Award-Winning Synology® DiskStations Are Now Available On Jumia

Brand Spur
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Award-Winning Synology® DiskStations Are Now Available On Jumia

Synology® today announces that DiskStation, its award-winning NAS server dedicated to data sharing and backup, is now available at the largest online store in Nigeria – Jumia.

This announcement comes with a grand opening special offer: 10% on all items in the store.

Synology DiskStation is an intelligent storage device connected to the home or office network. It helps users to store, secure, sync, share and manage their ever-growing amount of data. Synology products have become an essential device for power users and businesses worldwide, with various applications offered to enhance work productivity.

Award-Winning Synology® DiskStations Are Now Available On Jumia-Brand Spur Nigeria
Award-Winning Synology® DiskStations Are Now Available On Jumia-Brand Spur Nigeria

Awarded by PC Mag of USA, Synology is the best storage solution for Home and Business 10 years in a row: SOHO/SMB NAS Device category & PC Mag Readers’ Choice.

“We’re very excited to make this step forward into the Nigeria market,” said Mike Chen, Sales Director of Synology Inc. “Nigerien customers are now able to get their hands on Synology NAS and enjoy a myriad of functions provided, including robust features on smartphone/PC backups, data protection, file serving and multimedia”

Availability

Transcend Info Ltd. is Synology Authorized Reseller, appointed to sell Synology on Jumia Synology DiskStations are now available at Jumia Nigeria: https://sy.to/jumiaopening
For entry-level users: DS120j, DS220j, DS420j,
For Power-users/ SMBs: DS220+, DS420+, DS920+
Routers and Mesh: RT2600ac, MR2200ac

Nigerians Paid More for Cooking Gas, Diesel, Kerosene & Petrol in May – NBS

Esan Bolaji
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Nigerians Paid More for Cooking Gas, Diesel, Kerosene & Petrol in May – NBS

The National Bureau of Statistics (NBS) said that the average price paid by consumers in Nigeria across major fuel types (Cooking Gas, Diesel, Kerosene and Petrol) increased month-on-month and year-on-year May 2021.

However, the average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -0.66% month-on-month and increased by 3.68% year-on-year to N4,288.95 in May 2021 from N4,317.55 in April 2021.

The bureau announced this in its “National Price Watch for Cooking Gas, Diesel, Kerosene and Petrol’’ released on Wednesday in Abuja.

cooking gas Inflation

LIQUEFIED PETROLEUM GAS (COOKING GAS) – 5KG CYLINDER

According to the report made available to Brand Spur Nigeria, the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 0.12% month-on-month and by 5.43% year-on-year to N2,071.69 in May 2021 from N2,069.21 in April 2021.

Also, states with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were:

  • Bauchi – N2,486.39
  • Borno – N2,393.87
  • Adamawa – N2,392.62

While states with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were:

  • Jigawa – N1,726.86
  • Abuja – N1,808.20
  • Lagos – N1,841.93

LIQUEFIED PETROLEUM GAS (COOKING GAS) – 12.5KG CYLINDER

Similarly, the average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -0.66% month-on-month and increased by 3.68% year-on-year to N4,288.95 in May 2021 from N4,317.55 in April 2021.

The report stated the states with the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were:

  • Abuja – N4,825.00
  • Enugu – N4,754.55
  • Plateau – N4,650.00

States with the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were:

  • Kaduna – N3,736.07
  • Zamfara – N3,749.04
  • Katsina – N3,856.31

PREMIUM MOTOR SPIRIT (PETROL)

The average price paid by consumers for premium motor spirit (petrol) increased by 29.61% year-on-year and month-on-month by 1.01% to N168.06 in May 2021 from N166.38 in April 2021.

According to the report, states with the highest average price of premium motor spirit (petrol) were:

  • Lagos – N186.26
  • Benue – N180.83
  • Ebonyi – N177.40

States with the lowest average price of premium motor spirit (petrol) were:

  • Gombe – N161.33
  • Borno – N162.27
  • Zamfara – N162.31)

AUTOMOTIVE GAS OIL (DIESEL)

The average price paid by consumers for Automotive Gas Oil (diesel) increased by 0.69% month-on-month and by 8.99% year-on-year to N238.82 in May 2021 from N237.19 in April 2021.

States with the highest average price of diesel were:

  • Sokoto – N259.29)
  • Bauchi – N258.00
  • Benue – N256.17

States with the lowest average price of diesel were:

  • Nasarawa – N213.89
  • Delta – N215.52
  • Rivers – N223.24

NATIONAL HOUSEHOLD KEROSENE

Similarly, the average price per litre paid by consumers for National Household Kerosene increased by 0.23% month-on-month and by 9.03% year-on-year to N363.50 in May 2021 from N362.68 in April 2021.

States with the highest average price per litre of kerosene were:

  • Ebonyi – N477.08
  • Enugu – N464.44
  • Taraba – N437.04

States with the lowest average price per litre of kerosene were:

  • Bayelsa – N251.11
  • Yobe  – N298.15
  • Abuja – N305.33

Similarly, the average price per gallon paid by consumers for National Household Kerosene increased by 3.34% month-on-month and by 4.94% year-on-year to N1,266.99 in May 2021 from N1,226.08 in April 2021.

States with the highest average price per gallon of kerosene were:

  • Plateau – N1,490.00)
  • Kebbi – N1,475.00
  • Niger – N1,447.50

States with the lowest average price per gallon of kerosene were:

  • Bayelsa – N1,027.50
  • Delta – N1,050.00
  • Adamawa – N1,078.33

Foreign Demand Fuels U.S. Corn and Sorghum Exports

Esan Bolaji
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Foreign Demand Fuels U.S. Corn and Sorghum Exports

Strong foreign demand and reduced competition have sharply boosted exports to record levels for U.S. corn in 2020/21 (Oct-Sep). For 2021/22, exports are currently forecast to decline with a rebound in supplies from other exporters.

Still, this would be the third-largest on record, if realized. Robust demand in China fueled U.S. sorghum exports to reach the third-highest level in history in 2020/21. The trend is expected to continue into 2021/22.

New crop sales are a record for corn and the second largest for sorghum. Although strong early-season sales do not necessarily lead to greater total exports for the year, large early-season sales bode well for exports in the coming year.

Corn

Sharply lower second-crop corn supplies in Brazil and continued strong foreign demand have brightened U.S. export prospects for 2020/21 (Oct-Sep). Exports are currently forecast at 73.0 million tons (estimated value of $17.9 billion), which if realized, would be the largest in history. The previous record was 63.7 million tons, valued at $11.6 billion in 2017/18.

Sorghum

U.S. exports for the first 7 months (Oct 2020 -Apr 2021) have been robust due partly to reduced competition from Ukraine, a key supplier to Asia, North Africa, and the Middle East. Weekly inspections and sales data suggest that exports are likely to remain strong for the rest of the year.

A smaller harvest in Argentina, combined with unfavourable weather in several second-crop corn-producing states in Brazil, is expected to support U.S. exports during the second half (Apr-Sep) of 2020/21.

Sorghum

In addition, 2020/21 exports have benefitted from competitive prices relative to China’s domestic prices as well as strong feed demand in its swine sector. Increased commercialization of the swineherd has ostensibly improved demand for manufactured feeds. China’s domestic corn prices remain at record levels.

Reported substantial releases of wheat and rice stocks from State reserves have had no apparent impact on domestic corn prices, presumably because of the poor quality for use in feed rations.

Sorghum

For 2021/22 (Oct-Sep), U.S. exports to the world are projected to decline from the current record to 62.0 million tons, due to higher competition from other exporters. Ukraine and Russia are projected to have a record and a near-record crop, respectively.

These suppliers are expected to boost their exports in the first half of 2021/22, dampening the U.S. share of global trade. In addition, relatively high prices in local currencies are expected to support expansion in the corn area in Argentina and Brazil during late 2021 and into early 2022.

U.S. exports to China for 2021/22, however, are expected to remain strong. In May, exporters have reported a flurry of new crop sales to China. It is unclear why China is making such large purchases before the crop is fully planted.

It could be related to the sharp decline in new-crop corn futures, in response to the World Agricultural Supply and Demand Estimates report published on May 12. In it, U.S. and world ending stocks were projected higher than anticipated by the market. USDA currently projects China’s corn imports at 26.0 million tons for 2021/22.

Sorghum

For 2020/21 (Oct-Sep), U.S. exports are currently forecast at 7.8 million tons (estimated value of $2.4 billion). If realized, this would be the largest level since 2015/16. During the first 7 months (Oct-Apr) of 2020/21, China was the top destination accounting for 95 percent of U.S. exports.

Sorghum

In China, imported sorghum has been commonly used as a substitute for corn in feed rations. Sorghum imports are not subject to the tariff-rate quota and currently face no technical restrictions that impede trade.

Moreover, importing sorghum is less burdensome administratively than importing corn. Most U.S. sorghum has been destined for southern China, where animal production is concentrated and demand for feedstuffs remains strong.

Sorghum

Even though Free on Board (FOB) Gulf prices have strengthened following the run-up in corn prices, U.S. sorghum continues to be price competitive in the Guangzhou area where domestic corn prices have been typically higher than the national average level.

U.S. sorghum production is currently projected at 10.8 million tons, of which 9.0 million tons are slated for exports for 2021/22. If realized, exports would be the largest level since 2014/15. There are already 1.6 million tons of new crop sales on the books, of which more than half is slated to China.

Subscriptions With 5G-capable Devices Grew By 70 million in Q1 2021

Esan Bolaji
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Subscriptions With 5G-capable Devices Grew By 70 million in Q1 2021

Ericsson projects that 5G mobile subscriptions will exceed 580 million by the end of 2021, driven by an estimated one million new 5G mobile subscriptions every day. 5G subscriptions with a 5G-capable device grew by 70 million during the first quarter of 2021 and are forecast to reach 580 million by the end of 2021

The forecast, which features in the twentieth edition of the Ericsson Mobility Report, enhances the expectation that 5G will become the fastest adopted mobile generation. About 3.5 billion 5G subscriptions and 60 percent 5G population coverage are forecast by the end of 2026.

5G
Photo by James Yarema

However, the pace of adoption varies widely by region. Europe is off to a slower start and has continued to fall far behind China, the U.S., Korea, Japan and the Gulf Cooperation Council (GCC) markets in the pace of 5G deployments.

5G is expected to surpass a billion subscriptions two years ahead of the 4G LTE timeline for the same milestone. Key factors behind that include China’s earlier commitment to 5G and the earlier availability and increasing affordability of commercial 5G devices. More than 300 5G smartphone models have already been announced or launched commercially.

This commercial 5G momentum is expected to continue in coming years, spurred by the enhanced role of connectivity as a key component of post-COVID-19 economic recovery.

North-East Asia is expected to account for the largest share of 5G subscriptions by 2026, with an estimated 1.4 billion 5G subscriptions. While North American and GCC markets are expected to account for the highest 5G subscription penetration, with 5G mobile subscriptions comprising 84 percent and 73 percent of all regional mobile subscriptions respectively.

Fredrik Jejdling, Executive Vice President and Head of Networks, Ericsson, says: “This landmark twentieth edition of the Ericsson Mobility Report shows that we are in the next phase of 5G, with accelerating roll-outs and coverage expansion in pioneer markets such as China, the USA and South Korea.

Global 5G Smartphone Sales Will Hit 250 Million in 2020 Brandspurng1

Now is the time for advanced use cases to start materializing and deliver on the promise of 5G. Businesses and societies are also preparing for a post-pandemic world, with 5G-powered digitalization playing a critical role.”

Smartphones and video driving mobile data traffic

Data traffic continues to grow year on year. One exabyte (EB) comprises 1,000,000,000 (1 billion) gigabytes (GB). Global mobile data traffic – excluding traffic generated by fixed wireless access (FWA) – exceeded 49 EB per month at the end of 2020 and is projected to grow by a factor of close to 5 to reach 237 EB per month in 2026.

Smartphones, which currently carry 95 percent of this traffic, are also consuming more data than ever. Globally, the average usage-per-smartphone now exceeds 10 GB/month and is forecast to reach 35 GB/month by the end of 2026.

5G Communications Service Providers at the forefront of Fixed Wireless Access adoption

The COVID-19 pandemic is accelerating digitalization and increasing the importance of – and the need for – reliable, high-speed mobile broadband connectivity.

Nokia confirms 5G as 90 percent more energy efficient

According to the latest report, almost nine out of ten communications service providers (CSPs) that have launched 5G also have a fixed wireless access (FWA) offering (4G and/or 5G), even in markets with high fibre penetration. This is needed to accommodate increasing FWA traffic, which the report forecasts to grow by a factor of seven to reach 64 EB in 2026.

Massive IoT on the rise

Massive IoT technology (NB-IoT and Cat-M) connections are forecast to increase by almost 80 percent during 2021, reaching almost 330 million connections. In 2026, these technologies are forecast to comprise 46 percent of all cellular IoT connections.

A closer look: The Gulf Cooperation Council

The report features breakout statistics from GCC markets where government-sponsored digital initiatives are accelerating both technological innovations and the expected 5G uptake. In 2019, GCC markets were among the first in the world to launch commercial 5G services. By 2026, they are forecast to manage a combined 62 million 5G subscriptions, accounting for the second-highest 5G market penetration globally.

Judges Wowed as Contestants Thrilled with Astonishing Rendition, in Bigi Soft Drink Backed Nigerian Idol

Esan Bolaji
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Judges Wowed as Contestants Thrilled with Astonishing Rendition, in Bigi Soft Drink Backed Nigerian Idol

As the contest on Nigerian Idol heats up, the astonishing rendition of the five contestants in the last edition was highly commended by the judges, who also encouraged them to put in their best as the show continues.

Kingdom Kroseide’s performance was trailed with praises from the judges. Other contestants: Faith Onyeje, Comfort Alalade, Akunna Okey, and Francis Atela also performed marvellously well. Unfortunately, it was also a time that saw Emmanuel Elijah’s evicted.

Bigi Soft Drink

The judges gave Kingdom a standing ovation as he performs jazz genre song “Feeling Good” by Nina Simone and Pop lyrics “Just the Way You Are” by Bruno Mars, he took control of the stage, with much excitement from the judges and the audience, and commendation from Seyi Shay who said “Your vocal performance was amazing, you are the strongest vocalist in this competition,” while Mr. P, stated thrice “This is your kingdom”, you will shine and go places.”

It was quite exciting with the contenders displaying exceptional skills in their stage performances to make it to the next episode on June 20.

Faith sang “Someone you Loved,” and “Would rather go Blind”, with comments from Seyi Shay eulogising him saying “You look incredible, I love your vocals,” and Obi Asika with the words, “You deserve to be part of the top five, you sang the song beautifully.”

Mr. P was not left out as he advised that Faith should not stop playing the guitar as it adds colour to his rendition. Comfort, who also sang beautifully, thrilled the judges and the audience with the song “Think out Loud” and “Save the Last Dance for Me”; likewise Akunna performed “Put a Spell on You” by Nina Simone and “Wrecking Ball” by Miley Cyrus.

Francis also excited with “Too Good at Goodbyes” and “Hello” by Lionel Richie. DJ Sose was impressed by his performance and said to him “You brought Las Vegas to Lasgidi.”

The elated Seyi also put in good words that his voice never disappoints her. “Well done,” she added.

The competition continues till July 11, when the winner will go home with a recording contract with a leading record label and N50, 000,000 (Fifty Million Naira) worth of prizes.

Aired on DStv Channel 198 and GOtv Channel 29, Nigerian Idol is proudly sponsored by Rite Foods’ Bigi soft drink with variants such as the Bigi Cola, Bigi Orange, Bigi Apple, Bigi Bitter Lemon, Bigi Soda Water, Bigi Lemon & Lime, Bigi Tropical, Bigi Chapman, Bigi Tamarind, Bigi Cherry Cola, Bigi Ginger Lemon, and the Bigi Ginger Ale.

Other Rite Foods’ products comprise the Rite Spicy, Bigi Beef, and Rite Sausages which have been the mark of excellence for the industry, while its Bigi Premium Table Water, produced with global best practices in purification, offers quality, freshness, confidence, and reliability.

Established in 2007 as a subsidiary of Ess-Ay Holdings, Rite Foods’ inventiveness has earned high recognition in the energy drinks market with the first-ever packaged polyethylene terephthalate (PET) bottle brands for the Fearless Red Berry and Fearless Classic.

Vodafone strengthens European partnership with Ericsson through new 5G Core contracts

Esan Bolaji
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Vodafone strengthens European partnership with Ericsson through new 5G Core contracts

Vodafone has selected Ericsson cloud-native dual-mode 5G Core technology to power its core networks in Germany and the UK. The deployment is a significant step towards delivering the full potential of 5G services and future innovation to Vodafone’s a consumer and enterprise customers in both countries. 

In both markets, Ericsson will support Vodafone’s entire cloud-native 5G Core Standalone for packet core applications – a critical milestone to deliver 5G Standalone connectivity services.

5G Standalone will power high-end, next-generation use cases and support applications requiring the fastest connectivity, highest data rates and lowest latency demands, as well as network slicing capabilities.

ericsson

Technology and applications such as virtual reality, augmented reality, negligible latency and huge data-handling ability will be facilitated best by 5G Standalone – all enabled by the secure network slicing, edge computing and service exposure capabilities of 5G Standalone core. The solutions are a major catalyst towards making the digital economy and Industry 4.0 a reality.

In the UK, the deployment will span five years and make Ericsson a key end-to-end 5G network partner for Vodafone. Deployment has already begun in Germany, including the launch of Europe’s largest commercial 5G Standalone network in April. 

Andrea Dona, Chief Network Officer, Vodafone UK, says: “Our close collaboration with Ericsson has been significant in taking the next step for 5G innovation. In choosing to continue working with Ericsson’s leading solutions, we’re able to address new and developing enterprise, industry and society transformation business in the UK and Germany. Together, we’re creating a new digital area for our customers.”

Arun Bansal, President of Europe and Latin America, Ericsson, says: “As key partners in Vodafone’s digital journey, we have deployed 5G across Europe after years of joint innovation. Now, expanding on our existing Radio Access Network, our core network portfolio has been entrusted to bring 5G to the next level in Germany and the UK. With the economic, enterprise and societal gains 5G offers, I am truly excited to see both Germany and the UK flourish.”

Ericsson and Samsung sign global patent license agreement

Esan Bolaji
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Ericsson and Samsung sign global patent license agreement

Ericsson and Samsung have reached a multi-year agreement on global patent licenses between the two companies, including patents relating to all cellular technologies. The cross-license agreement covers sales of network infrastructure and handsets from January 1, 2021. 

Furthermore, Ericsson and Samsung have agreed on technology cooperation projects to advance the mobile industry in open standardization and create valuable solutions for consumers and enterprises.

This settlement ends complaints filed by both companies before the United States International Trade Commission (USITC) as well as the ongoing lawsuits in several countries and confirms the value of the strong patent portfolios of both companies. The details of the agreement are confidential and will not be disclosed.

Ericsson

Ericsson’s IPR licensing revenues continue to be affected by several factors, mainly expired patent license agreements pending renewal, geopolitical impact on the handset market, technology shift from 4G to 5G, and possible currency effects going forward. In the second quarter of 2021, IPR licensing revenues, including the new agreement covering sales from January 1, 2021, are expected to be SEK 2.0 b to 2.5 b.

Christina Petersson, Chief Intellectual Property Officer at Ericsson says: “We are delighted to sign a mutually beneficial agreement with Samsung. This important deal confirms the value of our patent portfolio and further illustrates Ericsson’s commitment to FRAND principles.”

Over several decades, Ericsson has made significant investments in R&D and in developing global mobile standards and is committed to licensing its standard-essential patents on fair, reasonable and non-discriminatory (FRAND) terms for the benefit of consumers and enterprises everywhere.

The FRAND system allows access to technology and intellectual property, developed by inventors like Ericsson, and also rewards those inventors for their major up-front investment in R&D in each mobile generation.

The value of Ericsson’s IP portfolio extends to more than 57,000 granted patents and is strengthened by an annual investment in R&D of approx. SEK 40 b. With a leading global position in 5G, the company is confident of growing its IPR revenues long term, thereby further maximizing the value of the overall patent portfolio.

Unexpected Crash in FGN Bond Yields Triggered by Short Covering from Market Participants

Esan Bolaji
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Unexpected Crash in FGN Bond Yields Triggered by Short Covering from Market Participants

The FGN bond market witnessed a major short squeeze on selected bond papers due to persistent short-covering by traders, which triggered a rally across the entire bond yield curve. The 2045s saw the largest movement in yield terms as bids dropped to the sub 13% level at the early hours of trading with desperate buyers scrambling to lift any available offer in the market.

The 2027s and 2035s papers also gained traction starting at 13.25% and 12.60% but then, shedding additional 20bps within the day. Consequently, yields compressed by c.23bps across the benchmark curve.

We expect investors to take a cautious view of the FGN bond market as most bonds especially at the long end of the curve approach the psychological 13.00% mark.

Treasury Bills

The T-bills market opened the day with a demand rush for the new 364 days NTB as local investors defaulted to the secondary market to cover their lost bids. Most of the trades on the 364days paper were crossed at 8.90% and eventually closed the day at 8.60% levels on the offer.

FGN BOND NTB primary auction Here is a list of all Microfinance Banks’ USSD Codes in Nigeria. MTN Nigeria & 14 others led local bourse to sustain previous positive sentiment, gains 0.38%

We also saw few offers on mid-long term OMO bills which remained shunned by buyers who were interested in dealing in the special T-bills due to the more attractive yield at 8.55%.

Tomorrow, we expect buyers to continue to show interest in the new NTB 1yr issue and special T-bills which should most likely be met with improved offers as we close the week.

Money Markets

Money market rates trended upward by another 238bps today, as system liquidity remained negative for a second consecutive session opening the day at -N66.38B, 27% lower compared to yesterday’s open.

Naira dealers continue to scramble for funds in the interbank market by increasing deposit rates to attract local investors, alternatively staying camped at the SLF space. Consequently, Open Buy Back (OBB) and Overnight (O/N) rates closed at 18.25% and 18.75% respectively at the end of the trading session.

We expect funding rates to stay elevated tomorrow as the market does not expect any significant inflows to alleviate the current illiquidity in the interbank space.

FX Market

At the IEFX space, we saw a dip in the supply of the greenback, as traded volumes decreased by 30% DoD. However, the Naira remained relatively stable, closing the session 0.12% stronger at N411.50/$ despite the low volumes,

At the Cash market, panic selling was the order of the day on the back of the rumours of an expected increase in FX sales to the BDC segment of the market by the CBN.  Rates initially opened at N476/$/N480/$, albeit these levels were short-lived as local demand drove rates back upward with the market eventually settling at 496/$ level.   The transfer market on the other hand traded flat as rates closed flat D/D at N514/$.

Eurobonds: 

The NIGERIA Sovereigns had a calm trading session, as market attention shifted to other sub-Saharan markets. The Kenya market had the most traction of all the sub-Saharan markets as investors queued up their bids for the new 2034s issue.  As expected, it was a bullish auction with rates compressing by 0.58bps between the Book open and the Book close. Highlighted below are the terms of the bond as at Book close:

REPUBLIC OF KENYA: FINAL TERMS

  • Books > $5.25BN
  • Final Terms: $1bn at 6.30%

At Nigeria Corporates space, the new ETINL 31 remained the toast of the market as sustained demand compressed yields further c.8bps D/D, closing around c.8.45% on the offer.

Ford Says Q2 2021 Adjusted EBIT Will Exceed Its Expectations

Brand Spur
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Ford Says Q2 2021 Adjusted EBIT Will Exceed Its Expectations

June 17, 2021 – Ford said adjusted earnings before interest and taxes for the second quarter of 2021, which ends in two weeks, will surpass its expectations and be significantly better than a year ago.

The company provided insight ahead of President and CEO Jim Farley’s participation this afternoon in Deutsche Bank’s Global Auto Industry Conference.

Farley will tell conference attendees that Ford is seeing improvement in its automotive business since providing full-year operating guidance on April 28, despite continuing uncertainty about supplies of semiconductors.

Ford Continues Share Gains; Explorer Sales Accelerate 74% Brandspurng
Photo by Caleb White on Unsplash

The improvement in automotive is being driven by lower-than-anticipated costs and favourable market factors. Additionally, higher vehicle auction values are benefitting Ford Credit.

Net income for the second quarter of 2021 is expected to be substantially lower than a year ago when results included a $3.5 billion gain on Ford’s investment in Argo AI. Ford plans to announce second-quarter results and provide its outlook for the second half of the year on July 28.

At the Deutsche Bank event, Farley will provide an update on progress against the Ford+ plan for growth and value creation. Ford+ is based on developing “always-on” customer relationships through strategic investments and leadership in electric vehicles, commercial vehicles and services, connected services, autonomous vehicles and mobility.

“We’re providing customers with great value today and there’s much more on the way, because we’re executing Ford+ from strength – with iconic nameplates and leading positions with retail and commercial customers around the world, and the best financing company in our industry in Ford Credit,” said Farley.

The appeal of Ford and its influential products is evident in customer-reservation numbers for new, strategically important vehicles. Farley will report that reservations have swelled to 190,000 for the reimagined full-size Bronco SUV, which is now in production – 125,000 of which have already been converted to orders; 100,000 for the battery-electric F-150 Lightning pickup; 36,000 for the all-new Maverick compact pickup, just a week after it was introduced to the world; and 20,000 for the all-electric E-Transit commercial van.

NGX ETF Market Cap Hits N20.32Billion in Q1, As Trade Volume Rise By 3064%

Esan Bolaji
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NGX ETF Market Cap Hits N20.32Billion in Q1, As Trade Volume Rise By 3064%

The assets under the listing of the Nigerian Exchange Limited (NGX), the leading market for Exchange-traded Funds (ETFs) in the West African region market rose by N20.324 billion in the first quarter (Q1) of 2021.

This was even as trade volumes rose by 3,064 percent from nearly 0.2 million units in Q1 2020 to 5.3 million units recorded in Q1 2021.

According to the NGX Quarterly report for Q1 2021, the Nigerian Exchange Traded Products (ETPs) and ETF market witnessed a sterling performance since the rise of the COVID-19 pandemic in early 2020, resulting in market capitalisation of the twelve listed securities’ currently standing at N20.324 billion.

NGX Eurobond Market November Review and Outlook
Afolabi Sotunde Illustration Naira

Analysis of the report revealed that market turnover (value traded) skyrocketed by a mammoth 4,556 per cent between Q1 2020 and Q1 2021 even as five of the listed securities were the most active during the period under review.

NewGold ETF took the lead in both value and volume traded in the ETF space as it traded 3,47 million units valued at N29.63 billion. Vetiva Griffin 30 was next, trading 814,372 units worth N13.94 million, Lotus Halal transacted 746,400 units worth N9.95 million, Meristem Value ETF sold 163,09 units valued at N2.90 million while Vetiva Banking ETF traded 56,116 units valued at N232,397.

This means that over 5.25 million units were traded and valued at N29.656 billion in the period under review. However, foreign participation dominated the ETF market as 92 percent of foreign investors’ outclassed domestic investors (8 percent).

Further analysis revealed that ten brokers drove 99.8 percent of total transaction value and 96.6 per cent of total volumes of ETFs traded in Q1 2021.

Stanbic IBTC Stockbroker retains its top position in this category, having traded in stocks worth N88.2 billion between January and March 2021, representing 12.99 percent of the total value of shares traded in the period under review. Cardinalstone Securities followed on the list with trading in stocks valued at N47.36 billion, accounting for 6.97 percent of the total value of shares traded in the first quarter of the year.

ABSA Securities Nigeria was next with its total trades valued at N41.53 billion in the period under review representing 6.12 percent of the total value recorded in the stock exchange market while Rencap Securities also traded in stocks worth N35.81 billion, to stand fourth on the list as it accounted for 5.27 per cent of the recorded trades in monetary terms.

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