Invest Data Consulting Ltd

Wale Tinubu, Group Chief Executive, Oando Plc, on Monday said Nigeria is currently earning over N43.9bn (about $122m) daily, following the Federal Government’s decision to constructively engage key stakeholders and communities in the nation’s once troubled Niger-Delta region. Tinubu noted that the repeated interface by Vice President, Professor Yemi Osinbajo, which led to an agreement to establish modular refineries co-owned by the oil bearing communities in the region has enabled Nigeria meet its 1.8m per day production quota set by the Organisation of Petroleum Exporting Country (OPEC). In a piece titled “The Role of Indigenous Players in Supporting the Successful Execution of the ‘7 Big Wins,” to coincide with the Nigeria International Petroleum Summit (NIPS) which opened on Monday, he said the development is a welcome relief to both the sector and the country. To further this cause, he said Oando Plc and its “Joint Venture (JV) partners have and continue to partner host c...

Barely two weeks after appointment of Alhaji Bukar Goni Aji, the 17th Head of the Civil Service of the Federation, apparently a nominee of Alhaji Dahiru Mangal, as a non-executive director, the board of Oando Plc, last Thursday, announce the appointment of Muntari Muhammed Zubairu as executive director, Zubairu, whose appointment is with effect from February 5, 2018, was until his recently a Deputy General Manager and Group Head, Commercial Banking North, at Access Bank Plc. Before then, he was Group Head, Retail Banking and Public Sector at First Bank between 2010 and 2017; Group Head Commercial Banking and Divisional Head Public Sector at Diamond Bank from 1998 to 2010 and FSB International Bank from 1995 to 1998. The new ED, according to a statement to the Nigerian Stock Exchange (NSE) by Ayotola Jagun, Oando’s Chief Compliance Officer and Company Secretary, holds an MSc in Project Management from the University of Salford, an MBA from the Univer...

Exactly a month ago, on Wednesday, October 18, 2017, management of the Securities & Exchange Commission (SEC) ordered the full suspension of the shares of Oando Plc for an initial two days, followed thereafter by somewhat indefinite technical suspension. Full suspension is a situation where a company’s shares are barred from trading on the Nigerian Stock Exchange (NSE), while the other describes a situation where the stock trades but price movement is frozen for the period the suspension subsists. The SEC also appointed a team of five firms to conduct forensic audit, including Deloitte. In this piece, Investdata News compares the current situation in Oando to that of Cadbury Nigeria Plc 10 years ago. One similarity between both that immediately comes to mind is that it was Cadbury Nigeria’s board under Dr. Uduimo Itsueli that announced the commission of an independent firm of auditors to review the company’s recent financial statements. This, Itsueli explained at the time, a...

The management of Oando Plc, on Wednesday said it is reviewing the directive by Nigeria’s Securities & Exchange Commission (SEC), based on which the Nigerian Stock Exchange (NSE) placed its shares on suspension earlier that day. A statement signed by the SEC management, said the decision followed a comprehensive review of the two petitions by Alhaji Dahiru Barau Mangal and Ansbury Incorporated which initially sought to stop the company’s annual general meeting (AGM) in Uyo, for which a waiver was given. However, in a statement signed by Ayotola Jagun, its Chief Compliance Officer & Company Secretary, Oando Plc while expressing commitment to acting in the best interests of all its shareholders, said it “is currently reviewing subsequent correspondence received today October 18, 2017 from the NSE and SEC and will provide a full statement of the Company’s position as soon as possible.” The review showed among others, that Oando, which is also listed on the JSE Stock Exch...

LONG TERM TRADERS STILL BULLISH ON THE MARKET DESPITE PROFIT TAKING AHEAD OF EARNINGS SEASON, MARCO-ECONOMIC DATA Trading activities on the floor of the Nigerian Stock Exchange had a tough session on Wednesday to having closed lower for the second consecutive trading session, despite the presence of bull in the market arena ahead of macro-economic indices like September inflation and Q3 GDP figure expected to be released soon. In addition to Q3 earnings season that had just commenced with few companies like Infinity Trust Finance, United Capital  and others which have made available their Q3 scorecards to the investing public. The market index opened the day with a little slide in the  morning, but the magnitude of losses increased in the mid-morning to midday, but price appreciation in Seplat and Nestle sharp took back about two-thirds or three-quarter of the losses. In spite of the gains by these companies, the market ended on a negative note. ...

INDICATORS REMAIN NEGATIVE, VOLATILE, AS INVESTORS AWAIT ONSET OF Q3 EARNINGS SEASON Trading on the Nigerian Stock Exchange (NSE), the first for the month of October, the new week and after the nation’s 57 Independence anniversary celebrations closed negative as volatility continued amidst mixed technicals.  The day’s activities opened with the composite NSE All Share index slightly in the green, running back and forth before settling at 35,262.26, after touching an intraday high of 35,475.59 as selling pressure resumed in some medium and high cap stocks around the mid-afternoon. The index however bounced back towards the close of trading, thereby reducing the sell-off, as buying positions in financial services sector stocks increased to close the sector’s index on the positive side. Market traded volume was very high with a stronger selling pressure as revealed by the volume index for the day standing at 2.61, while buying position was at 21% and 79% selling volume of t...

AS VOLATILITY CONTINUES, NIGERIA’S BOURSE TRENDS SIDE-WAYS, AMIDST WAIT FOR MPC MEETING OUTCOME The Nigeria stock market had a difficult session as it started the last week of September, Monday, red. The index gapped lower on the continued wait-and-see attitude of investors and traders for the outcome of the two-day Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting today, as medium and high cap stocks suffered price declines. The market attempted to bounce back to resistance, but the early rally attempt was stalled and rolled over sharply, with the index really pushing back hard into midday when it attempted to reduce the loss position. The market had broken out the downtrend line but on sideways movement, awaiting positive news and end of the quarter/month rebalancing of fund managers’ trading accounts to push prices up ahead of earnings season trading by speculators. As we have earlier said, smart money is using the ongoing correction in the mark...

The nation’s stock market on Thursday was highly volatile to close lower on improved technical indicators that are yet to confirm direction as market sentiment remained mixed as shown by  the volume index of 1.70, with buying position of 21%, and 79% selling volume of the day’s transaction to halt the  previous day up market. The index had an oscillating session with little growth as the trading opened, then a sharp rally in the midday to intraday high of 35,411.85 from the day low of 35,128.03, but then pulled back in the afternoon to finish slightly negative for the day on a very high volume with first positive market breadth in the five trading sessions. This high volume was driven by transaction in Guaranty Trust Bank with 171.82 million shares valued at N6.70 billion to close at N38.95. Just as we mentioned in our update yesterday, the market breadth turned positive to strengthen market technicals with high volume but yet to confirm re...