MarketWatch

[waaan5]

Originally Posted by zainabusman

Definetely no hurry. I sold off my FBN 1st Qtr last year at around N50+. I still have not got back in.

In the last one year, we have been reminded time and time again of the virtues of patience.

So much is riding on GTB and Oceanic, i hope they deliver soon.

Way to go! I am beginning to like FBN at the current valuations, but like wanaj0 said, the best is to use Oceanic and GT to second guess FBN. So we are all waiting for the 'insights' to be provided by Oceanic and GT.

Estimating fundamentals are a bit hazy at the moment (without a mechanism of accessing the impact/treatment of 'toxic loans' by our banks). We are lest with what williamschichi calls 'guess analysis'.

[zainabusman]

Originally Posted by dayoadebayo

Market closed


Deals :
5,146


Volume :
172,689,124


Value :
N 953,343,499.4

Index closed 19,983. Up 0.62%.

Looking at value of transactions, market is really dry.

[savvy]

Originally Posted by zainabusman

Index closed 19,983. Up 0.62%.

Looking at value of transactions, market is really dry.

And if SMN statistics can be used as a measure
The number of visits has dropped fromo 400 which is was in Jan/Feb.. it decreased to 375 roughly in March now its about 355 visits.

Summary we may see more dry times...

[pegheneji]

This may be irrelivant but i want to appeal to the owner of SMN to adjust the time to GMT +1 which is Nigerian time or GMT since it is basicaly on NSE and visitors of the site are basically Nigerian or stakeholders in Nigeria which. i always feel confused with the time and since we are not in South Africa, i see no reason why we should be using +2 unless if the administrator has some constraint against changing it, but i guess he can do it and i will be glad if he does it.

thanks

[zainabusman]

Originally Posted by pegheneji

This may be irrelivant but i want to appeal to the owner of SMN to adjust the time to GMT +1 which is Nigerian time or GMT since it is basicaly on NSE and visitors of the site are basically Nigerian or stakeholders in Nigeria which. i always feel confused with the time and since we are not in South Africa, i see no reason why we should be using +2 unless if the administrator has some constraint against changing it, but i guess he can do it and i will be glad if he does it.

thanks

The time is GMT + 1. At least that is what is shown at the bottom of the page. The time indicated for each post is also Nigerian time.

[panej]

Originally Posted by pegheneji

This may be irrelivant but i want to appeal to the owner of SMN to adjust the time to GMT +1 which is Nigerian time or GMT since it is basicaly on NSE and visitors of the site are basically Nigerian or stakeholders in Nigeria which. i always feel confused with the time and since we are not in South Africa, i see no reason why we should be using +2 unless if the administrator has some constraint against changing it, but i guess he can do it and i will be glad if he does it.

thanks

Click on UserCP menu towards the top of this page, choose "Edit Options" on the left hand side, scroll down towards the bottom and you'll see "Date & Time Options ". Use the drop-down arrow to choose the time for your location; in this case. GMT+1. Make sure you choose "DST corrections always off" from the drop down menu below that point since Nigeria hasn't found it useful to join the world of daylight savings.
bon chance...

[pegheneji]

Originally Posted by panej

Click on UserCP menu towards the top of this page, choose "Edit Options" on the left hand side, scroll down towards the bottom and you'll see "Date & Time Options ". Use the drop-down arrow to choose the time for your location; in this case. GMT+1. Make sure you choose "DST corrections always off" from the drop down menu below that point since Nigeria hasn't found it useful to join the world of daylight savings.
bon chance...

Thanks very much, i did not know that i was the only one seeing GMT+2, i have corrected it with your explanation.

[donchisel]

Originally Posted by panej

Click on UserCP menu towards the top of this page, choose "Edit Options" on the left hand side, scroll down towards the bottom and you'll see "Date & Time Options ". Use the drop-down arrow to choose the time for your location; in this case. GMT+1. Make sure you choose "DST corrections always off" from the drop down menu below that point since Nigeria hasn't found it useful to join the world of daylight savings.
bon chance...

That depends on whether the SMN box is located in Nigeria or not. Nevertheless I will suggest that DST is set to Auto detect since an SMN member may find oneself connecting from other parts of the world where this phenomenon is in use.

[panej]

Originally Posted by donchisel

[/B]

That depends on whether the SMN box is located in Nigeria or not. Nevertheless I will suggest that DST is set to Auto detect since an SMN member may find oneself connecting from other parts of the world where this phenomenon is in use.

"no kidding"

[EIC]

Thanks panej , donchisel and pegheneji.

Yes, our server is set to the GMT+1 time zone (Nigerian time). But registered users can change their settings to show (or not show) day light savings as panej has described.

[hispy99]

The Punch: ‘Investors are still looking for good equities’

‘Investors are still looking for good equities’
By IFEANYI ONUBA
Published: Sunday, 19 Apr 2009

The Managing Director of Courteville Plc, Nigeria‘s foremost automated vehicle registration company, Mr. Adebola Akindele, in this interview with IFEANYI ONUBA, assesses the challenges facing the stock market and other issues

Courteville Plc was recently listed on the Nigerian Stock Exchange. You are obviously aware of the crisis rocking the market. Why did you choose to go to the market at this critical time, especially now that there is a global economic crunch?

We are confident of the value we have; in the value that we are creating for the Nigerian market and the value that we would be creating in the years ahead. It is the confidence derived from the way we do business. Economic meltdown or crisis as they refer to it on the Exchange, there are still investors looking for good equities to work with – not necessarily to trade with or to hold. Whatever way, you would want to know whether there is value behind such equities. Somehow, we have been able to prove to people that with Courteville, you can see the value being created, you can see it everyday. All vehicle owners in Lagos are our clients and you can see that our vision is coming to realisation. We have been able to satisfy the yearnings of government and vehicle users by making sure that we bring government services to your doorsteps at no extra costs. You can see that we come out with products that are the cheapest and most innovative in this part of the world. When we went to the stock market, we did not just render figures; we showed what we have been able to do from January 2005 when we started, until date. We have done well enough to say we want to diversify in three years. Our private placement offer was to be opened for one month, but it was oversubscribed in one week by 50 per cent. Till the end of 2008, there were still requests for the shares. That was the reason why within 10 minutes of the listing, it rose by the maximum five per cent for that day, same for the following day. We will try to satisfy everybody – that is the confidence that we have and that is why we are not concerned whether the market is bullish or bearish.

There was a recent report that investors at the NSE recorded the worst loss ever in the first quarter of 2009. Looking at the report, what effect do you think it will have on investors‘ confidence?

In the report, they attributed the loss to the massive decline in equity values of the banking sector. Now, the stock market is not only about the banking sector, there are other sectors and there are still gainers. I think it is the market playing itself out; a lot of facts that were practically non-existent at the beginning were on the exchange. What I see is the market dislodging itself of unwanted products. In the last week, there had always been a loss all the way, the All Share Index has not plunged, it‘s been itching up bit by bit and there had been a lot of activities going on. The market will eventually stabilise and that is when you will see the real equities being traded on the floor. It is just because at the moment, investors do not have access to funding as they used to have, but the fact is that there is still a lot of money out there searching seriously for good investment both within and outside Nigeria.

Looking at the scenario, do you still see the need for bail out – either for the stock market or the banks?

I do not think so. With what the government is doing by ensuring that the banking industry continues to stay robust, it will eventually filter down to the stockbrokers and other investors. By this, they would be able to come back and start doing business. But once the relevant segments, like the stockbrokers, have enough funds, the market will become buoyant.

The service sector is seen as the main motivator of the economy. Considering the economic meltdown, where do you think this can lead us to?

This sector, which deals in non-tangible products, is usually based on professionalism. It thrives on how to help people achieve their objectives. One thing that we have going for us is that despite being export dependent, we have managed to sustain the level of home-grown service standards that we know. It is not about oil or importing anything; it is about what we are able to do with our own hands. Once we do not have to depend on any of the so-called hard-to-come-by items, in terms of funding, capital and hardware, we would now have to work on what comes out of their head and execute it locally. We would have to move away from oil. Agriculture takes a long time in maturing. So, the other sector, outside oil, is the banking sector that is why it is dominating. But the drive to move into the non-oil sector is not there. That is where the problem is…

A journey of a thousand miles starts with a step. Diverting attention from the oil and gas sector totally will have to take us to the other sectors, such as agriculture, manufacturing and all these require heavy capital, which essentially would need us going back to the era when we had direct foreign investments, which had dried up now. If there is little FDI coming to us; if there is difficulty in convincing even the remaining capital providers because of the devaluation of naira against the dollar, we will now have to exploit what will not require us to invest so much capital, especially in foreign capital. I mean what will not make us to depend on external aids. Then we would be on track. Everything about Courteville Plc, for instance, is locally designed.

The manufacturing sector is almost dying, largely as a result of poor infrastructure and other unfavourable government policies. So, how fast do you think we can get there (the recovery point)?

Companies have stopped operation because of energy problems. Most of the firms felt they could no longer compete effectively with those that were being allowed to import inferior products into the country. If you take the case of Dunlop Nigeria Plc as an instance, it was not just all about power: their operating costs were high but then, the influx of cheaper inferior tyres made it impossible for them to compete favourably in the market. There are policies that need urgent critical reviews. We have to be very careful with our home industries. The textile industries that were booming in the past, had become a moribund sector. Policy reviews have to be in place for us to encourage manufacturers. Beyond that, funding still remains a major issue. In the last eight years, a lot of FDIs came into the country. We were seen as a very strong market by a lot of interested foreign investors. However, at present we do not even have the capital because the Nigerian banks themselves, despite the consolidation, most of their credit lines have been pulled internationally. Their foreign lines, with which they could actually fund a lot of the local demands, are almost non-existent. It was not a deliberate attempt to starve the economy of the needed funds, but because they too are affected by the global crunch. When there is no line for the banks, they cannot offer the manufacturers any line. Even if they could, it makes no sense at the terms they (the loans) would be offered. Once again, it is imperative for the Federal Government to realise the fact that we must have a policy review and understand what the needs of the manufacturers are, among other issues. Their problems are not actually limited to energy alone; the policy regarding massive influx of cheaper inferior goods is another major problem that affects them.

[hispy99]

Proshare | Personal Finance Features and Tools

Foreign Stock Analyst supports NSE on 10% issued Capital on listing day

Peter OBIORA

Proshare NI

April 18, 2009 at 04:12 GMT

A Nigerian based United States (US) Stock Analyst, Chukuwmah Biosah of InvestIQ Limited has supported the Nigerian Stock Exchange (NSE) on the 10 percent (10%) issued Capital made available on the Floors of the Stock Exchange at the time of listing.

In a mail made available to Proshare NI, Biosah affirmed that the recommendation that 5.0 percent (5%) of shares of companies being listed by introduction should be made available on the floor at the time of listing, instead of the present 10% was highly commendable by the NSE.

The reason he affirmed was that this would truly check the issue of scarcity of such shares on the day of listing and avoid arbitrary price manipulation. Madam truly nailed them on this Biosah said.

The Stock Exchange in its reaction to the recommendation by the SEC Committee asserts that a recommendation of a downward adjustment of the volume of shares required for trading on the day of listing by introduction overlooks the basis for insisting on 10%.

"Scarcity of the shares on the day of listing could lead to arbitrary pricing and market manipulation" the NSE said.

The NSE further affirmed that in any case, the Council of the Exchange should be trusted to determine from time-to-time the quantity of shares that should be offered on the day of listing by introduction, based on prevailing Market condition.

Biosah had confirmed to Proshare NI that he is currently working on an article to give more light into this trend as an expert in the Stock business.

[hispy99]

NSE issue marching orders to quoted companies on compliance of IFRS by 2011

Peter OBIORA

Proshare NI

April 18, 2009 at 04:12 GMT

The Nigerian Stock Exchange (NSE) has advised quoted companies on the Floor of the Exchange to comply with the adoption of the International Financial Reporting Standards (IFRS) by 2011.

This was contained in its comments on the issue of disclosure, transparency and accountability as recommended by the National Committee set up by the Securities and Exchange Committee (SEC) to review the Capital Market structures and processes.

In it, SEC asserts that the Commission must encourage the adoption of IFRS by Nigerian Accounting Standards Board (NASB). "A plan should be developed to move all companies listed on the First Tier of the Exchange to convert to IFRS as a benchmark standard for disclosure over the next three (3) years" SEC affirmed.

In its reaction on this recommendation, the Stock Exchange confirmed its support to this and therefore, advised that all quoted companies must comply latest 2011. "We support the adoption of IFRS. Both the World Federation of Exchanges (WFE) and IOSCO have recommended the adoption of IFRS by publicly quoted companies" NSE said.

The Stock Exchange confirmed that at its Annual General Meeting (AGM), October 2008 in Milan Italy, WFE directed all member Exchanges to comply with IFRS from their next financial year. The NSE has advised its quoted companies and their External Auditors to comply by 2011 the Stock Exchange said.



However, the NSE in its comment asserts that NASB; not SEC should make clear detailed formats for these results and forecast if at all this is necessary.

This is coming on the heels of reports that First Bank Nigeria Plc (FBN) adopted the IFRS effective March 31, 2009 for its financial reporting.

In adopting IFRS standards, FBN is joining banks like Guaranty Trust Bank Plc (GTBank), Access Bank Plc, and EcoBank Transnational International (ETI) who currently used IFRS for the presentation of their financial statements.

Proshare | Personal Finance Features and Tools

[zainabusman]

The forum has been very quite this morning.

Trading is almost done. N1.58 billion has been exchanged so far.

[billions]

The market has closed,over 1.6b naira was spent.

Today is cool....the index shd increase by over 1%.

[yemo]

Originally Posted by zainabusman

The forum has been very quite this morning.

Trading is almost done. N1.58 billion has been exchanged so far.

I guess Monday is always a "busy" day in the office. Customers recharge their batteries over the w/e and hit you with "renewed vigour" on Monday.

3 new announcements:
Event :SOVEREIGN TRUST INSURANCE PLC PERIOD ENDED JUNE 30TH 2009 at: 2009 Apr 20 13:18:51
Event :INTERCONTINENTAL WAPIC INSURANCE PLC PERIOD ENDED 30TH JUNE 2009 SECOND QUARTER at: 2009 Apr 20 13:18:47
Event :ABBEY BUILDING SOCIETY PLC FORECAST PROFIT AND LOSS ACCOUNTS INFORMATION FOR 31-07-2009 at: 2009 Apr 20 13:18:49

[muranay@yahoo.com]

Originally Posted by billions

The market has closed,over 1.6b naira was spent.

Today is cool....the index shd increase by over 1%.

Deals: 5,593

Volume: 217,112,070

Value: N1,602,567,768.09

[panej]

Originally Posted by muranay@yahoo.com

Deals: 5,593

Volume: 217,112,070

Value: N1,602,567,768.09

Are we looking at the same index?

[yemo]

Originally Posted by panej

Are we looking at the same index?

You are correct in doubting. Those are Friday's numbers. The NSE website has "barfed" again. You'll se it go down when they realise.

They havent offiicially released the index values for Mon 20th yet.

[panej]

Originally Posted by yemo

You are correct in doubting. Those are Friday's numbers. The NSE website has "barfed" again. You'll se it go down when they realise.

They havent offiicially released the index values for Mon 20th yet.

I'am looking at the actual closings for today and I don't get the impression that "Today is cool....the index shd increase by over 1%" asn indicated by a posting....may be it's me....I've been wrong several times before.