₦airaland Forum

smartty68:
We're in July and not June OP! Anyways, I don hear

Yes, that is how it is done. July inflation rate will be released in mid-August by the NBS. So, expect June inflation rate next week. Thanks

By Modupe Gbadeyanka

Trading in the shares of 17 companies listed on the Nigerian Stock Exchange (NSE) have been suspended by the NSE management.

The firms received the suspension following their failure to file relevant accounts to the stock market regulator as required by law.

According to information reaching us, the effective day of the suspension was from Wednesday, July 5, 2017.

Section 3.1(b) of the Rulebook of the NSE states that “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: suspend trading in the Issuer’s securities.”

However, the suspension is expected to be lifted after the affected companies file the required accounts they earlier failed to submit.

“The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted,” Section 3.3 of the same rulebook states.

The affected companies are African Alliance Insurance Plc, African Paints (Nigeria) Plc, Aso Savings & Loans Plc, Ekocorp Plc, Evans Medical Plc, Equity Assurance Plc, Fortis Microfinance Bank Plc, Goldlink Insurance Plc, Great Nigeria Insurance Plc, and Guinea Insurance Plc.

Others are Omatek Ventures Plc, Premier Paints Plc, Resort Savings & Loans, Sovereign Trust Insurance Plc, Union Dicon Salt Plc, Union Homes Savings & Loans Plc, and Universal Insurance Company Plc.

http://www.businesspost.ng/2017/07/06/nse-suspends-trading-shares-17-firms/

June Inflation to Drop to 15.64% from 16.25%—FSDH
http://www.businesspost.ng/2017/07/06/june-inflation-drop-15-64-16-25-fsdh/

By Dipo Olowookere

A new report by FSDH Research has predicted that inflation rate for the month of June 2017 will drop further to 15.64 percent from 16.25 percent in the month of May.

Last month, the National Bureau of Statistics (NBS) revealed that inflation for May deflated to 16.25 percent from 17.24 percent in April 2017.

FSDH Research, in its report released on Thursday titled Inflation Watch, it observed that the increase in the price of food items moderated in the month of June compared with May 2017.

“We also observed increases in some divisions that contribute to the Core Sub-Index, with the highest price observed in the clothing and footwear divisions.

“Based on the data release calendar on the National Bureau of Statistics (NBS) website, we expect the NBS to release the inflation rate for the month of June 2017 on July 17, 2017,” the report said.

It was noted that the monthly Food Price Index (FPI) that the Food and Agriculture Organization (FAO) released today shows that the Index advanced further in June 2017.

The Index averaged 175.2 points, 1.43 percent higher than the revised value for May 2017, and 6.89% higher than the June 2016 figure. Movement in the food prices were in varying directions. Dairy, cereal and meat prices were mostly responsible for the uptick in the value of the Index while sugar and oil prices depreciated.

The FAO Dairy Price Index appreciated by 8.26 percent in June 2017. Prices of all dairy products which include milk powders, cheese and butter appreciated significantly during the period.

The FAO Cereal Price Index gained 4.21 percent from the previous month, representing a one-year high. Wheat and rice prices firmed up and were primarily responsible for the uptick in the value of the Index.

The FAO Meat Index was up by 1.85 percent on the backdrop of generally higher prices as import demand strengthened.

On the flip side, the FAO Vegetable Oil Price Index was down by 3.88 percent, driven by falling quotations for both palm and soy oils.

Good production prospects and bumper harvests contributed to the fall in prices. The Sugar Price Index dropped by 13.45 percent in June 2017 on the heels of weak global import demand and improved supply conditions in the main sugar producing regions in Brazil.

In addition, analysts at FSDH Research said, “Our analysis indicates that the value of the Naira depreciated at the inter-bank market while it appreciated at the parallel market.”

The Naira lost 0.16 percent to close at N305.90/$ at the inter-bank market while it gained 2.96 percent to close at N371/$ at the parallel market at the end of June 2017. The appreciation of the Naira in the parallel market is expected to counter the effect of the rising prices of food at the international market.

Hence, this should lead to a moderation in the pass through effect of imported prices on consumer goods in Nigeria, the report noted.

It pointed out that there was a general price increase in most of the food items that FSDH Research monitored in June 2017.

The prices of onions, yam, tomatoes, garri, sweet potatoes, palm oil, vegetable oil, Irish potatoes and rice were up by 33.89 percent, 24.6 percent, 11.11 percent, 6.67 percent, 4.76 percent, 4.62 percent, 3.03 percent, 2.96 percent and 2.69 percent respectively.

Meanwhile, the prices of beans, meat and fish were stable. The movement in the prices of food items during the month resulted in 1.25 percent increase in our Food and Non-Alcoholic Index to 243.34 points.

“We also noticed increase in the prices of Housing, Water, Electricity, Gas & Other Fuels divisions between May 2017 and June 2017.

“Our model indicates that the general price movements in the consumer goods and services in June 2017 would increase the Composite Consumer Price Index (CCPI) to 233.25 points, representing a month-on-month increase of 1.18 percent.

“We estimate that the increase in the CCPI in June 2017 would produce an inflation rate of 15.64 percent lower than the 16.25 percent recorded in May 2017,” the report predicted.

http://www.businesspost.ng/2017/07/06/june-inflation-drop-15-64-16-25-fsdh/

By Modupe Gbadeyanka

Local equities rebounded on Thursday on resumed bargain hunting activities, putting an end to the four-day losing streak at the stock market.

Business Post reports that the overall performance measures, the All-Share Index (ASI) and market capitalisation, accelerated by 0.16 percent to leave investors smiling for the first time this week.

While the ASI added 52.46 points to close at 32,354.78 points, the market capitalisation increased by N18.1 billion to settle at N11.2 trillion.

Today’s positive performance was attributed to gains by Seplat, 7up, Dangote Cement, and 17 other stocks.

Seplat improved by N4.95k to close at N465 per share, while 7up appreciated by N3.79k to finish at N82 per share.

Furthermore, Dangote Cement increased by N1.93k to end at N203.94k per share, Oando progressed by 35k to close at N7.39k per share, and Zenith Bank chalked up 20k to finish at N20.40k per share.

Despite the fresh air at trading floor of the Nigerian Stock Exchange (NSE) today, the market breadth closed negative with 23 losers.

Nigerian Breweries shed N3.35k to close at N155 per share, while Okomu Oil declined by N1.85k to finish at N56.15k per share.

Flour Mills fell by N1.14k to end at N22 per share, Guinness depreciated by N1 to settle at N62 per share, and UACN tumbled by 86k to wrap the day at N16.50k per share.

GTBank stocks attracted investors on Thursday, exchanging 36 million shares worth N1.2 billion at the close of trading activities on the NSE.

It was closely followed by Transcorp, which traded 21.3 million units valued at N28.1 million, while First Bank sold 16.1 million shares at N97.5 million.

Sterling Bank exchanged 12.1 million shares for N12.4 million, while Livestock Feeds transacted 8.4 million at N8.5 million.

In all, investors exchanged a total of 168.5 million shares valued at N3.6 billion traded in 3,536 deals in contrast to 311.4 million shares transacted yesterday in 4,312 deals at N3 billion.

http://www.businesspost.ng/2017/07/06/nse-20-stocks-halt-4-day-losing-streak-n18b-gain/

Business-Friendly Environment Can Push Telcos to List on NSE—Airtel CEO
http://www.businesspost.ng/2017/07/06/business-friendly-environment-can-push-telcos-list-nse-airtel-ceo/

NSE: 20 Stocks Halt 4-Day Losing Streak with N18b Gain
www.businesspost.ng/2017/07/06/nse-20-stocks-halt-4-day-losing-streak-n18b-gain/

NSE Suspends Trading in Shares of 17 Firms
http://www.businesspost.ng/2017/07/06/nse-suspends-trading-shares-17-firms/

FG Woos Stockbrokers to Drive Tax Compliance
www.businesspost.ng/2017/07/06/fg-woos-stockbrokers-drive-tax-compliance/

FG Targets N450b from Bond Market in Q3
http://www.businesspost.ng/2017/07/05/fg-targets-n450b-bond-market-q3/

FSDH Merchant Bank Raises N14.40b CP Notes
www.businesspost.ng/2017/07/05/fsdh-merchant-bank-raises-n14-40b-cp-notes/

Sovereign Trust Insurance Posts N24m Profit, Proposes No Dividend
www.businesspost.ng/2017/07/05/sovereign-trust-insurance-posts-n24m-profit-proposes-no-dividend/

NIPCO Extends MTO Deadline for Minority Shares in Mobil
http://www.businesspost.ng/2017/07/05/nipco-extends-mto-deadline-minority-shares-mobil/

Stocks Sustain Free Fall as Pressure Mounts on NSE
http://www.businesspost.ng/2017/07/05/stocks-sustain-free-fall-pressure-mounts-nse/

Ecobank to File HY Financial Statements August 24
http://www.businesspost.ng/2017/07/05/ecobank-file-hy-financial-statements-august-24/

Guinness Nigeria Plc Begins N40b Rights Issue
http://www.businesspost.ng/2017/07/04/guinness-nigeria-plc-begins-n40b-rights-issue/

Nigerian Stocks Drown Deeper by 1.10% as Weak Sentiments Persist
www.businesspost.ng/2017/07/04/nigerian-stocks-drown-deeper-1-10-weak-sentiments-persist/

Infinity Trust Mortgage Bank Posts N100m HY Profit
http://www.businesspost.ng/2017/07/04/infinity-trust-mortgage-bank-posts-n100m-hy-profit/

Ashaka Cement Formally Delisted from NSE
www.businesspost.ng/2017/07/04/ashaka-cement-formally-delisted-nse/

Flour Mills Profit Declines to N8.8b, Declares N1 Dividend
http://www.businesspost.ng/2017/07/03/flour-mills-profit-declines-n8-8b-declares-n1-dividend/

Berger Paints Workers Call Off Strike
http://www.businesspost.ng/2017/07/03/berger-paints-workers-call-off-strike/

Total, Mobil, 27 Others Plunge Stock Market to N120b Loss
www.businesspost.ng/2017/07/03/total-mobil-27-others-plunge-stock-market-n120b-loss/

Seplat Extends Payment of $150m Credit Facility
http://www.businesspost.ng/2017/07/03/seplat-extends-payment-of-150m-credit-facility/

SEC Extends e-Dividend Registration Deadline
http://www.businesspost.ng/2017/07/02/sec-extends-e-dividend-registration-deadline/

By Dipo Olowookere

Information reaching our news desk reveals that not less than 100 suspected members of the notorious Badoo cult group in the Ikorodu area of Lagos State have been apprehended.

The suspected hoodlums were arrested by men of the Lagos State Police Command in conjunction with the Oodua People’s Congress (OPC).

Business Post gathered that the security operatives and the local vigilante group raided the hideouts of the notorious cult group.

Our source in the police revealed the arrest was connected to the recent closed-door meeting held between top police authorities in Lagos, the OPC leader, Mr Gani Adams, and other local vigilante groups last week.

In recent times, the cult group has carried out several horrific attacks in Ikorodu, sparking outrage from members of the public as well as traditionalists in Ikorodu.

Members of the group are known to gruesomely murder their victims using grinding stone and pestle. They mostly attack their victims in the dead of the night without stealing any of their properties.

More details later…

More pictures of the suspects here: http://www.businesspost.ng/2017/07/02/breaking-police-raid-badoo-cult-group-hideouts-arrest-100/

Stable Economic Policies Vital to SMEs Growth in Nigeria—LLCI
www.businesspost.ng/2017/07/02/stable-economic-policies-vital-smes-growth-nigeria-llci/

By Dipo Olowookere

The expansion drive Africa’s richest man, Mr Aliko Dangote, recently received a further boost when he secured credit facilities from one of the top lenders in the continent.

Business Post gathered that Mr Dangote’s firm, Dangote Industries Limited (DIL), signed a memorandum of understanding (MoU) with the African Export–Import Bank (Afreximbank).

This deal was sealed at the 24th Annual General Meeting (AGM) of the bank taking place in Kigali, the Rwandan capital.

It was gathered that the agreement, which is for credit facilities, “may be granted by Afreximbank to Dangote Industries Limited and its subsidiaries in an aggregate amount of up to $1 billion.”

The MoU was signed on behalf of Afreximbank by Dr Benedict Oramah, President and Chairman of the Board of Directors; and Mr Dangote on behalf of Dangote Industries Limited.

Information gathered by our correspondent revealed that agreement provides for collaboration between Afreximbank and DIL in respect of proposed funding of transactions, which may involve the provision of short and long-term liabilities for trade-related projects in Africa.

Also, the utilization of the facility is expected to boost intra-African trade volumes, enhance continental value chains and increase production and export of goods and services across Africa.

Dangote Industries Limited is one of the largest business conglomerates in Africa having various manufacturing and service industries including cement, sugar, packaging materials amongst others.

Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations.

Since 1994, it has approved more than $51 billion in credit facilities for African businesses, including about $10.3 billion in 2016.

Afreximbank, headquartered in Cairo, Egypt, had total assets of $9.4 billion as at 30 April 2016 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch).

http://www.businesspost.ng/2017/07/01/dangote-secures-1b-funding-package-afreximbank/

Dangote Secures $1b Funding Package from Afreximbank
http://www.businesspost.ng/2017/07/01/dangote-secures-1b-funding-package-afreximbank/

N236b in Treasury Bills Mature via 315-day Bills
http://www.businesspost.ng/2017/07/01/n236b-in-treasury-bills-mature-via-315-day-bills/


MTN Assures FG to List Shares on NSE this Year
http://www.businesspost.ng/2017/07/01/mtn-assures-fg-list-shares-nse-year/

Index Gains 3.10% as NSE Records N11.5b Transactions in 3 Days
http://www.businesspost.ng/2017/07/01/index-gains-3-10-nse-records-n11-5b-transactions-3-days/

Hakeem Belo-Osagie Resigns as Etisalat Nigeria Chairman
www.businesspost.ng/2017/06/30/hakeem-belo-osagie-resigns-etisalat-nigeria-chairman/

NSE: Equities Shed 0.46% as Profit-Taking Triggers Bears’ Return
http://www.businesspost.ng/2017/06/30/nse-equities-shed-0-46-profit-taking-triggers-bears-return/

Seplat Plc: Upbeat Outlook in 2018 But Risk Persists
http://www.businesspost.ng/2017/06/30/seplat-plc-upbeat-outlook-2018-risk-persists/