Emeka Onuora, PenCom Spokesman, Buries Mum
Under-Employed, Under-Inclusive: The World in 2017
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Lufthansa Loses Europe No.1 Title to Ryanair
Irish LCC Ryanair has once again proven itself a worthy opponent to other Old World airlines, by officially becoming Europe’s number one airline by passengers carried after Lufthansa – the previous holder of the title – reported a comparatively small 1.8% in the number of travelers carried in 2016.
Ryanair, luring in passengers from other airlines by its low ticket fare policy, reportedly carried 117 million passengers (a 15% increase YoY) in 2016, beating Lufthansa that had flown 109.7 million during the same period.
A steep upward trend is seen in the reports of other European budget airlines, with Wizz Air having flown 19% more passengers (22.7 million) in 2016 than in 2015. Scandinavian LCC Norwegian Air Shuttle saw a 14% YoY increase in passenger carried to 29 million.
Despite stiff competition, Lufthansa is still the largest airline group in Europe by revenue due to operating more long-haul routes than its competitors and managing its own catering and MRO business units.
Buhari Sacks Obazee of FRN, Appoints Asapokhai
Mr. Jim Obazee, Executive Secretary of the Financial Reporting Council of Nigeria has been sacked by President Mohammadu Buhari with immediate effect.
Mallam Garba Shehu, Senior Special Assistant to the President on Media and Publicity, said Buhari has already appointed Mr. Daniel Asapokhai as the new Executive Secretary while Mr. Adedotun Sulaiman will serve as chairman.
Shehu said the Buhari also ordered immediate reconstitution of the Board of the Council.
Ingenico Partners Interswitch on Multi-channel Payment Solutions in Nigeria
Ingenico Group, the global leader in seamless payment, announced that a strategic partnership has been signed with Interswitch Nigeria Limited, the leading transaction switching and electronic payment processing company in Nigeria.
Since 2002, Interswitch has been promoting the seamless circulation of electronic money by building the payments infrastructure and bringing new products and services to millions of customers, both in corporate and consumer segments, spread all over the country.
The integration of Ingenico Group technology with Interswitch’s switching and processing system will allow end-users to benefit from the next generation of payment technology and the smoothest and most secure user experience when initiating electronic transactions.
‘As Nigeria enters a new era of payment, Ingenico Group and Interswitch are joining forces to better address the market challenges and eliminate the need for cash,’ commented Mitchell Elegbe, Group Managing Director and CEO at Interswitch.
‘We formed this partnership with Ingenico Group as they are a global leader in payments with great track record and a strong knowledge of our market characteristics and constraints. This agreement is a key milestone in our common strategy to better serve the Nigerian people.’
‘We are pleased to form this strategic partnership with Interswitch Group,’ said Rachid Oulad Akdim, Managing Director for Africa.
‘By combining Ingenico Group’s expertise in payment solutions with Interswitch Group’s vision of the local customers’ needs, we are defining exciting new opportunities for electronic transactions in Nigeria.’
About Ingenico Group
Ingenico Group is the global leader in seamless payment, providing smart, trusted and secure solutions to empower commerce across all channels, in-store, online and mobile. With the world’s largest payment acceptance network, we deliver secure payment solutions with a local, national and international scope. We are the trusted world-class partner for financial institutions and retailers, from small merchants to several of the world’s best known global brands. Our solutions enable merchants to simplify payment and deliver their brand promise.
About Interswitch
Interswitch Group is a leading, Africa-focused integrated electronic payments company with a business footprint that covers the provision of integrated, secure, auditable and open platforms for financial transactions, e-commerce, telecommunications value-added services, e-billing and payment collections / monitoring. Interswitch has demonstrated consistent strong and profitable growth and was recognised by Deloitte’s Fast 50 Africa Report as the fastest-growing technology business in Africa in 2014.
Market Statistics Monday, 9th January, 2017
| Market Cap (N’bn) | 9,145.6 |
| Market Cap (US$’bn) | 30.0 |
| NSE All-Share Index | 26,580.22 |
| Daily Performance % | 1.3 |
| Week Performance % | (1.1) |
| YTD Performance % | (1.1) |
| Daily Volume (Million) | 209.0 |
| Daily Value (N’bn) | 1.4 |
| Daily Value (US$’m) | 4.6 |
Nigerian Market Sustains Uptrend …NSE ASI up 1.3%
After depreciating on the first three trading days of the year, Nigerian equities sustained the uptrend observed last Friday as the All Share Index recorded a 1.3% appreciation at the close of trade today. Performance today was largely driven by a rebound in the prices of DANGCEM (+1.2%), UCAP (+9.6%), TOTAL (+0.3%) and GUARANTY (+4.9%). Consequently, market capitalisation improved N113.1bn to settle at N9.2tn. Activity however waned as volume and value traded declined 0.6% and 7.4% to 209.0m units and N1.4bn with a total of 3,423 deals.
Mixed Performance across Sectors
Performance by sector closed mixed as three indices appreciated out of five. The Banking index recorded the highest gains (+4.0%) on account of renewed buying interest in ZENITH (+4.9%) and GUARANTY (+4.9%).
The Industrial Goods index followed, up 0.6% due to appreciation in DANGCEM (+1.2%) while CONTINSURE (+5.0%) pulled the Insurance index 0.3% higher. On the other hand, the Consumer Goods and Oil & Gas indices were dragged by declines in 7UP (-5.0%), CADBURY (-4.9%), ETERNA (-3.0%) and FORTE (-0.3%).
Investor Sentiment Swings to the Positive Region
Investor sentiment strengthened as market breadth improved to 1.3x (from 0.8x on Friday) with 20 stocks advancing against 16 declining stocks. The best performing stocks today were UCAP (+9.6%), FCMB (+9.4%) and FIDELITYBK (+8.4%) while 7UP (-5.0%), ASHAKACEM (-5.0%) and CADBURY (-4.9%) declined the most. We are of the view that today’s performance may be attributed to bargain hunting in bellwether stocks. We advise investors to trade cautiously and stay invested in the value stocks.
5th Africa Business Forum for Addis Ababa March 1
The 5th edition of the Africa Business Forum in Addis Ababa, Ethiopia will be held for the Second time in Ethiopia on the 1st of March 2017 in the 5 star Sheraton Hotel, under the Patronage of Sheikh Mohammed Al Amoudi, one of the largest investors in Africa, Forbes ranked billionaire and Ethiopia’s biggest employer.
Prior to the conference, the AfricaBusinessForum(dot)com,B2B Investment Meeting will be held on the 25th January 2017 at the Dubai World Trade Center Tower, to welcome potential investors to Africa.
Since its creation in 2014, The Africa Business Forum has become one of the most important bi-annual gatherings in Africa and the Middle East. Africa Business Forum presents an invaluable opportunity for investors to connect with clients from across industries and from around the world.
An opportunity to maximize market share by building connections with African customers and partners. The conference will host distinguished panelists and speakers, including ambassadors, high government officials, business leaders, investors and CEOs. Keynote speakers and conference panelists include:
- Fitsum Arega – Director General of the Ethiopian Investment Commission – Ethiopia Government.
- Belachew Fikre, – Deputy Commissioner – Ethiopian Investment Commission – Ethiopia Government.
- Yohannes Tilahun – Former CEO to General Electric (Ethiopia) and Adviser to the commissioner at Ethiopian Investment Commission.
- Zemedeneh Negatu Country Managing Partner for EY (Ernest & Young) Ethiopia, and among “The Top 15 CEOs of Africa to watch in 2015ˮ by the London-based African Business magazine.
- Johnny Muteba – CEO, Pan African Chamber of Commerce.
- Craig Bridgman – Former Global Head of Investment Banking for Clarkson Capital Markets, currently Executive Chairman of East Africa Oil Field Services and Founder of Adamantine Energy and who sits on a number of advisory boards.
- Seyoum Bereded – CEO Consopia Consulting Services and President of the ICT Association of Ethiopia.
“We are very excited about the level of enthusiasm we have received from speakers, sponsors and attendees for this unique conference,” said Rashed Ahmed, Founder and Chairman of Africa Business Forum.
“We look forward to bringing together the many business leaders and offering international companies considerable opportunities to enter and become successful in one of the fastest growing economies in the world. The 5th Africa Business Forum in Addis Ababa, Ethiopia is an incredible convening center for global stakeholders and an opportunity to share perspectives on the issues facing global business and beyond.” said Rashed Ahmed.
The panel topics at the 5th Africa Business Forum represent the areas of Finance & Capital Investment, ICT, Agriculture & Mining, Power & Energy, Consumer Goods & General Trade, Logistics & Aviation, Infrastructure, Tourism, Hospitality & Real Estate, Manufacturing and all related industries.
About Africa Business Forum
Africa Business Forum (dot)com and sister website Africa Global Trade(dot)com were founded in 2014. An African led organization, by Africans promoting Africa. Our aim is to strengthen ties between the business world and one of the world’s most dynamic and fastest-growing regions. Creating partnerships that will promote trade, accelerate job growth, and encourage investment. Africa Business Forum is home to a global community of 10,000+ professionals, 20,000+ international companies, 60,000+ social media followers and 10 million website visitors. With 3 offices: London, Dubai and Addis Ababa. Representative partners in Kenya, Uganda, Ethiopia, Tanzania, Somalia, Angola, South Africa and Nigeria.
FG Denies Raising Import Duties on Food Items
The Federal Government has vehemently denied reports that it raised import duties on food items and certain luxury goods.
An official statement from the government read in part:
The attention of the Federal Ministry of Finance has been drawn to recent publications in the media, regarding the 2016 Fiscal Policy Measures (FPM), to the effect that the Federal Government has raised import duties on food items and luxury goods.
The Federal Ministry of Finance wishes to categorically state that the correct position is that, the 2016 FPM did not involve any upward review of tariff on the affected food items and luxury goods. On the contrary, tariffs for those items remained at their 2015 levels, while duties for some other items were actually reduced. A comparison of the 2015 Fiscal Policy Measures Circular dated 20th March, 2015 and the 2016 Fiscal Policy Measures dated 29th November, 2016 will affirm this position.
With regards to the 20 per cent duty on pharmaceutical products in the 2016 Fiscal Policy Measures, it should be noted that pharmaceutical products were already in the import prohibition list.
This is in support of Government’s intention give further encouragement and desirable protection to local manufacturers of Pharmaceutical products and ensure that those who, despite the prohibition, import such products under special permission, pay the required duties.
This clarification is aimed at providing the Nigerian media and other stakeholders with the correct information on such sensitive matters and to urge all interested parties to cross-check information with relevant authorities for accuracy. This is especially necessary at these challenging times when the Federal Government is putting extra efforts to encourage our local industries and manufacturers.
The accompanying documents, which could also be accessed on the website of the Federal Ministry of Finance, contain the details of the 2015 and 2016 Fiscal Policy Measures for the records.
Signed
SALISU NA’INNA DAMBATTA
Director (Information)
ANNEX III
IMPORT PROHIBITION LIST (TRADE)
- Live or Dead Birds including Frozen Poultry H.S. Code 0105.1100 – 0105.9900, 0106.31.00.00 – 0106.39.00.00, 0207.11.00.00 – 0207.26.00.00 and 0210.99.00.00
- Pork, Beef, H.S. Codes 0201.10.00.00 – 0204.50.00.00, 0206.10.00.00 – 0206.90.00.00, 0210.10.00.00 – 0210.20.00.00
- Bird Eggs H.S. Code 0407.11.00.00 – 0407.90.00.00; excluding hatching eggs
- Refined vegetable oil 1507.10.00.00-1516.20.90.00.but excluding refined linseed, castor and olive oil. Crude vegetable oil are however NOT banned from importation.
- Cane or beet sugar and chemically pure sucrose, in solid form containing added flavouring or colouring matter H. S. Code 1701.91.10.00 – 1701.99.90.00 in retail packs
- Cocoa butter, Powder and cakes H.S. Codes 1802.00.00.00 – 1803.20.00.00, 1805.00.10.00 – 1805.00.90.00, 1806.10.00.00 – 1806.20.00.00 and 1804.00.10.00 – 1804.00.90.00
- Spaghetti/Noodles H.S. Code 1902.11.00.00 – 1902.30.00.00
- Fruit Juice in retail Packs H.S. Code 2009.11.10.00 – 2009.11.90.00 – 2009.90.90.00
- Waters, including mineral waters and aerated Waters, containing added sugar or sweetening matter or flavoured, ice snow H.S. Codes 2201.10.10.00 – 2201.90.00.00, other non-alcoholic beverages H.S. Codes 2202.10.00.00 – 2202.90.90.00.(but excluding energy or health drinks – liquid dietary supplements e.g. Power Horse, Red Ginseng, etc) H.S. Code 2202.90.10.00 and Beer and stout (Bottled, Canned or otherwise packed) H.S. Code 2203.00.10.00 – 2203.00.90.00.
- Bagged Cement H.S. Code 2523.29.00.00
- Medicament falling under Headings 3003 & 3004 such as:
- a) Paracetamol tablets Syrups
- b) Cotrimozazole tablets and Syrups
- c) Metronidazole tablets and Syrups
- d) Chloroquine tablets and Syrups
- e) Haematinic formulations:
(i) Ferrous sulphate and ferrous gluconate tablets
(ii) Folic acid tablets
(iii) Vitamin B Complex tablets (except modified release
formulations).
- f) Multivitamin tablets, capsules and syrups (except special formulations)
- g) Aspirin tablets (except modified release formulations and soluble aspirin)
- h) Magnesium trisilicate tablets and suspensions
- i) Piperazine tablets and syrups
- j) Levamisole tablets and syrups
- k) Ointments penicillin/gentamycin
- l) Pyrantel pamoate tablets and syrups
- m) Intravenous Fluids (Dextrose, Normal Saline etc.
- Waste pharmaceuticals H.S. Code 3006.92.00.00
- Soaps and Detergents H.S. Code 3401.11.10.00 – 3402.90.00.00 in retail packs
- Mosquito repellant Coils H.S. Code 3808.91.17.00 (mosquito coils)
- Sanitary Wares of Plastics H.S. Code 3922.10.00.00 – 3922.90.00.00 and Domestic Articles and Wares of Plastic H.S. Code 3924.10.00.00 – 3924.90.90.00 (but excluding Baby Feeding Bottles 3924.90.20.00) and (flushing cistern and waterless toos toilets).
- Rethreaded and used Pneumatics tyres but excluding used trucks tyres for rethreading of size 11.00 x 20 and above 4012.20.10.00
- Corrugated paper and Paper boards H.S. Code 4808.10.00.00 and Cartons, boxes and cases made from Corrugated paper and Paper boards H.S. Code 4819.10.00.00, Toilet paper, Cleansing or facial tissue H.S. Code 4818.10.00.00 – 4818.90.00.00 excluding baby diapers and incotinent pads for adult use 9619.00.22.00 and Exercise Books H.S. 4820.20.00.00
- Telephone Recharge Cards and Vouchers 4911.99.91.00
- Carpets and other textile floor coverings falling under H.S. Code 5701.10.00.00 – 5705.00.00.00
- All types of footwears, bags and suitcases, H.S. Code 6401.10.90.00 – 6405.90.90.00 and 4202.11.90.00-4202.99.90.00 but excluding safety shoes used in oil industries, sports shoes, canvass shoes and all Completely Knocked Down (CKD), blanks and parts.
- Hollow glass bottles of a capacity exceeding 150 mls (0.15 litres) of all kinds used for packaging beverages by Breweries and other beverages and drinks company H.S. Code 7010.90.49.00 and 7010.90.31.00.
- Used compressors H.S. Code 8414.30.90.00, Used Air Conditioners H.S. Codes 8415.10.10.00 – 8415.90.90.00 and used Fridges/Freezers H.S. Code 8418.10.10.00 – 8418.69.00.00
- Used motor vehicles above 15 years from the Year of manufacture H.S. Code 8703.10.00.00 – 8703.90.00.00
- Furniture H.S. Code 9401.1000.00 – 9401.9000.99 and 9403.1000 – 9404.9000, but excluding Baby walkers, laboratory cabinets such as microscope table, fume cupboards, laboratory benches (9403), stadium chairs, height adjustment device, base sledge, seat frames and control mechanism, arm guide and head guides. Also excluded are; skeletal parts of furniture such as blanks, upholstered or unfinished part of metal, plastics, veneer, chair shell etc.
- Ball point pen and parts including refills (excluding tip)
FBNInsurance Provides N14.5m Group Cover to Journalists
(L-R) : Festus Izevbizua – CFO, FBN Insurance, Val Ojumah- MD/CEO, FBN Insurance, Omobola Tolu-Kusimo- President NAIPCO, Ngozi Onyeakusi – Financial Secretary, NAIPCO, Emeka Dibia- CHRO FBN Insurance at the formal presentation of Group Family Life Shield Certificate to NAIPCO recently.
As part of its Corporate Responsibility and Sustainability (CR&S) drive, fast growing financial services company, FBNInsurance Limited, has provided a Group Family Shield cover valued at N14.5 million for the members of the National Association of Insurance and Pension Correspondents (NAIPCO).
Speaking during official presentation of the policy certificate to the leadership of NAIPCO in Lagos, the Managing Director of FBNInsurance Limited, Val Ojumah, said NAIPCO is a major stakeholder to the company and insurance industry.
He stated that the company places high premium on its stakeholders:
He said: “For us, our stakeholders, both internal and external, are major drivers of the success of our business. NAIPCO is a major stakeholder for us. Providing the association with a Group Family Shield cover is our way of showing them how much we value and appreciate what they do,” he said.
“Today marks the beginning of another fortune in this partnership. This document exemplifies the fact that should the unforeseen happen, FBNInsurance would stand by you. While we hope you find the document in order, we also hope that this will help to foster a better working relationship with you. Please consider this as our commitment to the ideals and values your association stands for.”
While accepting the policy certificate on behalf of the members of the Association, Omobola Tolu-Kusimo, President, NAIPCO, praised the management of FBNInsurance for its benevolence and for another addition to its many firsts as this has never been witnessed in the history of the Association. “FBNInsurance has done well with this CR&S initiative and on behalf the entire members of NAIPCO, I thank you for this. We have always been good partners in progress, we will not relent,” she concluded.
The FBNInsurance Group Family Shield cover provides support in the case of permanent disability or death. Available to all categories of association, group or society, the cover seeks to foster unity within a group while ensuring every member is protected from stated uncertainties in the course of their daily tasks.
With a large retail network of about 2,000 retail sales agents operating from 28 sales outlets and 3 branch offices nationwide, FBNInsurance is devoted to exploiting the vast uninsured public with a view to bringing affordable insurance to everyone.
Stock Market Statistics: Wednesday, 4th January, 2017
| Market Cap (N’bn) | 9,116.3 |
| Market Cap (US$’bn) | 29.9 |
| NSE All-Share Index | 26,495.04 |
| Daily Performance % | (0.5) |
| Week Performance % | (0.7) |
| YTD Performance % | (1.4) |
| Daily Volume (Million) | 62.1 |
| Daily Value (N’bn) | 0.8 |
| Daily Value (US$’m) | 2.6 |
Sustained Profit-Taking in GTBank Drags Equities Performance… NSE ASI Down 46bps
The Equities market closed negative today as the All Share Index (ASI) lost 46bps to settle at 26,495.04 points while YTD loss worsened to -1.4%.
Consequently, investors lost N41.9bn as market capitalization settled at N9.1tn. The negative close can be attributed to sustained profit-taking in banking stocks – GUARANTY (-4.6%) and ETI (-2.4%) – and weaker appetite for WAPCO (-2.3%).
Activity level was also thin as volume and value traded fell 41.7% and 36.5% to close at 62.1m units and N785.3m respectively.
All Sector Indices Close in the Red
Sector performance was bearish as all indices trended southward.
The Banking index emerged the worst performing index, down 1.6% on account of declines in GUARANTY (-4.6%) andETI (-2.4%).
The Industrial Goods index trailed, losing 1.0% due to losses in CCNN (-4.2%) and WAPCO (-2.3%) while the Insurance index declined 0.6% – pressured by CONTINSURE (-3.0%) and NEM (-2.9%).
Similarly, the Oil & Gas index shed 46bps as investors sold-off on OANDO (-3.8%) and FORTE (-0.7%) while the Consumer Goods index closed the day flattish.
Sentiment Remains Weak as Portfolio Managers Rebalance to Underweight Equities
Investor sentiment remained soft today as measured by market breadth which stood at 0.8x (14 advancing stocks against 17 decliners) relative to 0.7x in the previous session.
The best performing stocks were VITAFOAM (+5.0%), LIVESTOCK (+4.8%) and UAC-PROP(+4.7%) while ASHAKACEM (-4.9%), GUARANTY (-4.6%) and DIAMOND (-4.4%) were the worst performers. The bearish sentiment since the turn of the year is in line with projection and seasonal trend, as we had expected portfolio managers to underweight equities as part of 2017 investment strategy.
Given the bearish sentiment in the market and with little fundamental drivers to support performance, we expect the Benchmark index to continue to post losses until bargain opportunities surface.
Afrinvest Research
UK Corporate Pension Plans End 2016 with $533bn Record Deficit
The total deficit of all U.K. corporate pension funds increased 4.8% to £434 billion ($533.1 billion) during December, and jumped 86.3% for the year ended Dec. 31, show data from JLT Employee Benefits.
The consultant’s latest update said the funded status of these pension funds was 77% as of Dec. 31, steady over the month. However, it dropped from 84% as of Dec. 31, 2015.
Total assets grew 3.4% compared with Nov. 30, and 18.2% compared with Dec. 31, 2015. The growth in assets was more than offset by a 3.7% increase in liabilities over the month and a 29.1% increase over all of 2016.
The 100 largest companies in the U.K. also saw their deficits grow, by 5.6% over the month and 141.4% over the year, to total £169 billion. The funded status of these pension funds remained steady over the month, at 78%, but fell from 88% as of Dec. 31, 2015.
FTSE 350 company pension fund deficits grew 5.5% over the month and 135.8% over the year to a total £191 billion. The funded status was again steady at 78% over the month, but fell from 88% as of Dec. 31, 2015.
The year has been “turbulent and tumultuous … not just for politics and markets, but also for pension schemes,” said Charles Cowling, Director at JLT Employee Benefits, in a statement accompanying the data.
“This last month we have seen a slight deterioration in deficits, but they are still below the record heights of over £500 billion recorded at the end of August, as markets rallied from Brexit and the U.S. election shocks. However, pension scheme deficits are still significantly larger than the levels at the start of the year, and there appears to be no relief in sight for companies with large pension schemes. Indeed, these figures represent a record year-end deficit position for companies and their pension schemes.”
Cowling said companies will be reaching the end of the fiscal year with accounts set to show “a marked deterioration in their year-end pension numbers. There will be instances where the pension scheme will represent a serious threat to the company’s balance sheet and, in some cases, the company’s ability to pay dividends.”
BY SOPHIE BAKER
Moghalu, Ex-CBN Chief to Address Swiss Business Leaders
Former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Chiedu Moghalu will deliver the keynote address at the 2017 edition of the prestigious Le Rendez-vous du Commerce International (International Business Conference) on January 10, 2017 at the Olympic Museum in Lausanne, Switzerland.
The high-level annual conference is jointly organised by the Swiss global bank, Credit Suisse and the Swiss state corporations, Swiss Export Risk Insurance (SERV) and Switzerland Global Enterprise (S-GE). Professor Moghalu will speak on the topic “Outlook Africa 2017: How to Cope with Weak Commodity Prices”.
The conference, the fifth since its inception in 2013, will be attended by 200 chief executives of major Swiss international companies, and will be moderated by the Swiss television anchor Olivier Dominik of RadioTelevision Suisse (RTS).Keynote speakers at previous annual editions of the conference include Yannis Varoufakis, former Minister of Finance of Greece, H.E. Manuel Barroso, former President of the European Commission and H.E. Dominique de Villepin, former Prime Minister of France.
Dr. Moghalu is currently the Professor of Practice in International Business and Public Policy and Senior Fellow in the Council on Emerging Market Enterprises at the Fletcher School of Law and Diplomacy at Tufts University in Boston, Massachusetts, USA.
He served as a Deputy Governor of the CBN from 2009 to 2014, appointed by late President UmaruYar’Adua, and was the Head of the Financial System Stability (FSS) Directorate that implemented the CBN’s extensive banking sector reforms in the country after the global financial crisis. He also served as Deputy Governor for Operations.
Stock Market Statistics: Tuesday, 3rd January, 2017
| Market Cap (N’bn) | 9,158.2 |
| Market Cap (US$’bn) | 30.0 |
| NSE All-Share Index | 26,616.89 |
| Daily Performance % | (1.0) |
| Week Performance % | (0.3) |
| YTD Performance % | (1.0) |
| Daily Volume (Million) | 106.4 |
| Daily Value (N’bn) | 1.2 |
| Daily Value (US$’m) | 4.1 |
Equities Kick-Start the Year Bearish… NSE ASI Down 96bps
The Nigerian Equities market got off to a negative start as the All Share Index (ASI) lost 96bps to close at 26,616.89 points.
Accordingly, market capitalisation contracted by N88.7bn to settle at N9.2tn. Today’s performance was dragged by losses in NIGERIAN BREWERIES (-4.1%), GUARANTY (-2.8%) and ZENITH (-2.4%). However, activity level was mixed as volume traded marginally rose 0.1% to settle at 106.4m units while value traded declined by 20.5% to close at N1.2bn.
Insurance Index Sole Gainer Amidst Sell-offs Across Sectors
Sector performance was largely bearish as all indices closed lower but for the Insurance index which advanced 30bps on the back of gains in WAPIC (+4.0%) and MANSARD (+1.2%).
The Banking index tumbled 2.4% as investors booked profit in GUARANTY (-2.8%) and ZENITH (-2.4%). In the same vein, the Consumer Goods index closed 1.9% lower on account of losses in CADBURY(-5.0%) and NIGERIAN BREWERIES (-4.1%) while the Oil & Gas index fell 49bps due to profit taking in OANDO (-4.9%) and FORTE (-0.3%). Similarly, the Industrial Goods index lost 18bps as investors sold-off on CCNN (-5.0%) and BETAGLAS (-4.4%).
Sentiment Weakens on Profit-taking
Investor sentiment weakened today as market breadth retreated to 0.7x (from 1.4x on Friday) after 13 stocks advanced against 18 which declined.
The best performing stocks today were UAC-PROP (+5.0%), STANBIC (+4.9%) and WAPIC (+4.0%) while CCNN (-5.0%), ETI (-5.0%) and CADBURY (-5.0%) were the worst performers.
Given the uptrend witnessed in the Benchmark index towards the tail end of 2016, today’s negative close can be linked to profit-taking in counters which had previously appreciated.
We expect sentiment to remain weak in the interim as equities work off the breath-taking rally of the previous month.
Afrinvest Research
Holmes Report, African Public Relations Asso Launch 1st Africa SABRE Competition
The Holmes Group is partnering with the African Public Relations Association (to launch its first ever African SABRE Awards.
The competition is now open for entries, and the winners will be recognised at a gala dinner during the 2017 APRA conference, which will take place in Marrakesh, Morocco, next May.
The SABRE Awards, which recognise Superior Achievement in Branding, Reputation & Engagement, have a 25-year heritage, with separate competitions in North America, EMEA, the Asia-Pacific, Latin America, and South Asia.
The winners from those regional competitions are eligible for the Global SABRE Awards, which recognise the best PR campaigns from more than 5,000 entries around the world.
In addition, the winners from the African SABREs will be entered automatically into consideration for the EMEA awards, which will continue to include an African category—and to accept African entries in all categories.
According to Paul Holmes, who chairs the SABRE judges: “We have seen some exceptional public relations work from Africa in our EMEA SABRE competition in recent years, proving that the best African campaigns are just as strategic, just as creative, and just as effective as work from Europe’s largest and most sophisticated markets. Now is the time for Africa to have its own competition so that we can see even more of that great work.”
APRA President, Yomi Badejo-Okusanya adds: “The African Public Relations Association is delighted to have partnered with The Holmes Report to launch the SABRE Awards Africa. Recognition of the quality of work being produced across the continent is important, not only to industry players, but also to clients. We are firm believers that recognition inspires continuous improvement and encourages a continued focus on skills development which is a main driver for APRA.”
Lagos to Host CashlessAfrica Expo 2017
| Digital disruption is shifting the balance stay of power in financial services and influencing the way, millions of people bank their money, make payments, remittances and more, in a continent where mobile phone penetration exceed bank accounts and bank cards ownership, combined. Africa’s highly regulated financial industry now needs to adapt itself to the on-going disruptions in the Fintech space and the increasing demands of young and energetic customers which represent a significant percentage of the continent’s population. The CashlessAfrica conference is a platform for financial services supply side actors to share their innovation, rethink their current models and gain valuable market insight of the African digital financial services market. The conference agenda, keynote and interactive sessions will focus on carefully selected topics such as: · The digital bank and evolution in a Competitive market; · The Future of banking, money and payments in Africa; · Disruptive technologies and their impact on Financial Services in Africa; · Balancing regulation against innovation; · Remittances in the digital age; · Fintechs and Banks: Collaboration or Competition; · Protecting the customer in a digitalised economy. New for 2017, the expo will host a Hackathon session which will drive collaboration to co-create solutions to compelling financial services challenges across Africa and the CashlessAfrica champion awards, given to organisations that have made a significant contribution to the digital financial services industry in Africa. |
About CashlessAfrica:
The event is part of the MobileMoneyAfrica conference series which is a leading and influential event for the mobile financial services, remittance, banking and associated industry in Africa in the last eight years. CashlessAfrica 2017 (www.CashlessAfrica.com) is an exclusive platform for thought leaders of the industry from across the globe to gather and deliberate on the challenges and opportunities in the sector.