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  A haircut is an extremely thin spread between the bid and ask prices of a given stock. It is also a situation in which a stock price gets reduced by a certain percentage for margin trades. Better still, a haircut is the difference between prices at which a market maker can buy and sell a security or could be a percentage by which an asset's market value is reduced for the purpose of calculating capital requirement, margin and collateral levels. Investdata Academy

A shark watcher is an individual or firm hired to watch for takeovers by monitoring trading, accumulation of shares and any noteworthy activity. A shark watcher could be a firm specializing in the early detection of hostile takeovers. Hostile takeover is accumulating a majority share of a publicly traded company's outstanding share. A shark watcher monitors trading patterns in a client's stock and tries to determine who is accumulating shares. A shark watcher can also be hired by a third party who is interested in possible risk arbitrage opportunities that might arise as a result of an attempted takeover. A shark watcher's primary business is solicitation of proxies for client corporations. Investdata Academy

Market Update for September 27, 2018 There was an extension of downtrend for the second consecutive trading session on Thursday, closing lower, on a reduced trading volume ahead of Friday, the last trading session for the month/quarter, which is likely to further decline, despite the increased tempo of notification of close period for Q3 earnings reports by many companies. The bargain hunting induced rebound due to low stock valuations after many listed companies hit their 52-week low, revealing huge intrinsic value of the stocks. The political risk had earlier shaped the market and the economy in the prevailing bearish ascendance and deteriorating economic position, especially giving the unfolding events that played out at the two recently concluded governorship elections held in Ekiti and Osun States had cast a shadow into what will happen in 2019 general poll and thereby eroding the confidence of free and fair elections. The NSE’s composite All-Share index opened Thursday

NSEASI buy 26% sell 74% MFI 57.66 Access buy 0% volume index 0.94 MFI 68.08 Afrprud buy 💯 volume index 0.82 MFI 65.41 CCNN buy 0% volume index 5.92 MFI 35.79 Continsure buy 0% volume index 4.36 MFI 32.52 Custodian buy 💯 MFI 85.10 Diamond buy 0% MFI 60.91 Fbnh buy 💯 MFI 47.67 Fcmb buy 💯 MFI 39.18 Fidelity buy 80% sell 20% volume index 2.86 MFI 67.07 GT buy 0% volume index 0.91 MFI 71.41 Linkass buy 💯 volume index 3.92 MFI 43.57 Nem buy 💯 MFI 83.08 Nestle buy 100 volume index 6.19 MFI 41.09 Oando buy 💯 MFI 63.65 Red buy 0% MFI 95.16 Royalex buy 💯 volume index 4.98 MFI 34.22 Sovereins buy 💯 MFI 32.41 Sterling buy 💯 volume index 2.04 MFI 45.32 Transcorp buy 💯 MFI 63.84 Uba buy 0% MFI 78.18 Ubn buy 0% volume index 1.33 MFI 44.05 Ucap buy 0% volume index 2.93 MFI 37.85 Uniondac buy 💯 volume index 3.32 MFI 59.23 Wapic buy 💯 MFI 63.76 Wema buy 0% volume index 0.80 MFI 37.50 Zenith buy 50% sell 50% MFI 69.64

Tuesday’s gain by the composite Nigerian Stock Exchange (NSE) All-Share index suffered a reversal at the end of midweek’s trading session on profit booking, amidst the ongoing interpretation of the implications of Tuesday’s Monetary Policy Committee (MPC) and the comments made by the members (READ).  This is particularly true of the fears expressed by the committee about the possibility of Nigeria slipping back into recession, judging by the gradual slide in GDP, unless something is done to check the economic drift. Based on this fears, among others like the resurgence in inflation, the committee by majority vote, opted to leave all the Monetary Policy rates unchanged to watch as events unfolds in the last quarter of the year, leading to next year’s general elections beginning in February. Another rate hike in the U.S will further put pressure on emerging market economies like Nigeria, as it will enhance the yield return on US 10-year Treasury Bills. The NSE benchmark index sta

NSEASI buy 4% sell 96% volume index 0.74 MFI 57.62 Access buy 0% MFI 72.53 Aiico buy 0% MFI 36.48 CCNN buy 29% sell 71% volume index 1.95 MFI 12.21 Custodian buy 0% volume index 1.33 MFI 84.70 Diamond buy 33% sell 67% MFI 66.42 Fbnh buy 0% volume index 0.87 MFI 53.43 Fcmb buy 0% MFI 39.73 Fidelity buy 50% sell 50% volume index 4.42 MFI 56.15 GT buy 87% sell 13% volume index 1.51 MFI 69.36 Hony flour buy 💯 volume index 0.88 MFI 45.49 Jaiz buy 0% MFI 64.58 Japaul buy 0% MFI 26.83 Neimeth buy 💯 volume index 2.24 MFI 56.02 Nem buy 💯 MFI 83.03 Oando buy 💯 MFI 62.61 Prestige buy 0% volume index 16.81 MFI 24.34 Regalins buy 💯 volume index 0.76 MFI 47.32 Royalex buy 0% volume index 9.50 MFI 15.29 Sovereins buy 💯 MFI 54.29 Stanbic buy 0% MFI 60.22 Transcorp buy 50% sell 50% volume index 1.35 MFI 64.83 Uba buy 60% sell 40% MFI 75.99 Ucap buy 0% volume index 1.36 MFI 45.59 Wapco buy 0% volume index 1.02 MFI 18.19 Wema buy 0% volume index 1.81 MFI 36.46 Zenith

Governor of the Central Bank of Nigeria (CBN), on Tuesday corroborated a statement by Stanbic IBTC Holdings Plc, assuring investors that its banking subsidiary would not be held liable for the $2.6bn it helped telecommunications giant- MTN Nigeria to repatriation from the country using “forged” Certificates of Capital Importation (CCIs). In a statement by Chidi Okezie, Company Secretary, titled “Re: Regulatory Fine By the Central Bank of Nigeria, dated September 24, 2018, Stanbic IBTC Holdings said it had been informed by its banking subsidiary – Stanbic IBTC Bank Plc, that the CBN commitment “that it would examine new submissions and documentations made by the bank, and where justified, it would review its earlier decision on the penalty it imposed on the bank.” Fielding questions at the end of the two-day 120th Monetary Policy Committee (MPC) meeting in abuja on Tuesday, Emefiele said any liability arising from the funds transfer was that of MTN and not the four banks. While

past, members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday rose from a two-day meeting, expressing concerns that the nation’s 2017 exit from recession is under threat. This, they noted, is clear from the latest data released by the National Bureau of Statistics (NBS), showing a growth slowdown in Gross Domestic Product (GDP) from 1.95% in 2018Q1 to 1.5% by Q2. In a communiqué at the end of its 120th meeting, which ended on Tuesday, the MPC blamed the oil sector for the slowdown, even as there are strong linkages to employment and growth in other key sectors of the economy. “In this regard, the Committee urged government to take advantage of the current rising oil prices to rebuild fiscal buffers, strengthen government finances in the medium term and reverse the current trend of decline in output growth.” Crude oil prices (Brent crude) the international benchmark peaked at $82.20 per barrel on Tuesday’s session, beyond the last peak

The Chief Operating Officer of Rand Merchant Bank Nigeria (RMB), Funso Odukoya, wants increased awareness and greater partnership among stakeholders, if the nation is to achieve its target of greater financial inclusion in the country ahead of the 2020 target date. Odukoya spoke during a panel session at the 2018 Annual National Conference of the Finance Correspondents Association of Nigeria (FICAN), with the theme: “Banks, Fintechs and Nigeria’s Financial Inclusion Journey,” held in Lagos, recently. “To achieve financial inclusion, we need to educate everyone. Let’s get the information out there and let’s bring people into the financial system. “We can achieve this by understanding our culture and by leveraging information to make sure everybody understands what financial inclusion is about,” he said. Responding to a question on reports that banks do not lend to FinTechs, because of competition, Odukoya said: “Banks carry out due diligence before they lend to any sector. You

NSEASI buy 80% sell 20% volume index 0.96 MFI 51.51 Access buy 12% sell 88% MFI 72.57 Dangote Cement buy 💯 MFI 22.76 Dangote sugar buy 💯 volume index 2.91 MFI 38.09 Diamond buy 60% sell 40% volume index 1.06 MFI 61.14 Fbnh buy 💯 MFI 52.06 Fcmb buy 💯 MFI 34.97 Fidelity buy 40% sell 60% volume index 2.39 MFI 45.45 Fmn buy 0% volume index 0.81 MFI 52.13 GT buy 75% sell 25% MFI 61.48 Japaul buy 0% volume index 0.75 MFI 24.93 Lasaco buy 💯 volume index 2.00 MFI 72.34 M&B buy 0% MFI 45.04 Mben buy 💯 volume index 3.73 MFI 65.72 Nascon buy 💯 volume index 0.79 MFI 7.62 Oando buy 💯 MFI 64.58 Sovereins buy 50% sell 50% volume index 0.90 MFI 46.41 Sterling buy 💯 volume index 1.49 MFI 51.50 Transcorp buy 80% sell 20% volume index 0.73 MFI 56.49 Uacn buy 0% volume index 1.80 MFI 53.70 Uba buy 80% sell 20% volume index 1.17 MFI 68.53 Ubn buy 0% volume index 2.04 MFI 41.45 Ucap buy 0% volume index 1.18 MFI 39.06 Unity buy 💯 MFI 65.48

A killer bee is an individual or firm that helps a company fend off a takeover attempt. A killer bee is usually an investment banker who devises strategies to make the company less attractive or more difficult to acquire, by forcing acquirers to pay more, or by diluting the acquirer's holdings. Investdata Academy

Market Update for September 24, 2018 The week started with Monday closing as another tough and volatile session on the Nigerian Stock Exchange (NSE), as the seeming bull transition was halted and the benchmark All-Share index closing lower on a low volume traded. This followed profit taking by traders in blue chips stocks that had rallied recently, amidst the anxious wait for the outcome of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting before the end of Tuesday. The possibility of another unanimous vote to hold rates for the umpteenth time is high, given the latest (August) inflation data released by the National Bureau of Statistics (NBS); added to the steady decline in the nation external reserve (READ MORE). As at September 21, 2018, according to the latest filing on the CBN website as at Monday, September 24, 2018, Nigeria’s reserves was down further to $44.825bn, despite continued jump in oil price (Brent Crude) to a four-year high at $80.94 per

NSEASI buy 16% sell 84% volume index 0.82 MFI 43.89 Access buy 0% MFI 70.85 Afrprud buy 💯 volume index 1.39 MFI 68.70 Aiico buy 💯 MFI 23.85 Dangote flour buy 0% volume index 1.14 MFI 19.55 Diamond buy 44% sell 56% volume index 0.77 MFI 69.03 Fbnh buy 50% sell 50% MFI 52.03 Fcmb buy 47% sell 53% MFI 61.69 Fidelity buy 0% volume index 1.52 MFI 42.31 FO buy 0% volume index 1.00 MFI 65.05 GT buy 💯 volume index 3.82 MFI 58.89 Hony flour buy 💯 volume index 0.73 MFI 39.84 Japaul buy 💯 volume index 2.06 MFI 26.63 Lasaco buy 50% sell 50% volume index 0.92 MFI 87.96 Law buy 0% volume index 1.19 MFI 33.70 Lvstk buy 0% volume index 1.35 MFI 34.89 Neimeth buy 0% volume index 1.75 MFI 64.99 Nem buy 0% MFI 80.64 Oando buy 0% volume index 1.39 MFI 66.70 Prestige buy 💯 volume index 4.59 MFI 52.71 Sovereins buy 💯 volume index 0.96 MFI 46.80 Sterling buy 💯 volume index 0.89 MFI 51.25 Transcorp buy 75% sell 25% volume index 1.61 MFI 57.54 Uacn buy 42% sell 58% volume index

https://investdata.com.ng/2018/09/corporate-actions-as-at-week-ended-sept-21-2018/#more

The Central Bank of Nigeria (CBN), on Friday announced another intervention in the retail Secondary Market Intervention Sales (SMIS) by injecting a total of $317.52m in that segment of the market in addition to CNY58.4m in the spot and short-tenored forwards segment. The figures obtained from the apex Bank, revealed that the US dollar-denominated interventions were only for actors in the agricultural and raw materials sectors while the Yuan was for Renminbi denominated Letters of Credit. Confirming the figures, the CBN’s Director, Corporate Communications Department, Isaac Okorafor said the Bilateral Currency Swap Agreement (BCSA) with the Peoples’ Bank of China had continued to receive encouraging responses from customers. While noting that Friday’s sale was the fifth in the series of interventions, he said the BCSA was achieving its major objectives of reducing the use and influence of a third currency transactions; reducing the pressure on the naira exchange rate; easing tra

https://investdata.com.ng/2018/09/investdata-price-earnings-tracking-for-week-ended-sept-21-2018/

NSEASI buy 60% sell 40% volume index 0.76 MFI 13.06 Access buy 💯 volume index 1.40 MFI 15.23 Afrprud buy 💯 MFI 59.69 Aglev buy 💯 volume index 1.18 MFI 1.93 Aiico buy 64% MFI 61.57 Berger buy 💯 volume index 0.80 MFI 7.88 Cadbury buy 0% MFI 19.19 Caverton buy 68% sell 32% MFI 46.04 CCNN buy 50% sell 50% MFI 28.39 CIleasing buy 47% sell 53% volume index 0.96 MFI 93.34 Continsure buy 💯 MFI 60.96 Custodian buy 💯 MFI 64.60 Cutix buy 25% sell 75% volume index 1.25 MFI 57.62 Dangote Cement buy 4% sell 96% MFI 19.32 Dangote flour buy 0% MFI 19.12 Dangote sugar buy 💯 MFI 24.92 Diamond buy 0% MFI 45.73 Eterna buy 💯 volume index 1.52 MFI 80.42 ETI buy 0% MFI 27.08 Fbnh buy 75% sell 25% MFI 44.51 Fcmb buy 89% sell 11% MFI 15.69 Fidelity buy 33% sell 67% MFI 43.37 Allum buy 💯 volume index 21.09 MFI 87.66 Fmn buy 57% sell 43% MFI 14.75 FO buy 71% sell 29% volume index 1.28 MFI 26.75 Glaxo buy 0% MFI 23.05 GT buy 56% sell 44% MFI 25.58 Hmarkins buy 0% MFI 91.55

The World Bank says fewer people are living in extreme poverty around the world today, siting new data indicating that the number of people living on less than $1.90 a day fell during this period by 68m to 736m between 2013 and 2015. A statement by the bank released on Thursday said the percentage of people living in extreme poverty globally fell to a new low of 10% in 2015 — the latest number available — down from 11% in 2013, reflecting steady but slowing progress. While noting that the deceleration in global numbers stems mainly from an increasing concentration of extreme poverty in regions where poverty reduction has lagged, it noted the case of Sub-Saharan Africa, “where, under all but the most optimistic scenarios, poverty will remain in double digits by 2030, (due to) absent significant shifts in policy. Slowing declines in poverty also reflect falling commodity prices, conflict, and other economic challenges for developing countries. The World Bank’s preliminary forecast

Apparently tired of injecting scarce critical life-blood over the past two years, the Central Bank of Nigeria (CBN), on Friday revoked the operating licence of troubled Skye Bank Plc. The move is coming despite the recent renewal of the appointment of the Mohammad Ahmad and Tokunbo Abiru-led board and management of the bank for another two years. It is also coming after the board recently assured investors through the management of the Nigerian Stock Exchange (NSE) that its audited financials for 2016 and 2017 have been presented to the CBN for approval, preparatory to being submitted. CBN Governor and the Managing Director of the Nigeria Insurance Deposit Corporation (NDIC), Godwin Emefiele, disclosed this on Friday at a media briefing in Lagos. He also announced the change in the name of Skye Bank to Polaris Bank which takes over the bank. He said an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria has been directed to

Market Update for September 20, 2018 Trading on the Nigerian Stock Exchange (NSE) was very strong as the benchmark All-Share index closed positive, reversing Wednesday’s down market on improved demand for blue chip stocks ahead of next week meeting of the Monetary Policy Committee (MPC) meeting. The day started with a slight gap down with the index working its way slightly higher by midday and consolidating in the afternoon. Within the period, market technicals improved, touching intraday high of 32,480.89 basis points from a low of 32,330.18bps on a high volume to finish the day at 32,480.89bpbs. The market further resisted decline on Thursday, which made MACD convergence to support short term rally in this downturn. The performance gap between the composite NSE index, technical indicators shortened to signal an imminent rebound, all things being equal, and outcome of next week’s MPC meeting being favorable to the market and economy. Notwithstanding the prevailing market con

A godfather offer is an offer that cannot be refused. It is typically a tender offer pitched so high that the management of the target company is unable to discourage its shareholders from accepting it. Therefore, if the target company's management refuses the offer, the shareholders may initiate lawsuits or other form of revolt against the target company for not performing their fiduciary duty of looking out for the best interests of the shareholders. This expression comes from the famous line - "make him an offer he can't refuse " featured in the godfather trilogy which is now one of the most celebrated quotations from an American film. Investdata Academy

A bear hug is a term often used in risk arbitrage. It is an hostile takeover attempt in which the acquirer offers an exceptionally large premium over the market value of the acquiree's shares so as to squeeze or hug the target into acceptance. Explaining further, it is an offer made by a company to buy the shares of  a company or the shares of a high net worth shareholder(s) for a much higher price per share than what the company is worth in the market. It is usually made when there is doubt that the target company's or shareholders are willing to sell. Investdata Academy

NSEASI buy 💯 volume index 1.01 MFI 43.21 Access buy 💯 volume index 1.46 MFI 52.17 ETI buy 💯 MFI 18.26 Fbnh buy 100 volume index 2.03 MFI 50.93 Fidelity buy 💯 volume index 1.47 MFI 48.90 Allum buy 💯 volume index 26.59 MFI 98.04 Fmn buy 0% MFI 34.49 FO buy 💯 volume index 1.81 MFI 65.24 GT buy 0% volume index 0.70 MFI 47.94 Hony flour buy 0% volume index 1.54 MFI 28.88 Jaiz buy 0% volume index 1.00 MFI 47.78 Japaul buy 0% MFI 34.66 Nascon buy 💯 volume index 0.98 Nem buy 0% volume index 2.84 MFI 81.59 Oando buy 💯 MFI 74.05 Okomu buy 💯 volume index 3.55 MFI 69.41 Regalins buy 💯 MFI 57.27 Skye buy 💯 volume index 0.76 MFI 84.56 Transcorp buy 💯 volume index 0.98 MFI 62.32 Uacn buy 💯 volume index 3.00 MFI 23.63 Uba buy 💯 MFI 47.57 Ucap buy 💯 volume index 0.73 MFI 46.00 Wema buy 💯 volume index 2.36 MFI 56.20 Zenith buy 50% sell 50% volume index 1.25 MFI 59.81

Market Update for September 19, 2018 The nation’s equity market had a mixed session at the midweek to close marginally lower, on a positive sentiment, despite the seeming profit booking in insurance stocks that had recently rallied as a result of the expected merger and acquisition ahead of the recapitalization in the sector. The Nigerian Stock Exchange (NSE) Index at the opening of the session slipped downward slowly until mid-morning and into the midday, before consolidating by afternoon after touching intraday lows of 32,269.75 basis points from the highs of 32,392.93bps. It thereafter closed the session at 32,375.12bps on a low traded volume. The mixed corporate earnings and low equity prices are factors attracting bargain hunters to the market despite the economic slowdown, and ahead of the Q3 earnings season. Traders always take advantage of price disconnection from fundamentals, especially when it’s driven by fear or confidence. The prevailing situation in our market t

 Post Views: 121 • As Rivers, Delta, Bayelsa Top • Amidst Dismal Outing By Cross River, Osun, Ekiti Civil society and social advocacy group, BudgIT says seven states emerged champions in the 2018 editional of its Fiscal sustainability index, due to their robust revenue profile and manageable recurrent expenditure obligation. A statement by Ayomide Faleye, Communications Lead at BudgIT listed the states as: Rivers, Bayelsa, Delta, Akwa Ibom, Lagos, Edo and Ondo. While analysing the fiscal condition of the 36 states in the country, it noted a general improvement in their fiscal accounts on the back of increasing oil revenue, while urging the various sub-national governments to embrace a high level of transparency and accountability. It also challenged them to “develop workable economic plans, take haircuts — especially on overheads — expand their internally generated revenue (IGR) base, and cut down on debt accumulation without a concrete repayment plan.” The report single

’ The Central Bank of Nigeria (CBN) said it is still engaged in discussions with officials of telecommunications giant-MTN Nigeria and the four banks recently sanctioned for allegedly involved in capital repatriation on the basis of irregular Certificates of Capital Importation (CCI). In a statement on Wednesday by Isaac Okorafor, its Director of Corporate Communications, the CBN said the sanction was not punish investors who legitimately repatriate returns on their investment, or capital. The move, it added, is also not “designed to restrict access to investor returns,” while urging legitimate investors to take advantage of the enormous investment opportunities in Nigeria. Instead, he assured “all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.” The statement is against the backdrop of the recently concluded 30-month investigation showing that MTN Nigeria fraudulently

UBA: Stronger Earnings Capacity To Support Price, Dividend  Post Views: 42 Coy: Zenith Bank Plc Rating: Buy Current Market Price: Year High: N34.20 Year Low: N19.60 Fair Value: N40.89 By: Jeariogbe Tunde Segun (Equity Analyst) Key Financial Ratios • Interim Dividend for the period is 30 kobo, up from the previous 25 kobo paid in the corresponding period of 2017. • Payout Ratio is therefore same as 11.52% (H1-2017: 10.42%) • Sustainable Growth rate is currently estimated at 10.05% • Non-Performing Loan ratio in the review period was 5.51%, compared to the 3.28% posted in the 2017 full year financial performance, indicating the need to watch its asset quality. • The five-year average Dividend Yield of Zenith Bank Plc has been estimated at 10%, above the industry average of 2.21% • Similarly, the five-year dividend growth rate is currently estimated at 11.03%, lower than the estimated industry average of 25.77% • Five-year average effective tax rate is currentl