Nigeria in 1min: Economic, Business and Financial Headlines – 120219

Tuesday February 12, 2019 / 7:00 AM / Proshare News

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PROSHARE ECONOMY

Nigeria’s GDP Grew By 2.38% YoY in Real Terms in Q4 2018 and 1.93% in Full Year - In the fourth quarter of 2018, Nigeria’s Gross Domestic Product (GDP) grew by 2.38% in real terms (year-on-year). This represents an increase of 0.27% points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11%. Source NBS Read More

Lagos Commodity Exchange Gets Approval To Begin Operation - The Lagos Commodity and Futures Exchange says it has received the Securities and Exchange Commission’s approval-in principle to commence operations. Source Punch Read More

Minimum Wage: Workers Lobby Senators To Approve N30,000 - Workers at the National Assembly, under the auspices of the Parliamentary Staff Association of Nigeria, are lobbying members of the Senate especially those handling the New Minimum Wage Bill to approve N30,000 as passed by the House of Representatives. Source Punch Read More

FG Forces Oil Firms To Pay N1.2tn Royalty Arrears - The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said on Monday that the Federal Government had forced oil companies operating in the country to fork out N1.2tn in royalty arrears. Source Punch Read More

NEITI: FAAC Allocation Not Enough to Fund States’ Budget - The Nigeria Extractive Industries Transparency Initiative (NEITI) has declared that none of the 36 states were able to fund their respective annual budget in 2018 with the allocation they got from the Federation Accounts Allocation Committee (FAAC) last year. Source Thisday Read More

Oil Prices Fall As U.S. Rig Count Rise-Oil prices fell by around 1 per cent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns. Source Leadership Read More

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PROSHARE REGULATORS

CBN Predicts Boost in Credit with Moveable Collateral - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday stated that given that the inherent risks in granting loans to Micro Small and Medium Enterprises (MSMEs) by banks is now reduced tremendously through the introduction of the National Collateral Registry (NCR), small businesses will now be able not only to access credit but also access such at reasonable rates. Source Thisday Read More

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PROSHARE MARKETS

A Better Backdrop for SSA Stock Markets - The three stock markets we track in sub-Saharan Africa (SSA) are all in positive territory ytd, Lagos and Jo’burg marginally so (see chart). Source FBNQuest Research Read More 

Afrinvest Stock Recommendation for The Week 110219 - The equity market closed positive as investors capitalize on cheap and fundamentally sound stocks especially in the banking sector. Source Afrinvest Research Read More 

Flour Mills Commercial Paper Offers 14.75% Yield; Offer Closes on Wednesday - Last week, the Treasury Bills (“T-Bills”) market reversed its bullish performance following selloffs across all tenors driven by tight system liquidity (N100.0bn short as at Thursday). Source Afrinvest Research Read More 

Money Market Rate Increased as Overnight Rate Rose To 11.86% - The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 11.86% and 11.07% respectively. Source Anchoria AM Research Read More 

January 2019 FGN Bond Auction Oversubscribed - At the first FGN Bond Auction for 2019 on Wednesday, January 30, 2019, the Debt Management Office (DMO) offered 3 instruments with total value of N150 billion. Source DMO Read More 

Market Opens the Week On A Positive Note as NSEASI Inches Up By 0.80% WoW - Equities market closed today on a positive note, as NSEASI appreciated by +0.81% to close at 31,781.87basis points as against +0.31% appreciation recorded previously. Source Proshare Read More 

Funding Rates Spike to YTD High as CBN Drains System Liquidity into Negative - The Bond market opened the week on a quieter note, with yields trending lower by c.4bps due to continued buying interests witnessed on the mid to long end of the curve at the start of the session. Source Zedcrest Capital Read More 

Stockbrokers Urge FG To Utilise Capital Market For Growth - In what amounts to agenda setting, stockbrokers have collectively urged the federal government to take advantage of investment opportunities in the capital market to mobilise funds to execute development projects. Source Leadership Read More 

Sectoral Market Capitalizations – Oil and Gas Sector Recorded 7.24% Growth in 2018 - Oil & Gas sector recorded 7.24% growth in market capitalisation in 2018 to emerge as the sector with highest and only growth rate in market capitalisation. Source Proshare Read More

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PROSHARE BUSINESS 

SON Destroys N8m Substandard Products In Kano - OVER eight million Naira worth of substandard products have been destroyed by the Standards Organisation of Nigeria (SON) at Yankatsari Yangongon in Kano, in its ongoing efforts aimed at stopping trade in substandard goods in Nigeria. Source Vanguard Read More

New Rules For Banks On Money Laundering - New rules have been set by the Central Bank of Nigeria (CBN) for banks planning to establish correspondent banking relationship with foreign lenders. Source TheNation Read More

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PROSHARE TECHNOLOGY

Venture Capital Firm Uses AI to Seek Out Start-ups Across Europe - A London-based venture capital firm that uses artificial intelligence to find promising start-ups across Europe said on Tuesday it had raised 53 million euros (£46.6 million) for its biggest fund to date. Source Reuters Read More

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