Business › Re: Down, Down Goes Capital Market by Emmysteve(op): 3:00pm On May 23, 2016 |
It will take over 40yrs to correct the damage Buhari will do to the Nigerian economy after his first term as Prezd. Mark my word!- @Uchez2 |
Business › Re: Down, Down Goes Capital Market by Emmysteve(op): 2:57pm On May 23, 2016 |
Apology to all the zombies. I am sorry for bringing all these disastrous records of your dullard here since assuming office.
Buhari is a disaster. |
Business › Down, Down Goes Capital Market by Emmysteve(op): 2:54pm On May 23, 2016 |
“TOTAL transactions at the nation’s bourse
decreased by 17.87 per cent from N117.27
billion recorded in February to N96.31 in
March (2016). In comparison to the same
period in 2015, total transactions decreased
by 47.66 per cent from the N184.02 re
corded in March 2015.”
This report by the Nigerian Stock Exchange
(NSE) is the smmary of the performance of
the capital market during the first year of
President Muhammadu Buhari
administration.
According to the CEO of the Exchange, Mr
Oscar Onyema, the flagship index, the All
Share Index (NSE ASI), declined by 17.4 per
cent in 2015 and closed the year at 28,642
points. “This was due to a combination of
factors including political risk, currency
volatility, and uncertainty in global crude oil
prices”, he added.
Looking at the sectoral indices,all the
market indices performed poorly, particular
ly when compared with their 2014
performance, except NSE Industrial Index
which recorded a marginal increase of 1.3
per cent.
The Banking Index was the worst hit as it
plunged by 23.6 per cent, followed closely
by the NSE 30 Index and NSE Main Board
Index, which went down by 17.6 per cent
apiece.
The market for new equity listings was flat
too, with only four new equity listings, one
on the Main Board, and three ETFs. In
contrast, five companies were delisted in
2015, bringing the number of listed
companies and number of listed equities to
184 and 190, respectively.
The total volume of equities traded declined
through 2015 by 28.8 per cent to N952.8
billion ($4.8 billion), and a foreign and
local participation rate of 54.24 per cent
and 45.76 per cent, respectively, in total
value traded. Average daily turnover was
also down by 28.5 per cent.
The report on Domestic & Foreign Portfolio
Participation in Equity Trading, just released
by the Exchange, equally reflects the down
grade of the nation’s sovereign ratings by
international rating agency as ‘monthly
foreign outflows outpaced inflows ,
although the outflows decreased by 40.20
per cent from N31.84 billion in February to
N19.04 billion, while foreign inflows
increased by 40.77 per cent from N10.94
billion in February to N15.40 billion in
March.
Recall, that Standard & Poor’s (S&P) during
the year revised Nigeria sovereign credit
outlook down to negative from stable, B+.
S&P noted that the decline in oil prices has
hurt Nigeria’s economy, adding that “Ni
geria’s monetary policy has also weakened
the country’s credit profile”.
Also JPMorgan Chase & Co. as well as
Barclays Plc dropped Nigeria’s bonds from
their local-currency emerging market
indices. Specialist African funds including
Alquity Investment Management and Duet
Asset Management also lowered their
exposure to the capital market as a result
of unclear policy direction.
It took several pleas before Index provider,
Morgan Stanley Capital International (MSCI),
agreed to keep Nigeria in its benchmark
frontier-market index after threatening to
exclude the country because of the
government’s capital controls.
‘MSCI won’t implement changes for
Nigerian securities in its benchmarks, in
cluding the MSCI Frontier Markets 100
Index, in its semi-annual review next
month,’ the New York-based index provider
said in a statement. It, however, added that
the country, would be placed under a
‘special treatment, and some individual
stocks that no longer meet MSCI’s criteria
may be deleted from the indexes.’ The
MSCI is a market-capitalisation-weighted
index designed to provide a broad measure
of stock performance throughout the world,
with the exception of US-based companies.
MSCI threatened last month to remove
Nigeria from its benchmarks because
inadequate liquidity in the foreign-exchange
market is making it difficult for foreign
investors to buy and sell securities. But
Mounir Gwarzo, the Director General of the
Securities and Exchange Commission
(SEC), said both the Commission and the
Nigerian Stock Exchange(NSE) engaged the
index provider on how to clarify whatever
issues it had against the Nigerian capital
market.
The SEC boss lamented that the
downgrading of Nigeria’s sovereign credit
rating by Standard & Poor’s have negative
impact on investors’ confidence in the
country.
His words: “Both we and NSE are talking to
them (MSCI). NSE has been talking to them
for quite some days. We have also tried to
speak with them .We have set up a small
group of people who also engage them, tell
ing them the implications, not only to NSE;
not only to the capital market, but to SEC.
“We also need to tell them that if they do
that (exclude Nigeria), the implication will
have multiplying effects. Apart from the
economy, it will also affect the status of
SEC as board member of IOSCO (Interna
tional Organisation of Securities
Commissions), as the Chairman of AMERC
(Africa Middle East Regional Committee)
and as a member of executive management
of IOSCO because of the repercussions. So
we are not taking it lightly. We also think,
with the engagements from the regulators,
we will be able to clarify whatever issues
they might have.
“Certainly the Standard & Poor’s (S&P)
downgrade can pose some negative implica
tions in terms of investors’ confidence. The
state of the market is not only unique to
Nigeria, it is unique to everywhere. Yes, it
might reduce confidence of investors. But
investors almost everywhere in the world
know what is happening”.
Commenting on the impacts of Buhari’s
administration on the market in the last one
year, Pabina Yinkere, an analyst with Vetiva
Capital Management Ltd., said: “The
government has not come up with a
definitive policy for the economy. The
continued lack of clarity is affecting the
stock market, she said.
“While Buhari, has prioritized stamping out
corruption, investors have been irked by his
support for the central bank’s currency-trad
ing restrictions that are choking businesses
of the dollars they need to pay foreign sup
pliers. More than two stocks declined for
every one that rose. The overall index has
plunged more than 21 per cent in the last
one year, the most in sub-Saharan Africa
after the Zimbabwe Industrial Index”.
www.sunnewsonline.com/down-down-goes-capital-market/ |
Politics › Re: Incredibly Accurate Predictions Ayodele Fayose Made In December 2015 by Emmysteve(m): 12:10pm On May 23, 2016 |
Least we forget same Fayose predicted the emergence of Dogara as house Speaker. |
Politics › Re: Nigeria’s Unemployment Crisis Worsens; Rate Jumps By 518,000 In 3 Months — NBS by Emmysteve(m): 9:11am On May 23, 2016 |
hucienda: Na wa oo.. bad news everywhere...
Wailers having a feast while zombies continuing to do what they know how to do best- defend the indefensible... A paradox, Nigeria that is. LMFAO |
Politics › FG Scores Low On Agric Sector by Emmysteve(op): 3:50am On May 23, 2016 |
AT independence in 1960, agriculture was the largest contributor to the Nigerian economy, accounting for about 63 per cent to the nation’s Gross Domestic Product (GDP), which is typical for developing agrarian nations.
As at that time incomes were derived from the export of major cash crops like rubber, cocoa, palm oil, cashew nuts, groundnut and cotton, cassava among others and provided about 70 per cent of active labour for Nigerians. But from the 2013 rebased figures the agricultural sector contributed 21.97 percent or N17.625 trillion ($112.26 billion) of the total N80.22 trillion ($510 billion). This compares with N14.71 trillion ($93.7 billion) in the old non-rebased estimates for 2013.
With the inauguration of President Muhammadu Buhari administration on May 29, 2015, farmers were optimistic that the agricultural sector would experience the much awaited change, expected to transform the sector.
Though, President Muhammadu Buhari, has continued assuring the nation that developing the sector and ensuring food security in the country remained a priority to his administration. One year under the President’s watch, agriculture has experienced tremendous set back as the prices of farm produce have gradually become out of reach for consumers of fresh tomato, rice and garri among others.
The prices of some agricultural items have skyrocketed across the major markets in the country.
For instance between 2014 and April 2015, the price of rice was stable in the market even during the Christmas period, when it sold for N9,000. Today however, a bag of rice is being sold for about N17,000 while one basket of tomato that used to sell for about N4000, to N6000 before is now being sold for N12,000 and a custard plastic of garri that sold for N250, now sells for N750 over night.
However, some stakeholders and farmers who spoke to Daily Sun scored Buhari’s administration a lean 5 per cent in agriculture sector, just because of his appointment of Chief Audu Ogbeh as the Minister of Agriculture and Rural Development.
Yet other stakeholders in support of President Muhammadu Buhari insist that one year in office was not enough to judge one’s performance. They said the budget has just been approved and that with time Buhari will turn the sector around.
Managing Director of Universal Quest Limited/National Publicity Secretary, National Cashew Association of Nigeria (NCAN), Sotonye Anga, said that one thing Buhari administration has done is appointing Chief Audu Ogbeh as the Minister of Agriculture and Rural Development because he understands agriculture.
However, he said the Ministry of Agriculture has not been funded in the last one year, saying the Ministry has not been able to fund any activities or projects because they have not been with money as the budget was not approved on time.
He added: “If you look at it critically, nothing has been achieved in terms of agricultural productivity rather than the Minister putting together the roadmap implementation for agriculture and he has been talking to stakeholder and everybody prefer to work with him to drive growth in the sector. But you cannot drive growth without money. Funding has hampered productivity. In the last one year, food prices have gone high on almost every products.”
Now that the budget has been approved, he stated that agric sector would see a level of improvement, since this is a critical planting season and farmers cannot plant without being funded.
He explained that farmers have almost lost whole planting season 2016 because of lack of fund but by 2017 there be accelerated and dynamic improvement across the agricultural value chain.
The Director of Manfield Farms Venture, Mr. Femi Omoboriowo, said that government has not really done much to unlock the potential in agric sector.
He said however, the proposed 2016 agriculture budget at 1.6 per cent shows that the Nigerian government’s budgetary allocations to the sector is yet to met 10 per cent 2003 Maputo Declaration.
According to him, one thing the past administrations failed to do was to implement the Maputo Declaration on Agriculture and Food Security and the 10 percent national budget allocation to agriculture development.
He explained: “At the Second Ordinary Assembly of the African Union in July 2003 in Maputo, African Heads of State and Government endorsed the “Maputo Declaration on Agriculture and Food Security in Africa.
The commitment was to persuade governments to increase spending in the sector to stimulate agricultural growth, reduce poverty, and build food and nutrition security.
“After the meeting in 2003, a total of 13 countries have met or surpassed the 10 per cent target in one or more years since then and they include Burundi, Burkina Faso, the Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Madagascar, Malawi, Mali, Niger, Senegal, Zambia, and Zimbabwe but Nigeria is yet to join the league.”
He said one of the Buhari’s 5-point agenda was to make Nigeria where entrepreneurship thrives, enterprise flourishes and the government gets out of your way so that you can create value, build the economy and aggressively expand wealth that has not happened.
He added that government should work on policy inconsistence, which has been one of the major problems confronting the sector by encouraging local content, making sure that values are added to the local produces in other to make them exportable. http://sunnewsonline.com/fg-scores-low-on-agric-sector/
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Politics › Re: We Are Detaining Fani-kayode With A Valid Remand Warrant - EFCC by Emmysteve(m): 10:02am On May 21, 2016 |
gwales: The story that fulani herdsmen killed enugu villagers was a scam. There wasn't any fulani attack but just a script written by pdp and ipads. Yes, you heard me....
OK we heard you zombie. |
Politics › Re: We Are Detaining Fani-kayode With A Valid Remand Warrant - EFCC by Emmysteve(m): 10:00am On May 21, 2016 |
There must be an end to everything. Keep on with persecution. |
Politics › Re: NBS: 1.5m Nigerians Became Unemployed In 2016 by Emmysteve(op): 9:29am On May 21, 2016 |
philipzz: op it more than that oooo oya zombies come and defend  Zombies won't see this one |
Politics › Re: NBS: 1.5m Nigerians Became Unemployed In 2016 by Emmysteve(op): 8:26am On May 21, 2016 |
If 1.5 million people could lose their jobs within 5 months, then I don't think even if APC succeeded in creating jobs for 500,000 would reduce the unemployment rate in the country. Now are we moving forward or backward as a country. Question for the zombies to answer. |
Politics › Re: NBS: 1.5m Nigerians Became Unemployed In 2016 by Emmysteve(op): 8:16am On May 21, 2016 |
APC: ALL PROMISES CANCELLED |
Politics › NBS: 1.5m Nigerians Became Unemployed In 2016 by Emmysteve(op): 8:15am On May 21, 2016 |
The Nigerian Bureau of Statistics (NBS) says another 1.5 million Nigerians became unemployed in the first quarter of 2016.
In its unemployment and underemployment report released on Friday, NBS said the country’s unemployment rate grew from 10.4 percent in the last quarter in 2015 to 12.1 percent.
In the third and fourth quarter of 2015, Nigeria saw about the same number of people become unemployed.
The economically active population or working age population (persons within ages 15- 64) increased from 105.02 million in Q4 2015 to 106.0 million in Q1 2016, the report adds.
“In Q1 2016, the labour force population (i.e. those within the working age population willing, able and actively looking for work) increased to 78.4 million from 76.9million in q4 2015,” NBS said.
“This means an additional 1,528,647 economically active persons within 15-64 entered the labour force i.e. were able and willing and actively looking for work between January 1 and March 31 2016.
“Within the same period, the total number in full time employment (did any form of work for at least 40 hours) decreased by 528,148 persons or 0.97%.
“This consists of people who lost their jobs and were either forced or for various reasons chose to move from full time employment to underemployment.
“Within the same period, the number of unemployed in the labour force, increased by 1,449,18 persons (increase of 518,000 between Q3 and Q4 2015) between Q4 2015 and Q1 2016.”
Youth unemployment also rose to 42.24 percent, as 15.2million youths remain unemployed in the economy.
“Accordingly, out of a total youth labour force of 38.2 million (representing 48.7% of total labour force in Nigeria of 78.48mn), a total of 15.2mn of them were either unemployed or underemployed in Q1 2016 representing a youth unemployment rate of 42.24%. https://www.thecable.ng/nbs-another-1-5m-nigerians-become-unemployed-2016
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Politics › Re: Kano Government Sponsored Pro-Deregulation Rally Ends In Fiasco by Emmysteve(m): 7:32am On May 21, 2016 |
Politics of deceit and bitterness gone wrong. God punish APC and their zombies. APC is a disaster |
Politics › Re: Breaking News: Another Chibok Girl Rescued (pic) by Emmysteve(op): 7:31am On May 21, 2016 |
DONMAYOR19: all the girls must complete before may 29th o Yessoo. But the script is poorly written |
Politics › Re: Breaking News: Another Chibok Girl Rescued (pic) by Emmysteve(op): 5:04am On May 21, 2016 |
knightsTempler: Let bubu send the presidential jet to ferry her to Aso villa for a photo shot...but wait oh doesn't this one have a BH husband? I gathered she has. The army are about making serious efforts to fly the two of them to Abuja to meet the mr fresident. Lmfao useless and confused Government. |
Politics › Re: Breaking News: Another Chibok Girl Rescued (pic) by Emmysteve(op): 11:51pm On May 20, 2016 |
Buhari is working. |
Politics › Breaking News: Another Chibok Girl Rescued (pic) by Emmysteve(op): 11:46pm On May 20, 2016 |
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Politics › Re: PHOTOS: NLC Protesting In Lagos Today by Emmysteve(m): 1:48pm On May 19, 2016 |
I feel sorry for this zoo of a country. I saw a headline yesterday that all the 14 APC state refused to comply. Just imagine |
Politics › Re: PHOTOS: NLC Protesting In Lagos Today by Emmysteve(m): 1:45pm On May 19, 2016 |
googlepikins: Am sorry for lagos state workers, when they will have problems and cry to labour for help, Labour will say gerrarahere!! allow the zombies to keep suffering themselves in the name of party affiliation. Suffering and Smiling. |
Politics › Re: FG To NLC: Return To Negotiation Table by Emmysteve(op): 4:45am On May 19, 2016*. Modified: 9:20am On May 19, 2016 |
I thought agreement has been reached with the Ajaero abi na Ojoro faction. Lmfao confused government. |
Politics › Re: Hashimu Suleiman Reacts To Fuel Subsidy Removal by Emmysteve(m): 4:18am On May 19, 2016 |
Bring back his trek |
Politics › Re: Burantashi On His Way To International CRIMINAL by Emmysteve(m): 4:17am On May 19, 2016 |
BURANTASHI IS THIS MAN'S REAL NAME  |
Politics › FG To NLC: Return To Negotiation Table by Emmysteve(op): 4:15am On May 19, 2016 |
The Federal Government on Wednesday said it was prepared to reopen negotiation with the Nigeria Labour Congress (NLC) over the fuel price hike. The Minister of Labour and Employment, Senator Chris Ngige, said in a statement on Wednesday night that the strike action called by the NLC to press for the reversal of fuel price will neither earn more money for the government or repair the refineries.
He, however, debunked claims by the leadership of the NLC that government did not consult the union before announcing the new pump price, adding that government and labour met twice on the issue with organised labour offering its own suggestions on the template presented by the Minister of Petroleum. Ngige appealed to the NLC leadership led by Ayuba Wabba to return to the negotiating table, saying he has obtained the mandate of the government negotiating team to reopen negotiation with them. The statement reads: “The Honourable Minister of Labour and Employment, Sen. (Dr.) Chris Nwabueze Ngige is constrained to respond to a number of issues which were raised today (Wednesday) by the President of the Nigerian Labour Congress, Comrade Ayuba Wabba, after he led the NLC to withdraw from the negotiation between the Federal Government and organised labour on Tuesday, May 17, 2016. “It is instructive to note that most Nigerians have shown great understanding of the fact that the current problem is not a subsidy removal issue, but how to deal with the non-availability of foreign exchange, a situation that leaves the federal government with no other choice than to deregulate the downstream of the petroleum sector which resulted in rise in pump price of petroleum. “In view of the above, the federal government is fully committed to the quick implementation of the palliatives in the 2016 budget, while developing other ways to alleviate the sufferings of Nigerians. “The federal government appreciates all the important issues raised by the labour unions and has taken them into consideration. Government is resolute in making sure that the economy is not only strong, but able to provide jobs and opportunities for all Nigerians.
“The federal government went to court to seek an injunction restraining labour from embarking on strike because there is a clear process of declaring labour strike under the law. It is therefore the view of government that those processes were not complied with before the NLC called the strike.” www.thenationonlineng.net/fg-nlc-return-negotiation-table/ |
Politics › Re: Lawal Criticizes Kachikwu For Shaking Hands At FEC Meeting by Emmysteve(m): 1:53pm On May 18, 2016 |
Those supporting increase in price of PMS are in chain - Senator Shehu Sani. |
Politics › Re: NLC Protest Ongoing In Beere Ibadan (Photos) by Emmysteve(m): 12:47pm On May 18, 2016 |
Goo |
Politics › Re: No Work, No Pay, FG Tells Workers by Emmysteve(op): 8:29am On May 18, 2016 |
seunmsg: NLC and TUC should respect the decision of the industrial court and shelve the planned strike. Negotiating with the government is what will bring about a meaningful solution and not an indefinite strike that can't be enforced due to the division in NLC leadership. Which useless and senseless industrial court? Tell me what happens after dullard has rubbished several court orders and expect others to obey a Kangaroo court? |
Politics › Re: No Work, No Pay, FG Tells Workers by Emmysteve(op): 11:11pm On May 17, 2016 |
Welcome to authoritarian system of government led by the dullard himself. The dullard displaying his true color. |
Politics › Re: No Work, No Pay, FG Tells Workers by Emmysteve(op): 11:08pm On May 17, 2016*. Modified: 8:21am On May 18, 2016 |
Game on
POLL: click LIKE if you think Buhari is a tyrant and SHARE if you think he is dictator. |
Politics › No Work, No Pay, FG Tells Workers by Emmysteve(op): 11:07pm On May 17, 2016 |
The federal government has directed all ministers, permanent secretaries and heads of government agencies to invoke the provision of “no work no pay” in respect of workers who participate in the planned strike by a faction of the Nigeria Labour Congress (NLC).
Babachir David Lawal, secretary to the government of the federation, gave the directive on Tuesday, advising workers to shun the exercise in their own interest.
Lawal also called on security agencies to beef up security and ensure that protesters do not prevent workers from gaining access to their offices.
“The attention of all public officers is drawn to the notice issued by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to embark on an indefinite strike from Wednesday, 18th May, 2016,” he said in a statement.
“This notice is regrettably given in spite of an order by the industrial court against the strike action. Government, therefore, calls upon and advises all workers to respect the laws of the land and to desist from participating in an illegal strike action.
“Government undertakes to guarantee the safety of workers and their work places, and expects that normal work will continue in the interest of the nation. Accordingly, security agencies have been directed to ensure unimpeded access to offices, work places and markets.
“Acts of intimidation, harassment, including barricading of gates, locking up of offices, blocking of roads and preventing workers from carrying out their lawful duties will be met with appropriate response by the law enforcement agencies.
“All workers, whether in public or private sector are further reminded of the Trade Dispute Act, 2004, which provides that ‘where any worker takes part in a strike, he shall not be entitled to any wages or remuneration for the period of the strike and any such period shall not count for the purpose of reckoning the period of continuous employment and all rights dependent on continuity of employment shall be prejudicially affected accordingly.
“Accordingly, all ministers, permanent secretaries and heads of government agencies are hereby directed to invoke the provision of ‘no work no pay’ in respect of any staff who absents him or herself from work to join the strike action. Attendance registers are required to be opened in all Ministries, Departments and Agencies.”
While the Joe Ajaero-led faction says it will stay away from the exercise, Ayuba Wabba has vowed to mobilise people to protest the increase in the pump price of petrol.
Earlier on Tuesday, Babatunde Adejumo, president of the National Industrial Court, had ordered NLC to suspend action.
The judge gave the ruling following a suit filed by Abubakar Malami, attorney-general of the federation (AGF).
Adejumo ordered parties to maintain the status quo until the hearing and determination of the exparte motion.
He also directed the government to dialogue with the NLC towards an amicable resolution of the dispute. https://www.thecable.ng/no-work-no-pay-fg-tells-workers |
Politics › Re: FG And Labour Set Up Committee To Review Fuel Price And Minimum Wage by Emmysteve(m): 10:38pm On May 17, 2016 |
Ojoro faction giving hope to zombies. Meanwhile its 1hr 30 mins to go #IStandWithNLC |
Politics › Re: Poll: Should The Strike Go On? Yes Or No by Emmysteve(m): 9:34pm On May 17, 2016 |
OP are you Dino Melaye that said he would open register for people to sign before taking it to the president after shamelessly giving 7 day ultimatum? |
Politics › Re: Fuel Hike: ASUU Declares Nationwide Strike by Emmysteve(m): 9:29pm On May 17, 2016 |
Lets observe one minute silence for all the zombies because they would never like this. |