Morning Beats

Domestic investors sustain interest on NSE

DOMESTIC investors have continued to dominate trading on the equities market for three months in a row, as they traded N497.15 billion worth of shares for the first quarter, Q1, ended March 31, 2018.Vanguard

CBN: Nigeria spends $36.371b on fuel importation

A whopping $36.371billion was spent on the importation of petroleum products into the country in the last five years, the Central Bank of Nigeria (CBN), has said.The Nation

Oil price hits four-year high at $76

Reduced global supply— combined with the solid global economy—have helped push oil prices higher since they fell below $30 a barrel in early 2016.The Nation

Africa loses $5.5b to capital flight

Ghanian President, Addo Dankwa Akufo-Addo yesterday said the African continent loses $5.5 billion insurance premium to capital flight yearly.The Nation

FG’ll start scheme to support power distributors – Fashola

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the Federal Government will start supporting electricity distribution companies by the end of this year as part of efforts to achieve incremental power supply in the country.Punch

Banks’ credit to economy dropped by N136bn in Q1 – NBS

The total credit from banks to the economy recorded a decline of N135.8bn from N15.74tn at the end of the fourth quarter of last year to N15.6tn in the first three months of 2018.Punch

Unity Bank, UPDC, NPF MFB top losers, equities shed N17bn

Unity Bank Plc, UACN Property Development Company Plc and NPF Microfinance Bank Plc emerged as the top three losers at the close of trading on the floor of the Nigerian Stock Exchange on Monday.Punch

Naira weakens marginally against dollar at parallel market

The Naira on Monday weakened marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria reports.Punch

ATMs record transactions worth N1.56bn in first quarter –NBS

The National Bureau of Statistics has revealed that transactions from Automated Teller Machines of selected banks across the country reached N1.568 billion in the first quarter of 2018.Punch

Groups justify Forte Oil divestment from upstream, Ghana businesses

That Forte Oil Plc went into a business area it had no core competence in and running out when it got its fingers burnt, is really not a problem for its shareholders, as long as they continue to enjoy a good return on their investments.Guardian

NASCON to grow tomato business through backward integration process

To consolidate its performance and sustain growth trajectory in the next financial year, NASCON Allied Industries has assured shareholders that the firm would prioritise its tomato paste business through the adoption of backward integration process and local sourcing of raw materials.Guardian

Nigeria electricity generation capacity drops to 2,329.9MW

Nigeria’s electricity generation capacity dropped from the 5,222.3 megawatts (MW) attained earlier this year to 2,329.9 MW on May 6.This meant that e country lost about 3,710.8MW due to gas, line and frequency constraints, which is the equivalent of N1.870billion, according to the Nigerian Electricity Supply Industry (NESI).Guardian

NCC seals firm, bank in Uyo, Calabar, for violating regulations

For failing to comply with the guidelines for the deployment of 5.4GHz frequency band, some companies in Uyo, Akwa Ibom, and Calabar, Cross River states have had their premises shut down by the Nigerian Communications Commission (NCC).Guardian

AfDB Leading Talks With Zimbabwe and Creditors to Clear Arrears

The African Development Bank is leading talks with Zimbabwe and its creditors to make plans for the nation to pay off some of its arrears so it can restore relations with lenders, said Akinwumi Adesina, the bank’s president.Bloomberg

Musk Buys $9.85 Million in Tesla Stock After Taunting Shorts

Tesla Inc.’s Elon Musk is putting some money where his trash-talking mouth is.Bloomberg

Ignore the Emerging-Market Selloff; This Time (Really) Is Different

This emerging-market rout may not have much further to go.Bloomberg