Stocks Rebound On OPEC’s Agreement To Cut Production First Time In 8 Years

At the close of the session on the (NSE), the Oil and Gas and Insurance indices appreciated by 3.07% and 0.82% apiece, following rallies in the shares of Nigeria’s first dual listed independent indigenous upstream exploration and production firm, Seplat Petroleum Development Company Plc and oil marketers, Oando Plc and Conoil Plc, the trio gaining 5.00 percent, 6.92 percent each and 4.72 percent respectively. While reinsurer, Continental Reinsurance Plc gained by 5.00 percent, and insurers, Nem Insurance Plc and Law Union & Rock Plc climbed up by 5.00 percent and 8.96 percent each.

http://thestreetjournal.org/2016/09/stocks-rebound-on-opecs-agreement-to-cut-production-first-time-in-8-years/

Oil gains, energy shares buoy global stocks

Crude oil futures rose on Thursday, adding to the previous session's rally on optimism over an OPEC plan to curb output

Energy stocks fared better than the rest of the market as oil prices rose. The Organization of the Petroleum Exporting Countries agreed to cut output to a range of 32.5 million - 33.0 million barrels a day from the group's current estimate of 33.24 million barrels.

"The OPEC announcement certainly was well-received by the market and the long beleaguered energy sector has found some tailwind after so many quarters of disappointing earnings."

http://in.reuters.com/article/global-markets-idINKCN11Z01R

cadno:
Oando just took off like a rocket !!

Hope it is not a North Korean rocket

Any news on Livestock; why the low offer?

fxuser:


and mobil ! !

yes o oil stocks are rallying/ which one will give the biggest bull Oando or forteoil or mobil?/

fo on full bid oando/conoil holding steady....

Agbalowomeri:
For thE vision is yeT for an appointEd time, but at the end it shall speak, and not lie: though it taRry, wait for it; because it will surely come, it will Not tArry

Sir what is tarry or do you mean tally?

Transcorp is setting the stage for another rally

Mfunkynation:
Thanks!is it possible to cash dividend warrant in $into naira saving accts?

sir
you mean to bank dividend warrant in dollars into naira saving accts

Firstly I have never paid any dividend warrant into savings account it has always been current
I think your bank will credit your current account in naira but will buy the dollar at their own rate not N423

$0.39 x N423 = N164.97

$0.39 = N164.97

Mfunkynation:
pls BNSITL, how do i calculate n currently $0.39 is how much in naira? Help ! Thanks

sir any amount you have in dollars is multiplied by the current exchange rate ie $0.39 x N423

The first officially launched platform in Nigeria was the “Meritrade” powered by Meristem Securities Limited on March 5, 2014, followed by “LeadTrader” from Lead Securities & Investment Ltd on April 8, 2014.

Subsequently in the same year, other online platforms like “i-Trade” from MorganCapital Securities, “Bancorp e-Trade” from Capital Bancorp Plc, “InvestNow” from UBA Capital and “Afrinvestor” from Afrinvest Securities Ltd hit the Nigerian Capital Market Space for trading activities.

Other online portal have since caught up to the trend and we currently have in the market platforms such as “Easytrade” from InvestmentOne; “Mytradebook” from Greenwich Trust Ltd; “WSTC eTrader” from WSTC Financial Services; “APTeTrade” from APT Securities Ltd; “GTIOn-line Trader” from GTI Securities; “TRW E-Trader” from TRW Stockbrokers; “Cordros TradeButton” from Cordros Capital and “ARM Stocktrade” from ARM Securities Limited.

-culled from Proshareng

ihedioramma:
OANDO #5.58 . CBN set to pay ex-militants directly as Buhari resumes amnesty payments .

EXTORTION

http://thenationonlineng.net/skye-bank-gets-cbns-loan-boost-liquidity/

Skye Bank gets CBN’s loan to boost liquidity

The short-term lending facility will allow the new management to “ensure that some withdrawals it suffered in the wake of the undue panic of last week do not adversely affect its operations,’’ Isaac Okorafor, a spokesman for the CBN told Bloomberg.

fxuser:


N13m Loss pere !

Profit after tax for discontinued operations N18 Billion. I think this is the cause of excitement

no offer for Oando

sirflav:
someone just bought 8 million units of Transcorp at a go @ 1.56

over 600 thousand Forteoil shares were traded on friday

http://www.financialwatchngr.com/2016/06/23/investors-interest-in-nigeria-surges-on-fx-reforms/

Investors interest in Nigeria surges on FX reforms

There has been a major surge in investor interest in Nigerian assets following the introduction of a floating currency by the Central Bank, several market sources tell BusinessDay. “I have been inundated with calls. People are showing tremendous interest, even though the cash is not coming quite yet,” one treasury official at a large financial firm told BusinessDay.

The interest is being fuelled in large part by the extent of the reforms (free floating of the naira, single FX window) unveiled by the Central Bank of Nigeria (CBN), which caught most investors unawares, sources say.
The changes made by the central bank and the fact the CBN is clearing the backlog of FX demand is very positive, according to another international fixed income asset manager.“Offshore investors will likely return when they see liquidity in the dollar – naira market – this still does not seem to be the case. When offshore investors are able to get money out is when they will likely put new money in,” the source told BusinessDay anonymously as he was not authorised to speak publicly.

The naira firmed to close at N281.50 to the dollar on Wednesday, following a central bank dollar sale to improve dollar liquidity, its first daily gain since the CBN reopened the interbank FX market.

In the non-deliverable forwards market, the naira rose against the dollar , with the one-month contract quoting the currency as firm as N288, after hitting N317 on Monday.

The CBNs move to float the currency has narrowed the gulf between the interbank FX rates and parallel markets where traders were offering it at N330 to the dollar on Wednesday, down from N370 last week.

Nigerian stocks gained 705.81 points or 2.40 percent to close at 30,127.82 points, a major move above the psychologically important 30,000 points level.Market capitalisation surged N242.17 billion to close at N10.34 trillion.

Market capitalisation surged N242.17 billion to close at N10.34 trillion.

Foreign portfolio investors are still watching the markets before they dip their toes back in, according to Mustapha Suberu of boutique investment bank, Eczellon Capital.

“They want to see how effective, efficient and transparent FX transactions will be at the interbank market. They also want the initial volatility to play out and have a proper guide on what the true value of the naira may be,” Suberu told BusinessDay.

“Once there is greater clarity on the efficiency of the interbank market and value of the naira, we can expect portfolio investors to flood the Nigerian financial market.”

This may take up to three months, other things being equal, Suberu said.

Foreign investors held $5.4 billion of Nigerian bonds in September 2013 but dumped most of them after the country was ejected last year from JPMorgan’s GBI-EM index – tracked by more than $200 billion of funds.They will probably need to be convinced that a more flexible and liquid FX platform can be sustained for longer and also likely require higher yields to compensate for risks associated with the Nigerian market before resuming the purchase of naira debt, analysts say.

“With the yield curve being now in negative CPI-adjusted territory, the risks to market rates may still be to the upside if the CBN seeks to anchor investor expectations,” Samir Gadio,Head of Africa strategy and FICC research at Standard Chartered Bank, tells BusinessDay.

“In terms of re-inclusion in the GBI-EM indices, it is still early days. Given the size of the Nigerian debt market and decent secondary market liquidity on the PDMM platform, there may be a case for index re-inclusion in the long term. The index provider will probably want to see a consistent and reliable record of FX liquidity over time,” Gadio said.

someone just bought 8 million units of Transcorp at a go @ 1.56

ukay2:



Please tell us who is your broker so that we will know them....and take precaution/avoid them

Thanks.

Sir I will be more than happy to but will wait till if things get really bad before i will take retaliatory action like that

Godisfaithful:



Sir, i'm very sorry to hear this. The SEC rule has nothing to do with your delayed money. The broker should do whatever it takes to deposit or transfer your money to your account either by issuing a check or online transfer. At least one of it has to work for better customer service. In a nutshell, something is not right base on the concern you stated against your broker!

Sir thank you for your response the money was sent on Wednesday with what might be called sincere apologies. I am slowly but surely moving my investments to another broker

Godisfaithful:
http://www.punchng.com/buharinomics-stock-market-now-storm/


Nice article!

Sir is there a rule by SEC as to how long a broker can hold a client's money. This is 10 working days after T3 and the broker has failed to remit funds to the client's account. Stating online transfer problems. This is not the first time. What is to be done about this?

http://www.investing.com/news/stock-market-news/nigeria-stocks-lower-at-close-of-trade;-nse-30-unchanged-405355
Nigeria stocks lower at close of trade; NSE 30 unchangedInvesting.com

Nigeria stocks were lower after the close on Monday, as in the sectors led shares .
At the close in Lagos, the NSE 30 unchanged 0.00% to hit a new 6-months high.
The best performers of the session on the NSE 30 were Zenithbank (LAGOS:ZENITHB), which unchanged 0.00% or 0.00 points to trade at 16.58 at the close. Meanwhile, Tiger Branded Consumer Goods PLC (LAGOS:TIGERBRD) unchanged 0.00% or 0.00 points to end at 5.31 and Dangsugar (LAGOS:DANGSUG) was unchanged 0.00% or 0.00 points to 7.18 in late trade.

The worst performers of the session were Zenithbank (LAGOS:ZENITHB), which unchanged 0.00% or 0.00 points to trade at 16.58 at the close. Tiger Branded Consumer Goods PLC (LAGOS:TIGERBRD) unchanged 0.00% or 0.00 points to end at 5.31 and Dangsugar (LAGOS:DANGSUG) was 0.00% or 0.00 points to 7.18.
Falling stocks outnumbered advancing ones on the Lagos Stock Exchange by 0 to 0.
Crude oil for July delivery was up 0.59% or 0.29 to $49.62 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 0.72% or 0.36 to hit $50.31 a barrel, while the August Gold contract fell 0.76% or 9.20 to trade at $1207.50 a troy ounce.
EUR/NGN was down 0.32% to 221.740, while USD/NGN fell 0.05% to 199.050.
The US Dollar Index was down 0.01% at 95.72.

Godisfaithful:


Sir, Patient dog eats the fatest bone

sirflav:
You only require patience

specialmati:
How much is tiger brand.pls

Tiger brands 5.45
Zenith 17.01

yrmybank:
Someone pls help me with the price of Zenith.

Sir the current price is 17.18

Manonamission:


Haba! Chill out. Just watch the gradual recovery. It is going to be gradual. At par with Zenith?? mba not yet. Rebuilding takes time.

For tomorrow, I expect it to be bullish yet again. AGM is tomorrow and the enthusiasm of the event will drive it. Dividend payment is on Monday.

All na speculation. Don't take my word for it.

I said to par. referring to comparison with the current standing of similar big banks. of course first bank cannot just move to N16!!
GT is 20.90
Zenith is 16.30
FBNH is 3.99

Manonamission:


I am speculating FBNH will break N4 comfortably tomorrow.

Yes it will break 4 but will it head to the general consensus of 5 or head to 6 to par with Z?

fxuser:


17m bid
14m offer pere !!

45m traded


as at 12.05pm
platform: investmentOne

No more offers; unbelievable!!

FBNH offer is huge o