Nigeria in 1min: Economic, Business and Financial Headlines - 130120

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Monday, January 13, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: Proshare

 

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PROSHARE ECONOMY 

Urgent Need to Bolster States' IGR - The National Bureau of Statistics (NBS) has published its internally generated revenue at state level report for H1 2019. According to the report, in the first of half 2019 aggregate IGR for the 36 states and FCT was N694bn compared with N597bn in the corresponding period of the previous year. Source United Capital Research Read More 

Oil Bears Return With A Bang - OIR 100120 - Oil prices have fallen dramatically as fears of a hot war subside and the reality of a global oil glut returns to the forefront of traders' minds. Source oilprice Read More 

Headline Inflation Projected to Increase by 0.25% to 12.10% in December 2019 - Our survey indicates a likely increase in the headline inflation to 12.10% in December from 11.85% in November. If our projection is correct, it will be the 4th consecutive month of rising inflation. Source FDC Read More 

Weekly Economic and Financial Commentary - Week Ended Jan 10, 2020 - The bullish sentiments continued this week as the NSE ASI gained 9.07% WoW to close at 29,415.39pts while market capitalization advanced significantly by N2.2 trillion. The boost in market capitalization was largely fuelled by the listing of BUA Cement Plc on the NSE. Source ARM Read More 

States, Labour Brace up for Decisive Engagement over Minimum Wage Implementation - The dust raised by the N30,000 new minimum wage, signed into law in April 18, 2019 is yet to settle. While the federal government has been able to conclude action on the consequential adjustment, resulting from the new minimum wage and commenced implementation by December last year, majority of state governments are yet to implement the new wage. Source Thisday Read More

 

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Insurance Regulator to Prepare Operators ahead of  IFRS 17 Adoption - The National Insurance Commission, (NAICOM) has said it will this year intensify effort in preparing operators for total adoption of International Financial Reporting System (IFRS) 17, an advanced of IFRS 4 which the industry had adopted. Source Thisday Read More 

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week-130120 - The composite PMI for December strengthened by 1.8 points to 61.5 index points on the back of festive-induced spending which supported both the manufacturing and non-manufacturing sectors. Source Proshare Read More 

Bua Cement Plc: The Synergy Game - The total market capitalization of the Nigerian Stock Exchange (NSE) shoot up from N13.8tn to N15.2tn. This was on the back of the listing of 33.9billion units ordinary shares of BUA Cement Plc (BUACEMENT) at N35/share. United Capital Read More 

Equities: A Bullish Run to Start the Year - Following a bearish run in 2019, with a negative return of 14.6%, the local bourse began the year on a positive note and has sustained the upbeat performance for the sixth trading session of the year. Source CSL Research Read More  

Market Review and Round-Up of Corporate News Announced During The Week Ending 100120 - The equities market recorded positive performance - the listed equities market recorded +9.07% gain WoW while the NASD OTC advanced by +0.68% WoW. Source Proshare Read More 

NSE Delists A.G. Leventis Nigeria Plc From Its Daily Official List - We refer to our market bulletin of 27 December 2019, wherein the Market was notified of the full suspension placed on the shares of A.G. Leventis (Nigeria) Plc (A.G. Leventis or the Company) for the purpose of determining the shareholders that will qualify to receive the scheme consideration from the Scheme of Arrangement between A.G. Leventis and the holders of its fully paid ordinary shares of 50 Kobo each. Source NSE Read More 

Investors Gain N2.15trn WoW As NSEASI Inches Up By 9.07% To Close The Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.07% to close at 29,415.39 points as against +2.92% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.59%.  Source Proshare Read More 

NASD OTC Market CAP Increased By 0.68% WoW To Close At N504.54bn - As at close of trade week on 10 January 2020, market Capitalisation increased to N504.54 billion from last week's previous N501.14 billion, which shows a 0.68% increase in Capitalisation. Also the NSI for the week ended 10 January 2020 recorded an increase from 697.54 points to 702.28 points. Source NASD Read More 

NSE Index Reconstitution: CCNN Removed From 8 Sector Indices; To be Replaced by BUACEMENT - The Index Governance Committee of the Exchange wishes to inform the public that Cement Company of Northern Nigeria Plc (CCNN), following the completion of Scheme of Merger between CCNN and Obu Cement Company Plc, and subsequent delisting, has been removed from the following Indices Source NSE Read More 

CBN Makes First Forex Intervention In 2020 With $253m - The Central Bank of Nigeria (CBN), at the weekend, made its first foreign exchange (forex) intervention for the year, with $253.38 million, under the retail Secondary Market Intervention Sales (SMIS) and CNY16.76 million in the spot and short-tenored forwards segment of the inter-bank foreign market. Source Guardian Read More


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PROSHARE BUSINESS

Access Bank Refutes Alleged Arrest of Its Group Managing Director - Our attention has been drawn to a trending report on social media regarding the alleged arrest of Mr. Herbert Wigwe, the Group Managing Director of Access Bank Plc (Access Bank') by the Economic and Financial Crimes Commission ('the Commission'). Source NSE Read More 

WAEMU Currency Reforms Unlikely to Affect Sovereign Ratings - The currency reforms in the West African Economic and Monetary Union (WAEMU) announced by Cote d'Ivoire's President, Alassane Ouattara, on 21 December 2019 are mainly symbolic, as the peg to the euro will be maintained and the currency will continue to benefit from a convertibility guarantee, says Fitch Ratings. Source Fitch Ratings Read More 

FG Earned N5.04tn From Oil In 11 Months - CBN - Between January and November last year, the Federal Government made about N5.04tn from the sale of oil, figures obtained from the Central Bank of Nigeria have revealed. Source Punch Read More

TCN To Push For Discos' Recapitalisation - Speaking on some of the company's targets for 2020 in the latest Power Wheel interview of the TCN obtained in Abuja on Sunday, the Managing Director of the company, Usman Mohammed, insisted that the Discos currently lacked the capacity to distribute power effectively. Source Punch Read More 

11 Airlines Inactive, Fail To Renew Licences - Eleven non-scheduled airlines involved in charter flight services failed to renew their Air Operator Certificates which expired between 2018 and mid-2019. There are about 39 scheduled and non-scheduled domestic airlines in the country. Thirty of the airlines are charter flight operators while nine are scheduled flight operators. Source Punch Read More 

NDPR Expands Modular Refinery Capacity By 5,000bpd - The Niger Delta Petroleum Resources Limited, a subsidiary of Niger Delta Exploration and Production Plc, has expanded its maiden 1,000 barrels per day diesel topping refining plant, a modular refinery, with an additional 5,000bpd, the Department of Petroleum Resources announced on Sunday. Source Punch Read More 

CBN Defends Naira With $16.56b In 12 Months - Analysis of the regulator's  half year report showed that the apex bank defended the local currency with $8.28 billion through its direct intervention within the first six months of 2019. Financial analysis estimated that the same level of intervention, or even higher amount  applied in accompanying six months ended December 2019. Source TheNation Read More 

China's U.S. Trade Deal Commitments Not Changed In Translation: Mnuchin - China's commitments in the Phase 1 trade deal with the United States were not changed during a lengthy translation process and will be released this week as the document is signed in Washington, U.S. Treasury Secretary Steven Mnuchin said on Sunday. Source Reuters Read More

 

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PROSHARE TECHNOLOGY    

MTN Nigeria Communications Plc Notifies of Withdrawal of Demand by the AGF - MTN Nigeria is pleased to report that its legal counsel has received a letter dated 8 January 2020 from the Attorney General of the Federation and Minister of Justice (the AGF) formally withdrawing his demand for N242,244,452,215.97 and USD$1,283,610,357.86 alleged revenue indebtedness. Source NSE Read More

 

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PROSHARE FINANCE 

The Seven Shades of a Nigerian Wedding - From Bliss to Responsibility - Nigeria, Africa's giant, is known mainly for its people, its resources and its cultural heritage. With over 300 tribes in the country having different languages and lifestyles. There is no doubt that weddings across these tribes will also take different shapes.  Source Proshare Business Read More

 

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