Nigeria in 1min: Economic, Business and Financial Headlines – 110619

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Tuesday, June 11, 2019 / 06:45 AM / By News Aggregator / Header Image Credit: @AsoRock

 

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PROSHARE ECONOMY 

Macro-Economic Update May 2019 - Improved Liquidity, Compelling Case For Near Term Stability - The liquidity in the Investor & Exporters Window (IEW) improved in the month of May, with inflows (Ex-CBN) accounting for 95% (April: 86%) of total outflow and the market closing with unmet demand of $128 million (April: $396 million). The lower unmet demand stemmed largely from faster decline in outflow (-14% MoM to $2.5 billion) compared to 5% MoM decline in Inflow (Ex-CBN) to $2.3 billion. Source ARM Research Read More

Debt Servicing Gulps Over 50% Of Nigeria’s Revenue — AfDB - Debt servicing gulps more than 50 per cent of Nigeria’s revenue, the African Development Bank has said. The bank, which said this in its West Africa Economic Outlook 2019, said the servicing of the country’s external debt gulped about 50 per cent of the country’s revenue. Source Punch Read More

FG, Discos Need $4.3bn To Improve Power Supply – TCN - Power distribution companies require $4.3bn to recapitalise in order to effectively invest in their networks nationwide and improve electricity supply, according to a study conducted by the Transmission Company of Nigeria. Source Punch Read More

Nigeria, Other African Countries Generate $66.7b Premium - Nigeria, South Africa, Morocco and other African countries generated $67.7 billion (aboutN24.372 trillion) insurance premium income in 2017, the African Insurance Organisation (AIO) said on Monday. According to the fourth Africa Insurance Barometer report of AIO unveiled at the opening ceremony of its 46th conference, the continent’s insurance markets have returned to a more stable environment following the economic downturn of 2015 and 2016. Source TheNation Read More


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PROSHARE MARKETS

Afrinvest Stock Recommendation For The Week 100619 - The domestic equities market halted its two weeks bullish run following losses on all trading days (3-day), with the All Share Index (ASI) shedding 2.1% W-o-W to settle at 30,432.13 points. Consequently, market capitalisation declined N282.2bn to close at N13.4tn while YTD loss worsened to -3.2% from -1.1% recorded in the penultimate week. Source Afrinvest Research Read More 

Lafarge Africa Notifies of Further Delay in Filing of Its 2018 AFS - This is to notify our esteemed shareholders and other stakeholders of a further delay by Lafarge Africa Plc to release/publish its annual Audited Financial Statements for the year ended 31st December 2018 as required by extant Rules of the Nigerian Stock Exchange. Source NSE Read More 

Average Money Market Rate Rose By 6.61% To Settle At 11.15% Due To Constraint In System Liquidity - The average money market rate rose by 6.61% to settle at 11.15% from 4.54% in the previous week due to contraction in system liquidity during the week, which is estimated to have closed the week at cN270bn from cN410bn in the previous week as the Central Bank of Nigeria (CBN) issued OMO two times during a 3-day holiday shortened week. Source Anchoria AM Research Read More 

June 2019 FGN Savings Bonds Offer for Subscription - Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates. Source DMO Read More 

Investors Lose N48.42bn As Market Sentiment Remains Negative; NSEASI Dips By -0.36% - Equities market closed today on a negative note, as NSEASI depreciated by 0.36% to close at 30,322.19 points as against 0.31% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.53%. Source Proshare Read More 

 

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PROSHARE BUSINESS 

SEC Suspends OANDO’s Prior Approved AGM Scheduled To hold on June 11, 2019 - The SEC Nigeria statement reads “The Securities & Exchange Commission (‘the Commission’)hereby notifies the public that further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos in SUIT NO: FHC/L/CS/910/19 IN MR. JUBRIL ADEWALE TINUBU & ANOR V SECURITIES & EXCHANGE COMMISSION & ANOR. Source SEC Nigeria Read More

Trump Ready To Slap More Tariffs On China After G20 Meeting - U.S. President Donald Trump said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with China’s President at a Group of 20 summit later this month. Source Reuters Read More

Forcados Shutdown Drags Nigeria’s Production As OPEC’s May Output Shrinks - OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, and Venezuela continue to see their output contract, latest S&P Global Platts survey has shown. Source Guardian Read More

 

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PROSHARE TECHNOLOGY      

Africa's Technology Hub Rises in a Congested Lagos Neighborhood - The fading facades of century-old buildings in a neighborhood of the Nigerian megacity of Lagos house a vibrant technology cluster that’s caught the eye of Facebook Inc. and Alphabet Inc.’s Google. Source Bloomberg Read More

 

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PROSHARE MSME

DBN To Empower  MSMEs With N100bn - Development Bank of Nigeria has said it will empower Micro, Small and Medium Enterprises segment with N100bn before the end of 2019. In a statement, the Chief Economist, DBN, Prof Joseph Nnanna, disclosed this at the fifth edition of the Refined Economic Development quarterly lecture at the University of Abuja. Source Punch Read More

 

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