HENATES

At the Nairobi Securities Exchange Wednesday, May 30, 2018, which way for the All share index was a tug of war between Kakuzi Ltd and Jubilee Holdings which Safaricom helped Kakuzi win. Both equities closed down or up by relatively wide margins while pacing 22 price drops and 18 gains. Jubilee Holdings had quite a price leap as it found and closed at Ksh 520 per share compared to Ksh 500 on Tuesday. Kakuzi, on the other hand, while recording deals for just 1000 units, tumbled by Ksh 16 per share after a struggle of sorts.  It hit day high of Ksh 336 per share, slipped to Ksh 334 then closed at Ksh 335 per share, way below Ksh 351 per share the previous day. In the end, the ASI was down yet another day losing 0.89 points to 173.20 as Diamond Trust Bank also went down Ksh 4 per share; Nation Media lost Ksh 2 per share and as Sanlam and The exchange itself lost Ksh 1.50 and Ksh 1.20 per share respectively. Of the major price drops, that of the Exchange had a colouring of its own since it ...

Cascading share All share index gathered momentum downwards Wednesday May 30 at the Nigerian Stock Exchange after democracy day celebration May 29. During the one day holiday, President M Buhari had given account of his 3 year stewardship in a nationwide address but apparently this did not help to stem the daily slide in prices at the market for more a week now. The ASI tumbled at top rate since the daily fall losing 434.03 points or 1.1% to close at 38,606.41.  Before the May 30 tumble, top daily slide within the period was May 24's decline by 426.7 points or 1.06% and so far, the I index dropped daily from May 15's 40,992.46. The latest tumble however, was more as top weighted or priced equities recorded major drops ahead of minor gains even 25 price drops witnessed was just slightly above 23 gains. Top decline was the N60 or 3.75% per share recorded by the market's highest priced equity, Nestle Nigeria while recording 91 deals for 0.482m shares worth N750.76m. Nestlé had...

Recently, as an offshoot from the Nigerian Investors Forum held at Abuja, the Nigerian Investment Promotion Council (NIPC) and the Federal Inland Revenue. Service (FIRS) released a compendium of investment incentives dated October 2016. They said it was based on 2016 fiscal policy regime and covers 5 sectors of the economy The compendium was put together by the two organisations with input and help the Bank of Agriculture; Ministries of Agriculture and minerals development, finance, health, industry and trade, mines and steel and agencies like Nigerian Electricity Regulation commission and the Nigerian Export promotion council. A good idea no doubt because it provides one stop list of existing incentives and government agencies in charge of their administration. It contains tariff based incentives; export incentive; free zone incentives especially for export processing and oil and gas, and general tax based incentives. There are also specific incentives for agriculture, solid minerals,...

More or less, it was rare trade day of sorts at the Nairobi Securities Exchange as many equities rarely traded for a while now recorded deals and some usually traded closed with higher volumes. However, this did not drive traded volume upwards because some usually very active equities witnessed relatively low trade.  Traded volume came to 27.167m shares compared to 34.55m on Monday and 41.84m on Friday. The beauty was in the number of rare trades on the roll call. Leading rare trades were deals for 2.99m shares recorded in WPP Scan Group at between Ksh 17 and 18.20 per share worth Ksh 50.8m. WPP ended down Ksh 0.15 per share though as it hit day high of Ksh 18.2 then low of Ksh 17 where it closed as against Ksh 17.15 per share on Monday. Other rare trades were recorded in Sameer Africa (947,400 units sold); Express Kenya in which 197,000 shared changed hands; Sasini which used to be very active and recorded deals for 41,400 units , Unga Group with deals for 157,700 shares and Crown Pai...

For the sixth day at a stretch it was still gloomy at the Nigerian Stock Exchange Monday May 28 as the All share index closed 0.72% down to 39,040.44. The interesting thing was that the day's decline occurred despite N1 per share day high gain by top weighted Dangite Cement. The ASI had tumbled into the 39,000 range on Friday after ending the previous Friday at 40,472.45. The May 28 decline was 33 price gains overwhelmed only 10 gains which included the Dangote Cement lead. Dangote Cement closed Friday at 244 per share, opened the day at N244.5 then slipped slightly to day low of N244.4 before closing at day high of N245 per share. All these was while recording 28 deals for 0.82m shares worth N20.17m. Leading the pressure downwards was La Farge Africa which went down by N2 or 4.94% per share while witnessing 33 deals for 0.246m units valued at N9.49m. Unlike for Dangote Cement, the price change was easy for La Farge Africa as it simply found and closed at N38.5 per share compared t...

The Central Bank of Nigeria, over the weekend, directed all Deposit Money Banks to sell foreign exchange to travellers over the counter with immediate effect. According to CBN Acting Director, Corporate communications, Mr Isaac Okorafor, all such banks are to meet any customers demands immediately upon presentation of relevant documents like visa and tickets. And it must be to all customers and not only customers of the banks. In addition the Bureau De Changes all over the nation are now to bid for foreign exchange three times a week instead of the usual two.  They are to bid compulsorily on Mondays, Wednesdays and Fridays. Any failure to so bid will result in the review of the license of defaulting BDCs. For the BDCs this might be a tall order since many are complaining of selling with low margin. Meanwhile, it has been exactly a week since the foreign exchange position of Nigeria was published on the website of the Central Bank of Nigeria. Another visit to the site today still shows ...

KENYA:  KENYA AIRWAYS EQUITY/DEBT  SWAP  Kenya Airways has finally got the go ahead of Capital Markets Authority to issue new shares to KQ. Lenders 2017 Ltd as part of the debt owed to it. According to Kenya Airways, the issuance of the shares will be in batches or from time to time but will in the end aggregate to 663.5m shares. The debt restructuring strategy was approved by the CMA on May 18. 2018  while formal approval was given by shareholders of the company at an extraordinary general meeting held on August 8, 2017. This is certainly going to water down the percentage holdings of existing shareholders but it should provide debt relief for the company that could increase its chances of making profit. STANDARD GROUP CONFIRMS CEO. Standard Group PLC has announced the confirmation of Mr Olando Lyomu as the group chief executive officer of the company. According to company Secretary, Millicent Ng'etich, this was with effect from May 25, 2018 and after acting in that capacity since...

Friday May 25, 2018 was indeed a bearish day that ended a somewhat bearish week at the Nigerian  Stock Exchange. An overwhelming 42 price drops were recorded compared to only 12 price gains  thus depressing the All share index further by 1.01% to 39,323.62. Through the week it was downwards all the way for the ASI. It had slipped to 40,472.45 the previous Friday before resuming the week down 0.12% on Monday, and this continued in the same direction to Thursday's 39,723.85. Pacing the 42 price drops was Guinness Nigeria down N4 or 3.85% per share as it recorded 99 deals for 0.84m shares worth N84.37m. It was a simple affair for Guinness as it found and closed at N100 per share from Thursday's N104 per share. It was trailed by three other equities with above N1 per share decline. Unilever Nigeria and Flour Mills went down N1.50 per share each and Julius Berger eased by N1.45 or 5% per share. Unilever Nigeria ended with 20 deals for 0.164m shares worth N8.116m; Flour Mills witness...

On Friday, May 25 2018,  Barclay's Bank paced traded volume with deals for 19.96m shares that shot up total number of its shares exchanged within the week to 37m worth Ksh 440m. Barclay's stayed firm through the day but ended pushing up traded value in the banking sector to Ksh 1.6bn within the week or 48.12% of the market's Ksh 3.88nn for the week. Equity group, down Ksh 1 per share within the day and by 3.02% for the week, recorded deals for 1.85m shares May 25 bringing its all week total to 8.8m shares valued at Ksh 437m. However, the pace setter in value terms for banking within the week was KCB Group which recorded deals for 560,000 units on May 25 bringing its total for the week to 11.4m shares traded at between Ksh 46 and 50.50 per share worth Ksh 539m. Safaricom recorded deals for 8.862m shares on Friday bringing its total volume to 36.9m shares traded at between Ksh 28.50 and 29.75 per share valued at Ksh 1 bn or 31.8% of market total. Other major deals on Friday M...

After more than a year of Donald Trump at the American seat of power, The White House, none can pretend not to get the message loud and clear: Depend less on America, you parasites. For Trump, the world has been begging at the door of mighty uncle Sam for too long...since the end of World war two, some may say. Before President Trump surfaced, America provided the lion share of funds for the United Nations and its many organs; it shouldered the heavy weight of democracy threatened by dictators, armed insurgency all over the world and expanded its budget deficit so that its allies and even not too friendly nations like China could grow their own economies on trade surplus with Uncle Sam, and expanded its military budget and ambitions to ensure its NATO allies and other friendly nations had a broad shoulder to lean on. Now Donald Trump is saying enough is enough but, unfortunaty, rather crudely through bragado display of might and infectious threat of thunder, brimstone and nuclear showe...

For three days now, Henates has visited the site of the Central Bank Of Nigeria for daily updates on Nigeria's foreign reserves without success. The figures are stuck at May 21 2018 when interestingly the reserves dropped once again.  It eased by 0.09% or $45.4m to $47754.41m from $47799.65m it clocked on Friday May 18, when it recovered a second time from two consecutive days of decline on May 15 and 16. Like Henates pointed then, the May 15 decline by 0.01% to $47787.08m from $47793m was historic because it marked the first in months of daily increase on the back of rising crude oil prices, mainly. This had been followed by another decline on May 16 before two days of recovery on May 17 and 18. Hence the May 21 resumed decline punctuates hopes that the new upwards movement will be sustained since crude oil prices continue to rise. Thus, it was important to be on the look out for what follows next: Will it continue to decline or simply just rally once again. However, we visited on...

Henates is unable to give you full analysis of developments at the Nairobi Securities Exchange for May 23 2018 because of no update from the exchange but from the information we gathered, the All Share index went down again after May 22 rally. As number of price gainers outstripped price losers May 22, the ASI had recovered by 0.42 points to 178.14 but May 23, it eased by 1.1 Points or 0.62% to 177.04. This was as 16 price drops and 15 gains were recorded and Safaricom was amongst the losers. It dropped by Ksh 0.25 per share thus losing the same amount it gained May 22. Lead gain was however recorded by Unga Group as it closed Ksh 2.75 per share up followed by Ksh 1 per share gains by Sasini and Sanlam ltd. For Sasini this amounted to 4.44% gain while for Sanlam, it came to 4.35% per share. The spread of price drops was wider though with Jubilee Holdings leading Ksh 37 per share or 6.92% down with Diamond Trust Bank trwith Ksh 4 or 2.01% decline and East African Breweries down Ksh 3 or...

The Nigerian Stock Exchange closed Wednesday May 23, 2018 with 57 or 33.7% of the 169 quoted companies recording no deals and the All share index down 5th consecutive day. A total of 15 more equities recorded simple crossed deals involving just one interested buyer thus upping relatively inactive equities to 42.6%, that is no deal plus crossed deal equities. Most of the crossed deals were for rock bottom volume led though by 20,000 units crossed in Standard Insurance Plc. The All share index closed down 0.25% to 40,150.55. Although this represents eased rate when compared to Tuesday's decline, it represented 4th consecutive day of decline. On May 18, it dropped by 0.18% then slipped some more by 0.12% on Monday May 21,before going down further by 0.38% on May 22, 2018. This time around heavyweight equities were more or less out of the picture. There were 28 price drops and only 15 gains and so the continued slide stemmed more from majority of drops. Leading the price losers was UAC...

The All share index at the Nairobi Securities Exchange May 22 2018 found its way back upwards with 0.42 points to 178.14. Two days of increase had been punctuated on Monday May 21 with 1.83 points drop to 177.72 as Safaricom, down Ksh 0.25 per share paired with East African Breweries lead drop of Ksh 9 per share. This time around, Safaricom regained its lost Ksh 0.25 per share and joined 13 other price gainers led by Total Kenya to prop up the ASI inspite of more number of equities with drops (23). Total Kenya closed Ksh 2.50 per share up as it hit day high of Ksh 35 then low of Ksh 31.25 before closing at Ksh 34.50 per share compared to Monday's Ksh 32 per share with relatively few units changing hands. Safaricom, on the other recorded deals for 7.749m shares worth Ksh 227m at between Ksh 29 and 29.75 while closing at Ksh 29.25 per share as against Ksh 29 previously. East African Breweries was the other major price gainer as it rose by Ksh 2 pee share while witnessing deals for 17...

The Central Bank of Nigeria's Monetary Policy Committee at its 261st meeting has decided to retain basic financial rates as they have been for months now. Specifically, the Monetary Policy interest rate was retained at 14%; cash reserve ratio stayed at 22.5% and liquidity ratio was retained at 30%. This certainly must disappoint any one who was expecting at least some shift downwards for the interest rate since for two months now, the nation's inflation rate had stayed below 14% and still declining, albeit slowly. In April, according to latest figure released by the National Bureau of Statistics, the inflation rate was down to 12.48%. However, there is no doubt though that the CBN had reason to be cautious over the immediate future in spite of still rising crude oil prices and its impact on Nigeria's GDP and of course, the inflation rate continued decline. Of top concern was the still fragile recovery of the economy as evidenced by reduced GDP growth for this year's fir...

At the Nigerian Stock Exchange Tuesday, May 22, 2018, Ikeja Hotel Plc recorded very rare trading activity that ended leading traded volume for the day. It witnessed 19 deals for day high 34.55m shares worth N70.48m as it closed N0.18 per share up. By May 18, 2018 the last deal recorded in the company was 10,000 units sold at N1.80 per share on November 9, 2016. In the course of the day's leading traded volume Ikeja Hotel hit day high of N2.04 and closed there after opening the day at N1.95 compared to N1.86 per share on Monday, May 21, 2018. By May 18, though it last went ex-dividend in 2008 and ex-scrip in 2009 and posted price earnings ratio of 11.47. It was a somewhat bearish day though with 33 price drops as against 19 gains leading to 4th day down for the All share index by 0.38% to 40,272.76. The pressure downwards was paced by 11 Plc with N8.50 per share decline as 0.22m of its shares changed hands  in 68 deals worth N38.8m. Heading down was with some struggle for 11 PLC as ...

KENYA: AFRICINVEST NOW OWNS 14.3% BRITAM HOLDINGS PLC. Finally, Africinvest has acquired 14.3% stake in Kenya's Britam Holdings PLC . According to Britam's company secretary and legal director, Nancy Kiruki, the deal was fully sealed on May 18 this year and Africinvest now holds 360,883,281 shares in Britam Holdings. The first public hint of the investment had been made public September 26, 2017 and it was executed through a special vehicle company for the purpose. The transaction was guided by Stanbic Bank Kenya Ltd as advisers and Coulson Barney LLP as legal advisers  EAAGADS LTD PROFIT WARNING Eaagads Ltd has warned that its earnings for the current year will be lower than 2017 figure by at least, 25%. Based on unaudited figures March 31 2018, Eaagads expects the current year's profit after tax to be loss of Ksh46.7m compared to real profit of Ksh 18.1m in 2017. This was due, says Eaagads, to low coffee sales volume as low production anf lower quality of harvest occurred...

Trading at the Nigerian Stock Exchange May 21, 2018 was down considerably but investors interest remained high. Total traded volume came to 271.27m shares compared to last Friday's 350.54m shares while traded value declined by more than 50% to N2.3bn from N5.077bn but number of deals struck rose to 4052 from 3973. It was a day of very cautious gains and drops with ultimately, the All Share Index easing by 0.12% to 40,425 thus continuing downward trend since Thursday. Interestingly, the ASI decline was inspite of 26 price gains as against 22 drops  and what's more inspite of price change margins that were almost in the same range. Top price gain was recorded by Forte Oil as it closed up N1.90 or 4.90% per share while 51 deals were sealed for 0.329m shares valued at N13.03m. Forte Oil closed Friday at N38.75 per share, opened May 21 at N39 then closed at N40.65 per share. And it turned out to be the only equity with above N1 per share price change for the day. In terms of gains, ...

According to figures for the first quarter of this year released today May 21, 2018 by the National Bureau of Statistics ( NBS), Nigeria's sluggish recovery from 2016 depression seems to be slowing down. According to the figures, real Gross Domestic Product (GDP) of Nigeria in the first quarter of this year grew by 1.95%  year on year to N16.106tr. Much as this remains heartwarming because it is a growth, not a decline, it however represents a slow down of sorts from the year on year GDP growth of 2.11% recorded in the 4th quarter of 2017. Indeed, Nigeria had come out of recession gradually as quarterly GDP growth improved. It was 0.72% in quarter 2, then 1.17% quarter 3 before the 2.11% it has now eased from. This is inspite of relatively great improvement in crude oil production and price within the first quarter of this year which led to higher % contribution by the sector to real GDP. By the first quarter of this year, Nigeria's crude oil production averaged 2m barrels per ...

NIGERIA: MUTUAL BENEFITS ASSURANCE PLC: Dividend:       N0.02 per share Qualification:        13/6/2018 Reg closure:         14/6--20/6/2018 Payment:               28/6/2018 AGM venue: Premier Hotel Ibadan. AGM date:            27/6/2018 NEM INSURANCE PLC: Dividend:      N0.10 per share Qualification:    1/6/2018 Reg closure:     4/6/---8/6/2018 Payment:         20/6/2018 AGM venue:    Premier Hotel Ibadan. AGM date:       20/6/2018 SMART PRODUCTS NIGERIA PLC: Dividend:   N0.10 per share Qualification:      27/7/2018 Reg closure:  30/7--3/8/2018 Payment;        21/9/2018 AGM venue: 373, Agege Motor Road, Challenge, Mushin. AGM date:  CEMENT COMPANY OF NORTHERN NIGERIA PLC: Dividend:   N1.25 per share Qualification:     15/6/2018 Reg closure:     18/6----22/6/2018 Payment:          29/6/2018 AGM venue:  Eko Hotel & Suites, V/Island AGM date:        28/6/2018 KENYA: SAFARICOM PLC: Dividend:  Ksh 1.10 per share Payment:  Subject to approval.

According to latest figures obtained from the website of the Central Bank of Nigeria, the foreign reserves of Nigeria has recovered slightly on Thursday May 17 2018 after two days heading down. Henates had exclusively reported in a previous post that for the first time in months, the reserves dropped by 0.013% to $47.787bn on Tuesday May 15. This was rather shocking because the main source of foreign earnings, crude oil, was doing rather well at the world market as prices hit new highs due to the unfolding crises in the Middle East. Now understand that it dropped further by 0.006% or $0.003bn on Wednesday, May 16, 2018. It was from this new months-old low that by May 17, 2018 it closed at $47.793bn, up $0.009bn or 0.02%. Of this amount, 1.53% or $729.95m was blocked and not readily available for trade obligations settlement. The blocked portion had increased by $0.55m when compared to May 16 position and indeed, the May 17 reserve level was back exactly to what it was on May 14 before ...

Somehow, that the All Share Index at the Nigerian Stock Exchange closed only down by 0.44% on Friday May 18, 2018 could be quite a puzzle to unravel. The stage was set for higher % drop. For one, there were 30 price drops compared to 20 gains. For another margin of drops were more than that for gains and for a third, Dangote Cement, still the top weighted equity in the ASI valuation basket, went down as well. Lead drop was by Total Nigeria, down N9.80 or 4.42% per share as it recorded 32 deals for 0.076m shares worth N16.71m  Total had closed Thursday at N221.8 per share, opened the day at N220 then slipped further to close at N212 per share. Close on its heels was fellow petroleum products company, 11 PLC which lost N7 or 3.72% per share as it opened at N181.2 per share, rounded downwards to close at N181 per share compared to N188 the previous day. It recorded 46 deals for 0.042m shares worth N8.537m. Dangote Cement, on its own part found and closed at N245 per share, down N3 or 1.71...

The Nairobi Securities Exchange closed Friday May 18, 2018 with British American Tobacco leading 13 price gainers by Ksh 14 per share. Partly because of this and with good helping hand from Crown Paints and, of course, Safaricom the All share index ended 3rd of trading with gains rising this time by 0.49 points to 179.25. On May 16 it has risen 2.75 points or 1.57% to 177.62 then topped up some more May 17 to close at 178.76. The BAT lead gain as Friday trade closed the week was clocked in the course of 2400 shares changing hands in a week it recorded deals for 205,000 units total worth Ksh 123m. During the Friday trade, BAT hit day high of Ksh 639 per share and a low of Ksh 610 before closing at Ksh 616 per share, compared to Ksh 602 on Thursday. Thus, BAT topped up by 2.79% on previous week's close. Crown Paints in the Construction sector also closed Friday fairly strongly as it gained Ksh 7.50 per share as only 100 units of its shares changed hands. It was a simple gain as it fo...

Financial year 2017 was certainly not good at all for Diamond Bank Plc but diamonds are said to shine for ever, will the shine come back soon? Well first quarter figures to March this year do not provide conclusive answers, indeed, if 2017 trend holds again this year, then the worst is yet to come. In the first quarter of 2017, according to figures from Diamond Bank, the bank made a profit before tax from continued operations of N5049.9m. Yet it ended the year with N11,546.95m loss. In more graphic terms, for every N100 gross income in 2017 first quarter the bank gained N10.2 but nine months after, things went so downhill that it ended the full year with loss of N6.09 on every N100 gross earning. Now that first quarter figures for 2018 point to only N1252.9m profit or N2.59 on every N100 gross income, is higher loss on the cards for the year? Already, unlike in full year 2017, Diamond bank battled with reduced interest income (down 1.32% to N38.13bn) amidst 38.5% leap in related intere...

According to figures obtained from the website of the Central Bank of Nigeria, the foreign reserve of Nigeria dropped marginally for the first time in months despite recent fairly high crude oil prices. The reserve figure posted on the site for May 15, 2018 read $47.787bn out of which $729.15m was not available for use in payment for imports. This, however was 0.013% lower than the $47.793bn stated for May 14 2018 and indeed, even though marginal represents first drop in months of steady rise on daily basis. This daily increase had been engendered by recent increases in the international crude oil price and more effective management of local foreign exchange market even though through numerous windows. Double digit interest rate deliberately held firm for months now also encouraged inflow of very short funds targeting money market instruments. Daily increasing foreign reserve has in recent times been good news of sorts for the Nigerian economy that is still struggling to gather momentu...

It was somewhat a bearish day, Wednesday May 16 2018 at the Nairobi Securities Exchange as 26 price drops were recorded compared to only 8 gains. However, in spite of this, the All share index finally recovered from 4 day consistent decline by closing at 177.82 up 2.75 points or 1.57%. Lead price gain was by Stanbic Holdings up Ksh 3 per share as it scaled Tuesday's Ksh 89 per to close at Ksh 92.50 after day low of Ksh 90 per share. But the prime ASI push upwards occurred as Safaricom closed Ksh 1.25 per share while pacing the market volume with deals for 5.02m shares worth Ksh 144m or 27.8% of total traded value. The shares were traded at between Ksh 28 and 29.25 per share. Safaricom closed May. 15 at Ksh 27.25 per share, hit day high of Ksh 29.25 and low of Ksh 28 before closing at Ksh 28.50 per share. The rest price gains were below Ksh 1 per share and so, apparently, the pull downwards by 26 drops was countered mainly by these two price increases. It was indeed a strong one led...

On Wednesday, May 16 2018 it was a clear case of hat trick rally for the All share index at the Nigerian Stock Exchange after 2 days downwards. The ASI closed at 40,992.97, up 0.93% despite there being twice as many price losers (30) as there were gainers (15). The hat trick was performed as Nestlé Nigeria, Dangote Cement and Unilever Nigeria made strong gains  The pace setter was Nestlé with N27 or 1.72% rise to N1600 per share, just N15 short of its year high N1615 and twice its N798 per share year low. Nestlé closed May 15 at N1573 per share as it regained N43 out of N50 lost the previous day, opened at N1590 before the final rise for the day. This was as it recorded 62 deals for 0.66m shares worth 2nd highest N1.06bn traded value. On the other hand, Dangote Cement gained N6.5 or 2.67% per share as it witnessed 37 deals for 0.113m units worth just N28.17m and Unilever rose by N2.45 or 4.91% per share while also posting 37 deals for 0.246m shares worth N12.82m. The price losers were ...

The Nairobi Securities Exchange closed Tuesday May 15, 2018 with the All share index down for the 3rd day running under not too intense bearish pressure. The ASI closed down 0.47 points to 174.87 after losing 1.4 points the previous day and 1.51 points on Friday to close the previous week. This time the decline occurred as 25 price gains were recorded compared with 13 gains as Safaricom closed firm. Apart from the almost double number of price drops, the spread of decline was bigger too . With Ksh 3 per share each, Kakuzi ltd and East African Breweries led price drops followed by Stanbic Holdings down Ksh 2.50 per share. On the other hand, top gainers were Williamson Tea, Standard Chartered Bank, Nation Media, Jubilee Holdings and British American Tobacco paced gainers with Ksh 1 per share each. However, trade recovered very well to 37.04m from 13.18m shares in volume terms, valued at Ksh 1.257bn compared to Ksh 468.46m previously involving 1624 deals as against 1366 on Monday. Top tra...

On Tuesday, May 15, 2018, at the Nigerian Stock Exchange, highest priced Nestlé Nigeria regained the bulk of all it lost on Monday as it paced 12 gainers  Nestlé Nigeria closed N43 per share up as against N50 per share drop previously which paced the market downwards. It simply found and closed at N1573 per share compared to N1530 on Monday and recorded 50 deals for 0.325m shares worth N510.69m. It was trailed too by Nigerian Breweries which in recent days has ended down almost on daily basis. NB gained N2.8 or 2.3% per share as 97 deals involving 5.93m of its shares were sealed for N735.24m. In spite of both major gains, though, the All share index closed down again, this time by 0.15% to 40,615.42 after sliding by 0.84% on Monday. This was because indeed at 25, there were far more price drops although in lower spread.  Zenith Bank paced the losers with N1.15 or 4% per share decline as it opened at day high of N28.6 per share before closing lower at N27.6 compared to N28.75 per share ...

Once again, according to latest composite price index (CPI) released by the National Bureau of Statistics (NBS), inflation rate in Nigeria eased further for the 15th month to 12.48% in April 2018 compared to 13.34% in March. But it will be a long while yet before Nigerians begin to feel the impact of the monthly slide at their breakfast or dinner table. This is because, the key items still driving the CPI upwards were food and processed derivatives. The food inflation in the same month was 14.8% and was driven by higher prices recorded in tubers, particularly potatoes and yam, fish, bread, cereals, vegetables, meat and milk. Indeed, of the items that make up the CPI basket, food and food related ones dominated sectors with top prices when compared to base period November 2009. From the figures, food items prices were at least 2.7 times their levels way back in November 2009 as the highest priced items in the basket.  At the same time imported food prices were 2.6 times the base prices ...

It used to be rare but since October last year, it had been a more common phenomenon thus reflecting higher investors interest in the market. At the Nairobi Securities Exchange once again Monday May 14 2018, trade declined but number of deals struck rose. Traded volume dropped by 28.7% to 13.18m shares, traded value declined faster by 46.4% to Ksh 468.46m but these involved 1366 deals, up 6.72%. . On April 6 this year, the same thing had happened as volume dropped by 26.3% to 16.25m shares, value went down by 22.2% to Ksh 519.3m while number of deals at 1474, was up 3.66%. It had earlier occurred on March 6, 16 and 20 after starting to really occur much in October and November last year. Normally, number of deals reflect investors interest and it drops or increases out of step with trade when investors scramble for rare or highly valued equities. On Monday rather rare volumes were traded in British American Tobacco (102,300 units worth Ksh 61m at between Ksh 600 and 630 per share); Sta...

The mood was cautiously bearish Monday May 14, 2018 at the Nigerian stock exchange with no equity gaining up to 5 kobo per share. There were 35 price drops and only 11 gains and even at that margin of decrease was way ahead of gains. Hence after recovering on Friday from three consecutive days of decline, the All share index resumed downwards Monday at 40,677, down 0.84%. Nestlé Nigeria led the pressure downwards as it lost N50 or 3.16% per share after closing Friday at N1580 per share, opening at N1560 before closing the day at N1530 per share. It recorded 58 deals for 0.11m shares worth N168.89m and with the whopping decline killed all hopes that it was heading once again for a new all time high. Three other equities also lost above N1 each per share: Okomu Oil & Palm ( down N4.50 or 5% per share); Nigerian Breweries ( Eased by N2.50 or 2.01% per share), and Dangote Cement down N1.50 per share or 0.61%. Of the top price losers, only Nigerian Breweries recorded above N1m traded vo...

NIGERIA: GREIF NIGERIA RESTRUCTURES Greif Nigeria PLC, makers of steel drums and other related products, is to restructure its operations to ensure continued profitability in not too favourable times. According to executive director, Olakunle Obadina, the restructuring plan is to be carried in consultation with Greif Sub saharan Africa and EMEA management team. It involves producing only from its Apapa Lagos factiryy; closing down of manufacturing operations in Koko and Kaduna and immediate improvement of the Apapa facility. JAPAUL OIL & MARITIME SERVICES TURNS DOWN FUND INJECTION The  Directors of Japaul Oil & Maritime Services PLC have resolved to turn down plans by Milost Global Inc to inject funds into the company. Earlier in the year, the company had announced the expressed interest of Milost but on March 29, the board resolved to take prompt steps to pull out of the transaction forthwith. According to an official statement to this effect, this was " in view of the nu...

The Nigerian Investment Promotion Council (NIPC) in collaboration with the National Bureau of Statistics (NBS) organise three day direct investors summit at Abuja next week. Packaged to provide a forum where investment and opportunities meet, the summit is expected to hold May 21-23 2018 at Transcorp Hilton Hotel Abuja with more than 200 delegates expected and above 100 projects to be profiled. According to the organisers of the event, it is meant to help attract long term investment in agriculture, transportation, power, gas, manufacturing, processing, and information technology. The summit is being sponsored by Dangote Group, North South Power, Bank of Industry and other major organisations. Keynote speakers penciled down for the summit include President Muhammadu Buhari, Vice President Osinbajo; Ministers of Industry trade and investment, Mr Emelemah, and Power works and housing, Mr Fashola  Also to speak are the Executive Secretary of NIPC. Yewande Sadiku, Dr Yemi Kale, the statist...

Traded volume at the Nairobi Securities Exchange dropped by 21.5% to 18.48m shares on May 11, 2018 without bringing down traded value which instead rose by 16% to Ksh 873.2m. However, number of deals dropped by 20.1% to 1280 from 1603. The main reason for volume and value dancing out of tune was relatively more deals struck in middle and high priced equities. For example, Stanbic Holdings in the banking sector ended the whole week with deals for 2.2m shares worth Ksh201m out of which 2.09m changed hands on Friday, May 11. British American Tobacco recorded deals for 122,000 shares worth Ksh 74m out of which 96,600 units were dealt in on Friday. However, it was also a day when BAT dived by some 7.69% or Ksh 30 per share as it closed at new low of Ksh 600 per share. This was the leading price drop for the day but another major decline was recorded in Kakuzi Ltd as it hit day high of Ksh 355 per share and low of Ksh 350 before closing at Ksh 354 per share compared to previous day's Ksh...