Global Market News

China stocks jump on Politburo policy shift; Aussie slides after RBA"” Reuters

China stocks surged and commodities and the Australian dollar found support on Tuesday on Beijing's new promises of rate cuts and a boost to consumption, while global stocks were wobbly ahead of a crucial U.S. inflation reading. Click here for more.

Oil prices ease, but geopolitical risk and China policy stance check losses"” Reuters

Oil prices eased only slightly on Tuesday, holding on to most of their gains from the prior session as mounting geopolitical risk after the fall of Syrian President Bashar al-Assad and China's vow to ramp up policy stimulus kept a floor under prices. Click here for more.

Macroeconomic News

IATA removes Nigeria from Countries with $1.7 billion blocked funds"” ThisDay

The International Air Transport Association (IATA) has removed Nigeria among the countries that had failed to allow for the repatriation of foreign airlines' revenue. This followed the federal government clearance of all revenue backlogs that were due to the foreign airlines earlier in the year. Click here for more.

Import licences: Dangote Refinery applies to amend suit against NNPC, others"” Vanguard

The Dangote Petroleum Refinery and Petrochemicals FZE, has approached the Federal High Court in Abuja for permission to amend the suit it filed to nullify licenses the Nigeria National Petroleum Company Limited, NNPCL, and six others secured to import refined petroleum products into the country. Click here for more.

Oil producers, NMDPRA differ on petroleum levy collection"”Punch

Oil producers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Monday expressed diverse opinions over who should collect the 0.5 per cent wholesale price levy imposed on petroleum products by the Petroleum Industry Act. Click here for more.

150,000bpd P'Harcourt refinery plant 90% completed "" NNPC"” Punch

The Nigerian National Petroleum Company Limited has confirmed that the ongoing repair of the new 150,000 barrels per day Port Harcourt Refining Company has reached over 90 per cent completion rate. Click here for more.

Nigeria, S'Arabia begin talks on iron ore processing"” Punch

Nigeria and Saudi Arabia have initiated talks on the extraction and processing of iron ore into steel. Click here for more.

Company news

Dangote Sugar targets N50bn in new debt issue"” Punch

Dangote Sugar Refinery Plc has launched an offering to raise N50bn from debt capital market investors through the issuance of Series 6 and Series 7 commercial papers under its N150bn debt programme. Click here for more.

Seplat Energy completes $800 million Mobil assets transaction Thursday"” ThisDay

The assets Sale and Purchase Agreement (SPA) between Seplat Energy Plc and Mobil Producing Nigeria Unlimited (MPNU) is set to close officially on Thursday. In its official prospectus released yesterday, the Nigerian indigenous oil and gas company disclosed that whereas the deal was previously for an initial $1.28 billion, the final consideration has now been put at $800 million. Click here for more.

Abuja:

4 Misratah Street,

Wuse II

Abuja, Nigeria

Tel: +234 201 7100 4334

Email: research@cardinalstone.com

Website: www.cardinalstone.com