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Nigeria in 1min: Economic, Business & Financial Headlines – 020514

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Nigeria in 1min: Economic, Business & Financial Headlines – 020514

Wednesday February 05, 2014 6.00 AM / Proshare News


Economy
FG to issue N100bn bonds for Lagos-Ibadan Expressway - The Federal Government on Tuesday said it would issue road and infrastructure bonds worth N100bn to finance the rehabilitation and reconstruction of the Lagos-Ibadan Expressway. Source Punch Read More


Investments in power sector hits $50bn - The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has said that the privatisation of Nigeria’s power sector has unlocked the investment opportunities in the sector, with pipeline investments estimated at $50bn currently. Source Punch Read More
 

Foreign Group Plans N8.4tn Investment in Nigeria - Efforts by the federal government to attract foreign direct investments to the nation’s economy will soon yield major  fruits as  a multinational group of high networth private investors based in Europe and Brazil are concluding plans to  invest 40 billion Euros(N8.4trillion) in the country. Source Thisday Read More


Nigerian Economic Review 2014: The Highs and the Lows! - For the first time since 2008, all analysts agree that the world showed more signs of definite and sustainable recovery in 2013, albeit at a cautious pace. Indeed, the world economy experienced delicate and timid recovery in 2013 but not without a few stutters. For example, the initial global growth forecast of 3.50% was eventually reviewed downwards to 3.20% by mid-year, then further down to 2.90% by Q4 13. It is believed that economic activities were hampered by anticipated tapering of the US quantitative easing; which never happened in the year. Source Proshare Read More
 

Afrinvest: 2013 Review & 2014 Outlook: Poised to Soar? - Various events in 2013 impacted the global and domestic economy, as developing and emerging economies have had to contend with lateral credit flows across capital markets. Fiscal policies were however designed to absorb the resultant exogenous shocks and safeguard economic growth. These dynamics dominated the scene and are likely to be replayed in 2014 considering the feeble global growth recorded in 2013. Source Proshare Read More
 

Monthly Economic & Market Review: January in Retrospect - World output grew 2.9% in 2013 from 3.2% in 2012 according to the recent IMF report on World Economic Outlook (WEO) released on January 21, 2014. Global activity strengthened during the second half 2013, driven by higher inventory demand in the advanced economies and export rebound in emerging and developing markets. The growth momentum is expected to progress into 2014 and beyond. Source Proshare Read More
 

External reserves fall by $1.8bn - The nation’s external reserves have fallen by $1.8bn within a period of eight weeks, according to the latest statistics from the Central Bank of Nigeria.The CBN had said that depletion in the foreign reserves and Excess Crude Account was threatening the economy. Source Punch Read More
 

IMF: Africa Vulnerable to Fed Reserve Tapering -  The International Monetary Fund (IMF) has warned that Sub-saharan markets could be made vulnerable due to the start of Federal Reserve tapering in the United States.The Managing Director of the IMF, Christine Lagarde who said this on CNBC Africa, however explained that the US economy was doing better. Source Thisday Read More



Capital Market
Nigerian Stocks Recommence Downtrend Amid Renewed Sell Pressure; Dips by -0.73% - The equities market closed today on a negative note, as NSE ASI depreciated by -0.73% to close at 41,064.91 basis points, compared with the appreciation of +1.96% recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.64%. Source Proshare Read More

Policy / Regulations
CBN reports $38.49b third quarter inflow in 2013 - The Central Bank of Nigeria (CBN), on Tuesday put total foreign exchange inflow into the economy in the third quarter of stood at $38.49 billion, up by 0.9 per cent, when compared with the $38.17 billion recorded in the preceding quarter. Source Daily Independent Read More
 
Investors Newsbeat
NCM JAN'14: Fasten your belt as bumpy ride lies ahead - There are strong indications that Nigerian bourse may experience high turbulence in the year, not because of the negative January-effect but due to high speculative tendency noticed during the month of January, which may stoke panic and cautious trading in the months ahead. The large part of money that came into the market chased penny stocks and they are currently finding an exit point as analysis revealed falling bargain momentum with corresponding trend in the liquidity posture. Source Proshare Read More


GUINNESS sets new 52wks low on bearish fundamentals - GUINNESS plunged into an oversold region, following a continued and steady pessimistic activities recorded so far in the year while investors maintained a prolonged bearish posture amid sustained lackluster trading pattern in the recent months. Source Proshare Read More
 
Guaranty Trust Bank plc acquires Fina Bank Group - Guaranty Trust Bank plc (GTBank), a foremost African Banking Group has now concluded the acquisition of a 70% stake in Fina Bank Group, after securing the required regulatory approvals in the 3 East African countries – Kenya, Rwanda, Uganda as well as in Nigeria. Source Proshare Read More

FLOURMILL Records Drop in Earnings; Chapel Hill Buy Rating Under Review - Flour Mills of Nigeria Plc (Rating: BUY, TP: N101.48, Price: N87.00, Upside: +16.6%) Flour Mills of Nigeria Plc (FMN) released its 9M-14 (April – December 2013) results yesterday 3 February, 2014. Source Proshare Read More
 

Union Bank to Raise $100m Syndicated Loan - Standard Chartered yesterday initiated a process that will lead to securing a $100 million syndicated term loan for Union Bank of Nigeria Plc.The debt is expected to finance the bank’s United States dollar trade finance business and general funding requirements. Source Thisday Read More

Money Market
Naira slides as CBN lifts limit on dollar - The naira fell for a third day after the Central Bank of Nigeria lifted the limit on the sale of dollars to foreign-exchange bureaus by banks and the nation’s external reserves dropped to a 15-month low, according to a Bloomberg report. Source Punch Read More
 

Banks to post naira funds to back forex demand at auction - Determined to curb artificial pressure on the nation’s currency, the naira, Central Bank of Nigeria (CBN) has further tightened the noose on banks by directing that their current accounts with it be funded two working days before the Retail Dutch Auction System, (RDAS), where banks buy foreign exchange on behalf of their customers. Source BUSINESSDAY Read More



Bond Market
Bond Market Analysis of Selected Countries for January 2014 - A review of the bond market trading activities in some selected countries for the month ended January 31, 2014 show that there were more price depreciation than gains in most of the markets compared with the month ended December 31, 2013, causing the average yields to increase during the period. Source Proshare Read More

People
DANGCEM Appoints Emmanuel Ikazoboh and Ernest Ebi as Non-Executive Directors - Dangote Cement Plc has notified The Nigerian Stock Exchange of the appointment of Mr. Emmanuel Ikazoboh and Ernest Ebi as non-Executive Directors of the Company. Source Proshare Read More
 

Frauds & Scandals
NNPC, Sanusi Clash over New Charge on Unremitted $20bn - The Nigerian National Petroleum Corporation (NNPC) and the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, were again at each other’s throats Tuesday over the latter’s latest allegation made during the Senate’s resumed hearing on the non-repatriation of oil revenue to the Federation Account that the amount yet to be remitted by NNPC now stands at $20 billion. Watch Video: CLICK HERE

 
Politics
President Jonathan’s approval rating peaks at 61% in Jan ‘2014 - Latest governance poll results released by NOIPolls for the month of January 2014 have revealed that 61% of Nigerians approve of the job performance of the president over the past month. This rating represents a significant 21-point increase in his approval rating from December 2013 (40%) and an 11-point increase when compared with January 2013 (50%). Source Proshare Read More
 

Budget Scales Second Reading in Senate, House Suspends Debate - The process for the passage of the 2014 budget Tuesday recorded mixed fortunes in the National Assembly where its two chambers gave different treatments to the fiscal bill.While the Senate passed the 2014 Appropriation Bill for its second reading, with the full support of All Progressives Congress (APC) senators, whose party has directed them to block all executive bills, the bill suffered a setback at the House of Representatives, which deferred its consideration until another day. Source Thisday Read More

 
Commodity
WTI Crude Gains as Distillate Supplies Seen Declining on Weather - West Texas Intermediate crude rose for a second day on speculation a U.S. government report will show distillate inventories fell amid cold weather in the country, the world’s biggest oil consumer. Source Bloomberg  Read More
 

Gold Holds Retreat as Equity Rebound Decreases Demand for Haven - Gold held a decline as a rebound in equity markets damped haven demand amid slower physical purchases during the Lunar New Year holiday. Source Bloomberg  Read More
 


Global Markets
Asian Stocks Outside Japan Decline for Fifth Straight Day - Asian shares outside Japan fell, with a gauge of Chinese stocks traded in Hong Kong on course for a six-month low, as technology and health-care companies led declines. Source Bloomberg  Read More
 

Videos on WebTV   
NNPC’s unremitted funds: $20bn remains unexplained – CBN


49.8bl Unremitted Funds: Budget Unit,NNPC speak

 

Click Here to View More 



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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