Nigeria in 1min: Economic, Business and Financial Headlines – 130919

| September 17, 2019 | 0 Comments

Friday, September 13, 2019 / 07:30 AM / By News Aggregator / Header Image Credit: @UBAGroup

 

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PROSHARE ECONOMY

Merchandise Trade Increased Significantly YoY But Marginally Over Q1 2019, Driven By Higher Imports – In Q2 2019, total trade grew by 4.42% compared to Q1 2019, and by 24.16% relative to Q2 2018. Combined with the Q1 2019 performance, the value of total trade as at half year 2019 was 15.43% higher than for the same period in 2018. Source NBS Read More

Weakening Shale Productivity Very Bullish For Oil Prices – After years of improvements in drilling techniques and impressive “efficiency gains,” there is now evidence that the U.S. shale industry is reaching the end of the road on well productivity. Source Oilprice Read More

7.2% VAT Will Render New Minimum Wage Useless – NECA – The Nigeria Employers’ Consultative Association has said the implementation of the 7.2 per cent Value Added Tax approved by the Federal Executive Council will make nonsense of the recent increase in minimum wage. Source Punch Read More

FG Approves $5.3bn Ibadan-Kano Rail Project – The Federal Government has given approval for the construction of $5.3bn Ibadan-Kano standard gauge rail line. Minister of Transportation, Rotimi Amaechi, disclosed this on Thursday at the third Maritime Stakeholders’ Interactive Forum. Source Punch Read More 

 

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PROSHARE MARKETS

Investors Gain N141.27bn As NSEASI Firms Up Further By 1.01% – Equities market closed today on a positive note, as NSEASI appreciated by +1.01% to close at 27,426.64 points as against +0.39% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.74%. Source Proshare Markets Read More 

NPF Microfinance Bank Submits An Application To NSE For Approval And Listing Of A Rights Issue – NPF Microfinance Bank Plc (the Bank) has through its Stockbroker, Regency Asset Management Limited, submitted an application to The Nigerian Stock Exchange for the approval and listing of a Rights Issue. Source NSE Read More 

Global Financial Information Potential Market Size Valued At $50bn – Market commentators have estimated the potential market size of financial information globally at $50bn, while total spending on all financial market data, analysis and news is about $28.5bn. Source Proshare Read More 

Market Masterplan Targets 100 Initiatives To Leapfrog Nigeria’s Capital Market -SEC – The 10 year Market Masterplan (2015-2025) developed by the Securities and Exchange Commission (SEC) has over 100 initiatives to leapfrog the Nigerian capital market into Africa’s largest tradeable asset ecosystem. Source Proshare Read More 

ZENITHBANK Announces The Results Of Its Invitation To Purchase Notes For Cash – Further to its announcement on 4 September 2019 and the Expiration Deadline at 5:00pm (London time) on 11 September 2019, Zenith Bank Plc (the “Company”) hereby announces the results of its invitation to holders of the U.S.$500,000,000 7.375% Notes due 2022. Source NSE Read More 

N295m Allotted To 409 September Savings Bond Subscribers – DMO – The Debt Management Office (DMO), says N295.9 million was allotted to 409 subscribers during its savings bond auction in September. Source Vanguard Read More

 

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PROSHARE BUSINESS

Regulatory
Conversations 4.0: Forex Restrictions on Food Imports and Implications For The
Economy
– The Convention on Business Integrity (CBi)/The
Integrity Organisation in collaboration with ActionAid, Nigerian Economic
Summit Group, Lagos Chamber of Commerce Industry, BusinessDay Newspapers
and Proshare, will host the fourth in the series of CBi Regulatory
Conversations (RC4.0). Source CBi
Read
More 

Nigerian Ports Handle 18.67 Million MT In Three Months – Nigerian ports recorded a total cargo throughput of 18.8 million Metric Tonnes in the first three months of 2019, data from the Nigerian Ports Authority have revealed.The ports welcomed 1,045 vessels with Gross Registered Tonnage of 32.97 million tonnes. Source Punch Read More

9.2m SIM Cards Face Deactivation – The Minister of Communications, Dr. Isa Ali Ibrahim Pantami, yesterday in Abuja, ordered the telecommunications operators (MTN, Airtel, Globacom and 9Mobile) and the Nigerian Communications Commission (NCC) to ensure that the Subscribers Identification Numbers (SIM) cards are removed from the country’s telecommunications radar until the owners present themselves for proper documentation. Source Guardian Read More

IEA Says Oil Demand Subdued On Economic Uncertainty – Global oil demand growth is expected to remain subdued, with the economy weakening and buffeted by US-China trade tensions, the International Energy Agency (IEA) said Thursday. “International trade relations have further deteriorated in the past few weeks but US and Chinese officials announced that they would resume trade negotiations in early October,” the Paris-based IEA said in its latest monthly report. Source Punch Read More

Gencos: Why We May Not Invest in New Generation Capacity – The power generation companies (Gencos) have given reasons why they may likely hold back on fresh investments in growing power production capacity in the sector. Source Thisday Read More

Ajaokuta To Begin Partial Production Before End Of 2019 – Minister – The federal government is making frantic efforts to ensure that some sections of the Ajaokuta Steel Company (ASC) resumes production before the end of 2019.The minister of Mines and Steel Development, Arc. Olamilekan Adegbite disclosed this when he received the Russian Ambassador to Nigeria, His Exellency Alexey Shebarshir who was on a courtesy visit to his office in Abuja. Source Leadership Read More

Asian Shares Advance On U.S.-China Trade Progress, ECB Easing – Asian stocks advanced on Friday as hints of progress in U.S.-China trade talks and aggressive stimulus from the European Central Bank helped counter worries about a global economic slowdown. Source Reuters Read More

Trump Favors ‘Whole Deal’ With China, Two Sides Prepare For Trade Talks – President Donald Trump said on Thursday he preferred a comprehensive trade deal with China but did not rule out the possibility of an interim pact, even as he said an “easy” agreement would not be possible. Source Reuters Read More

 

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