Nigeria in 1min: Economic, Business and Financial Headlines - 130220

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Thursday, February 13, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: @dabiodunMFR


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PROSHARE ECONOMY 

OPEC Slashes Oil Demand Forecast By 230,000bpd - The Organisation of Petroleum Exporting Countries has slashed about 230,000 barrels per day from its 2020 world oil demand forecast due to the coronavirus outbreak. OPEC said on Wednesday that the coronavirus in China was making it difficult to forecast the trajectory of the global economy, even as it continued to lobby Russia to sign off on a deal to cut oil production, according to S&P Global Platts. Source Punch Read More

BPE To Support 2020 Budget With N266.8bn - The Bureau of Public Enterprises (BPE) yesterday said it intends to raise N266.8 billion as net revenue from the sale and commercialisation of federal government enterprises to support the funding of the 2020 budget. Source Dailytrust Read More

 

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PROSHARE MARKETS

NCM2020 (24) - Extracts of Financials of Quoted companies - DANGCEM Tops on Revenue - Extracts from the latest financials of quoted companies based on Turnover, PAT, Fixed Assets and Net Assets reveals that Dangote Cement Plc, the most capitalized stock on NSE dominated the list on three (3) out of four (4) parameters while stocks from the banking sub-sector make more than 50% of the list in three (3) out of the four (4) tables. Source Proshare Read More

NSEASI Inches Up Marginally By 0.01% As YTD Returns Hits 3.85% -Equities market closed today on a positive note, as NSEASI appreciated by +0.01% to close at 27,874.31 points as against +0.36% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.85%. Source Proshare Read More 

LAPO MFB SPV Plc Series 2 Bond Is Now Open - The issue of up to N6billion series 2 bond (the "Transaction" or the "Issuance") under the LAPO MFB SPV PLC N20billion Bond Issuance Programme is now open. Source Arthur Stevens Asset Mgt Read More 

A Return to the Eurobond Market - Several recent daily notes have commented upon the latest data releases by the Debt Management Office (DMO), yet we make no apologies for returning to the subject in view of the news that the FGN is planning a return to the Eurobond market. Source FBNQuest Read More 

Proposed Scheme Of Arrangement Between The Nigerian Stock Exchange And Its Members - You will recall that the members of The Nigerian Stock Exchange ("NSE" or "The Exchange") passed a resolution at an Extra-Ordinary General Meeting of The NSE held on March 30, 2017; specifically authorising The National Council to commence the process that will culminate in The Exchange being demutualised. Source NSE Read More 

African Countries Scramble for the Eurobond Market - On Tuesday, February 4th, the government of Ghana raised $3 billion in a Eurobond auction. The Eurobond sale was aimed at boosting the government's coffers and it definitely raised the interest of various investors as the bonds were oversubscribed five times. Source FDC Read More 

NSE Set to Hold Strategic Meetings As Demutualization Nears Completion - The Nigerian Stock Exchange ("NSE" or "The Exchange") will convene a mandatory Court Ordered Meeting (COM) of its members to pass requisite resolutions for the demutualisation of the Exchange. Source NSE Read More 

February 2020 Foreign Exchange Report - Policy Stance to Ensure Short-term Stability - It is no news that the Naira is overvalued relative to the US dollar by about 10%-15%, confirmed by both the interest rate parity (IRP) and the international fisher effect (IFE) exchange rate models. Source Vevita Read More

 

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PROSHARE BUSINESS 

Transcorp Group Announces Significant New Executive and Non-Executive Board Appointments - Transnational Corporation of Nigeria Plc (Transcorp) has announced significant appointments to its Board and Executive Management. Transcorp is Nigeria's leading listed industrial holding company, whose interests include Transcorp Power, Nigeria's largest power generator, Transcorp Hotels, owner of the iconic Transcorp Hilton, and significant upstream oil and gas assets. Source Transcorp Read More 

Why Ghana Is Africa's Top Candidate for an Economic Leap - Every time a region of the world goes from being poor to being rich one country tends to be responsible for getting the process started. In Europe that was the U.K., which was the first to industrialize. In East Asia it was Japan. In West Africa it could be Ghana.Source Bloomberg Read More 

Tin Can Customs Eyes N47.4bn Monthly Revenue - Ahead of its official revenue generation quota from the headquarters of the Nigeria Customs Service, the Tin Can Island Command has declared that it is already working towards achieving N540bn this year, at a monthly minimum of N47.4bn. Source Punch Read More

 

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PROSHARE TECHNOLOGY   

SEC Partners DFID, FCA To Develop Nigeria's Fintech Industry - The Department for International Development, DFID, Financial Conduct Authority, FCA and the Securities and Exchange Commission, SEC, have agreed to collaborate to develop the Fintech space in Nigeria. Source SECNigeria Read More 

Nigerian Telecoms Industry - Diving into Nigeria's New SIM Card Policy - According to press reports last week, the Federal Government of Nigeria (FGN), via the Minister of Communications and Digital Economy, issued a directive to the regulator of the telecommunications sector, the Nigerian Communications Commission (NCC), to revise the policy on SIM card registration and usage. Source  Cordros Research Read More 

MWC 2020 Is Cancelled - Mobile World Congress was set to kick off on February 24 in Barcelona but it was announced on Feb. 12 that it would no longer happen due to Coronavirus concerns. Here's what happened leading up to the decision and what it means moving forward. Source Flipboard Read More


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PROSHARE FINANCE 

Insurance, Loved by Accident - Many years before then, it had also happened that young Nigerians who landed the United Kingdom for studies either changed their courses or were encouraged to do so and they returned home as graduates of a course that was least known here - insurance. Source Ekerete Ola Gam-Ikon Read More

 

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