Nigeria in 1min: Economic, Business and Financial Headlines – 160419

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Thursday, May 16, 2019 / 06:40 AM / By News Aggregator / Header Image Credit: @AfDB_Group

 

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PROSHARE ECONOMY

Headline Inflation Increases By 11.37% YoY in April 2019; 0.12% Higher Than March 2019 Rate - The consumer price index, (CPI) which measures inflation increased by 11.37 percent (year-on-year) in April 2019. This is 0.12 percent points higher than the rate recorded in March 2019 (11.25) percent. Source NBS Read More

N2.8tn Probe: Reps Threaten Absentee Bank Ceos, Others With Bench Warrant - An ad hoc committee set up by the House to investigate the alleged non-remittance of stamp duty deductions sat in Abuja on Wednesday, where Malami, Idris and the CEOs were either absent or represented. Source Punch Read More

FEC Approves Fresh $1bn Chinese Loan - The Federal Executive Council (FEC) has approved another $1billion Chinese loan. The loan will be sourced from the China-Exim Bank for the Gurara II Hydropower project, which will generate 360 megawatts of electricity. Source Thisday Read More

Population Explosion: Tough Times Ahead For Nigeria — CBN GOV - Fielding questions from senators, the CBN governor, who painted a gloomy picture of Nigeria in comparison with other countries, said with the rapid population on yearly basis and penchant for sabotaging government policies on economic growth and development, there would be serious crisis, if serious actions were not taken to control population growth. Source Vanguard Read More

 

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PROSHARE MARKETS

MTN Q1 2019 Conference Call; Key Takeaways, Management Keeps Firm Hand on Profit Machine - Yesterday’s MTN Q1 2019 Conference Call drew interest from several local investors and financial analysts as the company’s Q1 result provided a unique platform for the Telco to reinforce investor confidence in its recent listing on the Nigerian Stock Exchange (NSE) by way of introduction. Source Proshare Read More

MTN Nigeria Receives Approval To List On The Premium Board Of NSE; Listing To Proceed On 16th May - MTN Nigeria Communications Plc (“MTN Nigeria”) is pleased to announce that it has received approval to list on the Premium Board of The Nigerian Stock Exchange (“NSE”). Source MTN Nigeria Read More

Dangote Sugar Refinery Q1 2019 Results Review: Neutral Rating Maintained - Dangote Sugar Refinery’s (DSR) Q1 2019 earnings grew by 33% y/y to N7.0bn and was broadly in line with our forecast. Source FBNQuest Read More

Invest in FGN Monthly Bond Auction – May 2019 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications for. Source DMO Read More

Market Extends Negative Posture as NSEASI Dips By -0.48%; Thanks to Big CAPs - Equities market closed today on a negative note, as NSEASI depreciated by 0.48% to close at 28,286.08 points as against 0.22% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.00%.  Source Proshare Read More

Nigerian Banks' IFRS 9 Shows Asset Quality Is Still Weak - Nigerian banks' recent IFRS 9 disclosures support Fitch Ratings' view that asset quality continues to be a weakness for the sector. Source Fitch Ratings Read More

How Digital Trading Platforms Deepen Nigeria’s Retail Stock Market - At the recent maiden Nigeria stock exchange retail coverage workshop in Lagos, Mr Jude Chiemeka, Divisional Head, Trading Business who represented the CEO , Mr Oscar Oyema, observed that about 3 million retail investors, are currently captured in the Nigerian stock market. Source Proshare Read More

 

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PROSHARE BUSINESS  

Nigeria, Others Eye $40b From Intra-African Fair - Nigeria and other Africa countries are eyeing over $40 billion in trade deals during the second edition of Intra-African Trade Fair (IATF2020), President, African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, said yesterday. The continental fair is scheduled for Kigali, Rwanda between September 1 and 7 next year. Source TheNation Read More

Shell Lifts Force Majeure On Bonny Light Exports - Royal Dutch Shell has lifted the force majeure in place on exports of a major Nigerian grade, Bonny Light, as tight global oil supply encourages sellers of Nigerian crude to offer many varieties at all-time high prices. The Nembe Creek Trunk Line, which feeds the Bonny Light terminal, has been struck by three outages this year, worrying traders, although loading delays have only been around five days. Source Punch Read More

Skeptical Investors Light on South African Stocks After Election - Investors remained underweight on South African stocks even after the African National Congress’s victory in this month’s elections, signaling skepticism about the prospect for economic reform, Morgan Stanley said. Source Bloomberg Read More

 

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PROSHARE TECHNOLOGY  

Oracle Harps on Transformational Technologies for Enterprises - The Managing Director, Oracle Nigeria, Mr. Adebayo Sanni, has said the joint forces of the Internet of Things (IoT), Artificial Intelligence (AI) and Blockchain represents an unprecedented opportunity for enterprises in the public as well as private sectors, if fully utilised. Source Thisday Read More

 

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PROSHARE FINANCE 

The Benefits of Standardizing the Insurance Industry - The fate of most sectors of any economy, studies have shown, depend on the general state of those economies; this is especially true for insurance. Source Ekerete Ola Gam-Ikon  Read More

 

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