Nigeria in 1min: Economic, Business and Financial Headlines – 040618


Wednesday, June 04, 2018 / 7:00 AM / Proshare News


What To Expect From The Markets This Week - 040618 - As the end of April 2018, Net Foreign Asset stood at N15.906 trillion reflective of a 1.8% increase when compared to the previous quarter. Source Proshare Read More 

AMCON Intervention saved over 15,000 jobs in Nigeria-Ahmed Kuru, MD - The intervention of the Asset Management Company of Nigeria, since its inception has saved over 15,000 jobs in the Nigerian economy. Source Proshare Read More 

FG approves new Excise Duty rates for alcoholic beverages, tobacco - President Muhammadu Buhari at the weekend approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from today, Monday, 4th June, 2018. Source Leadership Read More 

Manufacturers suffer N30bn revenue decline in three months - The manufacturing sector recorded a decline of about N30bn in output in the first quarter of this year, figures obtained from the National Bureau of Statistics have revealed. Source Punch Read More 

‘AfCFTA Will Raise Africa’s Trade by 52%’ - The Minister of Trade and Industry of Egypt, Tariq Qabeel has said that the recently signed African Continental Free Trade Area (AfCFTA) agreement will raise the volume of trade among nations in the continent by 52per cent. Source Thisday Read More

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Market Closes May 2018 in Red; Records -0.36 YTD Loss - Nigerian Stock Market closes the month of May 2018 in red with -7.57% MoM and -0.36% YTD loss  respectively. Source Proshare Read More 

Corporate Earnings for the Week Ending 010618 – CUTIX Declares N115.672m PAT in 2018 Audited Result - During the week ending  June 01, 2018, two (2) quoted firms declared their results.  Source Proshare Read More 

Banks Show Preference for Liquidity with Lower OMO Subscriptions - The bond market traded on a relatively mixed note with some demand from local clients largely offset by some offshore profit taking. Source Proshare Read More 

Forex: CBN Sells $331.41m at SMIS - In continuation of its push to guarantee foreign exchange liquidity, the Central Bank of Nigeria (CBN) on Friday, June 1, 2018 sold a total of $331.41million to players in different sectors in the Retail Secondary Market Intervention Sales (SMIS). Source Proshare Read More 

Investors transact $1.7b at I&E window - Transactions at the nation’s autonomous foreign exchange market- the Investors and Exporters (I&E) Window, hit a record $1.7 billion in one week, despite relative losses by the local unit across segments. Source Guardian Read More 

6.5m savings accounts opened in 3 months -NIGERIANS opened 6.5  million savings accounts in the first quarter of 2018, Q1’18, reflecting the impact of the financial inclusion campaign by banks and the Central Bank of Nigeria Source Leadership Read More 

Ibeto Cement acquires U.S. oil firm - IBETO Cement Company Limited has announced its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly traded petroleum exploration and production company. Source THE NATION Read More 

NRC to begin haulage of petroleum products - The Nigerian Railway Corporation (NRC) will this week commence movement of petroleum products six years behind schedule. Source Daily Trust Read More 

NNPC: No Plan to Pay N36bn Compensation to Port Harcourt Refinery Host Community - The Nigerian National Petroleum Corporation (NNPC) yesterday dismissed insinuation that it planned to pay N36 billion compensation allegedly due to Alesa-Eleme community in Rivers State as royalty for playing host to its Port Harcourt Refining Company. Source Thisday Read More 

FG, EU, Germany provide 100kw solar-powered plants - the European Union and Germany, in conjunction with the Federal Government, have inaugurated two solar-powered plants with a combined capacity of 100 kilowatts in Plateau State under the €24.5m (N8.75bn) Nigerian Energy Support Programme. Source Punch Read More

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5th #NSELSEConference discusses Attracting Global Capital for Nigeria’s Economic Development - The 5th edition of the Nigeria Stock Exchange and London Stock Exchange dual listening conference today in Lagos the nation’s economic capital, explored ”Attracting Global Capital to Drive Nigeria’s Economic Reforms and Sustainable Development”. Source Proshare Read More 

Tunisia to raise fuel prices, not public wages to meet IMF terms - Tunisia will raise fuel prices in the coming days but hold off increasing public wages this year to meet terms of the International Monetary Fund (IMF) for its next loan tranche, a government official and diplomatic sources said. Source Reuters Read More 

OPEC+ Committee Says More Investment Is Needed to Ensure Oil Supply - OPEC and its allies in the global oil output cuts stressed the need to maintain their cooperation to stimulate adequate investments to ensure stable oil supply. Source Bloomberg Read More 

Asian shares rise as upbeat U.S. jobs data offsets trade worries - Asian shares rose to their highest level in two-and-a-half-weeks on Monday as strong U.S. jobs data offset worries that tariff wars between the United States and the rest of the world could drag on global economic growth. Source Bloomberg Read More

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Microsoft Will Acquire Coding Site GitHub - Microsoft Corp. has agreed to acquire GitHub Inc., the code repository company popular with many software developers, and could announce the deal as soon as Monday, according to people familiar with the matter. Source Bloomberg Read More

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SEC Seeks Fiscal Incentives For Listed Firms to Deepen Market - The Securities and Exchange Commission (SEC) has advocated some measure of fiscal incentives for listed companies on the Nigeria Stock Exchange (NSE) in order to mitigate their cost burden and encourage more entities to list shares on the bourse. Source Proshare Read More

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