Nigeria in 1min: Economic, Business and Financial Headlines – 310719

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

 

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PROSHARE ECONOMY

NSR H2 2019 (10) - Inflation - A Tale Of Two Seasons - Consumer prices ticked up by 5bps to 11.32% over the first half of 2019, mirroring the conflict induced increase in food prices in Q2 19. For the first three months, inflation maintained a downward trajectory. Source ARM Read More

Oil Markets On Edge Ahead Of Big Week - OIR 300719 - Oil prices seem trapped between supply outages on the one hand, and fears of weak demand on the other. WTI and Brent moved up slightly in early trading on Tuesday. Source Oilprice Read More

 

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PROSHARE MARKETS

Investors Lose N63.25bn as NSEASI Dips By 0.46% - Equities market closed today on a negative note, as NSEASI depreciated by 0.46% to close at 27,820.57 points as against 0.11% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.49%. Source Proshare Markets Read More

CCNN Plc Records Mixed Performance In Revenue and Declining PBT Margin in Q2 2019 Results - CCNN published its Q2 2019 results on Friday. The results showed that the cement producer’s turnover was up 128.10% y/y, rising to N15.26billion. Nonetheless, the faster growth recorded in cost led to a decline in gross profit margin. Additionally, increase in OPEX/sales ratio further led to the drop in bottom-line performance. Source InvestmentOne Research Read More 

FBN Holdings Plc - Unaudited Q2 19 Results Show Impact of Lower Provisioning and Rising Cost - FBN Holdings Plc (FBNH) released its unaudited Q2 19 result after close of trading yesterday, recording EPS growth of less than 1% QoQ to N0.44 (above our estimate of N0.36). Source ARM Research Read More 

SEPLAT Declares N37.49 billion Profit in Q2 2019 results,(SP:N490.00k) - Seplat Petroleum Development Company Plc released its unaudited second quarter results for the period ended June 30, 2019. Revenue grew by +4.0% to N108.97bn from N104.79bn in the previous quarter. Source NSE Read More

FBNH Declares N31.72bn PAT in Q2 2019 Results,(SP:N5.65k) - FBN Holdings Plc released its Q2 Unaudited Results for the Period ended June 30, 2019. Gross Earnings grew by 0.8% to N296.85bn from N294.57bn in the previous year. Source NSE Read More

Forex: CBN Boosts Wholesale Segment, Others With $210m - Figures obtained from the CBN on Tuesday, July 30, 2019, indicated that authorized dealers in the wholesale sector of the market received $100 million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each. Source CBN Read More

 

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PROSHARE BUSINESS

FG To Enforce Recovery Of N5trn AMCON Debts - In a renewed and spirited effort to ensure the effective recovery of over N5 Trillion being outstanding debts owed the Asset Management Corporation of Nigeria (AMCON), a new task force has been set up to get the job done without fail. Source Presidency Read More

SEC Continues Verification of Dantata Investors - The Securities and Exchange Commission has continued verifying claims of 4,160 unpaid investors of the illegal investment scheme organised by Dantata Success and Profitable Company. Source SEC Nigeria Read More

Nigeria Lost 332,338 Internet Users In June –NCC - Nigeria’s Mobile Network Operators lost about 332,338 million active Internet users in June this year, the latest Nigerian Communications Commission industry data indicated. The data showed that the number of active Internet users dropped to 122.29 million as of the end of June. Source Punch Read More

NAIC Disburses over N1bn to Farmers as Claims -  The Nigerian Agricultural insurance corporation (NAIC) has disclosed that it has paid over N1billion as claims to farmers within the first half of this year. The Managing Director and Chief Executive Officer of NAIC, Mrs. Folashade Joseph disclosed this at a three- day Agricultural Insurance Sensitisation Workshop for North Central, which took place in Goshen City, Keffi Local Government Area of Nasarawa State. Source Thisday Read More

U.S., China Meet For Trade Talks As Trump Talks Tough - Top U.S. and Chinese trade officials met in Shanghai on Wednesday for talks in a bid to end a year-long trade war, despite low expectations for progress and combative remarks from U.S. President Donald Trump. Source Reuters Read More

 

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PROSHARE FINANCE 

Insurance In Nigeria: First Reforms, Then Growth - Last year the National Insurance Commission (NAICOM) issued a circular requiring Nigeria’s insurance companies to adhere to new mandatory levels of Solvency Capital (SC), which divided the insurance business in each segment (composite, general – also known as Non-life and Life) into separate tiers representing different levels of risk. Source Coronation Merchant Bank Read More 

 

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PROSHARE MSME

DBN Lends Over N70bn To 50,000 Enterprises In Nigeria - The Development Bank of Nigeria (DBN) has lent over N70bn to more than 50,000 Micro, Small and Medium Enterprises, MSMEs in Nigeria since inception. Chairman of DBN Dr. Shehu Yahaya disclosed this at the maiden lecture series of the bank in Abuja. Source DBN Read More 

 

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