Economic, Business and Financial Headlines – 210219

 Thursday February 21, 2019 / 7:00 AM / Proshare
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PROSHARE ECONOMY

Unfavourable
Weather Conditions In Brazil Expected To Drive Sugar Prices Up In The Near Term
– Nigeria is
the second largest producer of Sorghum in the world (12% of global output) with
a value of $1.12 billion. Source FDC Read More 

N298.01bn
Generated as VAT in Q4 2018 – NBS – Sectoral distribution of Value Added Tax (VAT) data
Q4  2018 reflected that the sum of
N298.01bn was generated as VAT in Q4 2018 as against N273.50bn generated in Q3
2018 and N266.73bn in Q2 2018 representing 8.96% Increase Quarter-on-Quarter
and 17.28% Year-on-Year. Source NBS Read
More
 

FG Lost N1.8bn in
Port Revenue, Says Expert
– An economic analyst with the Lagos Chamber of Commerce and Industry who is
also a maritime expert, Mr Vincent Nwani, said that the postponement of the
presidential and the National Assembly elections that were earlier scheduled to
hold on February 16, had set the maritime sector back by $6m (N1.8bn). Source
Punch Read
More

Nigeria To
Consider Reducing Oil Output For Higher Prices –Buhari – President Muhammadu Buhari,
has assured  that Nigeria would  cooperate with member countries of the Organisation
of Petroleum Exporting Countries (OPEC) to boost crude oil prices through  reduction of oil output. Source Sun Read
More

Nigeria Is Going Broke – In 2017, Federal Government
(FG) revenue was ₦2.7 trillion, the lowest in
seven years. The Nigerian government has a serious revenue problem. Source
StearsBusiness Read
More

 

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PROSHARE REGULATORS

SEC Introduces
Changes to Filing of Consent Letters and Executed Offer Document – The Securities and Exchange
Commission has introduced changes to the practice of: filing consent letters at
the commencement of a transaction. Source SEC Nigeria Read More 

NAICOM Approves
First Micro Insurance Company To Run State Business – In a move to deepen insurance
penetration and acceptance in the country, the National Insurance Commission,
NAICOM, has approved GOXI Microinsurance Company Limited to operate as a State
Composite Micro-insurer. Source Vanguard Read
More
 

 

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PROSHARE MARKETS

Forex: CBN
‘Buoys’ Market with $210m – The Central Bank of Nigeria (CBN) has made a fresh injection
of $210 million into the inter-bank foreign exchange market in its
determination to boost supply in that sector of the market. Source CBN Press
Release Read More 

Bank Research
Unit Issues Update on Postponed Elections’ Impact on Markets – Last Saturday’s Presidential
and National Assembly elections were postponed, a few hours before they were to
start. Source Coronation Research Read More 

Nigerian
Agriculture Sector – FY’18 Earnings Preview – The Agriculture sector expanded by 2.5%
y/y in real terms in the final quarter of 2018, with a particularly strong
showing from Crop production. Source Vetiva Research Read More 

Nigerian
Industrial Goods Sector – FY’18 Earnings Preview – Whilst cement volumes in the first 9
months of 2018 have largely rebounded from a slump in the previous year (up 10%
y/y to 15.6 million MT), we expect volume growth to come in slightly weaker in
the final quarter of the year, pressured by extended heavy rainfall in Q4 as
well as a heightened political environment. Source Vetiva Research Read More 

Zenith Bank’s FY
2018 Results – Strong Asset Quality, Rising Margins – Zenith Bank reported audited
FY 2018 results before the market opened today. Numbers were in line with our
and consensus estimates. Source Coronation Research Read More 

Investors Gain N77.52bn As
Market Sentiment Remains Positive – Equities market closed today on a
positive note, as NSEASI appreciated by +0.64% to close at 32,614.06basis
points as against +0.67% appreciation recorded previously. Source Proshare Read More

FGN Bond Auction Oversubscribed – The trend of
oversubscription at Federal Government of Nigeria (FGN) Bond Auctions for the
year continued at the February 2019 Auction conducted yesterday by the Debt
Management Office (DMO). Source TheNation Read More 

 

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PROSHARE BUSINESS 

Illegal Capital
Market Activities: SEC shuts down Growing Circle – The Securities and Exchange Commission,
SEC, has sealed off the premises of Growing Circle in Lagos for engaging in
illegal fund management activities. Source SEC Nigeria Read More 

Top 10 Nigerian
Online Adverts Records 17m Views – Local content for digital broadcasting is fast driving
online advertising viewing in Nigeria and the entire globe, thus attracting
more people to watch online videos on their mobile devices. Source Thisday Read
More
 

MTN Faces More
Trouble as Ugandan Authorities Query Sales Figures – Uganda has accused the country’s
biggest telecoms operator, MTN Uganda of under-declaring its sales and causing
public revenue losses, in a further souring of relations with the South
African-owned company. Source Thisday Read
More

 

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PROSHARE TECHNOLOGY

Facebook
Highlights Efforts to Protect Election Integrity in Nigeria, Others – With a number
of upcoming elections across Africa, Facebook has restated its commitment to
reduce the spread of misinformation, protect election integrity and support
civic engagement across the continent, including Nigeria. Source Thisday Read
More

 

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PROSHARE FINANCE

Natural Language
Processing in Insurance – Current Applications – The applications of natural language
processing (NLP) have been increasing as more companies find uses for their
text data. Source Niccolo Mejia of Emerj Read More

 

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News on Finance

 

PROSHARE MSME

AfDB Approves
$15m Equity Fund For SMEs  – The Board of Directors of the African
Development Bank has approved a $15 million equity investment in Verod Capital
Growth Fund III, a private equity fund that will make investments in high
growth middle market companies in Anglophone West Africa including Nigeria,
Ghana, Liberia, Sierra Leone and the Gambia. Source TheNation Read
More

 

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