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 Wants CBN To Stop Economic, FX Intervention International newswire- Reuters, on Wednesday reported the International Monetary Fund (IMF) as saying in a report Nigerians are getting poorer despite the country’s slow recovery from recession. The report therefore noted the urgent need for “comprehensive and coherent” economic policies reforms, even as the Muhammadu Buhari administration snakes out of the mire in the medium term, even as progress could also be threatened if elections next year consume political energy and resources. Since emerging from recession in the second quarter of 2017, Nigerian officials have repeatedly boasted that they have set the economy back on track. Data by the National Bureau of Statistics (NBS) released on Tuesday, February 27, 2018 put Nigeria’s full-year 2017 GDP growth at 0.83%, driven majorly by the combination of crude oil output, helped by peace in the restive Niger-Delta region, and soaring prices at the international markets The IM...

Telecommunications giant- MTN plans to list its Nigerian unit worth $5.23bn by July in a debut Initial Public Offering (IPO) on the Nigerian Stock Exchange (NSE), just as it will raise fresh funds to reduce debt, according to pre-IPO presentation seen by Reuters. The listing of up to 20bn shares of MTN through a split of an existing unit into 50 units, is believed to be part of an agreement reached following the sanctions by the industry regulator- the Nigerian Communications Commission (NCC). MTN Nigeria, which is 70% owned by South African parent company, aims to raise at least $400 million from the IPO to pay preference shareholders and is preparing to file application to the Securities and Exchange Commission (SEC) to launch the offer after getting approvals from existing investors last week, sources with knowledge of the matter said. Ahead of this, a roadshow is planned for between May and June this year, while listing on Nigeria’s bourse is slated for between June and...

Directors of Seplat Petroleum Development Company Plc, on Wednesday gave investors reasons to cheer, as all of its major indicators for the year ended December 31, 2017 were green, with profit after tax growing significantly faster than revenue for the period, leaving a robust N143.96 Earnings Per Share (EPS), compared with the N79.73 loss in the corresponding period of 2016. According to the result presented to the Nigerian Stock Exchange (NSE), the company’s revenue grew by N74.897bn or 118.16% from N63.384bn in 2016 to N138.281bn; while cost of sales jumped 55.95% up to N73.314bn, as against N47.076bn in the preceding full year; leaving a gross profit of N64.867bn, which was 297.76% better than the N16.308bn reported the year before. General and administrative expenses for the year however dropped by 16.55% from N30bn to N25.037bn; just as net gains on foreign exchange stood at N209m, as against the previous N28.684bn loss. Fair value loss for the period rose from N2.782bn...

Market Update for February 27 Nigeria’s stock market on Tuesday continued its volatility, only that this time the five-day seeming bull transition was halted, after highly capitalized stocks closed south, caving in under pressure from profit takers, despite the rebound in oil and gas stocks due to expected high payout from the sector. It is not known whether the slide had anything to do with investors and traders being unimpressed with the stronger-than-expected Q4 and 2017 full year GDP data released by the National Bureau of Statistics (NBS), showing that Nigeria’s economic recovery remained on course as the 2017 full-year GDP came at 0.83%, compared to the 1.58% year-on-year contraction recorded in 2016. Nonetheless, the data is a signal that the nation’s economic recovery is seriously on track, largely driven by improvements in all major sectors. It is also important to note such other factors and drivers of the economic recovery as the rising oil price in the internation...

I want to express my sincere gratitude to all those who came to the Chart Summit not because they showed up but due to the fact that take burned all bridges of doubt and failure to attend. In addition, they also had fears and doubts about the recent changes in the stock market but they understood that it better they equipped themselves than to assume because they understand that plans fail for lack of counsel but with many advisers they will surely survive. For those that did not attend, I want to congratulate you too because all is not lost. I really understand why you did not attend which are normal things in our everyday life i.e -doubt, -inaction, -indecision, -procrastination, -comfort zone, -not willing to take risk,           - excuses, -low resistance -I know it all -you are already an expert -for the big boys it is too cheap. -no cash as at then. However, all is not lost because I will be releasing the USB of the Chart Summi...

I want to express my sincere gratitude to all those who came to the Chart Summit not because they showed up but due to the fact that take burned all bridges of doubt and failure to attend. In addition, they also had fears and doubts about the recent changes in the stock market but they understood that it better they equipped themselves than t o assume because they understand that plans fail for lack of counsel but with many advisers they will surely survive. For those that did not attend, I want to congratulate you too because all is not lost. I really understand why you did not attend which are normal things in our everyday life i.e -doubt, -inaction,

The Central Bank of Nigeria (CBN), again on Tuesday, Tuesday, February 27, 2018, made interventions in the inter-bank sector of the Foreign Exchange market with the injection of $210m into three segments of the market. A breakdown of the intervention indicates that the CBN offered the sum of $100m to dealers in the wholesale window, while those in the Small and Medium Enterprises (SMEs) window received an allocation of $55m. The invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, etc., was also allocated the sum of $55m. The CBN spokesman, Isaac Okorafor, in disclosing these, said the Bank would continue to make the interventions, in spite of the fact that the country’s reserve has enjoyed accretion in the past weeks, bringing the figure to about $42bn. Okorafor was upbeat that the forex management strategy was yielding the desired result; hence, he noted that the CBN would continue to sustain its activities in the market in order to ...

In what may be vindication of the board’s decision to diversify from its traditional registrars business, which necessitated a name change, following which it dropped the key word: Registrars, adopting the name- African Prudential Plc, directors of the company, on Monday reported a 39.14% revenue growth. Revenue for the year rose to N3.315bn from N2.418bn in 2016, boosted by net interest income which grew to N2.38bn from N1.424bn, significantly surpassing the N935.434m “registrars fee income”, representing a decline from previous year’s N994.394m. Other income rose to N49.196m from N29.214m; even as impairment loss on financial assets rose to N157.296m from N147.46m; while operating expenses climbed 29.58% year-on-year from N1bn in 2016 to N1.29bn. Personnel expenses dropped slightly from N353.413m in 2016 to N327.144m; followed by impairment loss on financial assets of N157.296m, up from prior year’s N147.46m. Other operating expenses climbed to N630.849m from N455.492m; depre...

Pix: Mrs. Toyin Sanni, Group Managing Director, United Capital Plc Shares of United Capital Plc fell 4.88% on Monday and a bigger 5.87% on Tuesday to close at N3.85 each, after the company’s directors presented what investors presented less-than expected financials for the full-year ended December 31, 2017, with flat earnings and 36.9% earnings slip. The board however offered shareholders 35 kobo per share as dividend per share, less than the 40 kobo offered by African Prudential Plc, its sister company. United Capital’s earnings growth was flat at N8.9bn from N9bn in the corresponding period of 2017, with investment income remaining the biggest contributor at N4.965bn, up from N4.039bn in the corresponding period of 2016; boosted by fixed deposits of N4.732bn, up from N4.036bn; just as investment securities fetched N232.552m as against N2.919m in 2016. It was followed by fee and commission income, which dropped slightly from N1.979bn to N1.813bn, with financial advisory fees...

Buoyed by Tuesday’s release of data showing that Nigeria’s 2017 full-year Gross Domestic Products (GDP) grew by 0.83% from the previous year’s 1.58% contraction, the Federal Government says it remains upbeat that the nation’s economy will still achieve its 3.5%. A statement by the Presidency quoted Dr. Adeyemi Dipeolu, Special Adviser to the President on Economic Matters, in response to the latest GDP figures announced by the National Bureau of Statistics (NBS) as noting the 1.92% Q4 economic growth, faster than 1.4% in the preceding quarter. The latest figure, he noted marks the third consecutive growth since Nigeria’s emergence from recession in the second quarter of 2017, just as it shows the economy is improving in all major sectors, including especially the non-oil sector which had contracted for quite a while. Dipeolu, in the statement released by Laolu Akande, Senior Special Assistant to the President on Media & Publicity in the office of the Vice President, expre...

In what shows the compelling need to fast-track the diversification of Nigeria’s economy and free it from the vagaries of the oil sector, the 2017Q4 data for the Gross Domestic Product (GDP) revealed that the economy grew by 1.92%, from -1.73% and 1.4% in the 2017Q3, still driven by the sector, which contributes up to 75% of federally collected revenue. According to data released by the National Bureau of Statistics (NBS) on Tuesday, the Q4 numbers helped 2017 full-year GDP to a 0.83% growth, 2.42% better when compared to the 1.58% contraction in 2016. Real non-oil GDP growth for the year stood at 0.47%, as Q4 recorded 1.45%, up from 0.76% in the 2017Q3; while oil GDP for the period climbed by 4.79%, after soaring by 8.48% in 2017Q4, which was slower than the 25.89% achieved in the prior quarter. Reacting to the numbers, analysts at Cordros Capital noted that “the growth estimate came in 8 basis points and 34 bps lower than Bloomberg’s compiled average estimate of 2.0% and Cor...

Market Update for February 26 Trading activities for the week comprising the dying days of the month of February and the first two days of March opened very volatile yet again Monday on the Nigerian Stock Exchange (NSE), with the day closing slightly green to consolidate the five trading sessions of seemingly weak bull charge on improving volume which signaled buying sentiment awaiting the release of more earnings reports that would give the market a definite direction- whether north or south. So far, the numbers released remain mixed, even as they are yet to beat market expectations, apart from few of companies that grew their dividend payouts. It is important to note that this is why although all the early filer have proposed dividend for their shareholders, the market remains unimpressed and silent as the stimuli so far is no enough to warrant any significant push that it has been waiting for. The day started out with marginal gap up at the opening, rallying in the mid-mo...

Looking closer at the market’s reaction to earnings reports released in Q1 2017 will give an insight into what to expect of the 2018 full year season when presented to the Nigerian Stock Exchange (NSE), all things being equal, as Economists would say, considering the ongoing economic recovery as the monetary and fiscal authorities try to complement each other at this point. It must however be noted that the market situation today and performance of 2016 are different, given that the factors on ground in the market are very much positive because the Nigerian economy has finally come out of recession and is continuing on the path of recovery and growth. These factors have equally reflected on the market and company fundamentals. The Nigerian stock market is truly becoming a barometer to measure actually activities in the economy, as some analysts have argued, judging from the fact that it was the first to go into recession long before the Nigerian economy began to exhibit the tra...

Caption: Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele receiving the 2017 Sun Public Service Award from Gombe State Governor, Alhaji Ibrahim Dankwambo, while Chief Uzor Orji Kalu, former Abia State Governor in Lagos on Saturday.http://investdata.com.ng/2018/02/photo-news-emefiele-receives-2017-sun-public-service-award/#more

Market Update for February 22 Nigeria’s stock market had a very positive Thursday to continue its volatility and followed up previous day’s recovery as more 2017 full year earnings reports are expected to roll in with dividend declaration that will support the seeming retracement in the market. It appears that the bears are gradually losing grip of the market to usher in an uptrend. The NSE index retraced up after touching its 50-Day Moving Average to trade above the 50 and 100-Day moving averages, price support, and trendlines. The rest of the day’s trading session was basking in positive sentiment as reflected in the market breadth, despite the low traded volume that signaled market expectation of these numbers. During the session also the index hit intraday highs of 42.292.85 from lows of 42,158.32 points and at the same time forming a symmetrical triangle chart pattern that supports continuation or trend reversal. The day ended near the session highs, which is a good close...

Photo Caption: UBA’s Executive Director, North, Ibrahim Puri; Vice Chancellor, Usmanu Danfodiyo University, Sokoto (UDUS), Prof Abdullahi Abdu Zuru; the bank’s GMD/CEO, Kennedy Uzoka; Secretary to the State Government, Prof Bashir Garba; and representative of the Sultan of Sokoto, Sarkin Yaki Biaji, Alhaji Kabiru Usman, at the commissioning of the pedestrian bridge built and donated to the university by UBA Foundation, on Monday. The United Bank for Africa Plc on Monday commissioned and handed over a pedestrian bridge constructed by UBA Foundation, its Corporate Social Responsibility Arm for the use of students of the Usman Danfodiyo University, Sokoto State. The N13m bridge was commissioned by Governor Aminu Waziri Tambuwal, is coming over four decades after students of the institution, especially those living off-campus had experienced difficulty connecting the campus as the area was impassable, especially during rainy season. The bridge is in fulfillment of a promise made ...

Market Update for February 22 Nigeria’s stock market had a very positive Thursday to continue its volatility and followed up previous day’s recovery as more 2017 full year earnings reports are expected to roll in with dividend declaration that will support the seeming retracement in the market. It appears that the bears are gradually losing grip of the market to usher in an uptrend. The NSE index retraced up after touching its 50-Day Moving Average to trade above the 50 and 100-Day moving averages, price support, and trendlines. The rest of the day’s trading session was basking in positive sentiment as reflected in the market breadth, despite the low traded volume that signaled market expectation of these numbers. During the session also the index hit intraday highs of 42.292.85 from lows of 42,158.32 points and at the same time forming a symmetrical triangle chart pattern that supports continuation or trend reversal. The day ended near the session highs, which is a good close...

Citing the lack of preparedness by some member countries and clear disparities in their macro-economic conditions, Nigeria’s President Muhammadu Buhari, wants the Economic Community of West African States (ECOWAS) to slow down the sub-region’s planned currency integration earlier scheduled for 2020. He called for a review of the fast-track approach to monetary integration and the harmonization of plans by ECOWAS members with that of the African Union Programme of monetary convergence that had recommended a convergence deadline of 2034 for the establishment of Regional Central Banks in all sub-regions of the continent. Buhari also drew attention to the issue of credibility of the union if anchored on watered down criteria and other major issues of concern that members must examine in order to make progress. Speaking at the 5th meeting of the Presidential Task Force on ECOWAS Currency Programme in Accra, Ghana, on Tuesday, Buhari, who was represented by Godwin Emefiele, governo...

Market Update for February 21 Trading on the floor of the Nigerian Stock Exchange on Wednesday was volatile once more, closing flat, following through the previous session, just as it proof very resilient to remain above the 42,000 level, despite the mixed sentiments during the trading session. The NSE composite index was up pre-market, but opened higher, sustaining the momentum within the mid-morning to midday at 42,241.04 which was the day’s high, before rallying to resistance, pulled back and consolidated. It broke out in the morning and ran up into the last couple of hours when it consolidated, but held, and closed in the green column on improved volume traded but negative market breadth. The NSE All Share index was up 9.92 at 42,158.32, which was 96.34 points off its intraday high, even as the market struggled for direction with the changing pattern as observed so far. Investors and traders should therefore combine fundamentals of the market/companies and index/price ...

The most anticipated financial investment workshop and training session organized by Investdata Consulting Ltd will be live this weekend. Attendees are treating to the "ABC of Technical Analysis for the Novices and Advance Traders". Therefore, when you attend this Practical ABC Technical Analysis conference, you would learn how to trade such that you become one of the lucky 10%, who manage to consistently play the market profitable by themselves through our SIMPLE trading strategies and buy & sell signal setup. This chart summit is designed specifically for those who: • Jump out of profit position in fear of giving profits back? • Indecision in pulling the trigger because you fear the prospects of a loss? • Holding on to losing positions because you fear taking the loss? • Trading often leads into unplanned trades because you fear leaving money on the table? • Small trade size or investing small amount because you’ve just had ...