After August’s sell-off, the time to buy stocks is approaching; strategists led by Mislav Matejka wrote in a note on Tuesday. They said equities would move higher starting with an uptrend in September. Benchmarks including the S&P 500 Index, the Stoxx Europe 600 Index and the MSCI Asia Pacific Index are poised for their biggest monthly declines since May. “While we have been advocating a consolidation call during August, we continue to expect that the pullback will not extend for longer than the May one did, and still believe that…
Read MoreTruecaller crosses 1m paying subscribers’ mark
Truecaller yesterday announced that it has crossed one million paying subscribers globally, and has added a series of new feature to its paid subscription service, “Truecaller Premium.” In a press release, the firm stated that rolled out globally, the premium subscription service would now incorporate several advanced and more powerful spam blocking features that include automatically updating and blocking top spammers among others. The spam blocking features are currently available to Android users across all global markets of Truecaller. Additionally, Truecaller’s another recently launched subscription service, Truecaller Premium Gold, will also offer…
Read MoreFidelity Bank empowers youth with entrepreneurial skills
Fidelity Bank Plc, in partnership with Gazelle Academy and Bayero University Kano, at the weekend, concluded an entrepreneurship training programme for over 200 students in Kano State. Organised under the Fidelity Youth Empowerment Academy stream 5 (YEA 5), the week-long training programme seeks to equip undergraduates with requisite skills, know-how, and capabilities needed to take start businesses even whilst in school. Participants received training in various skill areas including fashion designing, makeover, henna design, new media marketing, baby bag making, bead making, etc. This empowerment programme, which is part of…
Read MoreCBN survey shows firms expect naira appreciation
Despite concerns over recent decline in oil prices and looming global economic recession, the latest Central Bank of Nigeria’s (CBN) monthly Business Expectations Survey (BES) report shows that majority of respondent firms expect the naira to appreciate in the coming months. According to the August 2019 BES report, which was posted on the apex bank’s website yesterday, majority of businesses in the country also expressed optimism on the macro economy in the current month. Specifically, the report indicates that firms’ outlook on the volume of total order, business activity and financial conditions (working capital) were positive…
Read MorePort haulage charges drop by 40%
Haulage charges,which had gone up from N120,000 to N700,000 within the last two years in Lagos due perennial gridlock and extortion at port access roads are gradually coming down due to slight improvement on the roads. Prior to the latest development, importers had been paying exorbitant charges and high rent on goods to terminal operators and truckers because of delay caused by traffic gridlock and port inefficiency. Costs Last year, the National President, National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Mr. Lucky Amiwero, complained that the cost of transporting a 20 feet container from Tin Can/Apapa ports to Alaba International Market in Lagos jumped from N200,000 to N400,000, while 40 feet container cost between N700,000 and N900,000. Also, he noted that the cost of transporting a 20 feet container from Tin Can/Apapa to Kaduna was N900,000, while it cost N1 million to transport a 40 feet container from N600,000 previously. Illegality Other charges include the cost of evacuating and transporting containers, illegal charges by shipping lines, extortion by security operatives and loss of container deposits due to late return of empty containers. Another factor is that extortion by security operatives has been reduced as the Presidential Task Force in charge of traffic at the Apapa port has reduced the gridlock. The task force was set up as a result of a presidential directive, which ordered the removal of trucks on bridges and roads in Apapa as well as the restoration of law and order on the port roads. The Vice President of National Association of Roads Transport Owners (NARTO) Dry Cargo section, Mr Abdullahi Mohammed, told New Telegraph that truckers had stopped paying between N60, 000 and N70, 000 to security operatives. He said that extortion at the port road had assumed in a new dimension, stressing that some security operatives not assigned to the port roads were using hoodlums to extort money from truck drivers. He said: “We have stopped paying money for parking space. You…
Read MoreDredging: Calabar Port channel to gulp N50bn
After endless failures, a new step to ensure that the controversial 84 kilometres Calabar port channel is dredged is again being considered by the Nigerian Ports Authority (NPA). If approval is given by government, it was gathered that the port channel would gulp another N50 billion. Already, the authority had decided to revisit the entire procurement process of the port channel. Also, the authority is planning to commission a consultant to evaluate the viability of the dredging project. The history of dredging scandals at NPA, which has lingered for over two decades, can be traced back to 1996 when the contract for the dredging of the port channel was awarded by the Federal Government to two firms- Van Oord and Jan de Nul, to scoop out 25 million cubic metres of sand to achieve an overall draft of eight metres to enable vessels of up to 30,000 tons sail on the water. The two firms were given N3billion for the job, while Van Oord was asked to dredge the first 44 kilometres, Jan de Nul got the last 40kilometers. But the job was abandoned. The same contract was also reawarded 10 years after by President Olusegun Obasanjo to the same companies in 2006 at a whopping sum of N20. 44billion($56 million). The entire length of the channel was divided between the two firms in 2002, while Van Oord was paid $26 million to dredge the first 44 kilometres, its competitor, Jan de Nul, got $30million to dredge the last 40kilometers of the channel with the instruction that the two firms should scoop out 25 million cubic metres of sand to achieve an overall draft of eight metres in 64 weeks to enable big vessels sail to the port. Also in 2006, the same contract was awarded by a former Minister of Transport, Dr Abiye Sekibo, at N14 billion but the two firms failed to delivered. Under President Goodluck Jonathan, Niger Global Engineering and Technical Company Limited (NGETCL) also got N20 billion in 2014 but the contract was terminated in August 2017 over alleged fraud in the award processes and shoddy execution of the dredging contract. This time, the authority declared that the dredging of the port would gulp N50 billion to make it navigable for modern deep sea going vessels. According to the authority’s General Manager, Corporate and Strategic Communications, Engr. Adams Jatto, NPA will determine the economics of its scales before spending such amount on the dredging. He said: “We want to revisit the entire procurement process because the problem is that we have to dredge Calabar channel and we are talking of about N50 billion to dredge it. “We have to look at economic of scales. So, if we dredge to the required length, can we get vessels to come in there? So, those are the areas we are looking at to see what can be done but by and large we want to commission a consultant to look at it, give us a business case to see how viable they are if they are to be dredged but what we doing in Calabar now is to appeal to shippers with low bed to move to calabar.”
Read MoreNaira stability: CBN sells N299bn T-bills in one week
With the recent downward movement in oil prices resulting in a decline in the nation’s external reserves and triggering concerns over naira stability, the Central Bank of Nigeria (CBN) auctioned a total of N299billion worth of Treasury Bills between August 7 and 15, to lure foreign inflows, findings by New Telegraph show. According to traders, the recent drop in oil prices, coupled with falling yields, led foreign investors to booking profits on local bonds, thereby putting pressure on the naira at the Investors and Exporters’ (I&E) foreign exchange window. The CBN responded to the development by holding an unscheduled Treasury bill auction on August 7, during which it sold a total of N114.6billion worth of T-bills. The auction was the apex bank’s first T-Bills sale since mid-July and it saw the CBN offering to sell N100billion of bills in maturities of three, six and 12 months, but getting bids of N454.9billion, with…
Read MoreNSE lists Greenwich Alpha ETF
The Nigerian Stock Exchange (NSE) yesterday listed Greenwich Asset Management Limited’s ‘Greenwich Alpha ETF on its daily official list. The Greenwich Alpha ETF units were listed at N100 each following an Initial Public Offer (IPO) on Monday, August 19, 2019. Greenwich Alpha is an open-ended ETF, which tracks the NSE 30 Index. The index constitutes 30 of the most liquid and capitalised stocks trading on the exchange. It is designed for investors to access the constituent companies of the NSE 30 index, thereby getting the performance of the index. Speaking…
Read MoreZenith Bank posts N89bn net earnings in HY’19
Zenith Bank Plc has recorded a profit after tax of N88.882 billion for the half year ended June 30, 2019 as against N81.737 billion reported in 2018, representing a growth of 8.74 per cent. In a filing with the Nigerian Stock Exchange (NSE), the group’s pre-tax profit also rose by 4.02 per cent from N107.358 billion during the previous year to N111.677 billion during the period under review. The lender’s gross earnings stood at N331.586 billion as against N322.201 billion posted in 2018, accounting for a growth of three per…
Read MoreUBA partners LCCI for 2019 Lagos International Trade Fair
Promises 20% discount on registration Pan African financial services institution, United Bank for Africa (UBA) Plc, and the Lagos Chamber of Commerce and Industry (LCCI), have partnered to organise the 2019 edition of the Lagos International Trade Fair. The fair, which holds between November 1 and 10, 2019, is the 33rd edition and is expected to provide an avenue for networking and other business opportunities that will assist to catapult business activities in Africa’s largest and busiest city, Lagos and in Nigeria. UBA, which is the headline partner, will…
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