A good year for global equity investors

2017 has been a fantastic year for equity investors globally. From advanced markets to frontier markets, equity benchmarks witnessed bull-run in the year.  Year-to-date (YTD) return across markets under our coverage averaged 21.2 percent as at Dec-28. Ghana (+53.1 percent) and Nigeria (+41.4 percent) outperformed peers, driven by a rebound in oil prices and improved policy outcomes, while Hong-Kong’s Hang Seng Index (+35.8 percent) and US Nasdaq...

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Nigeria's FX reserves up 45 pct yr-to-date, naira falls 0.34 pct on official window

Nigeria’s foreign exchange reserves stood at $37.92 billion as of Dec. 22, up 45.34 percent year-to-date, while the local currency closed at 306.05 to the dollar at the official window, while closing at 360.33/$ on the investor forex window and at 364 to the dollar on the black market. The naira opened at 305 to the dollar on the official market this year and at 490 to the dollar on the black market on January 4, 2017. The central bank introduced...

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Nigeria says working hard to resolve gasoline crisis

Nigeria vice president Yemi Osinbajo has said that the government is working hard to quickly resolve the fuel shortages being experienced in the country. Osinbajo said this during an unexpected stopover at some fuel stations in Lagos State on Christmas Eve.In a chat with Nigerians from all walks of life on Sunday evening during the stopover, the Vice President noted that the Federal Government was moving as quickly as it could to solve...

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How Jonathan’s officials, cousin shared 27bln proceeds of PHCN sale -EFCC

The Economic and Financial Crimes Commission (EFCC) has narrated how top government officials under the administration of former president Goodluck Jonathan shared 27 billion, part of the proceeds of the sale of Power Holding Company of Nigeria (PHCN) in 2014. According to the commission in a court paper filed before the Federal High Court in Abuja on December 5, 27.18 billion naira was allegedly looted by the named officials was said to be meant...

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Nigeria stock index up 0.45 pct, driven by Dangote Cement, Seplat, Access Bank

Nigeria stock index closed higher on Friday, gaining 0.45 percent to close to 38,522.14 points, compared with the appreciation of 1.10 percent posted the previous day. The market has risen 43.34 percent year-to-date, swelled by increased offshore interest in Nigeria's equity market. The market was also up 0.22 percent week-on-week. Dangote Cement, which accounts for a third of the market capitalisation gained the most, followed by Access Bank, Seplat,...

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Nigeria unemployment rate climbs, four in ten people in the workforce are unemployed or underemployed

Four out of every ten people in Nigeria's workforce were unemployed or underemployed by the end of September, National Bureau of Statistics (NBS) said on Friday. Nigeria power climbed out of its first recession in a quarter of a century in the second quarter, but economic growth remains sluggish. That has lead to a drought of work opportunities, contributing to a cycle of poverty that drives Nigeria’s yawning wealth inequality as well as social...

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IMF says Nigeria is exiting recession but economy remains vulnerable

 The International Monetary Fund (IMF) has said that even though Nigeria is exiting recession but its economy remains vulnerable. The Fund vedict came after it conducted a review of the Africa’s largest economy. “Overall growth is slowly picking up but recovery remains challenging,” the IMF said in a statement about the review. IMF said macroeconomic and structural reforms remain urgent to contain any vulnerability, noting that "in the...

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Fasting can delay the signs of AGING, claims researcher

Fasting can delay aging, a researcher has claimed on the back of ‘promising’ trials into the controversial fad of restricting calories.Dr Rozalyn Anderson, co-editor of a gerontology journal, claimed people are often unaware of the ‘amazing fact’ that wrinkles aren’t inevitable.She pointed to a landmark study earlier this year which showed adults age 0.6 years slower if they eat 25 percent fewer calories each day.This is the equivalent of a grown...

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Nigeria wants probity in donor-funded agriculture projects

Nigeria has mapped out strategies to monitor projects funded by development and donor partners across the country in a bid to ensure accountability and transparency in the implementation of the projects. The West African country's junior  minister of agriculture, Heineken Lokopobiri  said that one of the strategies will include the formation of Project Coordinating Unit (PCU) in the ministryLokpobiri said the planned monitoring...

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Nigeria's equity investment themes: 2018 Outlook

Looking back at 2017, it truly was a pleasant year. Equity investment returns surprised positively and currently stands above 40 percent year-to-date.  Corporate earnings are turning up and commodity prices are humming along quite nicely. Considering the forthcoming year, Investors want to know if 2018 is going to be as "sweet" as 2017.Despite the recent gains realized, we think strong returns can be achieved in 2018, driven by two themes: First,...

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Ghana Q3 GDP growth rises to 9.3 percent

Ghana’s gross domestic product growth rose to 9.3 percent in the third quarter, up from 9 percent in the previous three months because of increased oil production, the statistics office said on Wednesday.The rise marks a potential turnaround for Ghana’s economy, which grew at around 8 percent for years before a global commodity price slump caused a sharp slowdown in 2014.That and a fiscal crisis forced the government to sign a $918 million credit...

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New PDP faction emerges, berates election of secondus

A new faction has emerged from Nigeria's main opposition People's Democratic Party (PDP), with threats to set up a parallel executive by January and open a new secretariat in Abuja.The new faction is led by a group of five men, include Prince Obi Nwosu, Alhaji Hassan Adamu, Chief Olusola Akindele, Chief Godwin Duru and Franklyne Edede.Already, the faction has open a new office located at Asokoro District of Abuja.The Independent National...

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Shell, Eni to stand trial in Nigeria bribery case

Royal Dutch Shell and Eni have been ordered to stand trial over alleged corruption in Nigeria with the Italian major’s chief executive among those indicted.A Milan judge ruled on Wednesday the two companies along with a series of present and past executives would have to face a trial which legal sources said is due to start on March 5.The case involves the 2011 purchase by Eni and Shell of Nigeria’s OPL-245 offshore oilfield - one of Africa’s most...

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Benin Republic withdraws Globacom telecoms licence

Nigeria's neighbouring country, Benin Republic has withdrawn the operating licence of Globacom's local unit in a dispute over new terms,. Benin’s telecommunications regulator in a document sighted on Tuesday said that it took the decision after negotiations with Glo Mobile Benin to renew its licence broke down earlier this month after the company refused new conditions imposed by the government. The regulator, ARCEP-Benin, had imposed...

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Nigeria Cbank resumes liquidity tighten, sells 450 bln naira debt to tame inflation

Nigeria central bank resumed liquidity tighten on Monday after data showed inflation figure marginally slowed at 15.9 percent, an indication that the monetary authority is far from achieving price stability despite the substance of tight monetary stance.The bank had suspended the issuance of fresh short-dated debt for the rest of the year after the Debt Management Office (DMO) retired around 340 billion naira in the matured paper last...

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What NOT to buy a woman as gift this season

* Bathroom scales (even if she begs you for them) - the answer as a man is to say ‘"Who cares what the scales say, YOU my love, are perfect in any shape!”’• Plates or cutlery - are not pleasant to receive for the holidays! I was once given an entire kitchen crockery set and was a little offended as it makes a woman feel like an unpaid chef living in her own home.• Firming face creams or lotions for wrinkly eyes/sagging jowls - we want to believe...

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How to choose the right gift for your woman this season

No matter how hard men try, when it comes to buying holiday presents for the ladies in their life, they often get it wrong.To take the guesswork and stress out of the process, FEMAIL gets real and rounds up what women really want. Plus, we chat with Tina Wilson, Founder of Wingman – a dating app in which the user plays cupid for their single friend – about the presents you should absolutely avoid.Diamonds are a girl's best friend, right? Yes!...

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Nigerian economic growth, not yet cheering news

The recent announcement of 1.4 percent growth in the Nigerian economy by the National Bureau of Statistics was received in the government circles as a major leap in their efforts to rebuild the broken down Africa’s top economy.  As soon as the announcement was made, top government officials went into a frenzy to beat their chests for a work well done. While many people also considered the improvement in the economy in the third quarter of the...

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