Nigeria in 1min: Economic, Business and Financial Headlines – 150419

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Monday, April 15, 2019 / 7:00 AM / By News Aggregator / Header Image Credit: @FinMinNigeria

 

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PROSHARE ECONOMY

FAAC Disburses N619.86bn in March 2019 - The amount disbursed comprised of N474.42bn from the Statutory Account, N96.39bn from Valued Added Tax (VAT), N4.02bn as excess bank charges recovered, N44.17bn distributed as FOREX Equalisation Fund and N858.46mln exchange gain differences. Source NBS Read More

Navigating Sub-Saharan Africa’s Recovery Amid Greater Uncertainty - Sub-Saharan Africa’s economic recovery is set to continue, but along two tracks. Overall growth is set to pick up from 3 percent in 2018 to 3.5 percent in 2019, and stabilize at slightly below 4 percent over the medium term, the IMF said in its latest Regional Economic Outlook for sub-Saharan Africa. Source IMF Read More

Oil Climbs For Sixth Straight Week - OIR 120419 - Despite losses on Thursday, oil is set to close out a sixth consecutive week of price gains. The market has been steadily tightening for quite some time, but the instability in Libya this week was the main contributor. Source Oilprice Read More

FG Gives Conditions For Fuel Subsidy Removal - The federal government has given conditions for removal of subsidy on premium motor spirit (otherwise known as fuel) which includes provision of alternative cushioning measures mutually agreed between stakeholders to protect the economically vulnerable members of the population. Source Vanguard Read More

Nigeria’s Daily Petrol Supply Hits 56 Million Litres – PPPRA - In a statement signed and made available to our correspondent in Abuja on Sunday by the Executive Secretary, Abdulkadir Saidu, PPPRA said that daily supply of petrol in the country grew from 46 million litres per day in 2017 to 54 million litres in 2018 before peaking at 56 million litres in 2019. Source Punch Read More

 

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PROSHARE MARKETS

Ecobank Launches New 5-Year Eurobond at 9.75% Re-Offer - Ecobank Transnational Inc. (ETI) yesterday April 11 2019, floated a $540m Eurobond Issue to refinance existing debt obligations and provide additional fund to grow its continental operations. Source Proshare Read More 

Investors Lose N20.99bn WoW As NSEASI Dips By -0.19% To Close The Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by 0.33% to close at 29,560.47points as against 0.53% appreciation recorded previously. Source Proshare Read More 

NASD OTC Market CAP Decreased By -0.59% WoW To Close At N523.66bn - As at close of trade week on 12 April 2019, market Capitalisation decreased to 523.66 billion from last week's previous 526.79 billion, which shows a 0.59% decrease in Capitalisation. Source NASD Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 120419 - The equities market recorded negative performance – the listed equities market recorded -0.19% loss WoW while the NASD OTC also went down by -0.59% WoW. Source Proshare Read More 

What To Expect From The Markets This Week - 150419 - Global and country-level macroeconomic updates by multilateral institutions continued this week during the spring meetings of the World Bank and the International Monetary Fund (IMF). Source Proshare Read More 

A Second Look At Ecobank FYE 2018: Takeaways From The Most Recent Conference Call - ETI (“Ecobank”) had a better than expected result in FY 2018, putting a bullish twist to an industry undergoing a bearish gross earnings outlook; the deposit money bank’s gross earnings dipped -0.3% from $2.49bn in FY2017 to $2.48bn in FY 2018. Source Proshare Read More 

External Reserves to Hit $45bn As Dollar Inflow From FPIs Continues - The nation’s external reserves are set to hit six months high of $45 billion before the end of this month as foreign portfolio investors, FPIs, sustained dollar injection in a bid to take advantage of the double digit interest rate on Nigeria’s fixed income instruments. Source Vanguard Read More

 

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PROSHARE BUSINESS 

U.S. Waters Down Demand China ax Subsidies In Push For Trade Deal - U.S. negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to two sources briefed on discussions, marking a retreat on a core U.S. objective for the trade talks. Source Reuters Read More

Global Stock Rally Defies Dimming Economic Outlook - Global stocks are rising at the fastest pace in decades as growth around the world slows, leaving many investors questioning how much longer the market can defy the gravity of the underlying economics. Source WSJ Read More

 

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PROSHARE TECHNOLOGY

Fintech Nigeria Holds 2019 AGM, Sets Three Year Roadmap 2019-2021 - Fintech Association of Nigeria yesterday held its 2019 Annual General Meeting at the Nigeria Stock Exchange house in Marina,Lagos. Source Proshare Read More 

Jumia Becomes First African Start-up To List On NYSE; Raises $200m On Day 1, Now Valued At $1.5bn - Jumia Technologies AG, founded in Lagos, Nigeria, by two ex-Mckinsey French entrepreneurs in 2012 with MTN, Africa’s biggest telecoms company; as its largest shareholder is now formally listed on the New York Stock Exchange (NYSE); a move that could pave the way for other tech start-ups from the continent. Source Agency News Read More

 

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PROSHARE FINANCE

Pencom Bars PFAs From Investing In Bonds Issued By Nine States - The National Pension Commission has barred  pension fund administrators from investing in the bonds of nine states that have yet to amend their state pension laws and join the Contributory Pension Scheme. Findings also revealed that this restriction might be extended to 15 other states that had joined the CPS, but were not showing full commitment to funding the Retirement Savings Accounts of their workers. Source Punch Read More

 

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