Plc (Seplat)
published its half-year 2018 results, posting PAT of $48.5 million relative to
loss after tax of $27.6 million in the corresponding period of 2017. Source Proshare
Read
more
NSEASI Inches Up Further by 0.84% To Open The Week Positive as
Market Maintains Uptrend- Equities market closed today on a
positive note, as NSEASI appreciated by +0.84% to close at 36,946.05 basis
points as against +0.58% appreciation recorded previously. Its Year-to-Date
(YTD) returns currently stands at -3.39%. Source Proshare Read
more
DIAMONDBNK Declares N1.79bn Profit in Q2 2018 Results,(SP:N1.40k)-
Today, Diamond Bank released its unaudited half-year financial
result. Commenting on the results, Chief Executive Officer, Uzoma Dozie said:
“At a macro level the Nigerian economy continued to record improvements because
of stable, higher than anticipated oil prices. We have witnessed 15 months of
expansion reflected in monthly PMI data. Source Proshare Read
more
Naira weakens marginally against dollar at parallel market- The
Naira on Monday weakened marginally against the dollar at the parallel market,
the News Agency of Nigeria reports. The Nigerian currency exchanged at N358.3,
weaker than N358 traded on Friday, while the Pound Sterling and the Euro closed
at N480 and N420. Source Punch Read
more
Treasuries Gain, Yen Drops, Stocks Mixed After BOJ: Markets Wrap- Asian
stocks traded mixed, while the yen declined and Treasuries gained after the
Bank of Japan refrained from boosting its yield target. Source Bloomberg Read
more
PROSHARE BUSINESS
Requesting
The Removal Of A News Story From Proshare – Process- As a company, while we
recognize that there may arise occasions where readers, clients, patrons and
partners will request for certain news posts to be removed, proshare reiterates
its commitment to safeguarding its reputation built through a conscious best
practice effort in putting out news stories, article or analysis with such
consistency that it rarely has the need to remove a story. Source Proshare Read
more
Crime
and Insecurity: Most Important Problem In Zamfara State - NBS 2017 Report- Recent
developments in Zamfara State has highlighted the value, relevance and place of
data, especially the National Bureau of Statistics (NBS) data released in the
country. Source Proshare Read
more
1MDB Lawyer Who Worked With Goldman a Target in Swiss Probe- A former top executive with the Malaysian investment fund 1MDB and a senior lawyer at the fund who worked with Goldman Sachs Group Inc. are among six people targeted in a Swiss criminal probe into the multibillion-dollar scandal, according to people familiar with the matter. Source Bloomberg Read more
PROSHARE MSME
Roedl
and Partner Hosts Training Seminar For Leaders of Not-for-Profit Organizations-
Roedl
& Partner Knowledge Institute is holding a special training session for
founders and leaders of not-for-profit (NFPs) organizations in Lagos on
Saturday 11th August 2018 to further improve the organizational capabilities of
the NFPs. Source Proshare Read
more
PROSHARE TECHNOLOGY
Is the Facebook Flop a Sign of Market Trouble to Come? It’s
not new to say that we see the world through Facebook Inc.’s eyes. That’s
increasingly true for the market as well. Source Bloomberg Read
more
Bitcoin Extends Loss After Dropping Below $8,000 Price Level- Bitcoin
spiked lower after dropping below the $8,000 price level. Volatility in the
biggest cryptocurrency has increased over the last few trading sessions after
the U.S. Securities and Exchange Commission rejected the latest attempt to create
an exchange-traded fund. Source Bloomberg Read
more
Malaysia
Approves a Singapore Rail Link, For Now- Malaysia’s new
government has called into question the future of multibillion-dollar rail
projects since Mahathir Mohamad took power in May. Now it appears to be ready
to proceed with at least one. Source Bloomberg Read
more
New
Regulation Has Significantly Changed E-money Landscape In Indonesia- After nine
years of regulating e-money transactions, the Indonesian Central Bank (Bank
Indonesia) has responded to changes in technology by overhauling Regulation
11/12/PBI/2009 on Electronic Money (PBI 11/12) and replacing it with Regulation
20/6/PBI/2018 on Electronic Money (PBI 20/6). This update examines the key
features of the new regulation, which took effect immediately on its enactment
in June 2018. Source Proshare Read
more
Market
Lessons: Over $100B Gone In An Instant- After the company’s
quarterly earnings call with investors, FB's stock price dropped ~20% in after-hours
trading. Over $100B in value disappeared in an instant after FB announced
disappointing revenue numbers and user growth. Source Proshare Read
more
New Rules For Credit Fintech Companies In Brazil- In April 2018 the National Monetary Council issued Resolution 4,656, regulating credit fintech companies. According to the resolution, two new types of entity are now recognised as financial institutions: direct credit companies (SCDs); and interpersonal loan companies (SEPs). Source Proshare Read more
World’s
projected 4.5m electric car surge leaves crude oil producers uneasy- By 2025,
there would be 4.5million units of electric cars on the road indicating that
the world may shed over 2million barrels per day crude oil out according to
forecasts by the UK-based McKinsey and Paris-based International Energy
Association but the implications seem lost on Africa’s biggest oil producer. Source
Businessday Read
more
PROSHARE WEBTV
7 Reasons Why Politicians Defect in Nigeria- One of the
challenges to the sustainability of democracy and the evolution of a robust
political system and process in Nigeria, is the gale of defections in the
country. This has to a large scale led to a lean political base in the country,
that are consistent in the political philosophies, beliefs, values and
convictions. Source Proshare Read
more
Carl Ikeme: How the World Rallied Around Nigeria’s
Retired Goalkeeper- On Friday July 27th, 2018 Carl Onora Ikeme the
Wolverhampton Wanderers and the Super Eagles of Nigeria goalkeeper, announced
his retirement from football after a successful recovery from Acute leukemia
treatment and theraphy. Source Proshare Read
more