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Media Highlights 10-05-2024
(Source: CardinalStone Research, Date: 10-May-2024)

Global Market News

 

Asia stocks rally on renewed global rate cut optimism "” Reuters

Asian stocks rose on Friday, on course for a third week of gains, while the dollar was on the back foot as fresh signs of an easing U.S. labour market stoked optimism around interest rate cuts this year ahead of next week's crucial inflation data. Click here for more.

 

Oil prices up on stronger Chinese data, Middle East conflict "” Reuters

Oil prices rose on Friday, continuing upwards trend on the signs of improving economy in China and as negotiations to halt hostilities in the stand-off between Israel and Hamas yielded no results. Click here for more.

 

Macroeconomic News

 

FG mulls telecom tariff hike ""  The Sun

The Federal Government, on Thursday, said it is inclined to approving telecommunication companies desire to increase tariffs on their products and services. Click here for more.

 

Q1 foreign debt servicing gulped $1bn "" CBN""  Punch

The Federal Government spent about $1.12bn on foreign debt service payments in the first quarter of 2024, highlighting the growing burden of external debt on the nation's finances. Click here for more.


Lagos-Kano Rail Line Ready For Freight Operations In June "” Federal Gov't "" Leadership

The federal government has said freight services may soon commence on the Lagos-Kano narrow gauge rail line in June, 2024. Click here for more.

 

Ondo IGR rises to N40bn "" ODIRS "”Punch

In The Ondo State Government has disclosed that its Internally Generated Revenue has increased by 300 per cent to N40bn from N10bn. Click here for more.

 

CBN mandates banks to comply with FX reforms "”The Sun

In a move to enforce total compliance with the rules of engagement, the Central Bank of Nigeria (CBN) on Thursday, issued a directive to all banks on the need to strictly implement recent foreign exchange policy reforms. Click here for more.

 

 Nigeria's FX reserves grow to $262m in 3 weeks amid inflationary pressures "”The Sun

Amidst economic uncertainties, Nigeria's foreign exchange (FX) reserves reached a 3-week high, gaining $262 million, Daily Sun investigations can reveal. The figure offers a glimmer of hope amidst concerns about economic stability after dwindling oil prices and debt service costs have contributed to the fluctuation in reserves. Click here for more.

 

Company News

 

Airtel to pay $13bn dividend despite $549m FX loss - Punch

The board of Airtel Africa has proposed a final dividend of $3.27 per share for the year ending March 2024. The telecoms giant will be paying $13.39bn dividend for the period under review, according to its audited annual reports filed with the Nigerian Exchange Limited on Thursday. Click here for more.


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