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  The Asset Management Corporation of Nigeria (AMCON), on Wednesday said contrary to news reports by some sections of the media, there is yet no ‘out-of-court settlement’ in the N240bn debt by Pan Ocean Group, and its affiliate companies owned by billionaire oil mogul, Festus Fadeyi. Recall that the corporation had on July 2, taken over the company, following an order by Justice Abdullah Muhammad Liman, in suit No. FHC/L/CS/722/20 that AMCON and its assigned designate to take over several oil mining and oil prospecting licenses exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively. The order, according to Jude Nwauzor, spokesman of AMCON, also mandated the corporation to take over the property lying and situate at No. 33b, Adebayo Doherty Street, off Admiralty Way Lekki Phase One in Lagos State, as well as the property lying and being specifically known as FF Towers, Plot 13/14 Ligali Ayorinde Avenue, Victoria Island, Lagos, and a host of other assets. “An orde...

  Market Update for October 28 The bull rampage on Nigerian Stock Exchange continued at the midweek as the upward momentum and increased buying interests sustained on influx of mixed corporate numbers at the peak of quarterly earnings reporting season. Add this to the further crash in yields at the last NTB auction of October 28, 2020, in the midst of the oversubscription and relative peace returning to the nation after weeks of the #EndSARS protests across the country. The height of the protest was last week’s black Tuesday when soldiers shot at protesters at the Lekki Toll Plaza in Lagos, with the Nigerian Army admitting, after initially denying that any of their personnel was at the venue where the protesters had gathered for two week resulting in huge revenue loss to the Lagos State Government. The Army finally admitted that it was invited by the state government to enforce the curfew. The sustained bull trend was despite the almost 6% slide in oil prices at the international m...

The management of Flour Mills of Nigeria Plc, on Tuesday, released its financials for the half-year September 30, 2020, showing that net profit grew at a faster pace than revenue, despite significant N8.853bn net operating loss, compared to the N45.291m gains in the prior corresponding period of last year, or the N1.943bn or 71.16% increase in income tax expense from N2.73bn in 2019 to N4.674bn. The “strong performance,” according to the management, was “in spite of the increasingly difficult terrain and uncertainties,” expressing optimism that with continued efforts in sales and marketing activities geared at boosting our top line while keeping the costs under control.” According to the report presented through the Nigerian Stock Exchange (NSE), revenue grew by 31.15% from N270.761bn from N355.108bn; while cost of sales increased by 27.55% to N304.819bn from N238.984bn, of which material costs accounted for N266.677bn from N255.005bn; resulting in gross profit of N50.289bn, compared t...

A new report published in the World Bank’s Migration and Development Brief, says the amount of money migrant workers send to their home countries could decline by 14% by 2021 compared to the pre-COVID-19 levels in 2019.  Remittance flows to low and middle-income countries (LMICs) is projected to drop by an initial 7% to $508bn this year, before declining by a further 7.5% to $470bn in 2021. With a strong Diaspora representation, remittance to Nigeria is expected to decline by over $2bn or 8.44% to $21.7bn from the 2019 level, remaining the largest in the Sub-Saharan region, nonetheless. The amount is expected to rank seventh‐largest recipient of Diaspora remittances among LMICs notwithstanding, with Ghana, Kenya, and Senegal possibly ranking respectively a distant second, third, and fourth in the region, with an estimated amount of $3.2bn, $2.9bn, and $2.3bn, respectively. South Sudan has reported the region’s highest share of remittances to GDP, at more than 35.4%, followed by Les...

Looking at the seasonal swings trend in the final quarter of every year, Investdata Research has put together stocks to watch and will help you target strategic gains in six months. If you have not been paying attention to what is happening in the market and the economy right now, this report is for you; and should you be one of those yet to position for this earnings season and post-earnings portfolio repositioning, it is time to act. This will help you profit from the seasonal wave associated with year-end, while at the same time protecting your portfolio. Leaving your investment and trading portfolio exposed to high risk sectors or companies with low earnings power could be unnecessarily exposing to your investable capital, if you are not careful. We have received several calls from stakeholders- market operators, buy-and-sell signal setup members, followers of investdata online over the past weeks, wondering where to invest, considering the low interest rates in the money market, a...

Market Update for October 27 Equity prices closed higher on the Nigerian Stock Exchange (NSE) Tuesday, as the All-Share index sustained its positive momentum and bullish trend on high traded volume and buying pressure, as normalcy gradually returns to the nation after weeks of #EndSARS protests across the country, that led to last Tuesday’s shooting by soldiers at protesters in Lekki toll plaza in Lagos. This had been followed by the wanton destruction of public and private property and looting of palliative warehouses among others. The number of stocks on the gainers’ table increased in the midst of an overbought market and strong recovery at the peak of earnings reporting season.  Score-cards released on Tuesday were Flour Mills Nigeria, NASCON Allied, and Linkage Assurance to which investors reacted positively as their share price appreciated in value, even as the waiting game for more earnings continues ahead of month-end’s deadline for submission of quarterly reports. The benc...

Market Update for October 26 Following the increased buying interest and momentum on the Nigerian Stock Exchange on Monday, the benchmark All-Share index rebounded to its January trading position after seven months of positive sentiments and recovery, driven by an increase in liquidity, and low stock valuations, among others. The rebound was despite the seeming disconnection of the market from economic realities, as funds searched for higher returns and yields. The corporate earnings released so far have been mixed, with a few beating market expectations, even as Stanbic IBTC Holdings became the banking group to present its scorecard. The numbers were positive, despite being a mild performance, with gross earnings limping 4.1% at N183.29bn, from N176.16bn in the corresponding nine months of 2019, while profit growth was better at 19.1%, from N55.55bn in 2019 to N66.16bn, representing N5.80 Earnings Per Share, as against the previous N5.13 each recorded previously. Other results that pr...

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  Market Update for Week Ended October 23 and Outlook for Oct 26-30 Nigeria’s equity market sustained its bullish transition last week, defying the social unrest that  was triggered by the protest against the brutality of the Special Anti-Robbery Squad of the nation’s Police that has over the years resulted in extra-judicial killings and extortion of victims, particularly the youth population. The unrest, which spread across the country resulting in imposition of curfews by various state governments across the country’s, thereby heightening the nation’s sociopolitical, economic and currency risks, even with the week trading ending on a positive note, amidst increased volatility. It was also a week when more corporate earnings hit the market showing a mixed performance. Going forward, we believe that the movement of money from one or two asset classes to another should guide investors in their choice of strategy for executing trades to achieve desired investment goals and objec...

Market Update for October 22 It was a slightly mixed but volatile session on Thursday on the Nigerian Stock Exchange (NSE) as prices of medium and high cap stocks rebounded on seeming improved buying interest that reflected the day’s positive market breadth. The key performance index closed higher on a low traded volume and buying pressure, pausing the effects of the #EndSARS saga which has heightened sociopolitical risks and the oscillating crude prices. The rebound is attributable to earnings expectations, even as sustainability of this trend remains weak, so market players should trade with caution and play defensive. The ongoing earnings reporting season may have been the immediate factor supporting the market at this point, especially as more companies are yet to release their numbers to enable investors and traders ascertain their status of each company and earnings power that will support full-year dividend payout. The market has, so far, reacted positively to the few numbers th...

  The management of the Securities and Exchange Commission (SEC), on Tuesday, issued a Corporate Governance Guidelines and a template (revised Form 01) for reporting compliance with the Securities and SEC Corporate Governance Guideline, (SCGG) which becomes mandatory from January 1, 2021. From that date, the commission advised public companies to comply with the Nigerian Code of Corporate Governance (NCCG) of 2018 issued by the Financial Reporting Council (FRC) of Nigeria, just as compliance with the SCGG/revised reporting template. Recall that the NCCG effectively replaced the Code of Corporate Governance for public companies issued by the SEC, just as the council also issued a template for reporting compliance. A statement by the SEC on Tuesday directed that “in order to foster good corporate governance, companies shall engage in increased disclosure beyond the statutory requirements in the CAMA”. For example, some provisions of the document available on the SEC website www.sec.g...

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  Market Update for October 20 Tuesday’s trading was mixed and volatile on the Nigerian Stock Exchange (NSE) as the composite index regaining the previous session’s marginal loss on low traded volume and mixed sentiment while more companies continue to release their earnings to the market. The price wave during the session was attributed to profit taking and the tension arising from the sustained #EndSARS protests which has been hijacked by hoodlums, following which different state governments imposing 24-hour curfew in their domains. The Police Inspector General has deployed anti-riot policemen to protect lives and properties nationwide, due to attacks and burning of Police divisions. The market could rally further up if the expected corporate earnings beat expectation, and follow the way of United Capital Plc which posted impressive numbers and investors reacted positively, revealing high possibility of good dividend at the end of the current financial year despite the COVID-19 l...

Market Update for October 19 The benchmark index of the Nigerian Stock Exchange on Monday closed flat on mixed sentiments and profit taking as the geopolitical tension caused by the lingering #ENDSARS, #EndPoliceBrutality, #EndBadGovernanceInNigeria protests by the youths entered day 12, shutting down economic activities further in major cities of the nation, thereby further weakening economic recovery prospects. The market’s internal technical indicators had been building up strength after eight trading sessions of pullback and side trending, while awaiting the release of more Q3 earnings reports. The protesters have refused to being cowed by attacks by thugs, who in some states have used the protest as a cover to loot private properties, even as the protest in Benin resulted in a jailbreak. Already, the Government of Lagos State, Nigeria’s economic capital, on Monday announced a closure of all public primary and post-primary schools to safeguard the lives of the vulnerable children a...