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Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 3:05pm On Aug 17, 2015

angrybull:
Do any body know how low access has ever gone since listed on the floor of NSE?

Today N4 is their lowest ever thanks to their bogus right issue grin

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 2:36pm On Aug 17, 2015

Yem0350:
Hope it won't reach 20,000

The last time it touched that point was in September 2010 during Oteh saga.

Amazing forum cum analyst, well i'm surprise nobody is shouting BUY BUY BUY again grin

while this actually the time wise investors ought to break the bank and start buying in tranches.

What is happening now is simply called WEALTH TRANSFER.

Only the pigs gets slaughtered while the bargain hunters are quietly taken position. cool

*ThE OcToPuS *

1 Like

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 1:00pm On Aug 17, 2015

myjoy08:
If Access is trading around that price, UBA will be trading at 2 Naira then and FBNH will be trading at 5

http://www.bloomberg.com/quote/ACCESS:NL

Access is already N4 so whats the difference?

Well the much awaited September is around the corner, So bargain hunters sharpen your cutlasses grin

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 2:45pm On Aug 16, 2015*

angelo82:
From the above quote,how low do you think Access,UBA and FBNH will reach?..................

Well one of my main yardstick for measuring Stocks is via their year lowest lows bcoz i believe history has a way of repeating itself.

In Feb 2012 after the Fuel subsidy removal palaver UBA traded below #1:70k.

While that of FBNH since Arisekola who happen to be their major shareholder died, I see their case turning to the likes of UBN.

And if what I'm thinking happens to the Elephant it will definitely drag Access and every other banks down.

Bottomline if you areant in for a long term atleast 2yrs and above better pack ur bags and baggages. So you can always have a pleasant night rest cool

. I rest my case.

*ThE OcToPuS *

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 5:45am On Aug 16, 2015

PETERiCHY:
One thing most investors fail to understand is that over 95% of fund that is meant to exit the market has been pulled by last week. This week we should expect a sideway trading then after the election come and see the great grand father of BULL which last the rest of 2nd quarter then market correction will set in between 3rd and 4th quarter that's when a lot of pigs will get slaughtered.

*ThE OcToPuS*

I gave the above prediction on 23rd March 2015,

Likewise since mid-last year i ve been screaming that short term traders should stay off the market.

Well one good thing about the

BEAR is that it humbles the doubting Thomases and move them closer to GOD.

Above all it creates a wonderful grin

BARGAIN opportunity for long-term investors, @ this junction I will still advise short term traders to cut and run with their losses because we are still on a long scary ride cool

*ThE OcToPuS *

2 Likes

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 11:27am On Aug 13, 2015

Tjohn1:
Evans medical finally on offer, na who wan buy?

Before do you expect it to keep moving up without refuelling at a point?

Well that reminds me of the batch of Transcorp i bought in May 2012 @ 53k within 1month it got to N1:45k though it refuelled around N1:00 checkpoint just like Evansmedical is doing rightnow.

Note: I don't ve a unit of Evansmedic and I don't intend to buy any other stock this year aside OANDO.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 9:59am On Aug 12, 2015

angrybull:
6:90k not N9, so.. meanwhile, why do you call it bogus rights issue?

Have you forgetten the events that surrounds their right issue.

*It was initially pegged at N9.
*They suspended trading.
*later they brought it down to N6:90.

Now we are seeing how their shenanigans is playing out, they call themself AccessBank and now they are using that access to torment their shareholders grin

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 5:23am On Aug 12, 2015

FranklinRich:
Myjoy08 always spreading the seeds of encouragement.. meanwhile I bought my first tranche of access bank today after the stock hit my spiritual radar . This sowing season just got interesting!!!!

Their bogus right issue was done at N9 so anything in the neighborhood of N4:50k is a bargain.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 1:05pm On Aug 11, 2015

http://www.bloomberg.com/news/articles/2015-08-11/china-yuan-devaluation-after-imf-letdown-screams-buy-dollars cool

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 9:53am On Aug 07, 2015

http://www.vanguardngr.com/2015/08/naira-depreciates-by-n7/

despite CBN’s intervention on banks’ dollar payment

The naira yesterday could not sustain the gains recorded on Wednesday, as it depreciated against the US dollar in the parallel market, closing at N222 to a dollar. This represents a depreciation of N7 from Wednesday when a dollar exchanged for N215 in Lagos and Kano, and N220 to a dollar in Abuja.

Also, the Central Bank of Nigeria, CBN yesterday directed that banks should pay for their dollar purchases 48 hours in advance.

Sources from the Bureaux De Changes (BDCS) said that the gains recorded on Wednesday could not be sustained yesterday due to the fact that the dollar sold to them by the CBN was bought by people that felt that the naira would fall as the CBN may not be able to sustain the sale of more dollar to the parallel market.

Meanwhile, CBN has directed commercial banks to pay for their dollar purchases 48 hours in advance, after banning them from accepting foreign currency cash deposits to curb dollar demand and stem illicit financial flows.

Reacting to the *development, BDC operators said banks would struggle to buy dollar on behalf of customers, while the ban on dollar cash deposits would stem speculation.

The CBN in June curbed access to the interbank currency market to preserve its foreign reserves. The move led to the diversion of dollar demand to the black market, weakening the local currency.

“We are now required to deposit the naira equivalent of our total forex bids to the central bank 48 The measures led to a sharp increase in interest rates on the interbank market, traders said.
“The new measure has taken out some huge naira liquidity in the market and putting pressure on the cost of funds among banks,” one dealer said.

The overnight lending rate jumped to 50 percent on Thursday from 12 percent the previous day, amid low liquidity as some banks scrambled to stock up on the naira to back up their forex demand with the central bank.

Ugo Okoroafor, communications adviser to the CBN Governor had explained that the ban on dollar cash deposits with commercial banks was aimed at curbing the “increasing dollarisation of the economy.”

Meanwhile, on Wednesday , it was gathered that the CBN issued a circular to sell additional $30,000 to all licensed bureaux de change (BDCs) in the country on Friday, apart from the weekly sale of $30,000 that the apex banks normally makes to each BDC.

Earlier in the day on Wednesday , naira exchanged for as high as 235 to a dollar, but a parallel market source noted that the news of the CBN circular prompted various firms to hurriedly sell off the dollars in their possession leading to increase in supply of dollars to the market and thus crashing the exchange rate. The hurried sale is in anticipation that the market would be flooded by dollars when the additional sale is made by the apex bank on Friday. The official exchange rate remains pegged by CBN at N197 to a dollar.

Vanguard investigations on Tuesday had revealed that the naira depreciation was as a result of panic buying of the dollar in the hope that it would further depreciate. Sources said that there was hoarding of foreign currency going on at the unofficial market. They said that the appreciation of the naira last week was temporary and that the exchange rate was most likely to return to its previous level. The naira had last week appreciated by N35 fromN245 per dollar to N210, due to excess dollars in the market, occasioned by refusal of banks to allow foreign currency deposits into domiciliary accounts.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 2:28pm On Aug 06, 2015

myjoy08:
Sir, so because your salary is pegged to USD, that is why u don't think of other people who are not privilege to pegged there salaries to USD? I SMH...it would be better for you if your opinion can be generalized not self-centered . Just my little suggestion!

That's was why I told you that what I'm mostly after is STABILITY bcuz I won't be happy to exchange my USD today @N240 only for me to wake the next day and see it trade @N500

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 2:08pm On Aug 06, 2015

angelo82:
Repatriating fund at 170 is good and why do you want naira to be devalued?...........

Well by Godsgrace my salary is pegged to USD. So whichever way it goes the guns are mine.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 1:49pm On Aug 06, 2015

myjoy08:
Sir, i assume u have a special interest in seeing dollars selling at your preferred rate? Have it at the backed of your mind that many speculators will be disappointed on this journey of exchange rate. For your information, Dollars to Naira as at today is traded between 211-213 at your parallel market.

Bear in mind i have a sizeable fund in NSE which I repatriated at an average rate of N170 per USD last year.

So since this year I'm not taking any chances at all in other words what im mostly after is STABILITY.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 1:19pm On Aug 06, 2015

myjoy08:
Officially...CBN bans cash deposits into domiciliary accounts

http://www.punchng.com/news/cbn-bans-cash-deposits-into-domiciliary-accounts/

http://businessdayonline.com/2015/08/nairas-fortune-nosedives-loses-n13-at-bdc-parallel-market-segments/

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 5:32am On Aug 05, 2015

https://www.nairaland.com/2501718/naira-appreciation-why-nigerians-should

Is the value of the Naira really appreciating in the real sense or the CBN and the FG are playing pranks on Nigerians? Why are commodities still high in the market?

Ideal Situation
Ideally, customers operating domiciliary accounts will go to the banks, deposit their dollar and through that account they do whatever transaction that they deem necessary. The Banks inturn will take the dollars(and other foreign currencies) to the CBN.

The Buhari/Emefiele Situation
1. The CBN has stopped receiving dollars from banks, as a result the banks has stopped accepting dollars at the counter because their vaults are full.

2. Because of the restriction at 1(above) the demand for dollar reduces in the BDC. The BDCs seek every means to trade the currency including reducing the cost at the black market. The CBN will go to the press to scream "NAIRA IS APPRECIATING."

3. As a result of 1(above) the banks also refuse to request dollars from the CBN's foreign exchange reserve. The CBN will then come out to scream "RESERVE IS GROWING".

Is that the best way to manage the naira?

Salient Question and Effects:
1. What happens to a businessmen with domiciliary account seeking to deposit dollars and transfer to their partners abroad after buying the dollar from BDC or Bank?

2. The bank's refusal to accept dollar deposit means business transaction on that will be halted. Because no domiciliary account holder will be willing to withdraw from his account when he knows that he won't be able to make further deposit due to the CBN's policy except if his intention is solely for converting the dollar to naira for local transaction.

3. Instead of doing transactions from domiciliary account, businessmen will be left with no choice but to operate domiciliary account in neighbouring countries where they will be making transactions or resort to wiring money via Western Union in neighboring country.

4. As a result of 3(above) the cost of commodities will go UP because businesses will make up for the extra expenses. Also, that will mean reduction in business activities in the banks.

5. Should the above persist it will get to a certain point where there will be scarcity of the dollar in the market. When it get to that point, the dollar rate is astronomically shooooooot up in the market because demand will outweigh supply. At this point, the naira problem will be worse than it was.

Is The Naira Really Appreciating?
Make no mistake, the naira-dollar rate is yet to appreciate in the international market. As at May 29 the naira/$ rate was N199 in the market. The rate as at today Aug 5, 2015 is still N199. You can't appreciate a currency via the backdoor. Even the black market rate cannot be regulated through the back door.

What "Sane" Countries Does:
The CBN Governor Godwin Emefiele made it look like one can't deposit foreign currencies in cash in another country. This is contrary to the facts on ground. No country will shut down foreign currencies transactions in banks. Let me give two instances...

On February 27, 2015, the Central Bank of Egypt instituted a new policy to help the Egyptian pound. As part of the policy, Individuals and businesses are allowed a maximum of $10,000(or equivalent) deposit daily and $50,000(or equivalent) monthly. The measure would stop companies from buying large amounts of dollars from the black market and then depositing them briefly in banks in order to open letters of credit for imports.

In China the maximum daily deposit/withdrawal of foreign currencies is $10,000(or equivalent).

Is it not better to place a transactional limit for foreign currencies than discourage deposit completely(that will solve nothing)?
We don't produce, we import, we have no policy to promote local production nor infrastructures in place toencourage manufacturers, yet we expect the naira to appreciate. That's is no done anywhere.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 2:45am On Aug 05, 2015

FranklinRich:
Common this is totally uncalled for. We all have the freedom to speak our minds. You dnt have to accept what everyone says. If you dnt like any posts, you can just simply ignore it. I disagree with Oga Peterichy sometimes but telling him to shut up is taking this things way too personal.

Why bother yourself replying him. I thought they say silence is the best answer to a fool or can't you see frustration written all over his post

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 4:30pm On Aug 04, 2015

PETERiCHY:
I said it from onset OANDO is strictly for long term idle fund and that we should should expect their 2014 F/Y and 2015 H/Y results in August.

Bear in July 31st will make it exactly 1yr their sealed the COP deal and whatever they are cooking will be ready by August 2015.

[www.proshareng.com/news/Corporate%20Earnings/OANDO-Energy-resources-announces-Q2-2015-Results-Proshare/28133]. Have a look at it! http://www.proshareng.com/news/Corporate%20Earnings/OANDO-Energy-resources-announces-Q2-2015-Results-Proshare/28133

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 3:34pm On Aug 04, 2015*

FranklinRich:
Chai...always good to use any opportunity while it lasts.

The appreciation we saw for the last few days was more like a knee jerk reaction to the CBNs capital control of closing the travelex window that assists banks convert their FCY cash to wired/electronic form. Due to the insurance risk associated with holding the $$ cash in the banks vaults and the low economic value associated with holding $$ in cash, the banks decided to stop accepting $$ in cash.

Knowing how ingenious and entrepreneurial, Nigerians are, I know that some people have started figuring out how to take this $$ cash over the boarders to convert into electronic forms for onward wiring to various accounts. Once this is successfully achieved, Nigerian banks might not need the CBNs help with travelex and ala business continues for them. Curious to see what else the CBN has up its sleeves.

Interesting times ahead!!!

From your analysis I can see you are quite conversant with the game and if care is not taken when this CBN unconventional measures will boomerang USD will hit the rooftop

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 3:12pm On Aug 04, 2015

http://thenationonlineng.net/chadians-ghanaians-others-storm-nigeria-for-dollars/

Currency speculators from Chad, Ghana, Benin Republic and other neighbouring countries yesterday trooped to Nigeria in a scramble for cheaper dollars.

The speculators, The Nation learnt, took advantage of the early morning drop in dollar rates — at N202 to the dollar in Abuja and N210 in Lagos — to make brisk purchases.

But the greenback recovered late afternoon to close at N208 and N222 in Abuja and Lagos.

Banks have been rejecting dollar deposits across the counter, but inflows from foreign accounts are allowed. They lenders said they are unable to transfer excess liquidity to their correspondent banks overseas which are restricting importers from using domiciliary accounts.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 2:56pm On Aug 04, 2015

http://businessdayonline.com/2015/08/naira-weakens-on-parallel-market-as-dollar-demand-rises/#.VcC-9_NVhHw

The naira reversed its gains against the dollar on the parallel market on Tuesday on increased demand for the U.S. currency from some importers, traders said.
The local currency was trading at 224 to the dollar on Tuesday, weaker than 216 the previous day. It was quoted at 240 a week ago.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 11:54am On Aug 04, 2015

Processor01:
You say one thing with so much confidence and you act/move in the opposite direction. Sometimes, silence is GOLDEN!

Point of correction, I'm not here to please anybody, in other words when I make a comment it's either you take it or leave it.

The funny person that said he stop reading my post 6mths ago. If I may ask does that add anything to my acct ? grin

Well all i can see here is the adverse effect of a BEAR market and i pray may GOD in his infinite mercies mend and heal those that NSE has broken their HEART

*ThE OcToPuS*

1 Like

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 3:25am On Aug 04, 2015

Dragonking:
It’s N209 To $1 As Appetite For Dollars Falls https://www.nairaland.com/2499823/n209-1-appetite-dollars-falls

I comfortably sold 90% of my holding last week Wednesday @N240 after noticing it drag btw N241/N243 the previous 7days. You can check my posts. cool

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 2:47pm On Jul 29, 2015

angelo82:
I am surprised that you are buying..........Why not wait till September because your theory seems to be checking out...........

Well for some days now I noticed that dollar is having some stability so I had to release some @ the rate of N240.
So let's see how it goes.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 2:35pm On Jul 29, 2015

myjoy08:
I hope these Oando result will not cause wahala sha?

Got some OANDO @12:50k not a buy recommendations coz we are on a long thing cool

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 10:45am On Jul 28, 2015

megainvest:
SEPLAT result is interesting. In dollars, the earnings reduced but in naira the result was positive!

That shows you that NAIRA is fast turning into a tissue paper.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 8:38am On Jul 28, 2015

megainvest:
Even if the market keeps dancing for the next 10 years, I will keep buying. The big question is WHAT TO BUY.

Buy US dollar and have your peace of mind.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 7:59pm On Jul 27, 2015

Like play play like play play, Another GLOBAL MELTDOWN is staring us in the face though it will be precede by a PHENOMENAL BULL, So make una coolu temper.he that has ears let him hear.

*ThE OcToPuS *

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 3:29pm On Jul 24, 2015*

myjoy08:
Naah so Sir. This is what i expected and some analyst too. I guess the news in the websites above is yet to be updated lol.

According to CBN Governor, "No need to devalue Naira, says Naira is 'appropriately priced'.."

I know Oga Peterichy will not be happy with these news....

NAIRA is already devaluing itself only a daily basis so Emeliefe can continue with his delusion.

CBN can only be taken serious when they are ready to defend NAIRA with the fOREX Reserve and not with their MOUTH.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 1:36pm On Jul 24, 2015

http://www.proshareng.com/news/27925/Dead-Cat-Bounce-in-Nigerian-Oil-Market-Proshare

I pity those that are still investing in NSE at this point in time.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 5:59am On Jul 20, 2015*

[Dollar in demand, gold dives to five-year low].http://mobile.reuters.com/article/idUSKCN0PU00H20150720?irpc=932

SYDNEY (Reuters) - The U.S dollar held broad gains in Asia on Monday as investors looked ahead to higher interest rates from the Federal Reserve, while gold slumped to five-year lows as a lack of global inflation left little to hedge against.

Investment › Re: Nigerian Stock Exchange Market Pick Alerts by PETERiCHY(m): 6:58pm On Jul 16, 2015

The Central Bank of Nigeria will have to devalue the naira atsome stage, possibly by more than 15 per cent, global ratings agency, Standard & Poor’s, has said.The agency, however, said on Wednesday that it saw the adjustments as likely to be gradual.Local and foreign investors have seen a devaluation of the naira as long overdue for Nigeria, which has been battered by the recent tumble in crude oil prices.Following the naira devaluations in November and February, the CBN has recently focused on curbing access to foreign exchange at the interbank market for importers of some goods, introducing stringent restrictions three weeks ago.But the Director, Sovereign Ratings, Standard & Poor’s, RaviBhatia, said the recent measures by the CBN including stopping the sale of forex to importers of 41 items at the official forex markets could only delay the inevitable, Reuters reported.ADVERTISEMENT“Another devaluation is inevitable… they will have no option but to devalue,” said Bhatia at a media briefing.Many investors are positioning for a devaluation of around 15 per cent. Bhatia said that sounded “reasonable”, though even more might be needed.Non-deliverable forwards – derivatives used to hedge against future exchange rate moves – reflect expectations of currency weakening: six-month NDFs price the naira at 233 per dollar, some 18 per cent weaker than the CBN’s pegged rate of 196.95 on Tuesday.On Wednesday, the naira hit another record low of 242.5 against the dollar on the parallel market operated by dealers in bureau de change, down 0.42 per cent from Tuesday.The naira has been hitting record lows at the parallel market since the latest central bank measures introduced three weeks ago.Bhatia did not expect the adjustment to be done in one go.“I think at this stage the plan is to move in increments, not to do a ‘one big step’ devaluation like they would in the old days,” he said.The central bank has said it is in no mood to devalue the naira, given the risks to inflation from a weaker currency, and that it will not be focusing on the thinly traded parallel market when determining the exchange rate.Local and foreign investors have also been nervous that Nigeria may lose its place in the benchmark GBI-EM local currency debt index. Bhatia said this was a “real possibility”,although he expected the government to adjust policy enough to maintain its membership.“At some point they have to decide: do they want to go with their policies or do they want to stay in, and at the moment they are trying to do both, and it has worked,” said Bhatia.“But there are issues there, and it is a concern.”JPMorgan warned in June it could eject Nigeria from its benchmark index by year-end unless it restored liquidity to currency markets in a way that allowed foreign investors to transact with minimal hurdles.In March, Standard & Poor’s cut its rating on Nigeria to B+, changing its outlook to “stable”.

SOURCE:http://www.punchng.com/business/money/cbn-has-no-option-but-to-devalue-naira-sp/

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