HENATES

The Federal Government of Nigeria, through executive order no 8 issued by President Buhari and gazzetted October 8, 2018, has set in motion a scheme to ensure Nigerians paid tax on their offshore  assets and income. Called Voluntary Offshore Assets Regulation Scheme (VOARS), it was set in motion based on the premise that: -Every citizen has duty to declare offshore income and assets and pay appropriate tax on them, - That there is the need to inculcate in all citizens the ethics of voluntarily declaring income and assets, even of the offshore kind, and pay tax as appropriate. The scheme is being set up in Switzerland for all categories of tax payers and under it, everyone has 12 months period starting from October 8, to voluntarily declare all offshore  incomes and assets dating back 30 years on which tax was supposed to be paid and was not paid or was underpaid  Once the assets and incomes had been verified, the tax payer will then pay 35% as tax to cover all due since the asset was a...

It was more or less a day of muscle flexing by top capitalised companies at Nigerian, Nairobi and Ghana stock markets on Tuesday, October 16, 2018. NIGERIAN STOCK EXCHANGE  At the Nigerian Stock Exchange the heavyweight involved was Dangote Cement, the market's most capitalised equity. Dangote Cement, on Tuesday October 16, 2018, led 16 price gainers to drive the All share index into a much needed rally despite pushing against 23 price drops. The ASI closed at 32,722, up 0.95% on 32,413.48 it dropped to at the start of the trading week the previous day. This was a Dangote Cement found and closed at N205 per share, up N5 or 2.5% per share on the N200 per share clocked on Monday. This was accompanied with 17 deals for 1.989m shares worth N399.32m and trailed by Nigerian Breweries up N2.70 or 3.14% per share and Unilever Nigeria with N2.30 or 5.58% per share increase. On the side of price drops, Seplat Petroleum, 2nd highest priced equity, closed down N10 or 1.59% per share as it hit ...

Except in Ghana Stock Exchange, trading this week took off down previous Friday's level but in the case of the Nigerian Stock Exchange, it was a new low. NIGERIAN STOCK EXCHANGE At the Nigerian Stock Exchange trade hit lowest level for quite a long time as 2529 deals were sealed for only 91.405m shares worth N960.906m. This represented 43.7% drop on Friday's 162.41m shares dealt in and 24.3% drop on previous Monday's 120.822m shares. In value terms, it was 57.1% drop on Friday's N2.238bn and 28.1% down on previous Monday's N1.337bn. The All share index closed the day down 0.13% to 32,413.48 as 16 price gains and 17 drops were recorded. Leading the gainers was Forte Oil with N2 or 9.88% increase per share while witnessing 49 deals for 0.417m shares worth N9.291m. It was followed by NASCON Industries as it closed up N1.4 or 7.57% per share accompanied with 21 deals involving 0.1m shares worth N1.962m. On the other side of the spectrum, Unilever Nigeria declined by N2....

UK Aid funded non profit company, FSD Africa, is to collaborate with regulators of capital markets in some African countries to enhance their capacity to monitor and regulate the markets. The countries are Ghana, Kenya, Mozambique, Nigeria, Rwanda, Tanzania , Uganda, Zambia and Zimbabwe. Under the 3 year programme, FSD Africa will provide funds to build the capacity of capital market regulators across the African continent;  provide world class technical assistance for them and encourage closer collaboration amongst the regulators. According to the Securities and Exchange Commission of Nigeria, it became the first tragetted regulator to sign on to the collaboration on September 28, this year. The agreement was signed in Lagos by the Acting Director General of SECNigeria, Mary Uduk and FSD Africa's Mark Naplier with the Deputy High Commissioner to Nigeria, Laure Beaufils present. According to Naplier "....strengthening regulatory capacity in capital markets is an essential cond...

It is always hard to find bears and bulls in emerging markets especially the really young and small ones still aiming for pride of place. However, if one were to seek a bearish week at the Ghana Stock Exchange, it certainly seemed like last week ended October 12, 2018 particularly on the last trading day. The Ghana Composite Index ended the week at 3006.86, down 48.45 points of 1.49% compared to 1.71% growth the previous week. Actually, the market held out almost even through the week until Friday when all 7 price changes recorded headed down hinting at bears being scared. Lead drop for the week was Benso Oil Palm Plantation's GHs 0.92 per share as it shed leading GHs 0.90 per share on Friday atop GHs 0.02 earlier lost on Tuesday. Ecobank Ghana followed with GHs 0.45 per share decline after shedding CEDI's each day of the week except Tuesday when it gained GHs0.04 per share  It went down GHs 0.21 per share on Friday on top of GHs 0.22 decline on Thursday and more marginal drops...

The Nairobi stock market took a fast lane downwards last week ended Friday October 12, 2018 as All share index hit a new low of 144.25 on Friday. At that level, the ASI thus ended the week down 6.63 points or 4.39% compared to 150.88 previous week's close. It was a scary daily drop through the week as if the search was on for a bottom to bounce back from. The only day there was relatively slow decline was Tuesday when the ASI closed at 149.63 from Monday's 149.92. Then it tumbled by 2 points to 147.63 before shedding another 3.37 points or 6.62% on Friday. Of course, Friday was the most dramatic and it was also the day Safaricom went down Ksh 1 per share amidst 16 other drops to outshine 13 gainers and also end the week Ksh 1.75 per share down. But lead drop for the week was Ksh 19 per share by Jubilee Holdings which ended Friday Ksh 2 per share up to reduce the Ksh 21 per share tumble it had on Tuesday October 9 before the Wednesday holiday. Limuru Tea, down Ksh 13 per share, ...

After going down all through the previous week raising some alarm, the All share index at the Nigerian stock exchange calm nerves last week ended October 12, 2018 going 0.23% to 32,456.98. The week had taken off with some good news as the ASI closed at 32,444.96 on Monday from previous Friday's 32,383.15 but this was short lived  The next 2 trading days turned around in the opposite direction although  at less dramatic pace. By Wednesday, the ASI, at 32,382.58 had dropped slightly below previous Friday's closing figure. However, it rallied on Thursday to 32,417.82 then added 0.12%  on Friday to guarantee weekend of relief. In all there were 28 price gains and 38 drops at the end of the week with top gain bein Okomu Oil & Palm's N6.60 per share followed by CAP Plc, up N4.55 per share and Stanbic IBTC with N2.60 per share increase. And they turned out to be the only ones with above N1 per share gain. The price losers were paced by Presco Plc down N3.55 per share followed ...