₦airaland Forum

Got UBA dividend too.

[quote author=lancee post=49391828]Its because I bought with two different brokers and I failed to apply my e-dividend mandate to one.We have sorted it out and everything is ok.The money Its better than nothing and holding Access among its peers seems to be a safer option as the stock hasn't been on a free fall like the rest.Hopefully it will gain momentum of bulls soon.

Seems they are paying in batches,just got second one but not complete yet.

lancee:
Money !!, i still dey wait alert o
Enjoy

Na the second one plenty self but it seems I didn't include the second account in my authorization.Hope to get it soon as I have complied with necessary requirements.

I just received one of my access dividend. ,waiting for the second one.

daemperor1:
I think some people are dragging it down to cause panic. It even opened at 1.03.

#Siddonlookmode

I beg to differ but the drag down is based on the fact that dividend is not expected anytime soon and also the price will rise again as soon as Q3 result is released.

feelamong:
You should expect this by morrow...

Acces never credits on the same day; hope they prove me wrong today sha

But payment day was yesterday.

Access credit us for God's sake.

Access payment date should be today.

I don't believe you.

bigjay01:
I lost a 'wedgeful' amount of money in Oceanic, PHB and lots of insurance companies (LASACO, MBENEFIT, INTENEGINS, LAWUNION etc). not to mention the Starcomms, Omateks & Tantalizers of this world.

Thank God of granting me the ability to take the hit! It was also the era of very cheap money in Europe.

It didn't stop me though, the only thing is that i learnt lessons in a hurry.

To think that I bought UBA @ N48+ back in the day!

As of today even UBA can't come to the market to sell IPO at 48Naira per share.

fxuser:
this market get as e be !
GTB marked down and kept pulling upwards !

I think access may do d same but not at that pace or remain sideways

The reason why Access didn't move much since the dividend declared is because most big players were buying cheap for dividend play but now I believe Access rally might start.

Willie2015:
I agree with you on FI preference and soaring price of GTB but it is also a fact that banks inclusive of GTB are not immune from their environment in an economic recession.

A massive 30% cut in salaries of staffs of top tier banks is an indicator that something is fundamentally wrong. Income line is reducing so fast that the only way to make performance look good is to cut salaries. If I am expecting a loss of 30% by EOY and I cant get income line to stem the tide, the easiest way to stem the tide is to reduce staff costs by the same ratio and get a flat result.

I expect UBA, GTB and other banks to move along the same line, however I rather wait for prices to come down than lose hard earned cash in this current climate.

Mind you Nigeria is in recession and its normal for banks to cut cost.This action may increase their top line by year end.For your propose entry price,you may have to wait till Feb. 2016.

Willie2015:
Most of the Banking stocks will go down after the euphoria of interim dividend, it is natural as there is no news to drive prices up.
Most of them will hit their year low btwn (Sept - to 1st Week of Jan), my watch start from now;

GTB -13.80
Zenith - 9.50
Access - 3.80

One thing for sure since Pa Mumu took over the leadership of the country,stocks are not gyrating down or up anyhow.I don't believe we would see those prices anytime soon.

zendi:
Which bus stop again, for Zenith? You better start loading it now.

If this GTB bubble sustains, I don't think Zenith has any choice but to start heading north soon,
to start narrowing this stubbornly widening gap between the two banks.
And if that happens, should Access not follow too?
This could even trigger some moderate bandwagon upwards correction among the banks.
All of which are partly the wishful thinking product of my speculator's imagination.

But what exactly is pushing GTB ?

GTB fundamentals is intact and mostly patronage by offshore purchase/safe haven for most investors as capital preservation is guaranteed.

About 30Million of Access traded by one buyer in tranches within the same frame of time.

Bad economic data.

Dear Client,

The Nigeria Bureau of Statistics (NBS) just released a set of macro economic data for Nigeria.

Please find below a summary of the statistics as released by the NBS today:

Macroeconomic Variable Q2 2016 Q2 2015 % change
Capital Importation $647.1 million $2,666.4 million -75.73%
Foreign Portfolio Investment $245.3 million $2,183.2 million -88.80%
Foreign Direct Investment $133.0 million $211.1 million -37.00%
GDP -2.06% 2.35% nm
Unemployment 13.3% 8.2% 5%
July June %
CPI 17.1% 16.5% 0.6%

A detailed analysis of these numbers and our outlook for the medium term will be released in a subsequent note.

United Capital Plc
UBA House (12th Floor)
57, Marina, Lagos, Nigeria

debeey87:
Bros, you can buy from Travellex at 356 naira in Naija now, so leave all the abokis alone

How do you buy from travellex?

See wahala!

http://www.nse.com.ng/Financial_NewsDocs/14817_GSK_-_EXTENSION_OF_CLOSURE_DATE_CORPORATE_ACTIONS_AUGUST_2016.pdf

fxuser:
UBA
4.35
bid 2.9m
offer 10.9m

after declaring dividend & cbn lift from fx ban !
Na Wa

umm

The amount is too much and most people are worried about how it would affect their balance sheet but 3rd quarter result will douse or intensify that tension.

fxuser:
market has zero confidence in him ! says dis today , says that tomorrow .
all his decisions are based on d weather & bhari's body language

Thats what happen when ethnicity is considered for appointment but Buhari has no brain if not he suppose to remove the guy.

So because of Emefeile we couldn't enjoy the dividend rally?,May he not enjoy that office.

So much good news today that suppose to propel the bull.I read about the 14Billion USD investment approved for Nigeria for various investments in different sectors.Who is holding down the bull this long?

davide470:
The Exchange is down this morning.

Does that mean no trading?

Earnings per share is 0.94k,UBA should have paid at least 0.24k.

PRESS RELEASE

Lagos, Nigeria – 25 AUGUST 2016



CENTRAL BANK OF NIGERIA (CBN) FOREIGN EXCHANGE TRANSACTIONS RESTRICTION ON FIRSTBANK

As you are aware, there have been a number of media reports referencing the temporary suspension of FirstBank from the Nigerian foreign exchange market on account of failure to comply with the Treasury Single Account (TSA) policy. FirstBank wishes to confirm, that it has been and remain in compliance with all tenets of the TSA policy. The Bank also wishes to state categorically that there has been full disclosure to the CBN and other regulatory authorities at all times.

FirstBank has been a long standing banker to the Nigerian National Petroleum Corporation (NNPC) and its subsidiaries and has over time held balances on their behalf, as well as extended credit facilities to their various entities and other agencies of Government. All these balances have been duly disclosed to the regulatory authorities at all times and more so with the advent of the TSA, which requires commercial banks to remit funds collected, to accounts of the relevant parastatal held in the CBN.

FirstBank holds various domiciliary accounts of the NNPC and its subsidiaries, which have been operated in line with regulatory rules. At various times the NNPC has instructed the Bank to transfer its funds to its accounts held with other banks and the CBN, which FirstBank has always complied with, irrespective of the sums involved. The pool of domiciliary balances the Bank holds have been used to finance short term trade finance obligations, with longer term lending typically funded via institutional borrowings and longer term debt financing.

Given the prevailing foreign exchange regime over the last 16 months, and prior to the flexible exchange rate regime, the Bank engaged its significant funds providers to ensure stability of foreign currency funding for existing trade finance business. This was a proactive measure, to avert the inability of corporate customers to source foreign exchange from the market, to cover their trade obligations. As correspondent banks retreated from Nigeria on account of the dwindling macroeconomic environment, it became necessary for banks like FirstBank, to settle the maturing trade obligations of customers.

The Bank has been in constant engagement with the NNPC and its large funds providers to maintain balances in the Bank, to continue providing funding for customers’ trade obligations. In this manner, domestic foreign currency balances remained available to finance trade obligations, where most foreign banks were unwilling to do so.

This tripartite engagement has been ongoing in a transparent and properly documented manner, between the Bank, the CBN and the NNPC, in anticipation of a smooth logical conclusion. This fact is in discordance, with allegation of concealment or unwillingness to remit funds, as has been construed by media reports.

It is also pertinent to note, that the Bank is a significant financier to Government and its various ministries, departments and agencies. The Bank is in advanced negotiations with the CBN and the NNPC to settle these obligations immediately, by setting-off the obligations of the Bank and Government. We are positive of an amicable speedy resolution of the matter, and do not envisage disruptions to usual foreign exchange business.

FirstBank’s business fundamentals remain strong. With the advent of the flexible exchange rate policy, the Bank has begun to see tentative signs of normalcy returning to the foreign exchange market, which should improve liquidity levels and hence corporate customers’ ability to purchase foreign currency and liquidate their trade obligations to banks in Nigeria, including FirstBank.

- ENDS -



For further information please contact:

Tolulope Oluwole (Ag. Head, Investor Relations)

+234 1 905 1146

Very boring market.