HENATES

Nigeria and Morocco  have signed a declaration  to begin a 25 year ambitious dream to build a gas pipeline  connecting the two countries. The declaration  of intent was signed Sunday June 10 2018 in Morocco  by Nigeria's  President  M Buhari and King Mohammed  V1 of Morocco. This was as a follow  up to agreement  reached in 2016 which led to feasibility  studies and a plan for the pipeline. The understanding  now is that it will be a 5660 km long pipeline that will cross various countries onshore  and offshore to link the two countries with an eye not only on the markets crossed by it but also,  to target the European  market through it. Now both nations have committed themselves to establish  the cost estimate  of the project and to seeking funds to make it happen. For now a front end engineering  design is to be commissioned to involve the countries the pipeline will cross and also determine export potential  through the pipeline. Meanwhile,  in the course of Presiden...

NIGERIA: BERGER PAINTS BOARD CHANGES From June 7. 2018. Dr Oladimeji All retired voluntarily  as chairman  of the Board of directors  of Berger Paints Nigeria. According  to Oluseun  Oluwole,  company secretary /legal adviser,  he retired to free himself for other commitments after serving in the position July 17, 2014 and being a board member  since  December  2012. Mr And Ayida, a non executive  member  of  the board since 1999 has also been appointed the new chairman  of the board. He holds  Bachelor's  degree in economics  from University  of  Minnesota and masters from Pennsylvania State University. He also brings to bear on his new position,  years of experience in banking, insurance  and manufacturing  in the UK,  US and Nigeria. TRANSCORP'S NEW EXECUTIVE DIRECTOR Mr Christopher  Ezeafulukwe the group general counsel and head,  business  development for Transport Nigeria plc has been elevated to the board of the company. His elevation takes effect from ...

After closing up beat consistently for good days, the All share index at the Nigerian Stock Exchange took a dive once again Friday June 8 2018. After applying brakes Monday June 4 on almost 2 weeks downwards, the market had continued upwards more strongly through three more days before closing the week down on Friday as the ASI  dropped by 0.96% to 38,669.23. This was partly as far more price drops were recorded (28) than gains (18) and partly because more top weighted companies recorded price drops. The gainers were led by highest priced Nestlé Nigeria which closed at N1450.2 per share up N20.2 or 1.45% while witnessing 61 deals for 0.213m shares worth N314.3m. It was followed by 11 PLC which topped up with N8.3 or 5% per share while 0.029m shares changed hands in 21 deals valued at N5.14m and Unilever Nigeria up N2 or 3.77% per share on the trail of 34 deals involving 4th ranked 18.42m shares worth leading N1.013bn. On the other hand, Seplat Petroleum paced price drops with N23.9 or ...

The Central Bank of Nigeria has issued regulations for the take off of bi- weekly bid for Chinese currency transactions as follow up to recent currency swap deal even as Nigeria's foreign reserves went down further, according to recent updates. In a circular signed by its Director of Financial Markets, Dr Alvan Ikoku and pasted on its website yesterday, June 7, transactions in the Remindi(Yuan) under the swap arrangement, will be used only to finance trade and direct investment; to maintain financial market stability and for other purposes, both parties to the swap deal may decide on in future. The circular also says that only authorised dealers in the form of commercial and merchant banks will be allowed to access the bi-weekly CBN intervention bidding sessions on the Yuan. These dealers must open Yuan domiciliary accounts with correspondent banks and advice the CBN accordingly; ensure importers who want to access Yuan bids obtain proforma invoice denominated in Chinese currency a...

It looks like for the Nigerian stock exchange, the financial year to December 2017 is going to be unforgettable for a long while. Yes, humans lick open wounds for a long time and remember with bitterness he or she who inflicted it. Much the same way, record achievements linger in every memory particularly those are definitely milestones. For the NSE Nigeria, 2017 had turned out to be so good that is will take a long while to surpass it and so leave it in the dustbin of history. In 2017, it is no more news that the exchange was ranked 3rd best performing stock exchange in the world by the CNN. Now it has become the signature tune of the exchange and even the Buhari administration although CNN is not known for being a ranking agency of exchanges. Even then, the facts that emerged from 2017 with the exchange continue to tell a tale of a year that will be very hard to forget. Hence, we hear, the 57th Annual General Meeting of the exchange held at its headquarters in Custom Street, Lagos wa...

Zenith International Bank Wednesday June 6, 2018 paced the Nigerian stock market in all indicators except price gains even as the market closed almost as bullish than it was on Tuesday.   In fact, in a way it was more bullish since 41 price gains were recorded compared to Tuesday's 39 but the All share index closed up at a lower 1.53% at 38,435.29. Traded volume had risen by 15.7% to 393.12m shares, traded value yo by 11.9% to N6.67bn and number of deals closed 19.1% up but more because Zenith paced all three trading indicators. Up only N0.95 per share, Zenith recorded leading trade all round as 467 deals were sealed for 110.59m offload valued at N3.095bn or 46.4% of the day's market traded value. The gain was with some struggle as Zenith opened the day at N27.1 per share, hit day high of N28.2 and low of N27.6 before closing at N28 per share as against N27.05 previously. On the other hand, the 41 price gainers were paced by Nigerian Breweries for the 3rd day running with N5.5 ...

The Nairobi Securities Exchange ended Wednesday June 6 very positive about most sectors particularly the commercial and allied, Banking and Energy and Petroleum sectors but bearish about insurance and manufacturing. As a result, the All share index firmed by 2.83% to 176.65 as traded value and volume rose by 44.7% to 25.14m shares and 33.9% to Ksh 858.88m respectively. There were 20 price gains compared to 15 declines but more specifically, of the nine price changes in Commercial sector, 7 were up; just like 4 out of 5 amongst banks, all 3 price changes in Energy and Petroleum. The market was bullish too about the agricultural sector as 3 out of 4 price changes were up but it was clearly bearish on manufacturing as all 3 price changes dropped; just like all 4 price changes in the insurance sector. The lone price drop in the agriculture sector was by Kakuzi and it was a huge market pacing Ksh 34 per share decline as it found and closed at Ksh 320 from previous day's Ksh 354 per shar...