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Proshare Ng
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Late yesterday, United Bank for Africa (UBA) reported Q2 2016 results which were very strong, thanks to the bank booking N58.4bn in other comprehensive income. Fx translation gains and fair value gains contributed to this OCI result, and they explain why PAT was up 281% y/y compared with PBT growth of 7% y/y.
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The naira has taken another hit depreciating to N407/$ in the parallel market. The impact of this on imported commodities will be felt in September.
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The equities market closed today on a negative note, as NSE ASI depreciated by 1.80% to close at 27,379.95basis points, compared with the 0.25% appreciation recorded previously.
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angote Cement’s (DangCem’s) Q2 2016 PAT beat our forecast by a considerable margin and grew strongly (+132% y/y). However, the results were mainly driven by fx gains. Excluding the gains, the underlying results were weak. As such, we have increased our EPS forecasts by only 6% on average over the 2016E-18E period.
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Nigeria has about 13GigaWatt (GW) of electricity generating capacity, a transmission capacity of 5GW and distribution that hovers between 3.5 and 4.2GW. Currently, natural gas accounts for more than 80% of Nigeria’s generating fuel needs. About 30% increase in available generation is possible if the gas constraints are resolved.
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Africa’s share of global oil production dropped again slightly since last year, moving it from 9.3% to 9.1% of global output. Proven oil reserves on the continent are still estimated to be 7.6% of the global total, which is the same as the previous year.
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The 2017-19 Medium-Term Expenditure Framework (MTEF) was approved by the Federal Executive Council on Wednesday and maintains the policy thrust of the administration. On the spending side, it targets social intervention and infrastructure.
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United Bank for Africa Plc, banking company in Financial Services sector announced 0.1% Gross Earnings decline in Q2 '16 Result.
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As you are aware, there have been a number of media reports referencing the temporary suspension of FirstBank from the Nigerian foreign exchange market on account of failure to comply with the Treasury Single Account (TSA) policy. FirstBank wishes to confirm, that it has been and remain in compliance with all tenets of the TSA policy.
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The dynamic nature of emerging markets creates challenges that have never confronted the developed world, but also opens up opportunities for innovation and growth. Payments is an area where this dynamism is already well-established.
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In line with the OTC FX Futures Market Framework and the FMDQ OTC FX Futures Market Operational Standards, trading on the NGUS AUG 24 2016 contract ceased on Tuesday, August 16, 2016, and was valued yesterday by FMDQ OTC Securities Exchange (FMDQ) against the Nigerian Inter-Bank Foreign Exchange Fixing (NIFEX) Spot rate.
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Various local Nigerian news articles indicate that the CBN has locked out nine banks from participating in the interbank foreign exchange market for failing to remit US$ government deposits worth US$2.3bn to the Central Bank as part of the Treasury Single Account directive, first implemented in September 2015.
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