Nigeria Stock Exchange hit Seven-Week High

Stocks’ performance on the floor of the Nigeria Stock Exchange on Wednesday rose to a seven-week high after a total of 21 stocks closed on positive notes.

The NSE market capitalisation rose to N8.736tn from N8.544tn, while the All-Share Index stood at 25,396.83 basis points from 24,838.31 recorded the previous day.

A total of 275.087 shares worth N1.638bn exchanged hands in 3,344 deals after the close of trading.

18 Stocks Boost Market Performance by N117bn

The Nigerian stock market soared by N117bn on Monday after 18 stocks recorded significant appreciation on their market prices.

 

Dangote Cement Plc, Ecobank Transnational Incorporated, Fidson Healthcare Plc, Mobil Oil Nigeria Plc and Tiger Branded Consumer Goods Plc emerged top five gainers after the close of trading on the floor of the Nigerian Stock Exchange.

A total of 467.239 million shares valued at 1.489bn were traded in 2,549 deals.

At the end of trading, the NSE market capitalisation soared to N8.452tn from N8.335tn, while the All-Share Index climbed to 24,570.73 basis points from 24,228.79 basis points.

Nigeria Economy: Naira gains 17%, Sells for 310/dollar

The naira rose by 17.3 per cent on Tuesday against the dollar at the parallel market to 310 from 375, which it traded on Monday.

 

The naira had been on a free fall in the last two weeks, peaking at 391 against the greenback at the parallel market last week Thursday. The local currency, however, began a gradual recovery on Friday.

Foreign exchange dealers told our correspondent on Tuesday that the naira’s recovery could be linked to the gradual inflows of foreign exchange into the forex market.

Nigeria to Commence 24 Hours Trading Settlement Cycle

For the first time in the history of any capital market in Africa, Nigeria is set to commence 24 hours trading settlement circle, even as investors in the Nigerian Capital market are now to get dividend payment within 24 hours through the e-Dividend Payment Platform. Director General of Securities and Exchange Commission (SEC) Mounir Gwarzo made this disclosure at the e-Dividend Sensitisation Town Hall Meeting in Lagos.

According to him, the proposed system will automatically allow dividends to be credited directly into shareholders’ accounts within 24 hours of payment by the company. Gwarzo stated that this was one of the initiatives being implemented by the commission as part of its 10 year Capital Market Master Plan to encourage retail investors to return to the market and thereby deepen the market. According to him

What to do in a Buyer’s Market

The real estate market, like most investment vehicles, always goes in cycles. There are times when the value of properties seems to keep going up and up. There are also times when it seems the value of properties is going down and down. 

Abiodun  Doherty

 Each of these cycles is affected by economic, social and political factors. The real estate market is an integral part of the society and always reflects the current or immediate trends in the society. The fact remains that no matter the cycle, it is either the buyers or the sellers that would benefit the most. Understanding what to do in each cycle is something every investor should be knowledgeable about.

Markets Overreacting, says Nasdaq Boss

Sharp falls on Wednesday saw billions wiped off stock markets, with some indexes 20% down from their 2015 peak.

"Once the emotion has left the market, you're left with businesses doing reasonably well," said Mr Greifeld.

"How did the low oil price turn into bad news?" he added.

"Better to have it at $26 per barrel than $126. And China's 6.9% growth may be disappointing, but it's still growing."

Concern over the falling oil price and China's slowdown are seen as the main factors behind the market falls.

JSE recovers as market shrugs off rating downgrades

The JSE started the week on a positive note, gaining 0.86% as the market followed firmer Asian markets and a strong showing by the Dow Jones industrial average on Friday.

The market shrugged off Friday’s rating downgrades by Fitch and Standard & Poor’s (S&P) with an expected US rate hike next week largely priced in following better than expected November US jobs data released on Friday.

 

Fitch downgraded South Africa from BBB to BBB-, one notch above subinvestment grade. S&P already has SA on BBB-, but shifted its outlook on South Africa from stable to negative.

Fitch Ratings Market Braces for Rating Backlash

Local markets look set to weaken on Monday — reflecting capital outflows as investors digest Friday’s decision by one global ratings agency to downgrade South Africa and another agency’s decision to change its outlook to negative.

The ratings agency decisions are a clear wake-up call to the government to quickly implement reforms that will grow the economy faster and to adopt policies that will make businesses more confident, analysts say.

Warning over corporate bond market

"There's a worry that there's no buyers of bonds and that on any given day everyone might want to sell," he said.

The past few months have seen a number of market watchers express concern about the $10tn corporate bond market.

Corporate bonds allow companies to sell their debt to investors, and operate in a similar way to government bonds. 

 

In a speech last week, Mr Gilbert warned of the systemic risk of a run on the corporate bond market and called on the Bank of England and other central banks to act as "buyers of last resort".

Payporte Special Black Friday Sales tagged #PayPorteDoubleBlack | November 25th – 27th

As shoppers across the country prepare for the festive season and one of the biggest shopping events ever, ‘Black Friday‘ about to begin, with more Nigerians and brands getting actively invloved in the tradition, PayPorte, Nigeria’s fast growing online shopping brand is not left out of this experience as it sets to roll out its own special shopping event for Nigerians tagged #PayPorteDoubleBlack.

 

Governments: Raid to Help Ease Price of Pulses in retail marker

NEW DELHI: Aided by improved availability of pulses, prices of tur and urad dal witnessed a marginal correction in the retail market on Tuesday.
As per the data maintained by the Ministry of Consumer Affairs, Food & Public Distribution, tur dal price slipped below Rs 210 per kg and was quoted about Rs 190 on Tuesday, while wholesale price of the commodity declined to Rs 181 per kg.

 
Similarly, urad dal prices dropped by up to Rs 8 per kg in both retail and wholesale markets across the country. Retail price of urad dal was Rs 190, while it was Rs 180 in the wholesale market.

Deutsche Bank reveals plan to restructure into new division as"Global Market"

The investment bank is being split, with several senior bankers departing.

The chairman, Paul Achleitner, described it as a "fundamental reorganisation" that required tough decisions.

New boss John Cryan is under pressure to reform Deutsche following a series of scandals.

Earlier this year the bank was fined $2.5bn (£1.7bn) for its role in the Libor-rigging affair.

The fine resulted in co-chief executives Juergen Fitschen and Anshu Jain resigning in June, to be replaced by Mr Cryan. 

UK Economist said: Unemployment rate falls to seven-year low of 5.4%

It was the lowest jobless rate since the second quarter of 2008, the Office for National Statistics said.

The number of people out of work was 1.77 million between June and August, down 79,000 from the previous quarter.

The number in work rose by 140,000, bringing the employment rate to 73.6% - the highest rate since records began in 1971.

Some 22.77 million people were working full-time in the three months to August, up 291,000 compared with the same period last year.

The number working part-time rose 68,000 to 8.35 million. 

 

Earnings rise

Nigerian Stock Investors in 52-week colossal loss of N2.6trn

Investors’ appetite in the Nigerian stock market remains watered by a colossal loss in excess of N2.6trillion traced over a 52-week period to June 30 2015.

BusinessDay checks at the Nigerian Stock Exchange (NSE) “fact sheet” over that period shows more of negatives across major traceable gauges like average daily transactions (volume and value of stocks traded), and value of listed equities and bonds.

 

Though the trend has shown that the Lagos bourse is well below the water this year in excess of minus 12 percent in return, investors are still hunting for bargain in value stocks driven by attractive valuation and a relatively clearer economic path for the nation.

Pharmaceuticals company share 65per with N300bn Investment

Nigerian pharmaceutical companies now share 65 percent of the West African market, having so far invested N300 billion in machinery and quality upgrade in an effort to end drug importation into the country, estimated at $700 million.

Four companies have so far obtained the World Health Organisation (WHO) pre-qualification, while four others are in line to obtain same, in an effort to dig into the local market and remain competitive in the international scene, BusinessDay can report.

drugs

Evans Medical, Chi Pharmaceuticals, May&Baker and Swiss Pharma have already obtained prequalification. These four companies, alongside four others that are processing the WHO prequalification, have invested $50 million in different levels of upgrade in the last five years, BusinessDay has learnt.

Similarly, ten drug firms have met the requirements of the International Standards Organisation (ISO), which now enables them to raise their competitive capacity in the international market. The companies that have achieved this feat include Afrabchem Limited, Chi Pharmaceuticals, Dana Pharmaceuticals, Drugfield Pharmaceuticals, Emzor Pharmaceuticals, Fidson Healthcare, SKG Pharma Limited, Evans Medical  and Swiss Pharma, as well as May &Baker.

“Nigerian pharmaceutical manufacturers

African Bond Index expands, Transparency to most liquid Market by AfDB

The African Development Bank (AfDB) has expanded the African Bond Index as Botswana and Namibia join index family bringing transparency to most liquid markets.

 

The AfDB, through the African Financial Markets Initiative (AFMI), launched its AfDB/AFMISM Bloomberg® African Bond Index (ABABI) in February 2015.  Calculated by Bloomberg Indices, the composite index is currently comprised of the Bloomberg South Africa, Egypt, Nigeria and Kenya local currency sovereign indices and will be joined from October 2015 by Botswana and Namibia.

Emerging Assets Weaken after Yuan Devaluation

Emerging market currencies tumbled on Tuesday in the wake of China's record 1.9 percent currency devaluation, which took offshore-traded yuan 2.5 percent lower and rekindled fears for growth in the world's No. 2 economy.
  China's central bank cut the yuan's daily fix, effectively devaluating it against the dollar after data released on the weekend showed an 8.3 percent slump in Chinese exports. Bigger moves down in the more freely traded offshore yuan pushed the spread between it and its onshore counterpart to its widest in more than 10 months.

Ghanaian Cost of Tomatoes Drop Further in Ghana Markets

Checks by Esoko Ghana revealed that there has been a stable supply of the local tomatoes from the growing areas such as Tuabodom, Akumadan and Navrongo.

 

A “medium size tomato tin” full of fresh tomatoes sold about GHS 13.21 dropping 31 percent in Accra.

Nigeria’s Mortgage Market roars to Life as NMRC offers N440bn bonds

Nigeria’s much needed mortgage market will take a new life next week as the Nigerian Mortgage Refinancing Company (NMRC) kicks off the expansive scheme that will see it raise an initial N10billion in bonds.

 

The state-backed mortgage-refinance company will sell a total N440 billion ($2.2 billion) of bonds as it seeks to expand access to housing funds, its chief executive officer told Bloomberg.

SEC urges state govts to Embrace Capital Market for Infrastructural Development

 

The Director-General of Securities and Exchange Commission (SEC), Mr Mannir Gwarzo, has urged state governments to take advantage of the numerous benefits available in the capital market to enhance development in the country.

Gwarzo made this appeal on Wednesday in Katsina at the SEC Day at the 18th Made in Nigeria Katsina Trade Fair.