Morning Beats

Fed Govt extends 2017 capital budget implementation to June 5

The Federal Government has extended the implementation of the 2017 capital budget 2017 to June 5, 2018.The Nation

Transcorp rebounds with N12.3b profit

Transnational Corporation of Nigeria (Transcorp) Plc witnessed considerable growth in turnover and profitability last year, pulling back from a pre-tax loss of N5.93 billion in 2016 to a pre-tax profit of N12.31 billion in 2017.The Nation

Crownrise Finance to float N1b Bond

Crownrise Finance Company Plc plans to float N1 billion bond offer this month, its Managing Director/Chief Executive Officer (CEO), Babatunde Rufai-Lariba, has said.The Nation

MRS Oil declares 20% bonus shares on N2.38b tax credit

MRS Oil Nigeria Plc shareholders will receive a 20 per cent increase in their shareholdings after the board of the oil-marketing company decided to distribute bonus shares on the back of a N2.38 billion tax gain.The Nation

Afreximbank okays $700m for trade, infrastructure

The African Export-Import Bank (Afreximbank) will arrange $700 million multi-sourced finance to support trade and related infrastructure projects in Mali, focusing mainly on transport logistics, tourism, agro-processing and the financial sector, its President, Benedict Oramah, has said.The Nation

Wema Bank secures $35m AfDB, ICD funds for SMEs

Wema Bank Plc has secured $35million loans from two multilateral development finance institutions - the African Development Bank (AfDB) and the Islamic Corporation for the Development of the Private Sector (ICD).The Nation

Prestige Assurance cancels 1.6b shares

Prestige Assurance Plc has cancelled about 1.6 billion ordinary shares of 50 kobo each under a capital restructuring programme aimed at removing bubble assets.The Nation

Experts urge investors to raise stake on valuable stocks

Stock market investors have been urged to increase their participation in the market by identifying and patronising stocks of companies with intrinsic value, especially during thisGuardian

GlaxoSmithKline lead gainers as Exchange records N16b turnover

GlaxoSmithKline traded higher at the end of last week’s transactions on the equity sector of the Nigerian Stock Exchange (NSE), leading nine gainers with N8.50 kobo to close at N34.00 per share.Guardian

Q2’18 in perspective: Rebound in investment grade stocks expected

EVENTS of last three  weeks would appear depressing to most investors in Nigerian Stock Exchange, NSE, especially those at the retail end.Vanguard

Stock market in Q1’18: Investors gain N1.38trn in 3months

DESPITE the bearish trend that prevailed in the equities market on the Nigerian Stock Exchange, NSE, for most part of March 2018, activities in the market ended the first quarter, Q1’18, on a bullish note, resulting in N1.38 trillion gains to the investors.Vanguard

CBN recommends corporate bonds to finance houses

THE Central Bank of Nigeria, CBN, has recommended corporate bond issuance to finance houses (FHs) as a strategy for tackling the challenge of paucity of funds confronting the subsector.Vanguard

MFBs need higher capital base to enhance public confidence — Bosak MfB

Head of Recovery, Bosak Microfinance Bank Limited, Mr. Charles Onwuchekwa, in this interview said that the proposed increase in the capital base of MFBs is overdue and will enhance public confidence in the MFB segment.Vanguard

Banks record higher default rate on credit card loans

The Central Bank of Nigeria has disclosed that banks experienced higher default rates on credit card loans and overdrafts/personal lending to households in the first quarter of 2018.Punch

External reserves rose to $46.2bn in March – CBN

The nation’s external reserves rose by 8.8 per cent month-on-month to $46.2bn as of March 28, the Central Bank of Nigeria data showed on Saturday.Punch

FG to construct 100 houses at OSCOED, Ilesa

The Provost of the Osun State College of Education, Ilesa, Prof. Kolawole Kazeem, has said the Federal Ministry of Power, Works and Housing has expressed its readiness to build 100 housing units inside the campus of the institutionPunch

Chinese firm to invest $550m equity in NigComSat – Minister

Chinese satellite manufacturer, Great Wall Industry Corporation of China, will make $550m equity investment in the Nigeria Communications Limited, the Minister of Communications, Mr. Adebayo Shittu, has said.Punch

PenCom to conclude regulatory intervention in FGPL

The National Pension Commission is making moves to conclude the regulatory intervention that it initiated in First Guarantee Pension Limited in 2011.Punch

FG recorded N2.14tn fiscal deficit in 2017 –CBN

As it has become common in recent years, the Federal Government spent more than it earned in the last fiscal years due to a combination of factorsPunch

CPC dismisses safety fears over Blue Band spread

The Consumer Protection Council has addressed controversies surrounding the safety of Blue Band spread, saying that its inability to melt under heat does not make it or any other spread unsafe for consumption.Punch

Telecom firms sue National Assembly over incessant summons

Telecoms companies under the auspices of the Association of Licensed Telecommunications Operators of Nigeria have dragged the National Assembly to court over its incessant summons of their chief executive officers.Punch

Why Africa’s free-trade area offers so much promise

African leaders have just signed a framework establishing the African Continental Free Trade Area (AfCFTA), the largest free-trade agreement since the creation of the World Trade Organisation (WTO).Business DAy

Bahrain’s Biggest Oil Find Since 1932 Dwarfs Reserves

Bahrain, the smallest energy producer in the Persian Gulf, discovered its biggest oil field since it started producing crude in 1932, according to the country’s official news agency.Bloomberg