onegentleguy:
Feelers are that near term coy AGM' may no longer hold as scheduled, given the recent spate of orders from the FG and several state gov't to restrict movement and large gatherings as a precautionary measure against covid-19.
...infact the likelihood that most AGM' shall be postponed is now near 1.

Pls do well to be guided accordingly.

cc @ robobo

Thank you at least one can plan accordingly instead of no news on d thing since

robobo:
My people nobody is talking about how this COVID 19 go take affect AGM oooo and ultimately dividend payment because i think without AGM legally dividend cannot be paid particulalry for thos AGM coming up within d next 2 weeks

Dear .....,

The Board and Management of United Capital wishes to announce the postponement of its Annual General Meeting slated to hold on March 24th, 2020 at the Transcorp Hilton Hotel, Abuja.

The decision comes on the heels of the recent developments around the novel COVID-19 and the need to follow the guidelines provided by the World Health Organization, the National Centre for Disease Control and the Federal Government of Nigeria amongst others.

We apologise for any inconvenience this postponement might cause. A new date for the meeting will be communicated in due course.


Signed by:

Order of the board

I beg I know very soon all these companies will start postponing their AGM’s.. Hope these won’t affect dates of Dividends payment

lancee:
I beg I know very soon all these companies will start postponing their AGM’s.. Hope these won’t affect dates of Dividends payment

Do they pay unapproved dividends?

I know some companies that are extremely happy with this social distancing, you know them too.....

onegentleguy:


So... (covid-19 & oil price strain)... and I found out that the other antifragile coys(aside CAVERTON) are DANGOTE SUGAR, UACN, FLOURMILLS, MTN, PZ, GSK, NEIMETH, OKOMU OIL and PRESCO.(the 1st 6, particularly the 1st(DS) are superb)

While the likes of WAPCO, CAP, ZENITH, GTB, UBA, FCMB, FIDELITY, CADBURY, BETAGLASS and NB PLC...

For coys that would likely be losers(the worst hit), ALL OIL & GAS COYS(particularly TOTAL and OANDO), NACHO, SKYAVN, TRANSCORP HOTEL, TRANSCORP, VITAFOAM and UNILEVER. ...albeit with the least degree of impact on the last 2 coys.

... as any sought of recommendation. ...the need for due diligence should still take higher precedence ahead of this post.

My advise: Pls kindly follow ur instinct.

Thanks for sharing you detailed analysis on the list. However, some companies are in the wrong mix e.g. CAVERTON. It services the Nigerian oil and gas industry and bristow is the leader in that area. What's my point, caverton is solid (I hold stakes) but it is exposed to the effect of the oil &gas cycle.

NB? Many bars will be shut for the time being. Sales will drop. Currently, the company is on a shaky leg.

Back to caverton, nahco & skyavn, they'd feel the current scourge, their prices will drop. If they survive it, they'd flourish when activities resume. I'd consider holding them for mid term.


My take on it. Investors should do their due diligence.

May we live long and see no evil.

DeRuggedProf:
I know some companies that are extremely happy with this social distancing, you know them too.....

Data, voice, streaming, food delivery and probably logistics.

However, due diligence is advised. May we live long and see no evil.

Biafran4life:
Stocks must fall by thunder and fire so that you can buy cheap.Is only God that knows the future.Though you are entitled to your opinion.Even without oil Nigeria will still exists and even be better.This ITk and yet the government didn't appoint you as member of economic adviser.You think all those caliber of men that made up the economic team are figure head

If you still believe in Nigeria you would have first change your moniker. I believe in reality, whether you like it or not what will happen will still happen.

Chibuking81:

If you still believe in Nigeria you would have first change your moniker. I believe in reality, whether you like it or not what will happen will still happen.

No wahala,for now we don't have Biafria but it will come some day.This is your second monkey hunting.And what will happen is what God says and not what you think or call reality.Your reality is what you are dreaming of for personal gain....dearis God oh

https://www.energymixreport.com/oil-prices-slump-will-delay-infrastructure-projects-president-buhari/

https://tribuneonlineng.com/breaking-fg-stops-all-international-flights-at-all-airports/

Over depending on positive news in midst of danger makes investors losses money heavily, I believed much in NSE that's why am still investing in it, but that will not stop me from discussing on reality. Let see how the new week market will look like, as the case of corona virus has landed in our country. Mr president maintains that infrastructure project will be delay due to oil prices slump, this will affect those in construction department. And Fg has stopped all international flight at all airport. All this are Nigeria news not my news, and it's all about reality on the ground. Many has loss money in the current trend including me. But there is still an opportunity to stop the further lose, one can still buy more at the lowest low when it comes.

nna777:




Am not in anyway saying that you are wrong, all am saying is that if the virus was pandemic in Africa or say Nigeria as a country and we had to go on lock down like Italy and France, it could have been much more worse to the point fundamentally sound stocks like Zenith and GTB will be selling below #5.

This is part of a post I wrote earlier this week. Africa has now over 1000+ cases in 50+ nations most of which are imported ( nationals returning to their countries from Europe and America). If the cases keep increasing and deaths start occurring, we can now say it's pandemic

For Nigeria we have a total of 22 cases with no recorded death yet. This coming week will determine the direction of our market. the shutdown has already started with schools and churches. when you start hearing lock down (businesses and social distancing), then it has become pandemic in Nigeria.

There are 4 scenarios that might likely play out

a. If there is any increase BTW today and Monday morning, then market will react.

b. If there is any record of death, market will convulse.

c. If the cases keep increasing with no death, there will be serious panic sell.

d. If the cases keep increasing with recorded death, my people, that is when market will scatter and the phrase "To your tents O NSEMPARS" will be activated.

All in all, let's keep our eyes and ears open.

nna777:


This is part of a post I wrote earlier this week. Africa has now over 1000+ cases in 50+ nations most of which are imported ( nationals returning to their countries from Europe and America). If the cases keep increasing and deaths start occurring, we can now say it's pandemic

For Nigeria we have a total of 22 cases with no recorded death yet. This coming week will determine the direction of our market. the shutdown has already started with schools and churches. when you start hearing lock down (businesses and social distancing), then it has become pandemic in Nigeria.

There are 4 scenarios that might likely play out

a. If there is any increase BTW today and Monday morning, then market will react.

b. If there is any record of death, market will convulse.

c. If the cases keep increasing with no death, there will be serious panic sell.

d. If the cases keep increasing with recorded death, my people, that is when market will scatter and the phrase "To your tents O NSEMPARS" will be activated.

All in all, let's keep our eyes and ears open.

everything will be normal soonest, even china has no record of new cases again.

Hello everyone.

Good day

Please I want to be investing a fraction of my funds monthly and I figured I should start buying shares.

I already have an idea on how the financial market operate, I have trade forex for some time now but lost the account due to this Corona virus news.

I would appreciate if someone can please share some useful links to me to get started.

I would also be pleased if someone can recommend a reputable broker to use.

Thank you in advance, I am indeed grateful.

An examiner with the Nigeria Deposit Insurance Corporation (NDIC), Paul Akali, Friday told Justice Ayokunle Faji of a Federal High Court in Lagos that the report used by both the Central Bank of Nigeria (CBN) and the NDIC to sack the Chief Executive Officer of the defunct Intercontinental Bank Plc, Dr. Erastus Akingbola, were imperfect.
Akali, who was a member of the NDIC team that investigated the bank over alleged regulatory infractions and granting of loans without adequate securities in 2009, made the disclosure while testifying in the on-going trial of Akingbola over alleged N179 billion fraud.
The witness while being cross-examined by Akingbola’s lawyer, Prof. Taiwo Osipitan (SAN), added that as at the time Intercontinental Bank was taken over by the CBN and NDIC, it was not a failed or failing bank.
“Our report is not perfect, our report cannot be error free, if our report achieved 75 percent, we’re good. But we tried as humanly possible to minimise errors,” he said.
The witness also confirmed to the court that criminal prosecution of Akingbola was not part of the 12 recommendations in his team’s special examination report.
Responding to a question as to whether a copy of the report was given to Akingbola or if he came across any document showing that NDIC or CBN sent the report to Akingbola, the witness replied that it is not his responsibility to do so.
Akali, who had at the last hearing of the matter told the court that his team did not recommend Akingbola’s removal as Intercontinental Bank’s CEO, however, told the court Friday that the decision to remove Akingbola and subsequent takeover of the bank may not solely be based on his team’s report.
He said: “Our report is not only what the CBN and NDIC relied on to make their decision. They usually also use other sources to arrive at their decisions.
“They could use an offsite report, CBN discount window, bank’s supervision report and others, but I don’t know if offsite report was used in this case.”
When confronted with a copy of his team’s report which has been admitted by the court, to explain the meaning of ‘P’ in each column of the document, the witness said the ‘P’ means ‘performing’, indicating that loans allegedly taken from the bank by Akingbola are still performing as at time of its takeover.

https://www.newtelegraphng.com/cbn-ndic-used-imperfect-report-to-remove-akingbola-efccs-witness/

lancee:
I beg I know very soon all these companies will start postponing their AGM’s.. Hope these won’t affect dates of Dividends payment

u won try africa

nna777:


This is part of a post I wrote earlier this week. Africa has now over 1000+ cases in 50+ nations most of which are imported ( nationals returning to their countries from Europe and America). If the cases keep increasing and deaths start occurring, we can now say it's pandemic

For Nigeria we have a total of 22 cases with no recorded death yet. This coming week will determine the direction of our market. the shutdown has already started with schools and churches. when you start hearing lock down (businesses and social distancing), then it has become pandemic in Nigeria.

There are 4 scenarios that might likely play out

a. If there is any increase BTW today and Monday morning, then market will react.

b. If there is any record of death, market will convulse.

c. If the cases keep increasing with no death, there will be serious panic sell.

d. If the cases keep increasing with recorded death, my people, that is when market will scatter and the phrase "To your tents O NSEMPARS" will be activated.

All in all, let's keep our eyes and ears open.

bros abeg refer some of these cases make we find better agbo iba give them drink. I get one concoction joint for my area here. 1 shot of hot agbo and shepe will damage the virus

DeRuggedProf:


Do they pay unapproved dividends?

Next few days we go know how far if no AGM go hold .. Gtb / Uba .. Shareholders go wait till corona case comot
Most likely they may have to postpone them .. Watching

lancee:




Next few days we go know how far if no AGM go hold .. Gtb / Uba .. Shareholders go wait till corona case comot
Most likely they may have to postpone them .. Watching

African Prudential don postpone theirs o

tunene66:


African Prudential don postpone theirs o

Others may likely follow.

https://www.wsj.com/articles/opec-u-s-shale-producers-open-talks-amid-oil-rout-11584719936?redirect=amp#click=https:///XnyLAZjLuJ

Could there be an unlikely agreement?

lancee:
I beg I know very soon all these companies will start postponing their AGM’s.. Hope these won’t affect dates of Dividends payment

No more dividend (joking)lol

ebuka1997:
https://www.wsj.com/articles/opec-u-s-shale-producers-open-talks-amid-oil-rout-11584719936?redirect=amp#click=https:///XnyLAZjLuJ

Could there be an unlikely agreement?

The issue affects Putin as well but don't pick up a fight with the Russians. All that can be done is just for a delegation to be sent to Putin and MbS. Moreso both rulers are friends.

That was why I said if dem act their script finish, then they will settle. And e don dey finish. Brent broke below 2016 like of 27 and reversed and the movie don dey end.

lancee:
I beg I know very soon all these companies will start postponing their AGM’s.. Hope these won’t affect dates of Dividends payment

DeRuggedProf:


Do they pay unapproved dividends?

Dividends have been approved by the management of the companies and that was why it was markdown from the share price. I believe they will pay. If you shift AGM date, will you reverse markdown?

I think there was an insurance company that shifted AGM in the past (Nem I guess) but dividend was paid on the same stated date.

AGM will be to discuss and vote other issues.

Godisfaithful:


No more dividend (joking)lol

Oga myjoy08 .. Na the dividend money we go change to dolapo o.. I wan be like u

Bureau

RabbiDoracle:





Dividends have been approved by the management of the companies and that was why it was markdown from the share price. I believe they will pay. If you shift AGM date, will you reverse markdown?

I think there was an insurance company that shifted AGM in the past (Nem I guess) but dividend was paid on the same stated date.

AGM will be to discuss and vote other issues.

That will be good if they pay .. Most Shareholders need that money

Think u re right

onegentleguy:



https://www.bloomberg.com/news/articles/2020-03-20/nigerian-central-bank-starts-uniform-exchange-rate-for-naira

"Nigeria’s central bank will migrate to a single exchange rate for the naira by collapsing the multiple exchange rate policy that determined the value for the local currency, people with direct knowledge of the matter said.
...the West African nation will merge the official rate, the rate for importers and exporters and rate for foreign-exchange bureaus, among others, according to the people who asked not to be identified because they are not authorized to speak publicly about the matter."

...things are beginning to get really interesting !!

cc @ RabbiDoracle, @robobo

The devaluation is very minor. The FPIs go dey vex.

They should not come in yet o. They should offer more units for sale. Nigerian cases seem to be increasing o. If there is lockdown, it will definitely affect businesses. Q1 2020 has been good so far for the banks in Nigeria except for the Petroleum marketing companies, import dependent businesses and hospitality industries.

locodemy:
@chibuking
Looks like the Fpi guys will be forced to come to the market any moment from now.Once the CBN policy favours them,they don't look at the fall in oil prices again

Liquidity will prevent the part 2 bonanza and April will be better than expected.

Oga Oracle and other financial gurus pls throw more light on this recent move by CBN in introducing uniform exchange rate and devaluation of naira.


I already know one of the consequences is inflation.

They can borrow cheaply from their country at 0.25% and use it here. So whether devaluation nor not, all EM stocks will power up. The liquidity is there.

Except there is a problem in the US financial system which could reverberate to other worlds, for now I think markets will still rise once US and EU peak in their cases. Once they peak, they will start reporting declining numbers of cases and deaths.

US will not be in technical recession until reports of Q3 2020 are out. There are countries that had negative growth rate as at Q4 2019 when there, was no coronavirus o. So it is sure that they will have negative growth in Q1 2020. Those ones will be in technical recession come April.

I think this 2020 will be the start of capitalist socialism.


https://www.theatlantic.com/ideas/archive/2020/03/denmark-freezing-its-economy-should-us/608533/

"This week, the Danish government told private companies hit by the effects of the pandemic that it would pay 75 percent of their employees’ salaries to avoid mass layoffs."

https://www.forexfactory.com/news/987882-ecbs-weidmann-says-a-german-recession-is-now

Soon France, Japan, Italy and some countries in the Middle East will announce.

Pls is olympbot a scam

nna777:


This is part of a post I wrote earlier this week. Africa has now over 1000+ cases in 50+ nations most of which are imported ( nationals returning to their countries from Europe and America). If the cases keep increasing and deaths start occurring, we can now say it's pandemic

For Nigeria we have a total of 22 cases with no recorded death yet. This coming week will determine the direction of our market. the shutdown has already started with schools and churches. when you start hearing lock down (businesses and social distancing), then it has become pandemic in Nigeria.

There are 4 scenarios that might likely play out

a. If there is any increase BTW today and Monday morning, then market will react.

b. If there is any record of death, market will convulse.

c. If the cases keep increasing with no death, there will be serious panic sell.

d. If the cases keep increasing with recorded death, my people, that is when market will scatter and the phrase "To your tents O NSEMPARS" will be activated.

All in all, let's keep our eyes and ears open.

I have resumed a 4 weeks investment quarantine. However, I'd be coming to the market for household consumables that hits a good buy junction.