Morning Beats

NSE sanctions six more banks over financial reports

The Nigerian Stock Exchange (NSE) has sanctioned  more companies for failing to meet the deadline for the submission of their audited report and accounts for last year.The Nation

NNPC seals $26.9b upstream deals

The  Nigerian National PetroleumCorporation (NNPC) has struck $26.9billion deals in the upstream segment, showing investors’renewed confidence in the oil industry, its Group Managing Director, Dr. Maikanti Baru, has said.The Nation

CBN demands N15b collateral from settlement banks

The Central Bank of Nigeria (CBN) has asked settlement banks to provide a clearing collateral of not less than N15 billion worth of treasury bills to enable them perform settlement roles.The Nation

NAICOM refutes sanction on 14 firms over 2017 account

The National Insurance Commission (NAICOM) has refuted a newspaper report (Not the Nation) that it has sanctioned 14 insurance firms for failing to submit their 2017 financial accounts.The Nation

STI Golf: Partnering stakeholders for insurance penetration in Nigeria

When Finance Minister, Mrs. Kemi Adeosun, at an event organised by Nigerian Council of Insurance Brokers  (NCRIB), decried insurance industry’s contribution to the country’s gross domestic product (GDP), saying it has been less than one per cent over the years, she was only stating the obvious.The Nation

‘Govt shouldn’t meddle in capital market’

Chartered Institute of Stockbrokers (CIS) outgoing president and Magnartis Finance & Investments Limited Managing Director Mr Oluwaseyi Abe is an accomplished investment banker with over 20 years’ experience.The Nation

Stakeholders mull plan for Exchange-based commodities trading

CAPITAL Market stakeholders have outlined plans for Nigerian commodities trading system development through regular Exchanges.The Nation

NB Plc unveils Tiger beer

86 years after it rolled out the first bottle in a Malayan brewery in the territory now known as Singapore, World’s No. 1 International Premium Asian Beer, Tiger Beer, finally launched in Nigeria with style.The Nation

Mixed sentiment to trail equities market this week

CAPITAL market operators have said that the equities market will remain mixed this week following the near conclusion of release of quarter one, Q1’18, earning reports by quoted companies.Vanguard

Q1’18: Fragile economic recovery constrains companies’ profitability

THE much trumpeted expansion in the economy which has continued in the last three quarters as represented by improvement in macro-economic indices has failed to lift the fortune of companies operating in the country.Vanguard

We are working towards e-IPOs —Uduk, SEC DG

In this interview, the Ag. Director General, Ms. Mary Uduk, said the current management of the SEC will continue to pursue the initiatives laid down by the CMC and former management of SEC for the progress of the market, including commencement of electronic Initial Public Offerings (e-IPOs).Vanguard

Excess liquidity to persist as TBs record N808bn oversubscription

THE challenge   of excess liquidity in the interbank money market will persist this week following over-subscription of N808 billion recorded in treasury bills offers last week.Vanguard

PenCom to commence multi fund investment structure in July

NATIONAL Pension Commission, PenCom, said that it will commence implementation of the Retirement Savings Account, RSA, multi-fund investment structure from July 1, 2018.Vanguard

Nestle, Guinness: Why analysts want you to sell

The early results of corporate institutions quoted on the Nigerian Stock Exchange, NSE, for the period, first quarter 2018 (Q1’18) have pointed to a continued leveraging of the positive vibes eliciting from  macroeconomic environment.Vanguard

Fixed securities yields crash, equities investments set to boom

The Nigerian equities market is expected to record huge gains largely on the back of fast-declining yields on fixed income securities (Treasury bills and Federal Government bonds).Punch

Rainstorms force power generation down by 1,148MW

Power supply worsened over the past week as generation fell by over 1,000 megawatts amid violent rainstorms sweeping through the country.Punch

Power sector lost N154bn in 125 days —FG

Between January 1 and May 5 this year, the power sector lost about N154bn as a result of the unavailability of gas, distribution and transmission infrastructure, as well as water reserve challenges, the Federal Government has said.Punch

Buhari may not assent to PIGB, say Amadi, others

President Muhammadu Buhari may not assent to the Petroleum Industry Governance Bill transmitted to him by the National Assembly in April, the immediate past Chairman, Nigerian Electricity Regulatory Commission, Dr. Sam Amadi, and other industry stakeholders have said.Punch

FG spent N4.3tn to service debt in three years — Budget office

The Federal Government spent a total of N4.3tn to service the country’s debt obligations to local and foreign debtors between January 2015 and September 2017, figures obtained from the Budget Office on Friday showed.Punch

We can’t force companies to list on stock exchange — Acting SEC DG

The Acting Director-General, Securities and Exchange Commission, Ms. Mary Uduk, speaks on measures being taken to protect investors in the Nigerian capital market, in this interview with journalists in Abuja.Punch

PenCom to boost economy with micro-pension

The National Pension Commission (Pencom), has revealed plans to extend the Contributory Pension Scheme (CPS), to underserved sectors of the economy through the creation of a Micro Pension Scheme.Guardian

Iran Opposes Higher Oil Prices, Signaling Divide With Saudis

Iran, faced with a possible restoration of U.S. sanctions, came out against higher oil prices, signaling a split with fellow OPEC member Saudi Arabia, which is showing a willingness to keep tightening crude markets.Blooberg

China's About to Give Global Finance the Chance of a Lifetime

China’s $42 trillion financial sector is set to open up to the world like never before.Bloomberg