HENATES

It was day two scramble for Zenith International Tuesday February 28 as another very large was sold but Continental Insurance topped volume. A total of 107,251,911 units in Zenith, that is almost double yesterday's lead volume was sold in 746 deals 0.68% down on opening price per share. But it was not the day's high. That belonged to a rarely traded equity Continental Insurance in which limited interest 7 deals were recorded for day high 203,190,000 units. Propped by this the Insurance sector contributed almost 50% (215,618,708 units) to the day's 444,504,723 shares, up 74.5%. The two leading volume equities were followed from quite a distance by UBA's 175 deals for 23,876,412 shares then by rare 2 deals in Etranzact for 16,871,767 units and United Capital 230 deals for 15,691,732 shares. The premium board dominated deals on the back of the Zenith scramble but the banking sector of the market had its dominant share too even though contributing only 57,145,107 to day vol...

For what is worth the Nigerian Bureau of Statistics has finally confirmed that the Nigerian economy contrasted in 2016 into recession. According to real Gross Domestic Product (GDP) released today February 28, the nation:s real GDP declined by 1.51% in 2016 to N67,984.2bn. In nominal terms however, because of increases in prices almost across the economy, GDP grew to N101,598.5bn from 2015,'s N94,145bn The real GDP decrease is of course the first in years even though growth rate had not been consistently upwards since 2012. Top growth in real GDP since 2012 remains 6.22%. In 2014 followed by 5.49% in 2013 and 4.21% in 2012. Thus, the drop to only 2.79% growth in 2015 reversed the more consistent growth up to 2014. And with 2016 coming up with minus 1.51%, it shows decline rate is far ahead of the build up years to 2014. The Bureau of statistics attributes this to increased oil pipeline vandalism, reduced foreign exchange reserves, energy supply and pricing issues, weaker demand due...

It was more or less scramble for shares of Zenith International Bank PLC February 27 as 69,113,031 units were sold in record 859 deals. The shares were sold at price up only 0.48% meaning Zenith could not dominate gains as well for the day. In terms of volume, it also did not amount to domination because close on its heels was 62,300,000 units of rare showing UNIC Insurance sold in 54 deals. However, the scramble really showed in the nearly 900 deals recorded because day second high number of deals was United Capital's 218 for 12,045,538 units down 2.72% in price per share and FBN Holdings 201 deals for 8,746,005 units up 1.29% in price per share. In spite of high volume recorded by Zenith and UNIC total volume for the day at 254,747,127 units was 1.76% down on Friday close. On the other hand, number of deals jumped by 40.4% to 3373. In all there were 17 gainers with Honeywell Flour leading the pack 5% up but in terms of Naira, lead gain was Seplat petroleum N18 per share or 4.86% ...

In 2016 financial year, Nigerian Breweries plc had to contend with three major pressures on its bottom line principally in view of the current recession in Nigeria: Cost of sale relative leap, cost of funds growth and still threatening illiquidity. The cost of sale cross was evidenced by 19% growth to N178,218.5m in a year core income rose by only 6.75% to N313,743.1m leading to 6% drop in gross profit. Nigerian Breweries was able to keep marketing and distribution cost growth within 4.89% to N61,615.3m and even decrease administration cost by 8.53% to N21,924.8m but its profit before tax ended 27.2% down at N39674.5m because finance charges jumped by 66% to N13,645.6m. Finally, finance charges was that high because under intense liquidity pressure, NB went for N17bn in long term loans yet working capital deficit still closed the year at N69,696m though down from 2015's N82,597.9m deficit. Such developments stretch corporate demanding new growth areas and strategies. On this, NB se...

The Securities & Exchange Commission of Nigeria (SEC) has sealed up the offices of two illegal capital market operators in Nigeria.  According  to Twp different notices posted on its website, the companies go by the name Tine God Networks Ltd and Yuan Dong (YDEC). Tine God, according to SEC claims to be an investment company and issues bonds to unsuspecting public but it is not registered neither is it authorised to issue bonds or any security. SEC says the company's investment scheme has no model and advised any one who invested money in it to contact SEC Port Harcourt and Lagos zonal offices with documentary proof for refund on or before May 15, this year. The second company, YDEC claims to run a resources investment account into which people could deposit between N10,000 and N240,000 for minimum of 30 days and maximum of 10 months. In return such depositors will be paid between N80 and N2400 daily, depending on the investment category. There is also payment of bonuses to tho...

TRANSNATIONAL CORPORATION COY SECRETARY  A new company secretary has been appointed for Transnational Corporation PLC in the person of Mrs Helen Iwachukwu who until now was in charge of government relations. According to a notice signed by the President/CEO of Transcorp, Emmanuel N Nnorom, Iwachuku obtained LLB honours from Abia State University, Uturu, was called to the Nigerian bar in 1993 and also obtained masters of law from Middlesex University Business School London specialising in employment law. She started her career in 1995 with Banwo & Ighodalo before joining Fieldcrest attorneys in 1998. In 2001, she moved to the United Kingdom for further studies and in 2001 joined Samuel Davis solicitors then Pinnacle solicitors. In 2014 she moved to Northwest London Hospitals Trust as administrative officer rising to become human resourced manager. NEW COY SECRETARY FOR AFRICAN PRUDENTIAL African Prudential Registrars has announced the appointment of Mrs Oyindamola Oyeduntan as compa...

Today Friday February 24, market indices at the Nigerian stock market reached their limits as many non bssket equities set the pace for price changes. Of the eleven sub indices presently used to gauge market performance only one ended the day with drop: Lotus index which decreased by 0.07% to 1606.5. All others increased with banking index leading with 1.4% to 603.5; followed by 1.36% recorded by consumer goods index and 1.06% rise by main board index. However, the All shares index (ASI) closed 0.62% down, not up thus implying that gainers were more of equities not in sub index valuation basket. Top gainer both in % and Naira terms was Beta Glass which gained N1.82 or 4.9% to record a rare 3 deals for 53,600 units. It led 12 gainers for the day with 6 of them topping up by above 4% per share. There were 19 losers led by AIICO Insurance in % terms recording 8.33% drop to N0.55 as mere ten deals were sealed for day high 97,543,676 units offload. Thus there were also six equities with abo...

The Central Bank of Nigeria (CBN) has re introduced charges on customers deposits but with effect fron April 1 in six states plus Abuja different later dates for others in groups. According to a circular dated February 20 to deposit money banks different rates will apply for deposits not less than N500,000 for individuals and N3m in the case of corporate organisations. Between N500,000 and N1m for individuals will attract 1.5% for deposits and 2% for withdrawals while above N1m and N5m will attract 2% for deposits and 3% for withdrawals and 3% for deposits and 7.5% for withdrawals above N5m. As for corporate organisations, between N3m and less than N10m will be charged 2% for deposits and 5% for withdrawals then 3% for deposits and 7.5% for withdrawals above N10m up to N40m. Finally, corporate organisations will pay 5% and 10% on deposits and withdrawals respectively above N40m  The new charges will apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja fr...

From the look of things Nigeria will soon emerging markets into issuance of green bonds as debt instruments to raise finance for purely environment friendly or enhancing projects. Towards this end, Federal Ministries of Environment, and Finance and the Debt management office successfully held a parley with private investors at the Nigerian stock exchange building yesterday, February 23, 2017. It was well attended by investors, stockbrokers and investment professionals with federal ministers of Environment, Power and Housing also in attendance. In her welcome address, Environment minister, Amina J Mohammed drew attention to the Paris agreement under which developed nations committed themselves to mobilising $100bn to support climate change efforts by developing countries by 2020 all to ensure that the goal of reducing emissions by 45% is achieved. Nigeria, she said, was a signatory to the agreement and needs to position herself to tap this resource. In his keynote address, the guest of ...

It was a mixed grill of sorts at the Nigerian stock exchange as All shares index and volume recovered while number of deals dropped. Losers at 15 were barely ahead of 13 gainers recorded but most of the loses were marginal and in lightweight equities hence ASI recovered by 0.63% to 25409.06 after yesterday's decrease. Volume growth at 23.8% to 146,709,148 units was stronger but in spite of this deals recorded came to 2564 down 0.62%. In Naira gain terms, the rise in ASI came more from continued increase in share prices of Nigerian Breweries (up N4 per share) or by 3.08% and Guinness which closed up N3.12 per share or by 4.81%. However, day high % gain was by Berger paints at 4.93% or by only N0.3 per share with NPF Microfinance ending at third place after Guinness with 4.55% or N0.05 per share. Livestock feeds was the last equity to close above 4% up rising 4.17% or N0.03 per share. Lead loser for the day was Unilever both in % terms (4.99%) and in Naira terms losing only N1.53 per...

Wednesday, February 22 2017: Today ended at the Nigerian stock exchange with a relatively crowdy 19 losers compared to only about nine gainers yet All shares index went down by only 0.007% to 25249.74 from Tuesday's 25251.63. It was a low key day too as volume dropped further by 9.69% to 118,456,164 units and number of deals also declined by 7.36% to 2579. Nigerian Breweries had gained day high N4.9 per share or 3.99% up, Guinness had also gained N2.85 per share and Diamond bank led % gain with 4.71% but combined they only stopped ASI from slipping faster. The main pressure on ASI downwards was the N23.99 per share or 4% loss by Nestle Nigeria to N576 per share. Though high in Naira terms, the Nestle drop  was at the bottom of the seven equities that closed down by above 4% for the day. Leading % drop was by Unilever, dpwn 4.98% or N1.61 per share followed by UACN with 4.89%; United Capital still seeking a bottom (down 4.86%); and Continental Reinsurance with 4.59%; UAC Property do...

Under the new determination by the Central Bank of Nigeria to fund all requests for forex for medical bills, school fees and personal travel allowance (PTA) the bank has clarified those who are entitled to it. According to a circular signed by CBN Director, Financial markets department, Dr Alvan B Ikoku, all beneficiaries must be above 18 years of age and holders of Nigerian passports. Also there will be maximum of $15,000 per semester for school fees and $4000 per quarter in the case of PTA. PTAs will apply to journeys of not less than five hours of flight time; that originate from Nigeria and for travel to be undertaken in not more than 14 days from the travel date.  Each applicant too must have an account with a chosen and have BVN on such accounts. As for school fees, this will only be paid directly to school accounts and must be backed with filled Form 'A', admission letter and invoice from the school. Besides, the applicants must be recognized parents/guardian of the fore...

Apparently to make good its recent change of gear in the Nigerian foreign exchange market, the Central Bank of Nigeria yesterday, Tuesday February kept the market awash with $370.8m. The dollars were sold to 23 banks for onward sale to their customers at successful bid rates of between N315 and N360 to the dollar. In all, seven banks got full allotments of $37.5m each for their successful bids while the rest were allocated between $46.5m and $15.578m depending on how much the. Naira backing for their bids could cover. Henates understands that the CBN had offered $500m but the final taken up by the banks was determined by Naira backing for bids. According to CBN acting Corporate Communications Director, Mr Isaac Okorafor, the new wholesale intervention by the CBN in the forex market is aimed at easing access to forex for visible and invisible needs. On the same bountiful Tuesday, the CBN forwards valued at $216.5m for 30 days and $154.3m for 60 days. This was in addition to $1.5m each t...

The Federal Government of Nigeria  will on Thursday, February 23 parley with investors to pave the way for the issuance of first ever green bonds in the country. Green bonds are government long term debt securities issued specifically for environment friendly and management projects. Nigeria's green bonds mat likely be the first in an emerging market and will hope to tap into world wide green bond market estimated at $576bn and $118bn for labelled and unlabelled bonds respectively. Thr conference takes place at the Nigerian stock exchange starting from 8am with the Acting President of Nigeria, Professor Yemi Osibajo delivering the keynote address. In attendance will federal ministers of finance Mrs Kemi Adeosun and Environment, Mrs Amina Mohammed while the governors of Lagos state and Ogun state are expected as special guests. It will feature panel discussions; an exhibition and presentation of identified projects in energy, agriculture, transport and environment with international...

CWG's NEW DIRECTOR A new non executive director has been sppointed appointed to the board of Computer Warehouse Group PLC (CWG) in the person of Dr Olusegun Oso. Dr Oso, a trained medical doctor from University Of Ibadan replaces Mr Shavk Sharma and represents Abraaj group on the board. He joined Abraaj in 2010 and is a member of the group's investment team for sub Saharan Africa. He is the lead healthcare specialist on the team concerned with healthcare. Before joining Abraaj he was head investment banking at Afrinvest West Africa advising on mergers and acquisition and capital raising. Dr Oso also holds an MBA from SanFrancisco Sloan School of management at Massachusetts Institute of Technology. Meanwhile, Mr Emmanuel Ijewere has also retired from the board after attaining retirement age. FCMB GROUP: LADI BALOGUN MOVES UP The son of the founder of the FCMB group, Mr Ladi Balogun, has moved up from being group managing director for FCMB ltd to being group chief executive of FC...

The Central Bank of Nigeria (CBN) in an attempt to close the wide gap between official inter bank foreign exchange market and the parallel, today announced new strategies for forex allocation and sale in Nigeria.  According to press signed by its Acting Director, Corporate Communications, Mr Isaac Okorafor, for starters the CBN will immediately provide funds to individual banks to meet customers demand for foreign exchange to pay school fees, medical bills and have basic and personal travel allowance promptly. These demands are to be met by the banks at rates not more than 20% above inter bank rate. According to the CBN, the new measure is coming in the heels of successful clearing of backlog 0f basic travel allowance. This new direct funding, it said, shall be sustained till further notice. In addition, also to help inter bank market liquidity, the CBN has reduced tenor of its forward sales from maximum of 180 days to no more than 60days. Banks have also been asked to open foreign exc...

Top weighted equity in the Consumer products index basket, Nigerian Breweries plc, virtually pushed All shares index up 0.34% today February 20 at the NSE as it gained N4.81 or 4.18% per share. A fair parcel of 961,323 units had been offered and sold in 113 deals at N119.41 per share. Being the equity with the highest weight in consumer goods basket and second highest priced after Nestle, it pushed consumer goods up by 2.16% to 581.37 from Fridays 569.06. Nigerian Breweries was thus the day's top gainer in Naira terms but not the leader by %. Three other equities closed ahead of it led by PZ Cussons up 9.04% by N1.21 per share in 55 deals for 1,481,342 shares. Indeed, because they belong to the same basket, the PZ shift helped give the lift. Other lead gainers include Diamond bank, up 4.89% or N0.04 per share and NASCON which closed 4.55% up at N7.03 per share. In all there were only 10 gainers compared to 19 losers which brings out more clearly the NB role in the marginal recovery...

When last Friday, February 17, someone offloaded almost 62m shares in United Capital plc, he or she probably was not up to date on the company.  By selling, he not only lost right to 50kobo per share dividend to be paid March 22 this year, but also offloaded from a company that seems to be riding the Nigeria crest in grand style. According to audited figures for 2016 released last week, various factors combined to help United Capital to more than double its profit to N6913.2m at a time recession was hitting hard. First there was the 46.3% growth in gross earnings to N9001.0m driven by multiple growth in other income from N657.5m to N2326m; 31.5% and 22.7% increase in investment income and fee and commission respectively and N15.3m as net trading income as against zero in 2015. Then, personnel cost rose by only 6.4% to N1274.4m; Other operating expense decreased by 5.42% to N1239.6m and impairment provision dropped by 95% to mere N33.5m. Then to cap it all, capital gains from sale of in...

Faraway from Lagos, Nigeria's commercial capital, the Federal High court Kaduna division, says Securities And Exchange Commission, in a landmark judgement on October 26 2016 convicted an illegal capital market operator to five years imprisonment. According to the SEC in a post on its website late last week, convicted was one Moses Samanja the managing director of an illegal and unregistered capital market operator, Marian Moses Ventures Ltd. He and the company were found guilty of soliciting and collecting deposits from the public with promises of "unrealistic return" on investment without SEC registration or license issued by the Central Bank of Nigeria. The court also directed the Corporate Affairs Commission to wind up the company and any funds in its accounts be used to restitute its clients. "Consequent upon the above" declared SEC, "this is to advise the investing public to always demand for SEC registration or CBN license before making deposit or sub...

The pace at the Nigerian stock market was today February 17 set insurance equities led by Standard Trust Assurance in trrms of volume. In a rare showing, 10 insurance equities together accounted for more 50% of the record 480,000,153 units dealt in. Most of them were firm at par in spite of the offloading with two apiece closing amongst price gainers and losers. Standard Trust Assurance alone recorded day high volume of 252,124,897 shares sold only in 4 deals due to rather limited interest at par. Indeed, like Standard Trust, most of the insurance equities also closed with lone deals(4in all); with limited interest (three including Standard Trust,) while three recorded above 10 deals each (AXA Mansard, Custodian & Allied and AIICO). The two gainers amongst them were NEM Insurance in which 3 deals for 141,550 units was at a price 1.25% up and AIICO Insurance.which ended 1.69% up in 15 deals for 440244 units. In view of the offloading in the sector, the days volume at 480,000,153 was...

According to the Central bank of Nigeria, counterfeit Naira notes throughout 2016 was not above 1 % of total currency in circulation. In a post on its website signed by Acting Director of Communications, Mr Isaac Okorafor, the CBN acknowledged that no world currency is immune from counterfeiting,and states that for the Naira,the ratio is actually 0.0014% from facts and figures available to the CBN. By implication, it means thar only about 14 out of one million Naira notes in circulation could be fake. This is no where near the 24% alleged in recent reports quoting an ex official of the CBN. At 24%, explained the CBN, it means that not less than two out of every ten Naira notes in circulation is fake which is certainly not true even from practical experience of individuals at various markets and banking halls across the country. What makes it difficult to produce counterfeits of the Naira, Okorafor added, are the strong security features in the notes and intermittent campaign by the CBN...

Yesterday, February 16 #Top Services ltd offered to the public 20m investment units valued at N1000 each in its Real Estate Investment Trust (TSL REIT) to the public through the #Nigerian stock exchange with eyes fixed on shopping malls profits. The intention, says the Managing Director of #First Ally Asset Management ltd, who are the fund managers, Mr Winston Osuchukwu, is to raise N20bn to acquire for starters four already well established shopping malls in Nigeria and more of such in the future. For the #REIT there will be no question of developing from scratch but consistent investment in existing shopping malls with not less than 75% occupancy; not less than 8,000 sqm of gross lettable space and with at least one nationally recognised anchor tenant with long term lease. Using these criteria, the new REIT immediately has eyes on Adeniran Ogunsanya mall in Surulere, Lagos; Apapa mall also in Lagos; Cocoa mall, Dugbe Ibadan, Oyo state and Akure mall, Akure in Ondo state....

All shares index closed closed at 25055.29 down on yesterday's recovery to  25130.26 today February 16 at the Nigerian stock market. This was despite even number of losers and gainers, close % range of price change and despite positive shifts in six out of current sub indices. Julius Berger. rarely had 157,272 units changing hands in 12 deals at N36.17 per share up day high 5%. Three other equities out of 17 gainers closed with above 4% per share gains. Close to the leader was Neimeth International which added 4.56%  or N0.3 per share; FBN Holdings up 4.38% or N0.14 per share as 127 deals were sealed for 2,556,155 units and Sterling bank with N0.3 or 4.29% gain per share. There were 17 losers too led UACN with 4.97% decline or N0.75 per share as 350,216 units changed hands in 34 deals. However, top loser in Naira was Nigerian Breweries which continued its downswing losing N4.48 or 3.81% per share in 90 deals for 370,945 shares. Other major losers were Vitafoam, down 4.81%; John Hol...

The average payment per transaction through mobile money in Nigeria rose by 56.8% to N15,783.37 in 2016. This was as number of transactions dropped by 15% to 37,339,510 and total value involved increased by 33.2% to  N589,343.5m. According to e payment statistics released by the Central Bank of Nigeria, this indicated that more rich people had recourse to mobile money as means of payment in Nigeria. They also most likely flocked to electronic fund transfer (NEFT) because the average here rose by 30.4% to N499767.23 as volume dropped by 15.3% and total value increased by 10.4% to N12.243,431m. Cheques getting out of fashion as payment medium in Nigeria? May be but high networth individuals and corporations apparently still reach for cheque books for payment. In 2016, number of transactions involving cheques dropped by 27.5% to 9,764,546 and total value also declined by 23.1% to N4,767,270m but average value actually rose by 6.12% to N488,222 per transaction. ...

Highly priced blue chip and veteran foods company, #Nestle Nigeria PLC went down today February 14 at Nigerian stock market by 3.91% or N24.4 per share. It went down on Valentine's day as 109 deals were struck for 675,287 units at N600 per share. Partly as a result consumer goods index dropped by 3.29% and the #All shares index closed 0.84% especially as most of the day's 15 gainers were of lightweight and only #oil and gas index ended up st 288.32. The nearest loser in terms of Naira was veteran brewer, #Nigerian Breweries which lost N5.93 or day high 4.99% as third placed 203 deals were sealed for 5,519,953 units. Very lightweight #Eterna oil also lost 4.99% but this came to only N0.17 per share as 19 deals cleaned 414,843 units at N3.24 per share. In all of the 14 losers five went down by above 4% while in the case of the 15 gainers only three grew by above 4%. Top % gainer was #Forte Oil up 5% or day high N2.70 per share as 100 deals were sealed for 363,420 units. It was fo...

There is only one sure horse move that could make Interlinked Technologies PLC not end the year to June with loss: Cut administration expenses. According to the interim results to December released not too long ago, this move should have been resorted to early in the year but it is not yet too late. From the six months figures, revenue took a major dive by 35% to N46.9m but this ended with 9.47% rise in gross profit to N18.5m all because accompanying cost of sale went down much faster, by 53% to N26.4m. That was a nice one but it turned soar as administration expenses grew by 57.7% to N17.5m thus leading assault on the bottom line aided a little bit by 26.2% increase in distribution cost to N0.82m. With finance cost chipping in N3.05m, up 32.6%, Interlinked Technologies PLC landed in N2.85m loss compared to N2.89m profit at the same time in June 2016 year. This translated into N8.21 loss on each N100 income as against N4 gain previously. Oh sure, administration cost is the most control...

At the Nigerian stock market today February 13 2017, Guarantee Trust Bank brought on smiles as investors jostled for a piece of a large parcel (26m plus) to lead the market in deals struck and volume. In the end 299 deals were struck as the units were taken at N24.25 per share resulting in 1% or N0.24 gain. Sure, UBA coming on with 25,858,968units for sale came close too in terms of volume but comparatively, there was no scramble. The lot was bought through 96 deals at N4.8 per share ( down 0.21%). E Tranzact, in a rare showing, was reckoned with too in terms of volume as 20,436,590 units were sold amidst far less interest leading to only 9 deals with no price change. Between them these three equities contributed above 50% of the day's volume which at 141,916,837 units was 29.6% down on Friday volume. Number of deals struck also depressed but by 8.37% to 2386. You guessed right, it was yet another day of drop in the All shares index but the noteworthy thing was that ASI went down 0...

If its audited figures for 2016 released recently is anything to go by, there is hope that Multi verse Mining and Exploration PLC will have a better 2017 but not necessarily because its core business, mining, has started to pay off. According to the 2016 figures, it will be more because income from other sources contributed more to the company's fortune. In 2016, core revenue from mining activities came to N57.8m up 17.5% on 2015's N49.2m. Commendable increase no doubt but not in the class of 346.9% growth in other income to N58.1m from N13m. However, there was a remarkable 67.4% drop in cost of sale to N45.9m in spite of core revenue increase thus landing Multiverse in N11.9m gross profit as against N91.5m gross loss in 2015. Much as loss associated with inventory usage dropped by 78.4% to N27.5m and administration cost rose by 13.7% to N105.7m, 40.6% increase in finance charges to N342.6m nailed any hopes for profit in 2016. Besides, at N115.9m, total income was only about N1...

It was a solo run for high priced Nestlé Nigeria PLC at the Nigerian stock market as it closed double digit down (minus N55.60 per share) way ahead of every other losers in the week ended Friday, February 10. Last week it had also led losers by going down N70 per share but it was joined in the double digit by Total Nigeria (down N30.96); Forte oil (minus N10.88) and Seplat petroleum which lost N10 per share. This time, however, closest loser in Naira terms was Nigerian Breweries down N8.11 per share; Forte oil which lost N7.13; 7up Bottling ( minus N5.60) and La Farge Africa down N2.62 per share. In all there were 38 losers within the week with 7 losing above N1 per share. In addition to the five above, PZ Cussons lost N2.5 and Guinness Nigeria went down by N1.50 per share. At 19, gainers were fewer and their margin of gain too. In Naira, top gainer was Seplat petroleum up N5 per share, more or less, half way back from the low it ended previous week. It was followed by four other equit...

It was day of the lightweight equities at the Nigerian stock market today February 10 as top market capitalisation equities either closed firm or moved only marginally in different directions. In the weighty premium sector of the market, mighty Dangote cement closed firm as it recorded small parcel deals; less weighty FBN Holdings lost only 0.63% to record 197 deals for 5,703,446 units at N3.13 per share. On the other hand. abit weightier Zenith international closed 2.93% up for 211 deals involving 13,774,860 shares. In the end. Premium index ended the day 0.38% up. Similarly scenario played out in banking although more decisively on the positive side leading to a major 1.49% increase in banking index to 277.38. Amongst the banks 8 closed with gains compared with 5 losers. Access bank led this pack with 4.99% followed by newly quoted Jaiz bank (up 4.8%). This positive shift for banking index was however countered by also striking 1.37% drop in consumer goods index to 596.66. In the end...

The Nigerian Food and Drug Administration and Control (NAFDAC) rejected 229 or 10.1% of 2262 imported products presented for registration approval in 2016. The figure includes new products and old ones presented for license renewal. According to latest data from the National Bureau of statistics (NBS), 201 imported human drugs out of 1053 presented for registration were rejected while 24 out of 120 imported cosmetics were slso not registered. Finally, four out of 367 imported food products were refused as well. In all. in 2016, a total of 7679 products were presented for registration out of which locally produced ones accounted for 5417 or 70.5%. However, the bulk of the local products were package water (2624); food products (1456).and cosmetics (635). Only six out of the local products were rejected: one each from package water and out of 149 herbal drugs presented while four out of 140 veterinary drugs were rejected. Amongst the imported products human drugs (1053) dominated followe...

Nigeria's pioneer solely Islamic bank, Jaiz Bank. was listed on the the stock market yesterday February 9 adding N36.83bn to market capitalisation that, all the same could not avoid half circle turn downwards. Jaiz Bank PLC was listed at N1.25 per share with 29,464,249,300 units tradable. Its place on the main board of the Nigerian stock market was secured by introduction through related professional  services provided by firms like Finmal Financial services; Kundila Finance services ltd, Global Juris Consultancy, Ahmed Zakari & co and African Prudential Registrars PLC. Jaiz Bank PLC was represented at the ceremony at the stock exchange by its chairman, Alhaji Umaru Abdul Mutallab, a veteran banker and the managing /CEO Hasssn Usman. Other directors present were Dr Musha Bssir and Alhaji Umaru Kwairanga. In his speech to kick off the event, the CEO of the market. Mr Oscar Onyema attributed the listing to hard work by the professionals involved and staff of the NSE and the Secur...

The industrial sector more or less turned the Nigerian stock market half circle from yesterday's marginal recovery back to decline today, February 9, 2017. All share index closed 0.54% down to 25322.3 after yesterday's punctuation of daily dive for more than one week principally because the industrial index went down by 2.33% to 1575.59 This was as the sector dominated the losers list for the day led by a near double digit 9.33% drop in PZ Cussons as it lost N1.19 per share to record 70 deals for 1,013,883 units. 7up Bottling followed 5% down to N106.5 per share for 3 deals that sealed the exchange of 51,343 shares. Another in the sector, Union Dicon salt in a rare one deal for 126,000 units also lost 4.98% or N0.78 per share to close fourth on the losers chart after Forte Oil's third place 4.99% decrease. Others in the sector with above 4% drops on opening price include Champion Breweries down 4.62%; Vitafoam with 4.33% drop, NASCON down 4.26% and LearnAfrica whi...

A record total of 143,417,263 units of AIICO Insurance PLC was offloaded today February 8 at the Nigerian stock market representing 46.7% of total volume for the day. There were relatively few takers as it was disposed off in only 32 deals although with 3.45% gain per share. Thus, AIICO had more or less pushed the day's volume up by 48.1% to 306,841,524 shares even though total number of deals struck dropped by 17% to 2317 compared to yesterday. The day's second highest volume was a distant 37,485,328 units of Diamond bank sold 3.49% up at N0.89 per share in 94 deals. It was followed by 23,851,437 shares in zenith bank that changed hands in day high 393 deals at N15 per share (up 0.07%). You could even say that the day offered exceptional highs because Zenith bank lead no of deals was trailed from a distance too by 198 deals in FBN Holdings down 2.4% at N3.26 per share for 16,782,783 units and by 183 deals in Guarantee Trust Bank for 4,791,167 shares up 1.36% at N23.82 ...

Berthing vessels, tonnage and cargo traffic at the six Nigerian ports hit new low in 2016 since 2013, according to latest report by the National Bureau of Statistics. The report was released today, February 8 and it shows that berthing vessels dropped by 20.9% to 4025 on 2015 level while tonnage declined by 15.3% to 122,186,758 and cargo traffic dropped by 9.76% to 70,681,028. In all three cases, 2016 recorded highest declines since 2013. In the case of vessels the way down has been on since 2014's 0.38% drop to 5349 from 2013's 5369 and continued in 2015 by 4.84% to 5090. On the other hand, both tonnage and cargo recorded growth in 2014 with tonnage ending up 12.4% at 146,820,488 while cargo increased by 8.46% to 84,900,588. It was from this high since 2013 that tonnage dropped marginally by 1.78% to 144,207,122 by 2015 and cargo went down by 7.75% to 78,323,558 in 2015. In terms of berthing vessels, tonnage and inward cargo the twin lagos ports of Apapa and Tin Can ...

7UP Bottling PLC seems to have acquired some appetite for loans this financial year and guess what, it is hard to tell if this already causing any threats to the bottom line. According to the interim figures for nine months to December released recently, 7up increased its total loans by N20234.3m within the period compared to N2513.8m increase in the whole of the previous financial year. It did this while being conscious of servicing cost though, and so immediate impact on bottom line does not seem to be proportional yet. It grew long term debt by 122.2% to N10,000m then topped short term borrowing by 118.8% to N28443.8m but reduced far more costly overdraft by 11% to N2701.6m. Hence finance cost within the period rose by only 20.3% to N3098.2m but mind you, at 44% to N1295.3m, the growth recorded in the third quarter alone was higher thus hinting that full weight will only be visible by fourth quarter's end. However, nine months into the year, says the figures, 7up was a...

Today at the Nigerian stock market, four equities recorded rare deals with two ending with leading % gain in price per share. In a rare showing, One deal was recordwd in Deal Capital Management and Trust for 10,841,250 shares without price change. Tourist Company of Nigeria recorded 6 deals for 202,000 units with 4.29% gain in price per share. Not the day's high but it counted amongst the 7 out of 14 gainers in the  range of 4% and above. Also part of that seven was Pharmadeko in which just one deal for 100,000 shares was recorded as it gained 4.84%. However, leader of the three musketeers was Beta Glass in which 2 deals were sealed for only 50,050 units amidst day high % gain of 5% and second highest Naira gain of N1.5 per share. It shared the top % gain with Caverton Offshore though as 8 deals were in it for 390,550 units. Day high Naira gain was Presco plc's N2.18 per share but being 4 94% of opening price it trailed the lead % gainers. Top Naira loss per shar...

Forte Oil was not one of those companies thar groaned from the weakening of the naira since the reversion to inter bank market in June last year. It gained from it and from more effective working capital and overhead management in year 2016. According to audited figures for the year to December released recently,  Forte oil reaped N35.6m from foreign exchange within the year compared to loss of N2.3m in 2015. This brought comprehensive profit for the year to N2926.5m, down 49.4% on 2015's N5784.2m. Within management control was the lower growth in overheads compared to revenue increase and the juggling in loan portfolio that resulted in more absorbable servicing cost growth. Within the year, far more costly overdraft was drained by 81.2% to N1928.3m and replaced with 55.5% rise in short term borrowing to N21395.8m. In the end, finance charges grew by only 19.9% to N6169.7m. But for these, and the relative better overhead control, Forte oil would have ended with higher drop in compr...

At the Nigerian stock market today Monday February 6, the dive all through last week continued with All shares index going down 0.83% to 25,587.09 as premium index dropped by 1.67% ( no thanks to Dangote cement's 1.78% decrease) with some help from banking index (down 0.96%), Insurance index down by 0.95%  and industrial index which eased 0.85%. The losers were not only more (28 as against 9 gainers), they recorded higher % changes too. Top drop was UAC Property's 9.27% at N2.25 per share compared to top gain of only 5% by Unity bank at N0.8 per share. The market was more active though both in terms of deals and volume. Total number of deals recorded was 2706, up 15.1% on Friday close while the day's total volume was 152,396,071 units representing 5.37% increase on previous trading day. Today, financial services related equities climbed back to pace setting form in both volume and deals. Day high deal was in Zenith International (242 deals for 12,178,889 units); wit...

The current year ending March 2017 had the potential to end as one of the best in years for Flour Mills of Nigeria PLC but alas, no flowers likely at the end of it all. According to figures for nine months to December 2016 released recently, the deadly blow that deflowered Flour Mills was a whopping N13.3bn foreign exchange loss that more than doubled the about N6bn similar loss incurred at the same time in previous year. This loss almost singularly dragged Flour Mills into net loss from non core activities to about N11.8bn from N3.13bn previously. In the end Flour Mills reported 48% drop in profit before tax to N10.3bn in nine months during which only 26.3% drop in investment income to N726.3m posed real operational threat to the bottom line. The thing was that Flour Mills had most things under control. Total income rose by 47.8% to N390,670.2m dragged down a little from the 47.9% increase in core revenue to N389,943.7m. From then on nothing much posed threat because cost of...

FOUR DIRECTORS RESIGN AT SKYE BANK. Four executive directors appointed by the Central Bank of Nigeria July 4, 2016 to run Skye Bank alongside the CEO have resigned. According to a notice signed by company secretary and general counsel, Babatunde Osibodu, they resigned voluntarily after almost two years of serving Skye Bank in executive capacity. They are Mr Idris Yakubu, Mrs Mariele Idowu, Mrs Abimbola Izu and Mr Bayo Sanni. Mr Tokunbo Abiru remains as group managing director /CEO while the functions of the EDs have been added to subordinate general managers to "ensure a seamless transition" Abiru thanked the EDs for their contributions to the bank. NEW CHAIRMAN FOR ETERNA PLC Petroleum marketer, Eterna PLC has got a new chairman of board of directors in the person of Mr L. Shehu Dikko. According to a statement by company secretary, Bunmi Agagu, the new chairman brings to bear a wealth of experience that cuts across print media, banking , and academia. He holds Bsc Economics ...

Nigerian stock market was down each say of the last trading week ended February 3 resulting in 2% drop in the All shares index to 25802.54 from 26328.22 previous Friday close. Total volume was up 16.4% to 1,153,441,951 units but dominated this time by equities with limited investor interest hence total deals declined by 14.3% to 12,783. Top volume for the week was Continental Insurance's 203,789,838 shares but limited interest led to only 36 deals. Another insurance equity, Unity Capital had lowest deal possible of just one (a crossed one?) but for big parcel of 23,053,957 units. It didnt make week top five by volume, though. Apart from Continental Insurance, that honour belonged to FBN Holdings with 92,854,932 units sold; Diamond bank wiyh 83,428,654 shares; Transcorp (50,846,654 units) and Zenith International (42,383,932 shares). As for week highest deals, 1162 in Guaranty Trust Bank led the pack followwed by Zenith International (922), FBN Holdings (899), Forte oil with...

The romance of the Nigerian stock market with newly quoted Medview Airlines closed today, Friday with lead gin of 4.67% as 1,087,180 units were sold at N1.50 per share. It shared day high gain with Guinness Nigeria though, which also ended 4.67% up as fairly high interest resulted in 47 deals for only 118,570 units. The market remained down with All shares index easing by 0.51% to 25,802.54 on Thursday figure in a week that witnesses continues decline. Interestingly oil and gas index ended marginally up but certainly it could stop the downward swing as insurance and consumer indices dropped by above 1% each and main board, banking and Lotus indices each dropped by 0.8%. A total of 144,626,685 shares changed hands in 2350 deals with FBN Holdings leading volume with 34,262,627 shares, followed by Standard Trust Insurance in which 20m units were offloaded amidst low interest (2 deals only) and Guarantee Trust Bank as 18,196,267 shares changed hands in a scramble leading to day hig...

The two committees on power in the two chambers of the Nigerian national Assembly have come up with a public seminar titled "The Nigerian Power challenge: A legislative intervention. The seminar holds at the Congress hall of Transcorp Hilton hotel Abuja on February 8 and 9 from 9 am. It is expected to be attended by stakeholders in the power actor and the general public particularly legislators, top representatives of the ministry of power, works and housing, parasatals, power generating and distribution companies, gas producers, Labour, financial institutions and development partners. The keynote address will be delivered by Tony Elumelu, chairman HEIRS Holdings and UBA; while major speakers include the power, works and housing minister, Babatunde Fashola; Dr Tony Akah, acting chairman of NERC; Engr Joe Makoju, special adviser to Dangote group chairman and Kola Adesina, MD/CEO, Sahara energy. Other speakers include Sole Omoboriowo, chairman Genesis Energy, Dr Tony Ewesor,...

As its volume declined 50.7% to 4.07 tonnes in nine months, Northern Nigeria Flour mills is currently seeking a bottom. According to figures for the period released this week, consequent on the volume drop, core revenue dropped by 39.3% to N461.1m and cost of sale decreased by only 24.7% to N513.2 thus hinting at higher unit cost. Hence, unlike within the same period previously, the search for a bottom started as gross profit was not feasible, instead gross loss of N52m was recorded, compared to N78.1m profit hitherto. Eventually, total loss within the nine months came to N38.85m principally as other gains grew by 13% to N182.4m; and as administration cost shrank by 3.51% to N184.1m. Both positive developments helped cushion the added effect of 133.6% increase in selling and distribution cost to N2.57m and dive in interest income by 28.6% to N17.5m. But even at that, compared to N72.05m profit by December 2015, the N38.85m loss represented not only 153.9% dive in profitabilit...

Academy Press PLC is almost certain to end the year to March 2017 in the loss league. According to interim figures for the nine months to December released this week, this was because of cost pressure amidst near double digit drop in total income. Total income had declined by 9.87% to N1406.4m as core revenue went down by a slightly higher 9.98% to N1388.7m. Pressure on bottom line was then heralded by 10% increase in cost of sale to N928.4m and reinforced by 43.4% rise in administration cost to N591.6m. Even though distribution expenses decreased to N34.9m from N40.9m and finance charges dropped by 29.1% to N135.1m, the harm was already done and Academy Press ended the period with N283.6m loss thus more than doubling the N139.2m loss previously. This meant that it lost N20.2 on each N100 income compared to only N8.92 at the same in year 2016. However, it ended the period more liquid as working capital came to N22.7m as against negative N561.4m previously. ACADEMY PRESS: N...

Activity picked up at the Nigerian stock market today February 1, but All shares index still stayed down although at a lower rate compared to yesterday. The ASI dropped by 0.51% to 26036.24 despite big brother Dangote Cement's boost to premium index by closing 1.2% up at N3.50 per share. It was also inspite of 4% rise in industrial index all because consumer index led all else except ASEM index downwards at 640.01( down 3.2%). But volume recovered rather strongly by 88.5% to 305,017,704 units in 2620 deals that grew by only 7.03% as many equities had limited interest. Top volume was the 72,472,100 units sold in newly quoted Medview Airlines in 39 deals at 0.67% up per share. It was followed by Diamond bank with 43,127,358 shares in 130 deals; Standard Trust Insurance with 20,002,000 units that had very limited intetest resulting in only 3 deals and Fidelity bank's 18,347,189 shares in 68 deals. In terms of deals, day high was Guarantee Trust bank's 227 deals for...