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Nigeria in 1min: Economic, Business & Financial Headlines - 020414

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Nigeria in 1min: Economic, Business & Financial Headlines - 020414

 Tuesday February 04, 2014 6.00 AM / Proshare News

 
Economy
FG seeks financiers for power firms - Disturbed by the inability of most investors in the recently privatised power generation and distribution firms to raise funds to run the operations of the plants, President Goodluck Jonathan has directed Vice-President Namadi Sambo to convene a meeting of stakeholders to seek new funding for the power sector. Source Punch Read More


Nigeria at the Crossroads - Macro Economic Outlook for 2014 - This report by CBO Capital reviews the key macroeconomic events, and their predictions of 2013 – how well they fared.It also identifies and explores the key themes that will define opportunities and risks in 2014; a pre-election year. Source Proshare Read More
 

NERC Targets 95% Job Retention for Nigerians in NESI - A study of the draft national content regulation being proposed for operation in Nigeria’s Electricity Supply Industry (NESI) by the Nigerian Electricity Regulatory Commission (NERC) has indicated that the commission may seek to retain at least 95 per cent of available jobs in the sector for Nigerians. Source Thisday  Read More


US Fed Tapering Spark Concerns – What are the implication for the Nigerian economy - In what seems to be an already unpredictable and delicate year for global markets, emerging market economies (EMEs) were 'thrown a curve ball' by the Fed  following decision to further reduce its purchase of longer-term Treasury securities and agency mortgaged –backed securities  by USD10bn contrary to expectation of a lesser reduction given the turmoil in EMEs. Source Proshare Read More
 

Nigeria 2014 Outlook - Beyond the Rhetoric - Source Proshare Read More





Capital Market

Equity Market Resumes Uptrend as NSE ASI Inches Up by +1.96% - The equities market closed today on a positive note, as NSE ASI appreciated by +1.96% to close at 41,366.42 basis points, compared with the depreciation of -0.07% recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.09%. Source Proshare Read More
 

Top-5 Nigerian Equities League for the week commencing 3 February, 2014 - The Nigerian Equities Market lost on all trading days in the just concluded week as negative investor sentiment pervades the market. Banking stocks continued their downward slide as investors’ price in the impact of the hike in CRR hike for public sector deposits from 50% to 75% into their earnings expectations for the Banks. Source Proshare Read More


Liquidity-pull crashes Nigerian equities - Liquidity-pull from domestic and foreign investors has caused the Nigerian equities market to erode about N427 billion from its recent gains.Ahead of tomorrow’s (Tuesday) implementation of 75 percent Cash Reserve Ratio (CRR), Nigerian banks pulled funds from the equities market to hedge themselves from resultant shocks. Source Proshare Read More


Policy / Regulations
Can Nigerian banks overcome the CRR headwind? A macro perspective -
The negative sentiment surrounding the banking sector was further heightened following the recent increase in the public sector CRR from 50% to 75%.  Nigerian banks are indeed facing the challenge of tougher regulation on CRR and banks have continued to weigh the impact of high public sector CRR on revenue and profitability. Source Proshare
Read More


CBN faults bankruptcy report on Dermalog - The Central Bank of Nigeria on Monday faulted reports on the bankruptcy of Dermalog, the company that it  awarded the biometric data capture of bank customers in the country. Source Punch Read More
 

75% CRR: CBN withdraws N1tr public sector funds from banks today - The Central Bank of Nigeria (CBN) will, from today, start withdrawing over one trillion naira  (N1 trillion) public sector fund from deposit money banks as part of its new Cash Reserve Requirement policy. Source Daily Trust Read More

 
Investors Newsbeat
Stanbic Plc falls further amid renewed bargain hunting - Stanbic Plc sustained downtrend posture with -2.40% loss to extend the price correction trading pattern as investors remained cautious towards the stock while it closed among the set of picks that remained under heat despite improved bargain tendency witnessed in the banking sub-sector. Source Proshare Read More


NNFM declares N231.5m PAT in Q3 '13 result,(SP:N22.01k) - Source Proshare Read More 


FLOURMILL declares N5.93b PAT in Q3 '13 result,(SP:N86.00k) - Source Proshare Read More


Forte Oil Plc Posts N6.52bn Profit Before Tax 2013 Full Year Result - Forte Oil PLC (formerly AP PLC) Nigeria’s foremost indigenous integrated energy solutions provider has announced a 467% increase in its full year profit before tax to post N6.524bn for the period ending December 31, 2013. Source Proshare Read More

 


Bond Market
The Nigeria Bond Watch - Review and Outlook @030214 - The major highlights of the review week were the persistent issuance of OMO bills by the CBN and an observed interest decline from offshore investors as witnessed through the week. Source Proshare Read More


Commodity
Dangote Sugar buys $35m machinery to boost production, affirms belief in BIP of FGN - The Nation’s foremost sugar refinery, Dangote Sugar has demonstrated its resolve to ensure the realization of the national sugar master plan as it takes delivery of farm machinery worth $35 million from Panafrican Equipment. Source Proshare Read More
 

OPEC oil output rises in January from 30-month low –Survey - Oil output has risen in January from December’s two and a half-year low, due to a partial recovery in Libyan supply and higher shipments from Iraq and Iran, a Reuters survey found at the weekend. Source Daily Independent Read More
 

WTI Oil Trades Near One-Week Low as Crude Stockpiles Seen Rising - West Texas Intermediate traded near the lowest price in a week amid speculation crude inventories increased in the U.S., the world’s biggest oil consumer. Source Bloomberg Read More
 

Gold Holds Advance as Growth Concern Increases Demand for Haven - Gold held gains to extend the first monthly advance since August as concern that global growth may be faltering sent equity markets lower and boosted demand for haven assets. Source Bloomberg Read More



 
 

Global Markets
Asian Stocks Extend Rout With Copper; Credit Risk Rises - Asian stocks tumbled, extending a global selloff, with Japanese and Hong Kong shares dragging the regional index toward its lowest close in five months. Copper headed for its longest losing streak in 28 years and Australia’s currency surged as the country’s central bank held rates. Source Bloomberg Read More

 

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Tags: FG ,  States ,  LGs ,  Economic,  Business ,  Nigeria in 1min ,  NIPP Plants ,  Global Leader ,  Steel Production ,  PHCN ,  CBN ,  Central Bank of Nigeria ,  WEF ,  Asian Stocks ,  Gold ,  Crude Oil ,  First Bank ,  Senate ,  Ethiopia-Kenya Power Line ,  Queen's Speech ,  Aliko Dangote ,  Fidelity Bank ,  NDIC ,  Global System for Mobile Communications ,  Boko Haram ,  The Analyst ,  President Barack Obama ,  United States ,  President Goodluck Jonathan ,  Nigeria ,  New York City ,  USA, 



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