Nigeria in 1min: Economic, Business and Financial Headlines – 310818

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Friday, August 31, 2018 / 7:10 AM / Proshare News

 

PROSHARE ECONOMY

‘Pension fund drives 7% of Nigerian economic growth’ - The pension fund assets are contributing about 7 per cent to the growth of the economy as evident in the 7 per cent contribution to total Gross Domestic Product (GDP). Source Daily Trust Read more 

FAAC: FG, States , LGs share N714.809 billion - The Federation Account Allocation Committee (FAAC), Friday shared the sum of N714.809 billion to the three tiers of government. Source Vanguard Read more 

Nigeria, UK yearly trade hits £4.2b - Nigeria’s bilateral trade relationship with the United Kingdom (UK) is said to be worth £4.2 billion per annum. Source THE NATION Read more 

Energy Analyst Offers Insight Into Why President Buhari Will Not Sign The PIGB- Following a recent press statement from the Presidency explaining why it has withheld its assent to the “Petroleum Industry Governance Bill” (PIGB), 2018; a former Head of Energy Research at the Ecobank Group and respected energy analyst on sub-saharan energy markets, Dolapo Oni has reacted to the decision, offering insights into the process for the bill and the position of President Buhari. Source Proshare Read more 

Holding Bay: Maersk Line Earns N225m On Empty Containers - Largest container carrier, Maersk line has earned fresh surcharge of N255 million from Nigerian importers in one month as holding bay surcharge from about 17,000 empty containers. Source Leadership Read more 

Saraki Declares For Presidency - Speech Delivered At Dialogue With Nigerian Youth - Let me say, once again, how wonderful it is to see so many talented and purposeful young people at this first edition of the Public Dialogue Series with Political Parties on Youth Candidacy and Party Primaries. Source Proshare Read more 

2019 Elections: APC Adopts Direct Primaries for Presidency, Indirect for Other Positions - The Ruling Political Party in Nigeria-The All Progressives Congress at the end of its National Executive Committee meeting today in Abuja, adopted the Direct primaries for its Presidency and the Indirect primaries for other elective positions. Source Proshare Read more

 
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PROSHARE MARKETS

Stock Market Extends Losing Streak as NSEASI Dips Further by -0.77% - Equities market closed today on a negative note, as NSEASI depreciated by -0.77% to close at 35,086.67 basis points as against -0.44% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.25%. Source Proshare Read More 

Bond Yields Hit 9-Month High as CBN holds off on OMO Sale - Bond Yields spiked by c.30bps in today’s session, as market players reacted to the hike in PMA rates by the DMO in the previous session. Source Proshare Read More 

Access Bank Plc H1 2018 Conference Call and Earnings Presentation - The Key Takeaways - Access Bank 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 

NOTN Launches Process of Preparation of a 21st Century Trade Policy for Nigeria - The Nigerian Office for Trade Negotiations (NOTN), Federal Ministry of Industry, Trade and Investment, hereby launches the process for the preparation of, “A 21st Century Trade Policy for Nigeria – A Welfare and Prosperity Trade Agenda that Works for All". Source Proshare Read More 

Stanbic IBTC Notifies of Regulatory Fine in Relation to MTN -  Stanbic IBTC Holdings PLC (a member of Standard Bank Group) has been informed by its banking subsidiary – Stanbic IBTC Bank PLC (the “Bank”) that penalties have been imposed on the Bank by the Central Bank of Nigeria (CBN) pursuant to a review of transactions relating to the remittance of foreign exchange on the basis of certain “irregular” capital importation certificates issued to MTN Nigeria Communications Limited. Source Proshare Read More 

UBA Declares N43.79bn PAT in Q2 2018 Results,(SP:N8.05k)– United Bank for Africa releases Q2 Report for the period ended June 30, 2018. Source Proshare Read more 

Access Bank Reports Q2 2018 Results – PBT and PAT Both Declined by 23% YoY- Access Bank’s Q2 2018 PBT of N18.4bn tracks behind ours and consensus 2018 PBT forecast N88.0bn and N89.0bn respectively. Historically, the final quarter of the year is usually its weakest. Consequently, we expect to see marked downward revisions to consensus 2018 PBT forecasts and a negative reaction from the market. Source Proshare Read more 

UBA Reports Q2 2018 Results – H1 PAT of N30.7bn trails Consensus Forecast of N85.2bn- When annualised, UBA’s H1 2018 PBT tracks ahead of consensus PBT forecast of N109.7bn. However, H1 PAT of N30.7bn trails consensus forecast of N85.2bn. As such, we expect a subdued reaction from the market. The bank’s proposed dividend per share of N0.20  translates to a yield of 2.5% (our forecast was N0.20).  Source Proshare Read more 

MTN Replies Nigeria’s CBN – You Approved The Funds Repatriated- MTN Nigeria Communications Limited (MTN Nigeria) received a letter on 29 August 2018 from CBN alleging that CCIs issued in respect of the conversion of shareholders loans in MTN Nigeria to preference shares in 2007 had been improperly issued. Source Proshare Read more 

DisCos’ Poor Remittances: Electricity Market Lost N103bn In Q3 2017 – NERC  - The Nigeria Electricity Supply Industry (NESI) recorded a shortfall of ₦103 billion in the third quarter (Q3) of 2017 due to inability of electricity distribution companies (DisCos) to make payments of energy supplied by the Nigerian Bulk Electricity Trader (NBET) and the Market Operator (MO). Source Leadership Read more

 
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PROSHARE BUSINESS

Trump to Back $200 Billion China Tariffs as Early as Next Week, Sources Say - President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week, according to six people familiar with the matter. Source Bloomberg Read more 

Argentina Lifts Rates to World-High, Seeks IMF Aid to Save Peso - Argentina’s currency crisis deepened on Thursday as an emergency interest-rate increase to 60 percent failed to stop jittery investors from pulling their money out of the country. Source Bloomberg Read more 

Oil dips on Sino-U.S. trade conflict, but looming Iran sanctions support - Oil prices dipped on Friday amid concerns the trade war between the United States and China could intensify, although looming U.S. sanctions against Iran’s oil exports prevented markets from falling further. Source Reuters Read more

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PROSHARE TECHNOLOGY

Nigerian Online Trading Portals Ranking Report 2018 - Sequel to the advent of online trading system and the official launch of the first online trading portal in the Nigerian Capital Market, more operators continue to embrace the innovation even though there is still room for improvement considering the fact that the ratio of firms with online portals to active operators remain at a very low rate. Source Proshare Read more 

Nigeria stuns MTN with $8.1 billion demand, shares plunge - MTN Group shares plunged as much as 25 percent to a nine year low on Thursday, a day after Nigeria ordered the telecoms group’s Lagos-based business to hand over $8.1 billion that the authorities say was illegally sent abroad. Source Reuters Read more 

MTN Ghana Raises $237 Million as It Misses Share Sale Target - MTN Group Ltd.’s unit in Ghana raised 1.1 billion cedis ($237 million) selling about a third of the shares the wireless carrier made available in an initial public offering, according to a document seen by Bloomberg. Source Bloomberg Read more 

Zambia's external debt rises to $9.4 billion - finance ministry - Zambia’s external debt rose to $9.37 billion at the end of June from $8.7 billion in December last year, the ministry of finance said on Thursday. Source Reuters Read more

The Single Biggest Breakthrough In Oil Tech This Year- Utah holds the largest reserves of oil sands in the United States, but up until now, no company had the technology to exploit these vast resources. Source Proshare Read more


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PROSHARE FINANCE
Family Homes Funds Investing To Provide Homes and Jobs- Through International recruitment firm– PriceWaterHouse Coopers, the Family Homes Funds has launched a recruitment campaign to secure top quality capacity to deliver an ambitious. affordable housing programme as a key aspect of the Government’s Social Intervention Programme. Source Proshare Read more

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