Nigeria in 1min: Economic, Business and Financial Headlines – 310718

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

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