₦airaland Forum

SEC Working On Private Equity Funding Rules, Investment In Start-ups

The Securities and Exchange Commission (SEC), at the weekend said it is working on rules and regulations to ease participation by more Private Equity funds in business ventures and national economic growth, as they bring capital to businesses.
According to the acting Director-General of the commission, Ms. Mary Uduk, there is a nexus between adequate capital and business growth, given the critical role of capital in the growth of businesses, including generating profit for the investors, creating socio-economic benefits to the consumers, and enhancing overall economic growth.
Uduk, who spoke at the second private equity summit with the theme: ‘Drivers, Disruptors and Unlocking Value’, organized by Udo Udoma & Belo-Osagie (UUBO) in Lagos, weekend, said that Private Equity firms are important agents

According to her, Nigeria has lots of startups with robust business plans, many profitable unlisted companies with established cash-generating capacity, as well as public companies with solid customer bases, proven products, and high-quality management.
These businesses and opportunities, she continued, were yearning for investments, a situation PE firms can tap into, improving the investment climate, while ensuring friendly market rules and regulations as well as increased investor education as essential elements for attracting PE investments in Nigeria.
Initiatives for registering and developing the FinTech space in the capital market, she stressed, will also provide good opportunities for PE firms to invest in innovative start-ups operating in the capital market.

“The ISA 2007 empowers the Securities and Exchange Commission to register PE Funds. Based on their scope and the need to attract investors such as the Pension Funds, many PE firms and Infrastructure funds (often structured as PE), file their returns with the Commission,” Uduk said.
Uduk said the capital market provides the most efficient gateway opportunities for PE firms. The NASD Enterprise Portal, as a collaborative development in the market, aims at aiding PE firms to invest in and dispose of eligible companies’ securities in an easy and cost-effective manner.
According to her, as PE activities rise in the country, PE funds can utilize the opportunities provided on our various organized exchanges when exiting their investments. This will increase the quality of our listed public companies while allowing PE firms to benefit from the market liquidity, efficiency and increased participation available on the exchanges.
Uduk, therefore, expressed hope that the outcome of the summit will impact greatly and positively on the PE segment of our market, the capital market in general and our economy as a whole.
In a keynote on ‘fostering an enabling environment for investment in Nigeria’ at the event, Minister of Industry, Trade and Investment, Chief Niyi Adebayo, said the Federal Government will ensure that at least 40% of its expenditure goes into patronizing domestic goods and services. This, he noted, will facilitate local markets access for Nigerian made products.
Government, he noted, realizes that building production capacity alongside strategic partners with strong track records in some priority sectors is a critical success factor.

“Through the Nigerian Investment Promotion Commission, bilateral investment agreements are being modernized with a greater sense of purpose.
“Much of our most recent agreements target countries that align with our ambition of building local production capacity,” he said.
According to him, the government will seek a comprehensive approach to mobilizing capital, incentivizing priority sectors and expanding market access for local producers.
Adebayo said that the government would further enhance the ease of doing business and support the growth of MSMEs.
He said that the ministry had begun implementing a number of key initiatives, including the reactivation of the six special economic zones and the special agro-industrial processing zones project.
“In supporting the growth of MSMEs, we are easing access to capital, deploying shared facilities across the country and facilitating the delivery of tax and regulatory incentives for MSMEs.
“Our priority sectors cut across agriculture, construction and the automotive industry,” Adebayo said.
He said that Nigeria would remain critical to the global economic market as the country prepared for the inevitable rise of the world’s third most populous country.
“This also presents a compelling case for global investors when viewed against the backdrop of the country’s capacity for growth.
“Achieving a GDP per capita rate comparable to South Africa would catapult Nigeria’s GDP to over one trillion dollars.
“The dwindling prospects of oil and our growing population leave us with no choice but to develop a Nigeria that is investor-friendly, export-oriented, high producing and high growth,” Adebayo said.
He said that the government’s primary objective in the present decade was economic diversification and job creation.
“Diversification of our economy, or more precisely government revenues, must accommodate both short and long-term efforts because we no longer have the luxury of time; considering the realities of our growing population and the dwindling prospects of crude oil,” Adebayo said.

Senator Udoma Udo Udoma, the founder of UUBO, stressed the need for private sector participation in the development of the country’s economy.
Udoma said that the government must engage the private sector to ensure economic expansion, noting that the government could not do it alone and needs to create an enabling environment that encouraged the growth of private equity in the country.

Left to Right: Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed (left), in a chat with Senior Partner, Udo Udoma & Belo Osagie, UUBO), Aniekan Ukpaka, at the 2nd Private Equity Summit organized by UUBO; while Managing Partner of the firm, Dan Agbor, and Acting Director-General, Securities and Exchange Commission, Ms. Mary Uduk looks on.

https://investdata.com.ng/2020/02/sec-working-on-private-equity-funding-rules-investment-in-start-ups/

CBN OMO Policy Will Reduce FG’s Domestic Debt Service Burden- Osinbajo

Vice President Yemi Osinbajo hinted that the Federal Government is a major beneficiary of the Central Bank of Nigeria reform of its Open Market Operations (OMO), which has led to a situation where interest rates have dropped lower.
Besides the increase in Loan-to-Deposit Ratio that compels banks to offer 65% of their total deposit as loans, even as interest rates have become lower, just as “the interest rates especially for fixed bills, treasury bills.
In a lecture at the National Defence College Course 28 lecture on Friday, January 31, 2020, Osinbajo said unlike in the past when the government paid 14% interest, it is now between 3% and 6% for treasury bills.

“Government itself has an advantage, if you look at our debt burden today, most of our debt burden comes from servicing our debt, most of that debt is domestic debts. That means most of it is on paying back treasury bills. But when treasury bills were reduced to 5% – 6% from about 14%, it means that the government pays far less to service its debt. So, we are paying considerably less.
“The upshot is that the government will no longer be paying double digits interest on treasury bills, thus reducing the debt service burden while at the same time it means that the rates payable on commercial paper will also not be so high as to discourage investment.”
According to a statement by Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, the government is aware of the downside of a negative current account balance, hence the need to improve Foreign Portfolio Investment Flows, even as the low exchange rates result in a low FPI flow.

“One of the things we want to achieve is to get FPI especially foreign investments in other to be able to boost our reserves, but if the interest rates are low, it, of course, means that we are less attractive as a destination for portfolio investment. That has its good and bad sides, but I choose to describe it as a downside because it means we are going to see some reduction in FPI at least in a short time.
The Vice President said the CBN policy will ensure increased bank loans to the real sector, “because of the lowering of interest rates and the ban on Nigerian companies, banks, and individuals investing in treasury bills, it is now apparent that they must now lend to the real sector.”
In the past, he stressed further, “banks and individuals simply invested in treasury bills because treasury bills you could get 14%, 15% even higher just by investing in treasury bills. So, banks had no motivation whatsoever to lend to the private sector, because, without any risk at all, they could earn anywhere from 14% upwards. But today, because they can no longer do so, they have the deposits, Cash Reserve Requirement, CRR, is now at about 27.5% and because of that, they have enough resources to lend to the private sector.

“They have cheaper funds with them, and it is very obvious from what we are seeing today, that interest rates have dropped very sharply and we are not going to have the rather excessive rates we used to have. But the target, of course, is to be able to bring interest rates to a single digit. At the moment, only our development finance institutions such as the BOI are able to offer such types of loans.
“So, net domestic credit has increased by a little over 30% and a further attempt to reduce the cost of doing business is as I have said before reduction in fixed income yields, treasury bill rate,” he stressed further.

https://investdata.com.ng/2020/02/cbn-omo-policy-will-reduce-fgs-domestic-debt-service-burden-osinbajo/#more

Investors Realign Portfolios, Target High Dividend Yields, ROI, Full-Year, Q1 Earnings

Market Roundup For January 2020
The Nigerian Stock Exchange (NSE), in the month of January 2020, resisted a continuation of the two years of bear-run. In the process, it broke out the downtrend, defying what has come to be known and accepted as the “January effects,” on the strength of changes in regulatory policies in Q3 2019, which triggered a sharp drop in money market rates, as well as fixed instruments yields, resulting in positive sentiments for equity assets. Also important is the fact that most of these stocks had become considerably undervalued ahead of the market’s major corporate earnings season, as investors and traders positioned early, hence the reversal in the negative slant of the previous month.

At the close of trading for the month of January 2020, the composite NSE All-Share index recorded 7.46% gain, ushering in the much-anticipated market recovery, helped by the unconventional monetary policy stance of the Central Bank of Nigeria (CBN). This may have reawakened the need to stimulate economic productivity in the fiscal authorities, thereby driving the growth needed to support the performance of quoted companies, among others.
This is also without undermining the overall effects of economic stability. This has also been helped by the continued intervention in the foreign exchange market, even as the relatively low-interest rate and border closure has boosted and strengthened the nation’s manufacturing and agricultural sectors. This is likely to reflect on the score-cards of companies.


The mixed, but upmarket in January, was driven by the low price attractions and the renewed investor confidence in Nigerian stocks, which propelled the NSE to the top of global stock markets for the period. Also, noteworthy is the fact that the apex bank successfully maintained relative stability in the exchange rate of the Naira, in addition to boosting the nation’s manufacturing sector, resulting in the Purchasing Managers’ Index, although it dropped to 59.20 points in January from 60.8% in December 2019.
The market, during the 22 trading sessions of January recorded mixed performance, with 13 sessions of up and nine of down market drive by the negative reactions to the CBN’s adjustment in the Cash Reserve Requirements of banks to 27.5% at its first Monetary Policy Committee meeting in 2020. This left resulted in the last trading week of the month with five consecutive days of losses, as the NSEASI closed red at 28,843.53 points on Friday, January 31, after touching the month’s high of 29,909.06 basis points and low of 26,657.32bps.
The index had opened for the month at 26,842.07bps, representing 7.46% growth over the period. The ‘buy’ volume of total transactions for January was 67%, while the ‘sell’ position stood at 33%, reversing the previous month’s bear market.
Also, market capitalisation for the month gained a total of N1.96tr, closing at N14.86tr, from its opening value of N12.96tr, representing 14.66% appreciation in value, helped by the listing of BUA Cement Plc, and despite the delisting of Continental Reinsurance and Grief Africa from the NSE’s Daily Official List.

Due to the amendment of Rule 39 of the Securities and Exchange Commission and NSE permitting companies to file unaudited results within 30 day of Q4 end has changed the pattern of company filings. This is why over 67 companies filed their quarterly earnings reports in the period under review, most of which came mixed and without dividend recommendations.
The audited financials for full-year ended December 31, 2019, with the accompanying corporate actions, are expected to start hitting the market this month and March 31. However, the unaudited numbers released so far should guide income investors on how to position for the dividend. It is noteworthy at the moment that many stocks continue to trade below their Book Value and 52-week high level.
Market breadth for the month was positive and mixed as advancers outnumbered decliners in the ratio of 41:31, halting the bear transition that trapped the December Santa Claus and year-end rally.

Sectorial Performance for the month was largely bullish, except for the NSE Consumer Goods, Oil/Gas and Mainboard indexes that closed lower during the period on the strength of negative sentiment for the sectors, which was due to unimpressive earnings, and market forces. The NSE Industrial Goods index was atop the month’s performance chart, due to price appreciation in Beta Glass, Dangote Cement, and BUA Cement.


Best Performing Stock
The biggest gainers for the period under review were a mixture of kobo, medium and high cap stocks, which had been grossly impacted by improved ‘buy’ interest in equity and low price attraction before the recent adjustment in CRR that triggered some form of market correction and profit-taking.
The best performing stock for the month of January was Law Union and Rock Insurance, which gained 40% of its opening price, followed by Cornerstone Insurance with 31.11%, arising from the recapitalization exercise going on in that industry and the NSE’s new pricing methodology that changed the trading pattern of kobo stocks. We advise that you study fundamentals of your target companies before jumping in, or out.
BetaGlass followed on the gainers’ table, as its share price rose 30.11% on market sentiment; followed by Dangote Cement’s 26.69% on low price attraction and the proposed share buyback scheme; while Vitafoam Nigeria chalked 25%, as a result of its impressive full-year and Q1 results.


Worst Performing Stocks
The losers’ table was dominated by manufacturing companies due to the extended negative sentiments from the previous years, resulting from the sector’s weak and mixed earnings reports. Eterna Oil led the decliners after losing, 33.33% as was as a result of its unimpressive numbers; followed by Unilever which shed 31.82% due to its weak Q4 loss account; just as ABC Transport lost 24.44% of its opening price for the month; and Boc Gas, 18.18%.


Volume and Value
The month’s transaction volume was up by 85.1%, as stockbrokers crossed 8.44bn shares, up from the 4.56bn units traded in the month of December.
During the month, quarterly and some full-year earnings reports were published by an array of companies, with numbers coming mixed and below expectations except for Vitafoam, Julius Berger, Fidelity Bank and others that were above average.
Also, in the month of January, BUA Cement concluded their merger with CCNN, leading to the delisting of CCNN; just as Wapic Insurance and others concluded their primary market activities, while Stanbic IBTC listed additional shares as a result of bonus shares. Meanwhile, traders and investors continue to position for audited earnings season, amidst portfolio rebalancing, low valuations, capital wave, relatively low rates in money market and indecision among fund managers. Investors at this point are considering whether to HOLD, BUY or SELL, a decision that will depend on which audited full-year results beat market expectations, adequately reward shareholders.

Also, it is expected that the government would double ongoing efforts at developing the country’s infrastructure, enhance national security architecture, as well as the enabling business environment, alongside the faithful implementation of Nigeria’s 2020 budget in February, thereby supporting economic recovery. Considering these factors and relatively stabile polity around the market now, investors who understand the operations of the stock market should take this pullback wave as an opportunity to enter good stocks. Over 100 quoted companies with December 31, 2019, as financial year-end is due to release their audited report to the market before March 31. It is obvious that investment is against expectation, which is why when such expectations are not met, there is a need to quickly exit positions so as to protect your capital.
As investors, it is expected that you relate the current selling price of target stocks to their fourth-quarter unaudited earnings; as well as previous full-year Earnings Per Share; and the last dividend payout. This comparison will help you project whether the company can maintain, cut, or increase the dividend or not, before jumping in.

Note that earnings have always been a function of equity price movements, in addition to corporate actions of these companies, which are expected to attract more market players, dividend investors and possibly foreign bargain hunters to the market.
Over the years, the month of February on the Nigerian stock market is reserved for early filers, which suggests that traders and investors should be in the market before corporate score-cards start pouring in, so as to benefit from the earnings season momentum and volatility. Travel ban on Nigerians may further depress the market if foreign investors start exiting their positions.
In the history of Nigeria’s post-election years since 2000, market performance in the month of February has been positive, with four up and just one down season as revealed by the NSE’s index movement table above.

What to expect in February and March
• Continued volatility due to the lingering circular flow of funds, profit-taking and some disappointing some corporate results so far released. Also, the source of funds flow to the market may cause fluctuations as fund managers and institutional investors return to the market. The up and down movement will continue to create entry and exit opportunities.
• More audited earnings would be released into the market this period. Earnings from blue-chip companies may strengthen market fundamentals, especially from United Capital, Zenith Bank, Guaranty Trust Bank, Nigerian Breweries and Nestle Nigeria.
• As players reshuffle their portfolio to move in or out of equities, discerning investors should target strong fundamentally sound stocks, high Dividend Yield and the possibility of issuing bonus shares, we should expect stock prices to be in the upward direction if their numbers beat expectation.
• A more vibrant market as a result of market players positioning for audited full year and first quarter and then taking profit to reposition for the earnings season, even as we expect liquidity prices to improve with the entry of more foreign funds.
• Market outlook for the month of February and March is still very dicey, but investors should decide wisely, using dates, bids, offers, and volume while doing so.
• Managing risks and protecting capital at this point is very important, so you should be able to determine when to buy or sell by watching the stocks and the market, using technical analysis, aided by investdata buy & sell signal.
• Let numbers emanating from companies and releases/markdown dates guide you into a profitable investment.

Invest 2020 Opportunities & Trade Ideas Summit move to PORT HARCOURT
Attend our Port Harcourt INVEST 2020 Summit slated for February 8 at Emerald Hotel, No 193, Aba Road Rumuola, Time: 10.00 am. How to take advantage of the recovery stock market and 2019 corporate earnings season to change your financial position in a changing financial market and thinking as money market rates remain low.

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Ambrose Omordion
CRO|Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdata.com.ng/2020/02/investors-realign-portfolios-target-high-dividend-yields-roi-full-year-q1-earnings/#more

With many unpleasant stories around the world, January 2020 may have appeared to be difficult and less of what we expected but thanks to God we were not consumed by it. It is my prayer that from this new month of February onwards, we may recover from whatever unpleasant situations we might have had and may God better our lot that our lives may progress in a manner that will glorify Him and put the enemies to shame through Jesus Christ our Lord. Amen. Happy New Month to you my brother

www.investdataonline.com

Indecision Still On NGSE, Transaction Volume Drops, As Investors Await Audited Reports

Market Update for January 29
Nigeria’s equity market at the midweek extended its negative stance for the third consecutive session as investors tread with caution in the midst of selloffs in high cap stocks, amidst reactions to last week’s decision of the Monetary Policy Committee hiking Cash Reserves Requirements to 27.5%. This has expectedly triggered a circular flow of funds in the financial market as a result of portfolio rebalancing among institutional investors and fund managers.

The mixed earnings reports emanating from listed companies in their bid to meet the 30-day statutory deadline for filing the last quarterly numbers of 2019 are yet to impact the market. The reason may not be far-fetched, given that these reports are unaudited, just as there are not yet any proposals of dividend for investors, besides enabling discerning investors and traders to reposition their portfolios ahead of the audited the accounts that will come with corporate action in two weeks’ time.
Already, over 27 companies released their quarterly earnings reports, including both Q3 and Q4 results, on Wednesday, presented from Stanbic IBTC, NPF Microfinance, NASCON Allied, NEM, 11 Plc, BOC Gases, LASACO, and many others. Also, United Capital and Nigerian Breweries notified the NSE and investors of it closed period for the full year 2019 audited accounts.

Technically, the declining volume of trade signals the spate of indecision among traders, suggesting that the ongoing correction or pullback may not last for too long, as more Open Market Operations bills will mature in the coming weeks. Added to this is the fact that audited financial for 2019 is equally expected in the coming weeks as well, thereby presenting investors with the realities of these companies, vis-à-vis the 2019 full-year earnings predictions. In times like this, investors should reassess their expectations and re-position, or exit, where necessary.
Meanwhile, Wednesday’s trading opened on the downside and was sustained throughout the day on continued negative sentiment and selloffs that pushed the benchmark Index to an intraday low of 29,054.23 basis points from its high of 29,381.95bps. It thereafter retraced up slightly, before closing lower at 29,110.90bps on a low traded volume
.
Midweek, market technicals were negative and weak, with volume traded lower than the previous session’s, in the midst of negative market breadth and sentiments as revealed by Investdata’s Sentiment Report showing 83% ‘sell’ volume and 17% ‘buy’ position. The day’s total transaction volume index stood at 0.70, while the momentum behind the day’s performance was weak as Money Flow Index read 43.91points, from the previous 53.75ps, an indication that funds left the market and some stocks.

Index and Market Caps
At the end of midweek trading, composite NSE All-Share index lost 267.73bps, closing at 29,110.90bps from an opening figure of 29,378.63bps which represented 0.91% decline, just as market capitalization depreciated by N137.91bn, closing at N14.99tr, from an opening value of N15.13tr, representing a 0.91% value loss in investors portfolios.
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The continued downturn was impacted by profit-taking and selloffs in Unilever Nigeria, MTNN, Guaranty Trust Bank, Ecobank Transnational Incorporated, Access Bank, FBN Holdings, UACN, AXA Mansard, NEM, Honeywell Flour, and Boc Gases, among others, which impacted negatively on the NSE’s Year-to-Date gain, reducing it to 8.45%. Market capitalization, YTD, drop to N2.04tr, representing a 15.72% growth over the year’s opening value.

Mixed Sector Indices
The sectoral performance indexes were bearish, except for the NSE Consumer Goods and Oil/Gas Indexes that closed marginally higher by 0.39% and 0.36% respectively, while the NSE Insurance index led the decliners, after losing 2.79%, followed by Banking and Industrial Goods with 1.26% and 0.18%, respectively.
Market breadth remained negative as decliners outnumbered advancers in the ratio of 18:10, while market activities in terms of volume and value dropped by 3.26% and 4.91% respectively to 242.76m shares worth N4.59bn from the previous day 250.93m units valued at N4.83bn. Volume was driven by transactions in Zenith Bank, Unilever, Guaranty Trust Bank, FCMB and UBA
Lasaco Assurance and Aiico were the best-performing stocks, gaining 7.69% and 6.33% respectively to close at N0.28 and N0.84 per share, on the market forces and earnings expectations. On the flip side, BOC Gases and NEM Insurance lost 9.09% and 8.33% respectively, closing at N4.50 and N2.20 on profit-taking and market forces.

Market Outlook
We expect the mixed trend to continue in the midst of profit-taking and positioning by investors taking advantage of the pullbacks, as the impact of last week’s CRR adjustment, slows down ahead of the full-year earnings reporting season. This is also against the backdrop that capital wave in the financial market may change in the midst of the unstable economic outlook for 2020.
Also, investors and traders are positioning in anticipation of the 2019 full-year earnings reports, amidst the changing sentiments in the hope of improved liquidity and positive economic indices which had pushed the market out of the bearish zone.
We see investors focusing on the upcoming of the full-year earnings season, targeting companies with strong potential to grow their dividend on the strength of their earnings capacity.

Again, the current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the New Year.
This was noted in the 10 golden stocks and trading ideas for 2020, as discussed extensively during the Investdata 2020 Traders & Investors Summit held in Lagos last December.
Also, traders and investors need to change their strategies, because of the NSE’s pricing methodology, the CBN directives and their impact on the economy in the nearest future.

How To Change Your Outcome in This Current Market

Ambrose Here Again,

You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself, 'I lived through this horror. I can take the next thing that comes along... Eleanor Roosevelt

There are different types of fear. Precisely, 5 types of fear govern our lives whether you like it or not. However, its effect depends on your response because of E+R=O (E=Event, R=Response, and O=Outcome). So, in today's Market, E(bear Market) + Response (what are you doing currently, are you blaming the government, your stockbroker, self-pity, change of strategy by constant learning and research) =Outcome.

Hence, this invariably means that you can not control what happens in the market or your life but what you have control over is your response to the event. So, instead of you to stop investing in the stock market or lay low for a while until this phase ends, conquer your fear, don't sit home and think about it. Go out and get busy with information that will transform your life.

So, do you really want to change your outcome? If yes, you need to change your mindset about the market and approach because everything that we see in life was first conceived in the mind.

Fortunately, all this have been done through the below so there is nothing new under the sun:

1. Invest 2020 Home Study Pack.

So, if you are really ready to change your outcome subsequently, take action now regarding the above options. Time waits for no one. Don't follow the crowd. Call 08028164085,08032055467 or send an email to ambroseconsultants@yahoo.com Now!!!

Dedicated to Your Financial Success
Ambrose Omordion
https://investdataltd..com/2020/01/how-to-change-your-outcome-in-this.html

Conditions To ATTACK Is Now

Ambrose Here,

It is not the strongest or the most intelligent who will survive but those who can best manage change. Leon C. Megginson

Recently, after a hectic day caused by the traffic jam, as Lagosians, our traffic jam is mostly caused by an unknown event because you cannot pinpoint what is really the cause.

So, I turned to the box office to watch a movie Red Cliff- The movie gives you a massive insight into how indecision can change the cause of history and destiny.

General Cao Cao, the Prime Minister of the Han Dynasty, coaxes Emperor Han to wage a war against two kingdoms in order to unite China. However, the two regions formed an alliance to defend themselves.

On the final showdown which took place on the sea, General Cao Cao lost the battle because he wanted to drink tea with a newly found maiden.

His men screamed, shouted begged for permission to attack the enemy while the wind was still in their favor but unfortunately, he was distracted, procrastinated and defeated.

Unlike Napoleon Bonaparte, when one of his generals came to him and said that the conditions to attack the enemy was not right, he responded that "I determine the right or wrong condition, so ATTACK."

Just General Cao Cao, you might be waiting for the right time to get the knowledge you need to get started immediately.

Don't forget that everything has time and in time is a crucial factor.

Because if you are like Napoleon Bonaparte who told his general to attack the enemy because Bonaparte, you understand that your financial success is in your hands.

Want to take the Bull by the horn and get the best out of 2020, call NOW 08028164085,08032055467 to get the Invest 2020 Home Study pack. There can be no perfect time if not now.

Dedicated to Your Financial Success
Ambrose Omordion

https://investdataltd..com/2020/01/conditions-to-attack-is-now.html
(Modify) (Quote) (Report) (Share)

How To Change Your Outcome in This Current Market

Ambrose Here Again,

You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself, 'I lived through this horror. I can take the next thing that comes along... Eleanor Roosevelt

There are different types of fear. Precisely, 5 types of fear govern our lives whether you like it or not. However, its effect depends on your response because of E+R=O (E=Event, R=Response, and O=Outcome). So, in today's Market, E(bear Market) + Response (what are you doing currently, are you blaming the government, your stockbroker, self-pity, change of strategy by constant learning and research) =Outcome.

Hence, this invariably means that you can not control what happens in the market or your life but what you have control over is your response to the event. So, instead of you to stop investing in the stock market or lay low for a while until this phase ends, conquer your fear, don't sit home and think about it. Go out and get busy with information that will transform your life.

So, do you really want to change your outcome? If yes, you need to change your mindset about the market and approach because everything that we see in life was first conceived in the mind.

Fortunately, all this have been done through the below so there is nothing new under the sun:

1. Invest 2020 Home Study Pack.

So, if you are really ready to change your outcome subsequently, take action now regarding the above options. Time waits for no one. Don't follow the crowd. Call 08028164085,08032055467 or send an email to ambroseconsultants@yahoo.com Now!!!

Dedicated to Your Financial Success
Ambrose Omordion
https://investdataltd..com/2020/01/how-to-change-your-outcome-in-this.html

Indecision Still On NGSE, Transaction Volume Drops, As Investors Await Audited Reports

Market Update for January 29
Nigeria’s equity market at the midweek extended its negative stance for the third consecutive session as investors tread with caution in the midst of selloffs in high cap stocks, amidst reactions to last week’s decision of the Monetary Policy Committee hiking Cash Reserves Requirements to 27.5%. This has expectedly triggered a circular flow of funds in the financial market as a result of portfolio rebalancing among institutional investors and fund managers.

The mixed earnings reports emanating from listed companies in their bid to meet the 30-day statutory deadline for filing the last quarterly numbers of 2019 are yet to impact the market. The reason may not be far-fetched, given that these reports are unaudited, just as there are not yet any proposals of dividend for investors, besides enabling discerning investors and traders to reposition their portfolios ahead of the audited the accounts that will come with corporate action in two weeks’ time.
Already, over 27 companies released their quarterly earnings reports, including both Q3 and Q4 results, on Wednesday, presented from Stanbic IBTC, NPF Microfinance, NASCON Allied, NEM, 11 Plc, BOC Gases, LASACO, and many others. Also, United Capital and Nigerian Breweries notified the NSE and investors of it closed period for the full year 2019 audited accounts.

Technically, the declining volume of trade signals the spate of indecision among traders, suggesting that the ongoing correction or pullback may not last for too long, as more Open Market Operations bills will mature in the coming weeks. Added to this is the fact that audited financial for 2019 is equally expected in the coming weeks as well, thereby presenting investors with the realities of these companies, vis-à-vis the 2019 full-year earnings predictions. In times like this, investors should reassess their expectations and re-position, or exit, where necessary.
Meanwhile, Wednesday’s trading opened on the downside and was sustained throughout the day on continued negative sentiment and selloffs that pushed the benchmark Index to an intraday low of 29,054.23 basis points from its high of 29,381.95bps. It thereafter retraced up slightly, before closing lower at 29,110.90bps on a low traded volume
.
Midweek, market technicals were negative and weak, with volume traded lower than the previous session’s, in the midst of negative market breadth and sentiments as revealed by Investdata’s Sentiment Report showing 83% ‘sell’ volume and 17% ‘buy’ position. The day’s total transaction volume index stood at 0.70, while the momentum behind the day’s performance was weak as Money Flow Index read 43.91points, from the previous 53.75ps, an indication that funds left the market and some stocks.

Index and Market Caps
At the end of midweek trading, composite NSE All-Share index lost 267.73bps, closing at 29,110.90bps from an opening figure of 29,378.63bps which represented 0.91% decline, just as market capitalization depreciated by N137.91bn, closing at N14.99tr, from an opening value of N15.13tr, representing a 0.91% value loss in investors portfolios.
Attention: If you have not signed up for Investdata buy and sell signal setup, don’t delay. We have just added another risk management feature and new stocks of most revered traders and investors in corporate Nigeria to our watchlist. These stocks are with double potentials.
To become a member, send ‘YES’ or ‘STOCKS’ to the phone numbers below. Take advantage of this service to buy right and sell right at the current market recovery ahead of full-year earnings reporting season portfolio reshuffling and repositioning as we await an economic reform policy to stimulate and re-track the economy again.

The continued downturn was impacted by profit-taking and selloffs in Unilever Nigeria, MTNN, Guaranty Trust Bank, Ecobank Transnational Incorporated, Access Bank, FBN Holdings, UACN, AXA Mansard, NEM, Honeywell Flour, and Boc Gases, among others, which impacted negatively on the NSE’s Year-to-Date gain, reducing it to 8.45%. Market capitalization, YTD, drop to N2.04tr, representing a 15.72% growth over the year’s opening value.

Mixed Sector Indices
The sectoral performance indexes were bearish, except for the NSE Consumer Goods and Oil/Gas Indexes that closed marginally higher by 0.39% and 0.36% respectively, while the NSE Insurance index led the decliners, after losing 2.79%, followed by Banking and Industrial Goods with 1.26% and 0.18%, respectively.
Market breadth remained negative as decliners outnumbered advancers in the ratio of 18:10, while market activities in terms of volume and value dropped by 3.26% and 4.91% respectively to 242.76m shares worth N4.59bn from the previous day 250.93m units valued at N4.83bn. Volume was driven by transactions in Zenith Bank, Unilever, Guaranty Trust Bank, FCMB and UBA
Lasaco Assurance and Aiico were the best-performing stocks, gaining 7.69% and 6.33% respectively to close at N0.28 and N0.84 per share, on the market forces and earnings expectations. On the flip side, BOC Gases and NEM Insurance lost 9.09% and 8.33% respectively, closing at N4.50 and N2.20 on profit-taking and market forces.

Market Outlook
We expect the mixed trend to continue in the midst of profit-taking and positioning by investors taking advantage of the pullbacks, as the impact of last week’s CRR adjustment, slows down ahead of the full-year earnings reporting season. This is also against the backdrop that capital wave in the financial market may change in the midst of the unstable economic outlook for 2020.
Also, investors and traders are positioning in anticipation of the 2019 full-year earnings reports, amidst the changing sentiments in the hope of improved liquidity and positive economic indices which had pushed the market out of the bearish zone.
We see investors focusing on the upcoming of the full-year earnings season, targeting companies with strong potential to grow their dividend on the strength of their earnings capacity.

Again, the current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the New Year.
This was noted in the 10 golden stocks and trading ideas for 2020, as discussed extensively during the Investdata 2020 Traders & Investors Summit held in Lagos last December.
Also, traders and investors need to change their strategies, because of the NSE’s pricing methodology, the CBN directives and their impact on the economy in the nearest future.
Meanwhile, the Investdata team welcomes you to a bullish 2020. The home study packs of Invest 2020 Opportunities and Trade Ideas Summit containing the 10 Golden Stocks for 2020 are available. To obtain your pack send ‘Yes’ or ‘Stock’ to 08028164085, 08032055467, 08111811223 now.

Ambrose Omordion
CRO|Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdata.com.ng/2020/01/indecision-still-on-ngse-transaction-volume-drops-as-investors-await-audited-reports/#more

Mixed Performance May Continue Amidst Profit-taking, Positioning In Value Stocks

Market Update for January 28
The Nigerian Stock Exchange NSE), again closed lower on Tuesday as players extended their profit-taking, as reactions to last week’s decision of the Monetary Policy Committee meeting, especially the adjustment of the Cash Reserve Requirement of banks continued, taming the rising trend in inflation while controlling excess liquidity in the financial system. This has sustained the seeming correction, amidst assets repricing and rebalancing, with more companies presenting their unaudited financials for Q4 ended December 31, along with the unaudited full-year 2019. These are expected to give investors an insight into what to expect between now and March 31, the 90-day deadline for filing audited account.
Nine companies released their quarterly earnings reports on Tuesday, a breakdown of which showed that Q3 numbers came from Red Star Express, Airtel Africa and Chellarams, while Q4 results came from CAP, SAHCO, Total Nigeria, Ekocorp, Abbey Mortgagee and Tourist Company. Zenith Bank and UBA notified the market of their board’s approval of the 2019 financial year results, which have been forwarded to the Central Bank of Nigeria for approval before being releasing it to the exchange.

Technically the market is set for correction before another breakout on continued recovery, following which investors should be ready to face the realities of several expectations ahead of the 2019 full-year earnings season. We believe that company scorecards will largely dictate the market direction at this point, regardless of other fundamental factors. We advise investors and traders to watch their position and take profit to avoid unexpected losses.

Tuesday’s trading started slightly on the downside in the morning and was sustained throughout the session on a negative sentiment that pushed the NSE Index to an intraday low of 29,347.09 basis points from its high of 29,529.60bps. It thereafter retraced up marginally but finished the day lower at 29,378.63bps on a low traded volume.
The session’s market technicals were negative with lower volume traded than the previous session’s, in the midst of market breadth that favored the bears, besides the negative sentiments as revealed by Investdata’s Sentiment Report showing 83% ‘sell’ volume and 17% ‘buy’ position. The day’s total transaction volume index stood at 0.73, while the impetus behind the day’s performance remained relatively strong, even while declining further. Money Flow Index read 53.75points, from the previous 62.26ps, an indication that funds exited the market and some stocks.

Index and Market Caps
NSE composite All-Share index lost 174.37bps, closing at 29,378.63bps from the 29,552.99bps of the previous session, representing a 0.59% decline. Market capitalization depreciated by N89.81bn, closing at N15.13tr, from an opening value of N15.22tr, representing a 0.59% value loss.
Attention: If you have not signed up for Investdata buy and sell signal setup, don’t delay. We have just added another risk management feature and new stocks of most revered traders and investors in corporate Nigeria to our watchlist. These stocks are with double potentials.
To become a member, send ‘YES’ or ‘STOCKS’ to the phone numbers below. Take advantage of this service to buy right and sell right at the current market recovery ahead of full-year earnings reporting season portfolio reshuffling and repositioning as we await an economic reform policy to stimulate and re-track the economy again.

Tuesday’s downturn was driven by profit-taking and selloffs in Guaranty Trust Bank, UBN, Total Nigeria, Honeywell Flour, Flourmills, and Oando, among others, which impacted negatively on the NSE’s Year-to-Date gain, as it reduced to 9.45%. Market capitalization, YTD, drop to N2.17 trillion, representing a 16.78% growth over the year’s opening value.

Bearish Sector Indices
The sectoral performance indexes were bearish, except for the NSE Insurance Index that closed 1.54% green, while the NSE Banking index led the decliners, after losing 2.18%, followed by Oil/Gas, Industrial, and Consumer goods with 1.35%, 0.57%, and 0.28%, respectively.
Market breadth was negative as decliners outnumbered advancers in the ratio of 20:8, while transactions in terms of volume and value were mixed as volume traded decreased by 43.49% to 250.93m shares, from the previous 444.04m units. The transaction value was up by 44.18% to N4.83bn, from the previous day’s N3.35bn. The day’s volume was driven by transactions in Stanbic IBTC, Fidelity Bank, Guaranty Trust Bank, FCMB and Julius Berger
Julius Berger and Nahco were the best-performing stocks, gaining 9.93% and 9.67% respectively to close at N22.15 and N2.95 per share, on the impressive earnings and expectation. On the flip side, ABC Transport and GSK lost 9.76% and 9.17% respectively, closing at N0.37 and N5.45 on profit-taking and market forces.

Market Outlook
We expect the mixed performance to continue in the midst of profit-taking and positioning by investors taking advantage of the pullbacks, even as players interpret and analyze the impact of last week’s CRR adjustment, ahead of the full-year earnings reporting season. This is also against the backdrop that capital wave in the financial market may change in the midst of the unstable economic outlook for 2020.
Also, investors and traders are positioning in anticipation of the 2019 full-year earnings reports, amidst the changing sentiments in the hope of improved liquidity and positive economic indices which had pushed the market out of the bearish zone.
We see investors focusing on the upcoming of the full-year earnings season, targeting companies with strong potential to grow their dividend on the strength of their earnings capacity.

Again, the current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the New Year.
This was noted in the 10 golden stocks and trading ideas for 2020, as discussed extensively during the Investdata 2020 Traders & Investors Summit held in Lagos last December.
Also, traders and investors need to change their strategies, because of the NSE’s pricing methodology, the CBN directives and their impact on the economy in the nearest future.
Meanwhile, the Investdata team welcomes you to a bullish 2020. The home study packs of Invest 2020 Opportunities and Trade Ideas Summit containing the 10 Golden Stocks for 2020 are available. To obtain your pack send ‘Yes’ or ‘Stock’ to 08028164085, 08032055467, 08111811223 now.

Ambrose Omordion
CRO|Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdata.com.ng/2020/01/mixed-performance-may-continue-amidst-profit-taking-positioning-in-value-stocks/#more

Investdata Daily Sentiment Report as of January 30, 2020

NSEASI buy 17% sell 83% volume index 0.70 MFI 43.91
Access buy � MFI 35.57
Aiico buy � volume index 1.58 MFI 83.99
Eti buy 50% sell 50% volume index 1.02 MFI 43.97
Fbnh buy 0% MFI 42.41
Fcmb buy � volume index 23.47
Fidelity buy 0% volume index 0.89 MFI 28.78
GT buy 15% sell 85% volume index 1.22 MFI 35.91
Jaiz buy 50% sell 50% MFI 27.95
Mtnn buy 0% volume index 2.90 MFI 61.35
Nem buy 0% volume index 2.51 MFI 55.27
Transcorp buy � MFI 38.97
Uacn buy 0% volume index 0.71 MFI 74.84
Uba buy 0% MFI 59.80
Ubn buy � volume index 1.83 MFI 47.04
Ucap buy 67% sell 33% volume index 0.73 MFI 37.59
Unity buy 0% volume index 0.99 MFI 3.61
Wapco buy 97% sell 3% MFI 77.04
Zenith buy 75% sell 25% volume index 1.12 MFI 34.77

https://investdataltd..com/2020/01/investdata-daily-sentiment-report-as-of_30.html

Indicators Turn Red, As Investors Take Profit, ‘Reprice’ Assets, Balance Portfolio


Market Update for January 27
Nigeria’s stock market closed lower on Monday amidst assets repricing, portfolio rebalancing, and profit-taking, as investors and traders interpret the impact of the recent adjustment in the Cash Reserve Requirement set by the Central Bank of Nigeria last week at its Monetary Policy Committee meeting to 27.5% from 22.5%. Prices of banking and Consumer Goods stocks wobbled, with a negative impact on the NSE’s composite All-Share index as fear of likely reversal in the CBN’s Open Market Operation restrictions.
Construction giant- Julius Berger Plc presented its full-year earnings report after trading hours on Monday, showing impressive and strong numbers likely to support price movement, especially when the directors announce the corporate action. Revenue for the period was rose 36% to N264.56bn from N194.62bn in 2018, while bottom-line stood at N10.3bn, up from N6.1bn in the previous year, resulting in Earnings Per Share of N8.00, compared to N5.30 each in 2018. The numbers released so far have shown that Q4 2019 performance has impacted positively on 2019 scorecards.
Meanwhile, Monday’s trading opened slightly up in the early hours before pulling back in the mid-morning to the afternoon on portfolio rebalancing and profit-taking in banking stocks. This pushed the composite Index to an intraday low of 29,552.99 basis points from its high of 29,648.35bps, after which it finished the session lower at 29,552.99bps on a high traded volume.

Market technicals for the day were negative and mixed, with volume traded higher than the previous session’s, in the midst of market breadth that favoured the bulls and strong selling pressure, as revealed by Investdata’s Sentiment Report showing 100% ‘sell’ volume and 0% ‘buy’ position. The day’s total transaction volume index stood at 1.29, while the momentum behind the day’s performance remained relatively strong, even while declining further. Money Flow Index read 62.26points, from the previous 70.30ps, an indication that funds exited the market and some stocks.

Index and Market Caps
At the end of Monday’s trading, the All-Share Index shed 75.85bps, closing at 29,552.99bps from the 29,628.34bps of the previous session, representing a 0.26% drop. Market capitalization lost N39.07bn, closing at N15.22 trillion, from an opening value of N15.42tr, which represented a 0.26% value loss.
Attention: If you have not signed up for Investdata buy and sell signal setup, don’t delay. We have just added another risk management feature and new stocks of most revered traders and investors in corporate Nigeria to our watchlist. These stocks are with double potentials.
To become a member, send ‘YES’ or ‘STOCKS’ to the phone numbers below. Take advantage of this service to buy right and sell right at the current market recovery ahead of full-year earnings reporting season portfolio reshuffling and repositioning as we await an economic reform policy to stimulate and re-track the economy again.
Monday’s decline was impacted by profit-taking and selloffs in Zenith Bank, UBA FBNH, Access Bank, Unilever, Flourmills and Dangote Sugar, among others, which impacted negatively on the NSE’s Year-to-Date gain, as it reduced to 10.10%. Market capitalization, YTD, climbed to N2.68tr, representing a 17.23% growth over the year’s opening value.

Bullish Sector Indices
The sectoral performance indexes were bullish, except for the NSE Banking Index that closed lower by 1.19%, while the NSE Insurance index led the advancers, after gaining 0.51%, followed by Consumer and Industrial goods with 0.21% and 0.07%, while Oil/Gas closed flat.
Market breadth was almost flat, as advancers marginally outnumbered decliners in the ratio of 14:13, while market activities were mixed after volume traded increased by 140.6% to 444.04m shares, from the previous 186.27m units. Transaction value fell by 4.7% to N3.35bn from the previous day’s N3.54bn. The day’s volume was driven by transactions in Veritaskapital Assurance, Zenith Bank, Guaranty Trust Bank, UBA and FCMB.
Nahco and NPF Microfinance were the best-performing stocks, gaining 9.80% and 9.73% respectively to close at N2.69 and N1.24 per share, on earnings expectation and market forces. On the flip side, Unilever and Eterna lost 9.97% and 9.52% respectively, closing at N15.80 and N2.85 on the unimpressive Q4 numbers and profit-taking.

Market Outlook
We expect the mixed performance to continue in the midst of profit-taking and positioning by investors taking advantage of the pullbacks, even as players interpret and analyze the impact of last week’s CRR adjustment, ahead of the full-year earnings reporting season. This is also against the backdrop that capital wave in the financial market may change in the midst of the unstable economic outlook for 2020.
Also, investors and traders are positioning in anticipation of the 2019 full-year earnings reports, amidst the changing sentiments in the hope of improved liquidity and positive economic indices which had pushed the market out of the bearish zone.
We see investors focusing on the upcoming of the full-year earnings season, targeting companies with strong potential to grow their dividend on the strength of their earnings capacity.

Again, the current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the New Year.
This was noted in the 10 golden stocks and trading ideas for 2020, as discussed extensively during the Investdata 2020 Traders & Investors Summit held in Lagos last December.
Also, traders and investors need to change their strategies, because of the NSE’s pricing methodology, the CBN directives and their impact on the economy in the nearest future.
Meanwhile, the Investdata team welcomes you to a bullish 2020. The home study packs of Invest 2020 Opportunities and Trade Ideas Summit containing the 10 Golden Stocks for 2020 are available. To obtain your pack send ‘Yes’ or ‘Stock’ to 08028164085, 08032055467, 08111811223 now.

Ambrose Omordion
CRO|Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdata.com.ng/2020/01/indicators-turn-red-as-investors-take-profit-reprice-assets-balance-portfolio/

Investdata Daily Sentiment Report as of January 28, 2020

NSEASI buy 17% sell 83% volume index 0.73 MFI 53.75
Access buy � MFI 34.20
Afrprud buy 0% volume index 1.64 MFI 74.38
Aiico buy 0% MFI 81.15
Chams buy � volume index 1.05 MFI 58.67
Fbnh buy 67% sell 33% volume index 0.73 MFI 56.41
Fcmb buy 75% sell 25% volume index 0.82 MFI 21.27
Fidelity buy 0% volume index 1.75 MFI 25.25
Fidson buy � volume index 1.05 MFI 27.29
GT buy 83% sell 17% volume index 0.78 MFI 44.44
Jaiz buy 0% volume index 1.21 MFI 33.72
Lasaco buy 0% volume index 1.63 MFI 23.20
Nahco buy � volume index 1.87 MFI 80.06
Nem buy � volume index 3.95 MFI 67.01
Sterling buy � MFI 61.07
Transcorp buy 0% MFI 62.92
Uacp buy 67% sell 33% volume index 9.31 MFI 0.00
Uacn buy � MFI 77.91
Uba buy 67% sell 33% MFI 52.82
Ucap buy � volume index 1.17 MFI 54.10
Unity buy 0% volume index 2.17 MFI 3.36
Wapco buy 33% sell 67% MFI 81.41
Wapic buy � MFI 96.27
Wema buy 0% MFI 48.61
Zenith buy 50% sell 50% volume index 0.85 MFI 46.45

https://investdataltd..com/2020/01/investdata-daily-sentiment-report-as-of_28.html

Investdata Daily Sentiment Report as of January 27, 2020

NSEASI buy 0% volume index 1.29 MFI 62.26
Access buy 0% MFI 44.87
Chams buy � volume index 2.20 MFI 59.08
Custodian buy 0% volume index 2.08 MFI 100.00
Dangsugar buy 0% volume index 1.38 MFI 33.24
Eti buy � volume index 4.05 MFI 60.96
Fbnh buy 0% MFI 70.41
Fcmb buy � volume index 1.11 MFI 42.58
Fidelity buy 0% MFI 49.02
GT buy 0% volume index 1.41 MFI 51.83
Jaiz buy � volume index 1.09 MFI 52.10
Lasaco buy � MFI 28.01
Nahco buy � volume index 1.21 MFI 79.55
Oando buy � MFI 64.03
Transcorp buy 25% sell 75% MFI 72.12
Uacn buy 25% sell 75% MFI 73.90
Uba buy 0% MFI 68.24
Ucap buy 50% sell 50% volume index 1.44 MFI 65.37
Unity buy 0% volume index 2.38 MFI 5.09
Vitafoam buy � volume index 4.73 MFI 89.99
Wema buy � MFI 65.07
Zenith buy 23% sell 77% volume index 1.15 MFI 56.05

https://investdataltd..com/2020/01/investdata-daily-sentiment-report-as-os.html

Hello Investors,

The, buy & sell signal for this week have been posted on the membership site for you. Please click on the long link for this week's download.

Furthermore, you need to login to the membership site before you can have access to it.

Kindly click on the below link now to login with your username and password


To Your Success
Investdata Consulting.

P.S. You need to act fast. You know the time to wait for now.

http://investdataonline.com/buy-sell-signal/

Ex: How have you been? 
Guy: I don't feel good, life has not been fair. 

Ex: What happened, I hope you are not down the weather today? 
Guy: I caught the flu since the moment I set my eyes on you. Think I am sick in my heart.

Ex: What you trying to say? 
Guy: What I am saying is.. I made a terrible mistake letting you walk away. 

Ex: But whose fault is that? 
Guy: I never said it's your fault, just that I have been living with guilt lately and it's tearing me apart. 

Ex: You should have known better, but why didn't you stop me from leaving? 
Guy: I asked myself the same question every day but eluded trying to figure it out. 

Ex: Well, don't you think its a bit late for that?... 
Guy: That's was what I thought at first but felt warmth on my pillow only whenever I think of you. It's like no one touches my heart, not like you used to. 

Ex: But it will be hard to forgive and forget what you did to me. 
Guy: On my knees saying I am sorry from the depth of my heart, back then I was a juvenile who didn't understand the meaning of love. That was foolish of me, I do hope you forgive me. 

Ex: But I caught you sleeping with my best friend. 
Guy: Yes you did, I don't have an alibi, it's a one-time weakness because I was vulnerable inside. 

Ex: I am in love with someone else, sorry, I don't think it can work out for both of us anymore.
Guy: I am not saying it will, but can we give it a fresh try, please can we? I want to be your Romeo, this time I am willing to die for you. I will leave the world behind for you. 

Ex: Are you crazy? 
Guy: Yeah I am crazy, I will never be sane again if you are not part of my life. 

Ex: But you hurt my feelings, why should I even think of putting up with you? 
Guy: everyone makes mistake, it helps us to grow, but believe it when I tell you it hurts me even more. I have lost my appetite and zeal. I have lost everything thought I had, Including my sense of humor. 

Ex: I don't believe a dime what you just said, can you prove that to me? 
Guy: Will it do if I cut my heart and give it to you, or I could stand in the middle of the road and let you run me over. 

Ex: What..You mean you can do that for me?... 
Guy: Yeah, I will do anything for you, I will do all it takes to win your heart back.

Ex: How about proposing to me, right here, right now... 
Guy: Smile! I am a step ahead of you, here is an engagement ring I bought, safely stashed in the left inner pocket of my jacket. There is also a bottle of champagne on the back seat of my car so we can celebrate. 

Ex: Wow, I am short of words, don't know what to say. 
Guy: Please, say I do...

All Rights Reserved © Akan E. Udofia 2017

https://akanudofia..com/2017/05/an-interview-with-my-ex.html?m=1

Seplat Still Interested In More Asset Acquisitions, Organic Growth – Avuru

Nigeria’s indigenous oil and gas firm listed on the Lagos and London stock exchanges, Seplat Petroleum Development Company Plc, says it will engage in more asset acquisitions in the exploration and production space whenever there is an opportunity.

Austin Avuru, the chief executive who noted this during the January Technical/Business Meeting on Mergers, Acquisition, and Divestments in exploration and production business in Lagos on Wednesday, said Seplat will however not abandon organic growth.
He explained that it is one of the company’s key mandates to leverage opportunities in the oil and gas industry through the acquisition of more oil and gas assets.
This is coming after the company announced the completion of its Eland Oil and Gas Plc’s acquisition deal on December 17, 2019.

Avuru had said then: “We are delighted to successfully complete the acquisition of Eland, which further enhances Seplat’s footprint in Nigeria and provides opportunities for enhanced scale, diversification and growth. We welcome our new colleagues and Nigerian partners as we look forward to working together in this exciting phase of our development.”
Addressing stakeholders at the NAPE meeting, he said Seplat had positioned itself as an early mover through the acquisition of a 45% operated interest in OMLs 4, 38 and 41 from Shell, Total and Agip in 2010; thus, becoming the first Nigerian independent to acquire a package of oil and gas blocks directly from the Major International Oil Companies (IOCs) as part of a disposal process.
Following this landmark deal in 2010, Seplat further grew its portfolio through the acquisition of a 40% interest in the OPL 283 marginal field area from Pillar Oil. In 2015 acquired further interests in OML 53 and OML 55 from Chevron Nigeria Limited.
Seplat grew production at OMLs 4, 38 & 41 from 14,000bopd as at acquisition to a peak rate of over 84,000bopd.
Avuru explained: “The company has demonstrated its ability to work its assets and produce its reserves despite external negative factors such as downtime and losses.

“Seplat also began to invest in its gas business in 2010 in response to the Nigerian Government’s initiatives to improve the debilitating impact of poor power generation and supply in the country by opening the Domestic Supply Obligation pricing to market forces.
“We are strategically positioned to access Nigeria’s main demand centers with current well stock delivering around 300MMscfd (Gross).”
The Guest Speaker at the meeting, Mascot Ogunjemiyo, who highlighted the various merger and acquisition cases in the Nigerian oil and gas industry so far, said mergers, acquisitions, and divestments in the industry were capable of promoting efficiency and further drive growth.

Photo caption: President, Nigerian Association of Petroleum Explorationists (NAPE), Alex Tarka; Chief Executive Officer, Seplat Petroleum Development Company Plc/ former President of NAPE, Mr. Austin Avuru; and former NAPE President, Dr. Mayowa Afe, at the NAPE January Technical/Business Meeting on Mergers, Acquisitions, and Divestments in E&P Business held in Lagos … on Wednesday

https://investdata.com.ng/2020/01/seplat-still-interested-in-more-asset-acquisitions-organic-growth-avuru/#more

THE STATE OF PLAY IN THE INVESTMENT LANDSCAPE AND HOW IT AFFECTS YOU

By Arthur Steven Research
In the last quarter of 2019, the CBN announced a policy that says OMO Bills can no longer be sold to Local retail and institutional investors but can still be sold to foreign investors. This created a 2-tier interest rate dichotomy in the money market similar to what we have had in the Forex market for more than a year now. The immediate impact was the crashing of Treasury bills, bonds and bank deposit rates to rates as low at 3% on 90-days deposits as accumulated cash chases after unavailable financial instruments.

The CBN further exacerbated the situation by increasing the Loan/Deposit ratio requirements of local banks to as high as 70% in an effort to encourage more lending to the economy. The result of this, of course, was a drop in demand for liabilities by the banks, causing further liquidity clog in the system. So, what is the impact of all this on financial assets and your investment strategy for the first quarter of 2020:

1. THE FIXED INCOME MARKET
If you are a local investor, the best you can get from Treasury bill and other fixed-income instruments now will be between 3-5% depending on the length of maturity you are seeking. In the bond market, you can get rates between 9% to 12% for maturity of between 10 to 30 years. Given that Inflation rate for December 2019 has just been announced at 12% and the prospect of inflation rising further due to factors such as the Border Closure and increase in minimum wage it is not best to be in the fixed income instruments and in the near future except you are regulatory-mandated to do so.

The negative real returns of about -7% that these instruments currently deliver can only get worse as the year progresses except there is a significant policy change. This looks unlikely at the moment as the CBN seems to be achieving its aim of keeping the exchange rate stable for now.

2. THE REAL ESTATE MARKET
Watch out for more developments to come into the market as the cost of borrowing drops due to the lower bank interest rates. We also suspect the banks will create more mortgage products, which might affect homeownership positively. We expect prices to improve in the sector due to this at least in the low to medium end of the market

3. THE EQUITIES MARKET
The expectation is that the latent accumulated funds that have been enjoying good returns in the fixed income market that now has very limited investment outlets will now have to seek risks in other to counterbalance increasing inflation. There is no better instrument that meets these twin objectives historically other than the stock market. The combination of low-interest rate, increased bank lending to the economy, limited investment outlets and increasing inflation rates are expected to have different impacts on different companies within the stock market but the overall impact is expected to be positive. Below is our take on how these factors might play out on a sector basis:

A. The Banking Sector-We expect that stocks in this sector will see an initial bump due to their relatively high dividend yields and low market prices for now. Investors are likely to look at the 12%+ dividend yield on the likes of ZenithBank, UBA, Access Bank, and GTB and like what they see in the short run. We, however, expect that over time this enthusiasm might turn to caution as investors start to become wary of the impact of the lower margins resulting from lower interest rates as well as the higher risk and higher NPL resulting from higher levels of lending.

B. The Consumer Goods Sector-The present situation is all positive for this sector. Lower interests mean lower interest costs while increasing availability of credit means increased capacity utilization and growth. We also expect that the recent increase in minimum wage for federal workers will have a positive impact on sales. We could also see some of them coming to raise fresh equity capital as the market price of their stocks improves. The main caveat is their ability to price the galloping inflation into their product prices. Stocks like Unilever, Cadbury, Dangote Sugar, Flour mills and NASCON in this sector.

C. The Cement Sector-The cost of capital will probably drop significantly on the back of lower interest rates. We suspect that the increase in minimum wage and inflation will profile an alibi for a further product price increase, which might impact margins positively. An increase in the availability of credit should boost the real estate sectors and therefore boost demand for cement products. The present situation should be a net positive for the sector. We like Dangote Cement, Lafarge WAPCO and BUA Cement at present valuations.

The Nigerian Stock Exchange All Shares Index closed up 9.8% in the first week of 2020 making it the best performing market in the world so far this year. Some individual stocks have returned as high as 30% this year alone. We expect that if the present combination of regulatory action and low valuation continues the market will be breaking more records in terms of returns this year. See below the year-to-date returns for some stocks this year alone.

For more information or analysis please call us on 09036881136, 09035996606, 08091054142 or send an email to info@arthursteven.com. If you will like to start investing why not head over to www.arthurstevenonline.com to open an online trading account.

https://investdata.com.ng/2020/01/the-state-of-play-in-the-investment-landscape-and-how-it-affects-you/

Investdata Daily Sentiment Report as of January 24, 2020

NSEASI buy � MFI 71.84
Access buy � MFI 49.48
Chams buy � volume index 1.80 MFI 42.39
Eti buy 67% sell 33% volume index 0.97 MFI 80.35
Fbnh buy � MFI 79.19
Fcmb buy � volume index 1.58 MFI 60.51
Fidelity buy � MFI 52.22
GT buy 0% volume index 0.84 MFI 59.11
Jaiz buy 0% volume index 1.07 MFI 51.58
Oando buy � volume index 0.72 MFI 65.45
Sterling buy � volume index 0.83 MFI 79.36
Transcorp buy � MFI 73.21
Uacn buy 0% volume index 0.77 MFI 72.98
Uba buy � volume index 0.80 MFI 77.64
Wapco buy � volume index 0.80 MFI 86.34
Wema buy 0% MFI 81.29
Zenith buy � MFI 69.65

https://investdataltd..com/2020/01/investdata-daily-sentiment-report-as-of_24.html

10 Golden Stocks and Trading Ideas for 2020

The current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the New Year.

The home study packs of Invest 2020 Opportunities and Trade Ideas Summit containing the 10 Golden Stocks for 2020 are available for sales at the rate of #20,000.

To obtain your pack send ‘Yes’ or ‘Stock’ to 08028164085, 08032055467, 08111811223 now.

Offer available Jan 23, 2020 – Feb 28, 2020

10 Golden Stocks and Trading Ideas for 2020

The current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the New Year.

The home study packs of Invest 2020 Opportunities and Trade Ideas Summit containing the 10 Golden Stocks for 2020 are available for sales at the rate of #20,000.

To obtain your pack send ‘Yes’ or ‘Stock’ to 08028164085, 08032055467, 08111811223 now.

Offer available Jan 23, 2020 – Feb 28, 2020

10 Golden Stocks for 2020

The current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the New Year.

The home study packs of Invest 2020 Opportunities and Trade Ideas Summit containing the 10 Golden Stocks for 2020 are available.

To obtain your pack send ‘Yes’ or ‘Stock’ to 08028164085, 08032055467, 08111811223 now.

Offer available Jan 23, 2020 – Feb 28, 2020

The current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the New Year.

The home study packs of Invest 2020 Opportunities and Trade Ideas Summit containing the 10 Golden Stocks for 2020 are available for sales at the rate of #20,000.

To obtain your pack send ‘Yes’ or ‘Stock’ to 08028164085, 08032055467, 08111811223 now.

Offer available Jan 23, 2020 – Feb 28, 2020

THE STATE OF PLAY IN THE INVESTMENT LANDSCAPE AND HOW IT AFFECTS YOU

By Arthur Steven Research
In the last quarter of 2019, the CBN announced a policy that says OMO Bills can no longer be sold to Local retail and institutional investors but can still be sold to foreign investors. This created a 2-tier interest rate dichotomy in the money market similar to what we have had in the Forex market for more than a year now. The immediate impact was the crashing of Treasury bills, bonds and bank deposit rates to rates as low at 3% on 90-days deposits as accumulated cash chases after unavailable financial instruments.

The CBN further exacerbated the situation by increasing the Loan/Deposit ratio requirements of local banks to as high as 70% in an effort to encourage more lending to the economy. The result of this, of course, was a drop in demand for liabilities by the banks, causing further liquidity clog in the system. So, what is the impact of all this on financial assets and your investment strategy for the first quarter of 2020:

1. THE FIXED INCOME MARKET
If you are a local investor, the best you can get from Treasury bill and other fixed-income instruments now will be between 3-5% depending on the length of maturity you are seeking. In the bond market, you can get rates between 9% to 12% for maturity of between 10 to 30 years. Given that Inflation rate for December 2019 has just been announced at 12% and the prospect of inflation rising further due to factors such as the Border Closure and increase in minimum wage it is not best to be in the fixed income instruments and in the near future except you are regulatory-mandated to do so.

The negative real returns of about -7% that these instruments currently deliver can only get worse as the year progresses except there is a significant policy change. This looks unlikely at the moment as the CBN seems to be achieving its aim of keeping the exchange rate stable for now.

2. THE REAL ESTATE MARKET
Watch out for more developments to come into the market as the cost of borrowing drops due to the lower bank interest rates. We also suspect the banks will create more mortgage products, which might affect homeownership positively. We expect prices to improve in the sector due to this at least in the low to medium end of the market

3. THE EQUITIES MARKET
The expectation is that the latent accumulated funds that have been enjoying good returns in the fixed income market that now has very limited investment outlets will now have to seek risks in other to counterbalance increasing inflation. There is no better instrument that meets these twin objectives historically other than the stock market. The combination of low-interest rate, increased bank lending to the economy, limited investment outlets and increasing inflation rates are expected to have different impacts on different companies within the stock market but the overall impact is expected to be positive. Below is our take on how these factors might play out on a sector basis:

A. The Banking Sector-We expect that stocks in this sector will see an initial bump due to their relatively high dividend yields and low market prices for now. Investors are likely to look at the 12%+ dividend yield on the likes of ZenithBank, UBA, Access Bank, and GTB and like what they see in the short run. We, however, expect that over time this enthusiasm might turn to caution as investors start to become wary of the impact of the lower margins resulting from lower interest rates as well as the higher risk and higher NPL resulting from higher levels of lending.

B. The Consumer Goods Sector-The present situation is all positive for this sector. Lower interests mean lower interest costs while increasing availability of credit means increased capacity utilization and growth. We also expect that the recent increase in minimum wage for federal workers will have a positive impact on sales. We could also see some of them coming to raise fresh equity capital as the market price of their stocks improves. The main caveat is their ability to price the galloping inflation into their product prices. Stocks like Unilever, Cadbury, Dangote Sugar, Flour mills and NASCON in this sector.

C. The Cement Sector-The cost of capital will probably drop significantly on the back of lower interest rates. We suspect that the increase in minimum wage and inflation will profile an alibi for a further product price increase, which might impact margins positively. An increase in the availability of credit should boost the real estate sectors and therefore boost demand for cement products. The present situation should be a net positive for the sector. We like Dangote Cement, Lafarge WAPCO and BUA Cement at present valuations.

The Nigerian Stock Exchange All Shares Index closed up 9.8% in the first week of 2020 making it the best performing market in the world so far this year. Some individual stocks have returned as high as 30% this year alone. We expect that if the present combination of regulatory action and low valuation continues the market will be breaking more records in terms of returns this year. See below the year-to-date returns for some stocks this year alone.

For more information or analysis please call us on 09036881136, 09035996606, 08091054142 or send an email to info@arthursteven.com. If you will like to start investing why not head over to www.arthurstevenonline.com to open an online trading account.

https://investdata.com.ng/2020/01/the-state-of-play-in-the-investment-landscape-and-how-it-affects-you/

Mixed Trend May Linger On NGSE, Amidst Profit Taking, As Investors Ride On Pullbacks, Low Valuation

Market Update for January 21
Volatility and mixed performance continued on the Nigerian Stock Exchange on Tuesday as equity prices closed lower, halting three trading sessions of bull-run on profit-taking in highly capitalized stocks, especially in the banking sector, at a time the World Bank expressed pessimism in its outlook for the nation’s economy. There was also cautious trading ahead of the Central Bank of Nigeria’s two-day Monetary Policy Committee meeting which kicks off tomorrow, which also helped to dampen buying interest as investors await the meeting’s outcome.

The NSE entered the year 2020 with clear tailwinds such as low-interest rates in money market instruments, a situation that has inspired the market’s YTD recovery while removing the risk of the high cost of funds that had remained one-factor hampering economic productivity and growth. The CBN has set the tone for economic prosperity with its unconventional policies since the second tenor of its governor, Godwin Emefiele kicked off in June last year.

The Purchasing Managers’ Index has also shown improvements in business confidence, from a period of slow expansion, which has been visible over the past three quarters, helped by the apex bank’s actions and the continued border closure by the government which triggered expansion in productivity and business activities. The good news is that confidence has returned quickly, even as the PMI is set for positive surprises.
Tuesday’s trading opened slightly on the upside in the morning and oscillated between mid-morning and midday before pulling back in the afternoon on profit-taking in large-cap and dividend-paying stocks, especially those that rallied in recent times. However, the NSE All-Share Index touched intraday low of 29,360.13 basis points from its high of 29,723.25bps, before rising slightly and closing the day lower at 29,462.76bps on a low traded volume.

Market technicals were negative and mixed, with volume traded slightly higher than the previous sessions, even as market breadth favoured the bears while selling pressure, as revealed by Investdata’s Sentiment Report, showed 28% ‘buy’ position and 72% ‘sell’ volume. The day’s total transaction volume index stood at 0.82, while the impetus behind the day’s performance remained strong but slightly down, with Money Flow Index reading 74.43points, from the previous 78.86ps. This is an indication that funds left the market on profit booking.

Index and Market Caps
At the end of Tuesday’s trading, the NSEASI shed 247.80bps, closing at 29,462.76bps from the 29,710.56bps, representing a 0.83% drop, just as market capitalization shed N127.64bn, closing at N15.18tr, from an opening value of N15.3tr, representing a 0.83% depreciation in value.

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To become a member, send ‘YES’ or ‘STOCKS’ to the phone numbers below. Take advantage of this service to buy right and sell right at the current market recovery ahead of full-year earnings reporting season portfolio reshuffling and repositioning as we await an economic reform policy to stimulate and re-track the economy again.

The downturn during the session was impacted by selloffs in Dangote Cement, Zenith Bank, UBA, Guaranty Trust Bank, UACN, BUA Cement, Access Bank, FCMB, Eterna and Arbico, among others. This impacted negatively on the NSE’s Year-to-Date gain, reducing it to 9.78%. Market capitalization, YTD, fell to N2.22tr, representing a 17.11% growth over the year’s opening value.

Mixed Sector Indices
The sectoral performance indexes were largely bullish, except for the NSE Banking and Industrial Goods Index that closed in red by 3.58% and 0.45% respectively, while the NSE Insurance index led the advancers, after gaining 0.70%, followed by the Consumer Goods and Oil/Gas with 0.34%, and 0.29% respectively.

Market breadth stayed negative, with decliners outnumbering advancers in the ratio of 16:15, while market activities were mixed, with volume traded up by 7.10% to 272.84m shares from the previous 266.95m units, while transaction value dropped by 4.34% to N3.71bn from Monday’s N4.18bn. The day’s volume was driven by trades in Zenith Bank, Access Bank, UBA, Oando and FCMB
Law Union & Rock Insurance and Unity Bank were the best-performing stocks of the day, gaining 9.09% and 6.15% respectively to close at N0.60 and N0.69 per share, on market forces and sentiments. On the flip side, Arbico and Eterna lost 9.97% and 9.72% respectively, closing at N3.16 and N3.25 on selloffs and profit-taking.

Market Outlook
The prevailing intraday mixed trend and performance may continue in the midst of profit-taking and positioning by investors taking advantage of the pullbacks, ahead of the MPC meeting, the first in 2020, and the full-year earnings reports of companies. This is also against the backdrop of the prevailing low-interest rate regime in the money market and mixed economic outlook for 2020, at a time the Presidential Economic Advisory Committee is yet to harmonize monetary and fiscal policies and give clear direction.
Also, investors and traders are positioning in anticipation of the 2019 full-year earnings reports, amidst changing sentiments in the hope of improved liquidity and positive economic indices which had pushed the market out of the bearish zone.

We see Investors focusing on the upcoming full-year earnings season, targeting companies with strong potential to grow their dividend on the strength of their earnings capacity.
Again, the current undervalued state of the market offers investors opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation in the New Year.
This was noted in the 10 golden stocks and trading ideas for 2020, as discussed extensively during the Investdata 2020 Traders & Investors Summit held in Lagos last December.
Also, traders and investors need to change their strategies, because of the NSE’s pricing methodology, the CBN directives and their impact on the economy in the nearest future.

Meanwhile, the Investdata team welcomes you to a bullish 2020. The home study packs of Invest 2020 Opportunities and Trade Ideas Summit containing the 10 Golden Stocks for 2020 are available. To obtain your pack send ‘Yes’ or ‘Stock’ to 08028164085, 08032055467, 08111811223 now.

Ambrose Omordion
CRO|Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
ambrose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdata.com.ng/2020/01/mixed-trend-may-linger-on-ngse-amidst-profit-taking-as-investors-ride-on-pullbacks-low-valuation/#more

Dangote Cement Gets Shareholders Nod For Buyback Plans

Shareholders of Dangote Cement Plc, on Wednesday unanimously gave their blessings to the board proposal to ‘buy-back’ up to 10% or 1.7bn units of its entire 17.04bn issued and fully paid-up ordinary shares of 50 kobo each from the stock market.

Shareholders who spoke at the event lauded the proposal, which they noted, will enhance the share value while ensuring juicier returns on investment.
The share buy-back scheme, the company said, will be on terms and conditions of the programme which will be completed within 12 months from the EGM date, as stated by the directors.

Speaking at the meeting, for example, National Coordinator Emeritus of the Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, congratulated the company’s chairman, Alhaji Aliko Dangote for the noble idea.
The proposal, he noted, is coming almost 12 years after the ISAN, under his leadership, sponsored “a seminar on share buy-back because of its value and importance…

“As shareholders, we have been clamoring for share back for so many years, and today Aliko Dangote has given us hope…this is very good as against the practice of share deconstruction that is being practiced by some Nigerian companies which never gives back anything positive to the shareholders.

“The ‘share buyback’ was practiced in Ghana with just a few companies listed on its Exchange …we are indeed very happy with this and we are also quite sure that with this that you have done today, you have proved yourself to be the best chairman of all the corporate companies in Nigeria. We will not disappoint you…We are very delighted because we know that, this arrangement will lead to share price increase and more dividends for the shareholders,” he stressed.

Also speaking, President of Authentic Nigerian Shareholders Association, Alhaji Mohammed Audu, expressed hope that the money realized from the “share buyback” by the shareholders will be used for investment purposes.
“The share buy-back will ensure that the value of our share will go up and we are also sure of getting better dividends. So, as you can see, all the shareholders here today voted unanimously in support of the motion. We voted for it and also thank Aliko Dangote for making us richer,” he added.

The shares will be repurchased from the company’s retained earnings, after which the shares repurchased under the programme will be canceled in accordance with rules of the Securities and Exchange Commission and the Nigerian Stock Exchange Rulebook 2015, which will consequently lead to a reduction in issued share capital.
Dangote Cement had a total N731.15bn in retained earnings as of September 30.

Photo caption: Deputy Company Secretary, Dangote Cement Plc, Edward Imoedemhe; Chairman, Dangote Cement Plc, Aliko Dangote; and Group Managing Director/CEO, Dangote Cement Plc, Engr. Joseph Makoju at the company’s Extra-Ordinary General Meeting held in Lagos on Wednesday, January 22, 2020.

https://investdata.com.ng/2020/01/dangote-cement-gets-shareholders-nod-for-buyback-plans/