Morning Beats

Political turbulence triggers more equity slump

Turbulence in the political arena has sparked massive dumping and induced sell pressure on the equity sector of the Nigerian Stock Exchange as stock market investors lost N257 billionGuardian

SEC’s double standards and investors’ waning confidence

‘All account statements ready for approval’

Going by a popular cliché, “One-man show is a show of arrogance” and that is the modus operandi of the capital market regulator- Securities and Exchange Commission (SEC), which has remained without constituted board for about three years.Guardian

Government appeals for adoption of life insurance

With various development initiatives in the country, Nigerians need to build up a solid financial plan for future through life insurance planning, the Federal Government has appealed.Guardian

Nigeria’s unending ‘hypocritical’ economic diversification

Nigeria’s economic diversification initiative has been more about political pronouncements than real efforts to not only broaden the base of the country’s resources, but raise the volume of output and revenue.Guardian

Securities and Exchange Commission to streamline issuing process

The Securities and Exchange Commission (SEC) has unveiled plans to streamline the entire issuing process, as a measure to incentivise issuers to raise more funds from the nation’s capital market.Guardian

Stock market index dips by 2.89% in five trading days

At the end of last week’s trading, the NSE All-Share Index depreciated by 2.89 per cent, while the market capitalisation dipped by 2.86 per cent to close at 35,446.47 points and N12.941 trillion respectively.Guardian

Corporate earnings growth rate slows down, dents economic recovery reports

Nigeria’s leading companies quoted on the Nigerian Stock Exchange, NSE, have dented the picture of a recovering economy as painted by several macroeconomic performance indicators released by key financial and economy authorities.Vanguard

EFCC probes 35 capital market fraud cases

THE Economic and Financial Crimes Commission (EFCC) is investigating about 35 fraud cases at the capital market. Sources confirmed at the weekend that the EFCC and the market regulators, especially Nigerian Stock Exchange (NSE), have stepped up collaboration on prevention of corrupt practices and market abuses with the NSE referring more cases to the anti-graft agency for investigation and prosecution.The Nation

Fed Govt mulls VAT removal on locally produced LPG

The Federal Government is working with relevant agencies to remove the controversial value added tax (VAT) from locally produced liquefied petroleum gas (LPG), commonly called cooking gas,The Nation

Forex: CBN injects $327m, CNY 69m into Retail SMIS

The Central Bank of Nigeria (CBN) has injected $327.4 million into the interbank retail Secondary Market Intervention Sales.The Nation

‘Weak insurance firms should be allowed to die naturally ’

The need for a tougher regulatory regime in the insurance industry can no longer be wished away. This is because of challenges, such as rate cutting, poor corporate governance and others, prevalent among operators.The Nation

Recapitalisation: investor proposes 10-year roadmap

An investor has proposed a 10-year recapitalisation roadmap that would enable life insurance companies raise their capital to N20 billion; general operators, N30 billion and composite firms, N50 billionThe Nation

‘Fictitious investors’ to wait till December to claim shares

The Capital Market Committee (CMC)-a consultative assembly of stakeholders in the Nigerian capital market, at the weekend gave investors that used fictitious names and other surreptitious means to buy shares up till December 31, 2018 to claim their shares.The Nation

U.S, China trade dispute puts oil prices on edge

Oil traders will stay focused on a plethora of bearish factors currently weighing on the market in the week ahead, after United States (U.S.) crude prices suffered their sixth straight weekly loss last week – their worst losing streak since August 2015.The Nation

AfDB: Nigeria, others spend $35b yearly to import food

Nigeria and other African countries spend $35 billion yearly importing food, the African Development Bank (AfDB) Group has said.The Nation

Nigeria’s foreign commercial loans rise to $8.8bn

Nigeria’s exposure to commercial loans has risen by 486.67 per cent in the last three years as the loans now make up 39.87 per cent of the country’s external debt portfolio as of March 31, EVEREST AMAEFULE writesPunch

Nigerian banks’ll collapse if power firms fail – Discos

Most Nigerian banks will collapse if power generation and distribution companies fail, electricity distributors have warned.Punch