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 In 2017, the Nigerian Equities Market gained 42.3%  Year 2018 snatched off 17.8% of the gained Points in 2017, Meanwhile, Jan. 2019-Date had taken another 13.2% of 2017 gained Points  In other words, only 11.3% is left of all gained points in 2017, that is, market already created opportunities for those who lost out in 2017 upbeat.  Due to the long bearish moves, several listed equities now sells at very attractive prices  Going by the readings of the chart, the market may engage in a recovery move around the current trading point Why you must position now!!  From the above introduction, it can be concluded that the market has reversed almost all gained points in 2017, this is a clear indication that listed equities are largely selling at cheaper prices at the moment  In every market, goods are stocked when prices are cheap, Technically we say “Stock Your Goods when the Streets are bloody”.  Smart Investors are now positioning for Q3 Earnings: The m...

President of the Senate, Ahmad Lawan, on Friday, reiterated the need for a budget reform that will include a law on timelines in the budget passage. Speaking on “Government Meets Business Dinner” of the Institute of Directors Annual Conference on Thursday in Abuja, Lawan said timelines and deadlines will give leaders focus and make them more definite on deliverables. Lawan, who spoke on “Reforming the Budget Cycle: A First Step in Our Journey to the Next Level,” expressed the belief that Nigeria’s “budget cycle if there is a law on timeliness for budget passing.” Reports, according to the Senate President, have shown that countries like the U.S, Canada, Austria, Brazil, France and India have more definite budget cycles through legislation. A statement by Ola Awoniyi, Special Adviser (media) to President of the Senate, quoted Lawan as saying: “We have resolved to be reform minded in the ninth National Assembly and improving the budget cycle is one area of focus. “Our attention ...

The World Bank Doing Business (DB) team has just announced Nigeria as one of the top-20 improvers in doing business out of 190 countries. The announcement, according to Dr. Jumoke Oduwole, Special Adviser to the President, Ease of Doing Business and Secretary, Presidential Enabling Business Environment Council (PEBEC); comes ahead of the October 24 release of the 2020 World Bank Doing Business rankings. The World Bank Doing Business Report is an objective assessment of prevailing business environments based on a number of ease of doing business indicators. In Nigeria, the report assesses doing business conditions in the two largest commercial cities of Lagos and Kano. The World Bank’s announcement acknowledges reforms spearheaded by the PEBEC in the areas of “operationalizing a new electronic platform that integrates the tax authority and the Corporate Affairs Commission (CAC)”. It also acknowledges reforms carried out in some of the World Bank Doing Business indicator areas s...

Market Update for September 24 Tuesday’s transactions on the Nigerian Stock Exchange maintained its volatile pattern as the composite All-Share index declined further, extending the negative sentiments for the second consecutive session amidst continued sell down and profit-taking ahead of quarter-end window dressing by fund managers and the onset of the Q3 earnings reporting season in October. The seeming optimism and rekindled buying interest in the market seem to have disappeared in recent days as reflected in the massive selloffs witnessed in trading for the first two days of the week. It is not impossible that investors are reacting seemingly to the decision by the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) to hold rates, just as other developments in the political space internally and externally. Also, on Tuesday, the CBN published its Purchasing Managers’ Index, which showed a slowdown in the manufacturing sector in the month of September to 57.7 points,...

Market Update for September 25 Negative sentiments persisted on the Nigerian Stock Exchange (NSE) at the midweek, There was however a seeming slowdown in the losing momentum on a very high traded volume with more selling pressure than buying interest during the session. The faded optimism in the last three trading sessions, irrespective of the quarter-end balancing of trading accounts and repositioning by fund/portfolio managers did not reflect in the trading pattern due to indecision among market players and low market liquidity. Technically, the market remains dicey at this point with MACD, and money flow index slowing down and looking south, while parabolic stop and reverse are looking positive. This suggests that trading activities on Thursday and Friday would confirm direction and how the month will end. The performance of Q3 early filers in the month of October will also be a factor in the market. Whether they will be positive or negative will depend on their actual result...

Dividend Yield of companies listed on the Nigerian Stock Exchange (NSE) has, in recent times, continued to increase due to the persistent free-fall in equity prices owing to a bouquet of factors. The prolonged market downturn has, however, boosted yield, especially of blue-chip stocks and other dividend-paying equities across the different sectors of the market. Banking and other financial services stocks are powerhouses of any economy, just as they are intermediaries and agents of development. For investors interested in buying high dividend-paying stocks with yields above the prevailing inflation rate, the table below points where to look for companies that have seen the biggest jumps in yield over the recent weeks. Dividend investing has become necessary in the post-general election Nigerian stock market that has been characterized by a free-fall in equity prices, which has eroded investors’ capital and confidence in the entire economy due to weak macro-economic indices and a...

Market Update for September 24 Tuesday’s transactions on the Nigerian Stock Exchange maintained its volatile pattern as the composite All-Share index declined further, extending the negative sentiments for the second consecutive session amidst continued sell down and profit-taking ahead of quarter-end window dressing by fund managers and the onset of the Q3 earnings reporting season in October. The seeming optimism and rekindled buying interest in the market seem to have disappeared in recent days as reflected in the massive selloffs witnessed in trading for the first two days of the week. It is not impossible that investors are reacting seemingly to the decision by the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) to hold rates, just as other developments in the political space internally and externally. Also, on Tuesday, the CBN published its Purchasing Managers’ Index, which showed a slowdown in the manufacturing sector in the month of September to 57....

Market Update for September 23 Trading activities on the Nigerian Stock Exchange on Monday was again mixed and volatile, opening the week lower as negative sentiments overwhelmed trades with selloffs and profit-taking which hit high cap stocks and others, pulling back the key performance index on a low traded volume. This signalled the onset of yet another wait-and-see attitude among market players. The low and dull mood of the market revealed that investors and traders are still interpreting and analyzing the decision by the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) to retain its benchmark rates, the nation’s emerging macroeconomic indices and policy statements from fiscal and monetary authorities so far. Also, all eyes are on the Federal Government’s newly-constituted Economic Advisory Council (EAC) to provide a workable roadmap. This would be after a careful review of the administration’s Economic Recovery & Growth Plan (ERGP), among other ...

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Despite seeming desperation by the Federal Government to rake in so much from taxing individuals and corporate bodies within its boundaries, Taiwo Oyedele, Head of Tax and Corporate Services, PwC Nigeria, said the country “cannot make money from tax.” This, he said, is notwithstanding the fact that the country is today having one of the highest company income tax rates globally, which, in itself, is a disincentive for business growth. Speaking as part of discussants at the Finance Correspondents Association of Nigeria (FICAN) annual workshop in Lagos on Saturday, with the theme “Unlocking Opportunities in Nigeria’s Non-Oil Sector,” Oyedele assured that he is not laying a curse on the country. He urged the authorities to change around taxation insisting that the current approach only makes compliance difficult. “Our thinking around taxation is completely upside down as a country. Nigeria does not seem to understand that you need to be prosperous so that you can pay tax. So, tax ...

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Market Update for September 19 Thursday’s trading activities slowed down on the Nigerian Stock Exchange (NSE), closing marginally in negative territory, after pausing previous day’s gains as profit booking engulfed banking stocks that rallied only recently. Also, the seeming flat market could be attributed to investors waiting to see the outcome of the rescheduled Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting. We believe that should the meeting’s outcome, which will be known on Friday afternoon, go the way of the market and analysts, with a cut in benchmark rates, the recent rally in the market will continue ahead of third quarter-end window dressing and the Q3 earnings reporting season. This is because the ensuing low cost of funds will translate to an enhanced market and system liquidity, which would be boosted by implementation of 2019 budget as Nigeria’s Federal Executive Council continues to approve funds for capital projects. The reduced cost of fun...

Market Update for The Week ended September 20and Outlook for Sept 23-27 Equities on the Nigerian Stock Exchange (NSE) closed marginally high on Friday as the benchmark All-Share index had mixed performance and sentiments, one the first day after the National Bureau of Statistics (NBS) published its Consumer Price Index, showing that inflation in August moderated to 11.02% from 11.08% in July, among other announcements during the period. Investors were also getting a grasp of the impact of the cashless policy implementation that requires bank customers to pay cash handling charges individuals depositing and withdrawing over N500,000, and over N3m for corporate customers (READ MORE). Also at the time the market closed for the week on Friday, the outcome of CBN’s Monetary Policy Committee (MPC) meeting was just beginning to filter in that members unanimously retained the rates against expectations of many analysts and market players (READ MORE). The decision to hold, rather than ...

At a time of acute revenue shortfalls, declining oil output and price, Nigeria’s dominant cash cow over the past five years to finance public spending, Nigeria’s Federal Government is in talks for yet another $2.5bn loan from the World Bank. Bloomberg quoted the World Bank’s Vice President for Africa, Hafez Ghanem, as disclosing this on Wednesday, discussions are ongoing for the concessionary loan. Expectedly, the news has received wide criticism from Nigerians on Twitter, with many wondering why the current government is insistent on plunging Nigeria into further debt, even after it double outstanding debts from N12tr to N24tr in the past four years. This, he explained, is in addition to $2.4bn Nigeria already received from the bank last year, adding that “we’re talking about a new set of programmes of about the same amount; it should be about $2.5bn. Writing through d@NigeriaNumeric, Nigeria Numeric, a data mining and analysis social company, noted that “767.3bn: The worth o...

A survey by NOI Polls, Nigeria’s foremost pollster, on Thursday, showed that an estimated 60m Nigerians, translating to four of every 10, aged 18-40, engage in sports betting, lured by grinding twin evils of unemployment and underemployment, especially among the country’s vibrant youth population. NOIPolls recalled a report by the News Agency of Nigeria (NAN) that these 60m Nigerians spend up to N1.8bn on sports betting daily, based on an average investment of N3,000 per day, which could translate to about N50bn monthly. This, the survey showed, has been helped by sports betting, which is both online and offline, as well as a gaming industry that has grown geometrically in the past few years, with many operators springing up across the country and occupying every let-able space in most commercial centers. This remarkable growth is attributable also to the country’s population and increased access to the internet via enabled internet devices such as mobile phones, tablets, lapto...

Market Update for September 19 Thursday’s trading activities slowed down on the Nigerian Stock Exchange (NSE), closing marginally in negative territory, after pausing previous day’s gains as profit booking engulfed banking stocks that rallied only recently. Also, the seeming flat market could be attributed to investors waiting to see the outcome of the rescheduled Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting. We believe that should the meeting’s outcome, which will be known on Friday afternoon, go the way of the market and analysts, with a cut in benchmark rates, the recent rally in the market will continue ahead of third quarter-end window dressing and the Q3 earnings reporting season. This is because the ensuing low cost of funds will translate to an enhanced market and system liquidity, which would be boosted by implementation of 2019 budget as Nigeria’s Federal Executive Council continues to approve funds for capital projects. The reduced cost of fun...

Market Update for September 17 Movements on the Nigerian Stock Exchange (NSE) over the past weeks are indications that the market has in its downtrend formed resistance chart patterns that support a real reversal in no distant time. The extended pullback at the end of Tuesday’s volatile and mixed session confirms the occurrence of a failed attempted rally, which at the same revealed an imminent change in the trend with the recent top and bottom chart formations. The massive rotation into value stocks from momentum was due to investors’ perception of the undervalued nature of many blue-chips; as well as positive news from the political space and oscillating oil price that is expected to impact the nation’s external reserves, all things being equal. Trading on Tuesday failed to react to the slowdown in inflation rate at 11.02% in August from 11.08% in July, the slowest growth since January 2016, due to harvest season and weak demand as purchasing power of many Nigerian...

The Nigerian Stock Exchange (NSE) says total transaction value for the month of August 2019 stood at N121.99bn, up by N8.52bn or 7.5% from the N113.47bn reported in July. According to the NSE’s Domestic & Foreign Portfolio Investment Report for the month of August said foreign investors accounted for N63.9bn, or 52.38%; while domestic investors contributed N58.09bn or 47.62%. A further breakdown of the numbers showed foreign inflow of N34.92bn, up from the previous N28.38bn; outflow stood at N28.98bn, compared to N29.54bn; just as domestic retail investors pooled N23.92bn, a drop from the prior month’s N29.4bn; leaving domestic international investors with N34.17bn, up from N30.25bn in July. Transaction values in both July and August were, however, a far cry from the N297.74bn recorded in June, of which foreign investors accounted for N96.74bn, or 32.55%; and domestic investors, N200.51bn, or 67.45%. A breakdown of the figure showed that foreign inflow stood at N...