₦airaland Forum

rebekah2011:
If they manage to declare 40kobo dividend, the price will not drop but rise to something like N3.5

They may not pay up to that amount. The coys revenue model is interest income and fee reliant and both fronts are under serious threat. They will need to conserve as much money internally to even have a fighting chance next year. With tanking Tbills and Bond rates as well as dull fee income opportunities it just pays them to conserve internal funds.

Heishere:
Please where can one access financials of unlisted banks like Keystone? Any clue?

Try their website

Is this where its now happening?

What are those apps that gives access to NYSE? Trove?

IYGEAL:
Cashed out at 26k yesterday

Your broker is the ultimate winner here.

ihedioramma:
I was here today . one love .

One love brother

We dey miss you. Visit here more often. Let us share your time with betting thread.

bigjay01:
Yes, it is seamless only if the current brokerage house is responsive & committed to the transfer. Otherwise, it could linger and frustrate the hell out you.

Actually, for transfer of account once they sign that form it is out of their hands cos the destination stockbroker is the one who will process with CSCS. Where there delays could frustrate you is if you are detaching to or from a special account in CSCS.

PETERiCHY:
NSEMPA mood right now

Is this Mcy56?

owoblow77:
There was a rumour on Twitter that UBN was to be acquired. Turns out UBN simply divested its UK division.

You people are bringing out all the pieces of the puzzle nicely. Just continue following the story. It may make sense eventually or it may not but watch the space closely. History does not repeat but rhymes close.

sellydion:
Any news about M&A, naa sell off of foreign subsidiary, I dey hear,

I read that one too but not what i am talking about. Just follow the story as it unfolds. History does not repeat itself but it rhymes closely.

mails4funshi:
Hello good people, how do i handle a situation where my analogue broker(CASHCRAFT) decides to sell lower than the mandated price and has refused to remit to my bank account proceed of the transaction.

I was hoping to move the fund to my Investment One account, buy a few units of UBA for dividend and possible price increase.

This transaction was done on the 24th January, 2020.

Help a brother.
cc Agbalowomeri
cc RabbiDoracle
cc Currentprice
cc Marliannvestor

You can always complain to NSE and get the balance if you are sure you gave a limit order and they didn't honor that. read your sale order mail very well. Going from the antecedents of that company as discussed here in the past I think the priority should be to get out your money they are holding onto first and then chase the difference later. By the way, you can simply transfer your CSCS account and all the shares in it to another stockbroker without having to first sell the shares. Its a seamless process.

Mcy56:
Pumping. Dont mind them.

I suspect that is where abnormal returns will be made this year or next. Not because of any fundamental anything but simply M&A activity. The stars seem to align there like in Diamond (2018), Dangflour (2019).

I no advise anybody to go and buy o. I no get any inside information either.

Marlianvestor:
It is expected thus priced in... Sell-off would be limited. Don't be surprised if price goes upward, sha

I don't think this one is going anywhere up soon.

godlyguy:
Although WAPCO has great POTENTIAL... I have left the TEAM for NOW (MONDAY-WEDNESDAY) but not COMPLETELY

THE BIG SMART GUY

Show me your shirt....

veecovee:
No, I doubt ... you can't go out like this



My shirt no go tear here jooo

That one na fashion joor. See the type wey Oracle mean. Shirt go tear but people go dey laugh cos dem no understand wetin happen yet.

stokfrick:
Pls apart from investing.com, can anyone pls suggest a good website for stock technical charts??

Tradingview.com

DeRuggedProf:
When the consolidation is done by using Elephant Supaset Cement, you don't wait for long before CONSTRUCTION continues....


https://trwstockbrokers.files./2020/01/13059-fbnquest-capital-nigeria-outlook-2020-proshare.pdf

Thanks for the report.

Toluway:
The Company's Management has declared in official capacity that it doesn't pay tax. And it is not only Unilever that is not. There are also some others.

You guys didn't ask the right questions that is why you got wrong answers. How can they not pay tax? And somebody has posted their AFS here but you are still arguing.

Toluway:
Thank you for this clarification.
I work in a Federal Extra-Ministerial Commission who is responsible for Revenue Allocation to the Three Tiers of Government, Expanding sources of Internally Generated Revenue, and monitor revenue accruals into the Federation Accounts.
Last December, some of our officials including me, paid official visit to Unilever to verify what they paid into the account of Nigeria Customs Service, withe the aim of confirming what the Customs remitted into the Federation Accounts.
We held a meeting with the Management and Accountants of the organisation, who told us to our utter chagrin that the organisation doesn't pay tax and they proved it.
Two members of the Board of our Commission who expressed their annoyance that we didn't do our due diligence before visiting the organisation, also confirmed that Unilever is exempted from paying tax. Why, Because they provide jobs to Nigerians. These Board Members retired from the private sector. We had to apologise and take our leave.
We are currently taking up the issue in our organisation, which i will not mention here. OFFICIALLY, Unilever does not pay tax.
Sorry for the poor quality of my write-up, as it is hurriedly done on transit. I have to pack and hurriedly send you this.

I think this is the reason why the country is where we are. Civil servants that really don't know what they are doing. Please sir, if what you said (bolded) is true and you people suspended the audit because of that, that means no company in the country should pay tax because they all employ Nigerians. I thought the proper thing to do is to ask Unilever to provide the act or legislation that exempts them from paying tax.

Obviously you don't work for FIRS and have no business visiting that company in the first place to audit their tax books. You probably work for Revenue Mobilization and Fiscal Allocation Commission. You guys are all over the place with no clear mandate and don't understand tax laws.

There is no systematic problem with Champion breweries as a company. The brewery industry is going through a particularly tough time now and as such one needs to be cautious when investing in brewery stocks. The challenges facing the industry may not abate anytime soon and it is the effect you are seeing in Champion brewery. Most brewery stocks (Nigerian Brewery, Guinness, International Breweries) have witnessed steep drop in prices, ditto Champion breweries.

The only issue with its stock is that it does not meet the free float requirement as ownership (Raysun/NB - 60%+, AMCON - 12%+ and AKSG - 17%+) is concentrated with only 10% in the hands of retail investors.

http://www.nse.com.ng/Financial_NewsDocs/28619_AXA_MANSARD_INSURANCE_PLC_CORPORATE_ACTIONS_JANUARY_2020.pdf

Another Insurance company about to flip its PFA.

1. If you fancy yourself to be a trader , and you don't want to act based on the "noise" and can't read charts for yourself either, now is the time to set a stop loss price......and regardless of what your emotions tell you, activate it once the price drops to that level (different price for different folks).

2. If you fancy yourself to be an investor, and have a beyond 12 months time horizon, you should probably hold on and watch the market closely. You still need to set an informed and well considered stop loss price, perhaps less aggressive than the one you set if you are 1 above. I still think the good stocks over the next 24 months should deliver good HPRs.

3. If your stock is subject to market manipulation, I have no advise for you. What watching the market tells me is that nothing lasts forever.

Mcy56:
You're right sir.
.......but what I observed is that some are mopping as some are selling in panic. Even at 9.70 now.
So, at times, its better to look before you leap too.
My question is: What suddenly happened to the fundamentals?

Fundamentals...….?

If you want to invest in any share based on the fundamentals, you also need to have a grasp of the narrative driving every number that is presented. You don't need to watch the video below but follow the speaker, Aswath Damodaram. He explains this well in series of YouTube video.


https://www.youtube.com/watch?v=MN1RU9i3ngg

Bomboclad:
I think so too. The fact that Herbert is selling at this time is actually a good thing because if results come out bad, peeps could ask for his resignation on the grounds that he knew results were bad as CEO and so he sold significant quantity of holdings.

That will be unprecedented in NSE....

Shareholders don't seem to know they have such powers. Market regulators are basically asleep. General public have better things to do such as earning a living.

Views of an Equity Salesman (Not me)

Insider trading on the Nigerian stock exchange setting a dangerous precedent for Corporate Governance

What is the gold standard definition of a closed period
According to the business dictionary - the time period between the finalizing of the balance sheet and the company's announcement to the public of the results. The time period is typically two months preceding an announcement at which time insiders are not allowed to repeat or report the company's shares. The time between the preparation of a company's balance sheet and its announcement to the public. The close period usually lasts about two months. During this time SEC rules prohibit insiders from buying or selling the company's shares in any way. If we look at other markets. In the United Kingdom, Under Article 19(11) of the Market Abuse Regulation (MAR), the period of 30 calendar days before the announcement of an interim financial report or a year-end report, that an issuer is obliged to make public according to the rules of the trading venue where the issuer's shares are admitted to trading or national law, during which a person discharging managerial responsibilities (PDMR) of an issuer is prohibited from conducting any transactions on its own account or for the account of a third party, directly or indirectly, relating to the shares or debt instruments of the issuer or to derivatives or other financial instruments linked to them. Blackout period. A period of time before the earnings release of a public company during which its directors and specific employees deemed insiders cannot trade the company's stock.

If I go by the definiton above – for a company whose financial year ends 31st December 2019, the closed period is effectively 30 days before 31st December 2019 and 60 days after 31st December 2019. I would go as far as saying that the closed period extends not just 60 days after the end of the period but the closed period rule applies till your results have been publicly disclosed on the floor of the stock exchange

What does the rule book of the NSE say
Rule 17.17: Closed Period
(a) No Director, person discharging managerial responsibility and Adviser of the Issuer and their connected persons shall deal in the securities of the Issuer when the trading window is closed. Any period during which trading is restricted shall be termed as a closed period.
(b) The closed period shall be at the time of:
(1) Declaration of Financial results (quarterly, half-yearly and annual);
(2) Declaration of dividends (interim and final);
(3) Issue of securities by way of public offer or rights or bonus, etc;
(4) Any major expansion plans or winning of bid or execution of new projects e.g. Amalgamation, mergers, takeovers and buy-back;
(5) Disposal of the whole or a substantial part of the undertaking;
(6) Any changes in policies, plans or operations of the Company that are likely to materially affect the prices of the securities of the Company;
(7) Disruption of operations due to natural calamities;
( Litigation/dispute with a material impact;
(9) Any information which, if disclosed, in the opinion of the person disclosing the same is likely to materially affect the prices of the securities of the Company.
Rule 17.18: Period of Closure
(a) The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four (24) hours after the price sensitive information is submitted to The Exchange. The trading window shall thereafter be opened.
(b) Every Issuer shall notify The Exchange in advance of the commencement of each closed period.

The rules around the period of closure on the NSE is something that I believe would need to be revisited and have more stringent rules getting applied. We have seen a flurry of corporate disclosures where insiders are actively trading shares in what should be a closed period if we are holding ourselves to the gold bar or standard of what a closed period should be. It has become a cause of concern for many investors especially with the flurry of calls I am receiving on the matter.

The Optics of it just doesn’t look right.

The NSE rules above technically allow insiders to trade their shares in what we all know as a closed period. Even where rules are not perfect, we believe certain Corporates should hold themselves to a higher stander of corporate governance internally, something that should be upheld by the Compliance department within these organisation.

We have a few cases in the market where a corporate declared closed period to review its result on the 31st of December 2019 and we have insiders selling come January 2020 – What is concerning mostly is that these insiders have come in contact with insider information because they have a view on what the FY results. Whether the quantum of shares being traded are material or not, Insiders should not be trading shares within a closed period. It is a material breach.

With an insider selling shares, is that a sign that I should be advising all my clients to be dumping the shares of the company? Because that is the implied read across given the volumes that is trading in the market. We are not a banana republic.

Bomboclad:
I DO NOT THINK HERBERT WIGWE WOULD ACT SO IRRESPONSIBLY AS CEO OF ACCESS - SELLING HIS SHARES IN THE FACE OF BAD RESULT & AT THIS POINT IN TIME, I TOTALLY DOUBT THAT.

Well, like they say "Not only should Caesar's wife be above board, she must also be seen to be above board". The timing is the key issue.

The truth however is that if you dig deep you will see that Aig is also likely selling Access Shares. The duo are trying to raise money to pay for the PFA subsidiary of AIICO. Why they can't raise a loan to do so is what i don't understand.

emmanuelewumi:
No need arguing about anything, take heed or refuse to take heed it is your decision.

Simple and short. Its only a tree that sees a car heading towards it and refuses to move.

Conventional Wisdom - When a key insider sells his shares, focus on why he sold and not what the proceeds are for. Especially if a closed period was lifted to enable him/her sell. Remember, when good news is lurking round the corner, insiders buy.

wanaj0:
We have different threshold. Unfortunately when people join a forum like this, they dont understand that our risk profile differs. So when you follow someone with different risk profile, when the risk materializes then response will be different. When people use SHORT TERM funds for LONG TERM INVESTMENT because someone told them of a 50% return in 2 weeks what do you think will happen?

Then you have people averaging down and the more they buy the lower the market goes! How patient can they be after they've spent rent and school fees money to buy shares expecting to make 50% in 6 months only to be at 25% loss!

Then you have those that don't fully understand the strategic reason behind some moves. You have people buying illiquid stock to get on the board. No plan to sell. Now you joined because it was gaining 10% everyday with the hope of selling! You suddenly discover that what you have is paper profit because no one is BUYING

People need to develop a plan and follow the plan. Yes you can update your plan BUT don't do follow follow because of our risk profile, objective etc are DIFFERENT.

Know yourself and UNTO thyself be TRUE

Gbam!!! I couldn't have said it better.

Folks should be circumspect of every advice and recommendation they get here on NSEMPA and elsewhere. Paid for and free.

Have a great weekend everyone after a week of price volatility, optimism and pessimism.

Now I look forward to the weekend when people like @BBM, @Currentprice, @Oracle, @Fxuser and sometimes @Agba come to give us lecture on charts and interesting investment riddles devoid of stock market price movement distractions.

Coolcash1:
A man can only die once....

Anytime you wake up to reality is your morning....

sellydion:
below is from investment one, please not me:

Dear Valued Investor,


We pose this question to you: What are you waiting for?

Almost all the pointers for an uptick in the Nigerian bourse are green. What has been your reason for staying out of the market? Reasonable returns in the safer Fixed Income Assets? An underlying fear that the market will dip further? Trade war and Brexit uncertainty? Low oil price scare?

Deliberate no further. The best time to buy is now!

A critical look at the aforementioned factors will reveal that the tide is now flowing in a favorable direction for investors who have been skeptical and wary of equity investments.

Following CBN’s restriction on Open Market Operations (OMO), investors have been left with limited asset classes to invest in. Treasury bill rates have continued to drop with the 91-day tenor reaching its 12-month low of 3.5% while that of the 182-day and 364-day tenors closed at 4.9% and 5.2% respectively. With inflation (currently at 11.85%) set to inch higher, dark clouds hover over the bond market as well with yields on the 5yr and 10yr benchmark bond yields currently at 10.29% and 11.15% respectively.

No discerning or rational investor would invest in an asset class that would generate negative real returns!

Another upside for an uptick in the equities market is the fact that over the last two years, the market has sadly lost 32% in value, indicating ideal entry prices for most stocks listed on the Exchange. Notable also is the 7.10x PE ratio of the NSE compared to that of Frontier Markets (10.55x) and Emerging Markets (15.63x). Simply put, the NSE is trading at a discount when compared to its contemporaries. In the same vein, the improved valuations as a result of the recent sell-off should support decent dividend yields as we expect investors to take position for the full year 2019 results to be released in Q1 2020.

Global events which have historically influenced market movements and informed foreign investors decisions appear to have taken a turn for good; whichever way you look at them. Trade talks between the US and China seem to be progressing smoothly, the UK and the EU have a clearer direction for Brexit, no proposed rate hikes by most Central Banks and more recently the tensions in the Middle East, following an attack on Iran by the US, which has had an immediate positive effect on oil price (currently trading at US$68.86/barrel).

Again, what are you waiting for?

Looking Green Already

The market has closed positive in the five trading sessions so far this year; as a result, the equities market is up 6.41% year to date with volume and value traded equally on an upward trajectory. We envisage that this trend may continue especially for a better part of Q1 2020. With PFAs set to commence their inevitable return to the equities market, the uptick may be further sustained given the huge amount of funds yearning to be invested.

Do not be left out. Ride the tide. Take positions now.

What do you expect from your broker. He has to earn fees and commission and that is possible only when you trade.

Oracle are you seeing what i am seeing? You may be right about timing afterall.