Equities Market Closes on a Positive Note…Inches Up by 0.02%

PFI Capital
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Equities Market Closes on a Positive Note…Inches Up by 0.02%

The equities market closed on a positive note today, with the All-Share Index marginally growing by 0.02% in a slight reversal from yesterday’s decline. Thus, the NSE ASI closed at 38,774.03 and the market capitalisation grew by ₦3.89bn to ₦20.29tn. Year-to-date, the market is down by 3.72%.

Equities Market Closes on a Positive Note...Inches Up by 0.02%

The Consumer Goods sector led the gains today, recording 1.88% growth. However other sectors recorded further losses from yesterday’s closing position. The Banking Sector recorded the highest loss at -3.12%, following a price drop in STERLNBANK (9.47%), followed by the Insurance sector which fell by 1.71%. The Oil & Gas and Industrial sectors shed 0.28% and 0.14% respectively.

Despite the market’s positive performance, the market breadth declined from 0.67x to 0.44x. 12 stocks advanced led by JAIZBANK (10.00%) and 27 stocks declined, led by STERLNBANK (-9.47%), thus indicating a negative investor sentiment.

The volume and value of shares traded increased significantly from the previous trading session; with 356.46 million shares worth ₦4.19 billion traded today in 6,130 deals. The volume and value of shares increased by 58.71% and 95.63% respectively.

With 14 stocks advancing and 21 stocks declining today, there is a stark reversal in investor sentiment. The market breadth of 0.67x illustrates this when contrasted with 2.25x recorded in the previous session. 224.59 million shares worth ₦2.14 billion were traded today in 4,675 deals. When compared to the previous trading session, this indicates a 6.19% and 7.43% decline in volume and value respectively.

Fixed Income Market

The FGN bond space remained quiet for the most part. Marginal compression in yields was seen in a few instruments such as the FGN-APR-2023, which dropped by 1bps to 6.29%, and the FGN-JUL-2030 which dropped by the same magnitude to 11.16%.

Treasury bill yields remained stable for the 91-day, 180-day, and 365-day securities at 2.43%, 4.34%, and 6.63%.

Market Snapshot

  • Equities Market Closes on a Positive Note…Inches Up by 0.02%
  • Mixed Activity Along The Bond Yield Curve
  • US Stocks Fluctuate Ahead of Fed Minutes
  • Oil Prices Under Pressure Following Large Gasoline Build
  • NAFEX Rate Drops Further to ₦408.79/1$

NPF Microfinance Bank Updates Investors on Delay in Filing 2020 Earnings

Esan Bolaji
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NPF Microfinance Bank Updates Investors on Delay in Filing 2020 Earnings

NPF Microfinance Bank Plc wishes to notify The Nigerian Stock Exchange and its esteemed shareholders and investing public that the Bank was unable to file her Audited Financial Statements for Year-ended 31st December 2020 before the filing due date of 31st March 2021.

NPF Microfinance Bank explained that the delay in filing is due to the fact that the Bank is yet to receive the approval of our primary regulator; The Central Bank of Nigeria (CBN).

In a statement made available to Brand Spur Nigeria, the NPF Microfinance Bank state that,

“We have engaged with the CBN to ensure that we receive the required approval to enable us to make the financial results public.

We wish to assure the entire public, our stakeholders, investors and regulators that the audited financial statements will be released on or before 20th April 2021. We apologise for any inconveniences this may have caused.”

NPF Microfinance Bank Updates Investors on Delay in Filing 2020 Earnings

NPF Microfinance Bank Plc (Formerly NPF Community Bank Ltd), was incorporated on 19th May 1993, to provide services such as retail banking, loans and advances, and other allied services to both serving and retired officers and men of Nigeria Police Force, its ancillary institutions, and later on, the general banking public.

Insider Dealing: NPF Microfinance Bank Regional Head Sells 2,000,000 Shares

VP Osinbajo Decorates New Police IG, Usman Alkali Baba

Brand Spur
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VP Osinbajo Decorates New Police IG, Usman Alkali Baba

Vice-President Yemi Osinbajo decorated the new acting Inspector-General of Police (IGP), Usman Alkali Baba.

Brand Spur Nigeria understands that Usman Alkali Baba has replaced  IGP Muhammad Adamu whose tenure expired on February 1, 2021, but got extended by three months by President Buhari. to become Nigeria’s 21st Inspector General Police.

IGP Alkali Baba’s appointment was announced on Tuesday, April 6, 2021, by the Minister of Police Affairs, Maigari Dingyadi to newsmen at the Presidential Villa in Abuja.

Until his appointment, Alkali Baba was a Deputy Inspector-General (DIG) of Police and will be in the acting capacity pending the time the Senate will confirm him.

IGP Alkali Baba Decorated By Osinbajo-Brand Spur Nigeria
IGP Alkali Baba Decorated By Osinbajo-Brand Spur Nigeria

Present at the decoration ceremony taking place at Vice President Conference Hall are: the Secretary to the Government of the Federation (SGF), Boss Mustapha, former IGP, Mohammed Adamu, Minister of Police Affairs, Alhaji Maigari Dingyadi, Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, and his colleague in the office of the Vice President, Mr Laolu Akande.

Also present is the Permanent Secretary, State House, Tijjani Umar and the Permanent Secretary, Ministry of Police Affairs, Mr Temitope Fashedemi.

Osinbajo Task IGP Alkali Baba To Restore Dignity Of The Police Force

Yemi Osinbajo also tasked the IGP Usman Alkali Baba, to restore confidence and the dignity of the Nigeria Police Force (NPF).

“The organization you are leading is one that is itself facing several challenges, your officers work in extremely difficult conditions and some face the threat of superior power by terrorists and hostile non-state actors while in the line of duty.

“There is no question at all that there is a lot to be done.

”Under your leadership, the Police must now rebuild some bridges of trust and regain the confidence of the citizens.

”This is an ongoing challenge and task that the Police Force and all the senior members of the Police must take on as a responsibility.

”They must continue to rebuild their trust with the Nigerian public.”

What You Must Know About IGP Alkali Baba

The Acting IGP was born on 1st March 1963 in Gaidam, Yobe State. He enlisted in the Nigeria Police on 15th March, 1988.

Alkali Baba was until his appointment a Deputy Inspector-General of Police, Force Criminal Investigation Department, Force Headquarters.

VP Osinbajo Decorates New Police IG, Usman Alkali Baba-Brand Spur Nigeria
VP Osinbajo Decorates New Police IG, Usman Alkali Baba-Brand Spur Nigeria

IGP Alkali Baba holds a Teacher’s Grade II Certificate (TC II) from Teachers College, Potiskum, Yobe State in 1980.

The Police IG obtained a BA (ED) Political Science from Bayero University, Kano in 1985. He has a Masters Degree in Public Administration (MPA) obtained from the University of Maiduguri, Borno State in 1997.

In his curriculum vitae, he said that his policing vision is, “To enhance police primacy in Nigeria through the provision of a motivational and credible leadership driven by professional knowledge, ethics, emotional intelligence tools, and strategic planning and operational models that are directed at stabilizing internal security and modernizing police operations, facilities and standards within the framework of citizens, consent, trust, and rule of law.”

8K TV Owning Households To Reach 72 Million Worldwide By 2025

Brand Spur
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8K TV Owning Households To Reach 72 Million Worldwide By 2025

Global 8K TV household adoption will begin to build momentum over the next few years, reaching 72 million households by 2025.

Following a slower, than expected 2020 when just under 350 thousand 8K TVs were sold globally, Strategy Analytics’ forecasting models indicate sales of more than 1 million 8K TVs in 2021 and around 4 million in 2022.

North America will be the leading region for 8K TVs by 2025 with close to 25 million households owning at least one 8K TV set. Differences in screen size preference will be a key determining factor in the uptake of 8K TVs in each region with the larger screen markets such as the USA and China seeing the fastest rates of adoption.

“8K TV sales did not reach the level that TV vendors may have hoped for in 2020, following a challenging year for the global TV displays market,” says Edouard Bouffenie, Senior Analyst, Connected Home Devices.

“Major 8K content showcase events such as the Olympic Games were delayed as a result of the global pandemic, removing a key opportunity for TV manufacturers to boost their 8K TV marketing messages. Meanwhile, prices for 8K TVs are still very high, making many consumers think twice about whether now is the right time to upgrade, or hold off until prices inevitably fall over the next few years.”

“Long-term 8K TV adoption will ultimately be driven by panel supply and the ongoing shift to ever-larger screen sizes,” comments David Watkins, Director, Connected Home Devices.

“As we saw with 4K, TV panel manufacturers are likely to switch entire production lines over to 8K as soon as it makes financial sense to do so. This transition will start with the very large screen sizes over 70-inches before trickling down into the 60 to 69-inch and even into some sub-60-inch sizes.

“By the end of the forecast period, anyone looking to buy an ultra-large screen TV will have an increasingly hard time finding one that is not 8K.”

Taraba Governor Calls On Northern Governors To Support Their Wives On Drug Addiction Victims Rehabilitation Campaign

Brand Spur
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Taraba Governor Calls On Northern Governors To Support Their Wives On Drug Addiction Victims Rehabilitation Campaign

Taraba State Governor, Arc Darius Dickson Ishaku has called on Governors of the 19 Northern States to throw their weight behind the campaign of their wives to check drug addiction and rehabilitate victims.

Governor Ishaku made the call when he received in the audience a delegation of Wives of Northern States Governors Forum led by Dr (Mrs) Aminat Bello, wife of the Niger State Governor, in Jalingo.

Members of the Forum arrived in Jalingo on Tuesday, April 6, 2021, for a strategic meeting on their campaign against drug abuse.

Taraba Governor described drug abuse in the country and particularly in the North as endemic and alarming and said the role being played by the Northern Governor’s Wives Forum was noble and must be encouraged. He called on governors in the region to support the Forum to energize them to do more for their states.

Ishaku commended the Forum for their unique approach towards tackling the endemic problem of drug abuse and for the achievements recorded in the Northern States so far. He said posterity would be kind to them for these achievements.

In her address, the chairperson of the Forum, Dr Aminat Bello, said the Forum’s approach of sensitizing and rehabilitating drug addicts has given hope to thousands of youths in the North.

Taraba Governor Calls On Northern Governors To Support Their Wives On Drug Addiction Victims Rehabilitation Project-Brand Spur Nigeria
Chairperson of the Forum, Dr. Aminat Bello, wife of the Niger State Governor-Brand Spur Nigeria

She said they were in Taraba State to support the efforts of Barr. Anna Darius Ishaku, wife of the state governor, to do more in rehabilitating victims of drug abuse.

In her opening address, Barr. Anna Ishaku said drug abuse was partly responsible for most of the crimes threatening the country today and called for support against it.

She thanked members of the Forum for coming to Taraba State to give support to her efforts at taking addicted youths out of the drug debacle.

She acknowledged and commended the role of her husband, Governor Ishaku, the Deputy Governor of Taraba State, Engr. Haruna Manu and many other officials of the state government for supporting her project.

Barr. Anna Ishaku had raised funds and built a drug victims rehabilitation centre in Jalingo which was commissioned by Governor Ishaku and handed over to the state government during the visit of the Northern Governors Wives.

Cerner Finalizes Acquisition of Kantar Health for $375 Million

Esan Bolaji
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Cerner Finalizes Acquisition of Kantar Health for $375 Million

Cerner Corporation has announced the acquisition of Kantar Health, a division of Kantar Group, for $375 million in cash, subject to adjustment. Kantar Health’s rich life sciences expertise will be combined with Cerner’s robust collection of real-world data (RWD) and technology and is expected to accelerate innovation in life sciences research and improve patient outcomes worldwide.

“The promise of real-world evidence to power drug discovery is right in front of us,” said Donald Trigg, president, Cerner. “Kantar Health is an important next step in building out the capabilities our growing network of provider clients need to fundamentally change the time and cost for clinical trials.”

Cerner Finalizes Acquisition of Kantar Health for $375 Million Brandspurng1

 

The highly experienced teams at Kantar Health bring a deep understanding of the needs of the pharmaceutical and life sciences industry. Their research and consulting solutions, complemented by Cerner’s RWD, position Cerner to help life sciences companies and research organizations with all aspects of the therapeutic lifecycle.

The growing Cerner Learning Health NetworkSM client consortium, which today represents 92 million patients and 776 million clinical encounters, will be able to engage more with life sciences companies for funded research studies.

A stronger collaboration between providers and the pharmaceutical industry is enabled through this acquisition. It will help researchers generate more health insights and use differentiated RWD assets and expertise to address the most complex clinical research questions.

As a result of the transaction closing, the Kantar Health team located around the world is joining Cerner and will be integrated within its Strategic Growth business. This includes Kantar Health’s research and consulting solutions and global clients. Lynnette Cooke, head of Kantar Health, will continue to lead the team and join the Cerner leadership.

“Kantar Health and Cerner’s Strategic Growth business have a great deal in common, starting with a vision to advance patient care around the world. Culturally, we share the same values when it comes to how we develop our people, our offer and our client base. I’m excited to continue leading the team as we integrate with Cerner,” said Cooke.

 “I have great admiration for Cerner’s health technologies and am inspired by their strategic vision for future growth. Our collective capabilities and assets will enable the acceleration of innovation and elevate our expertise in addressing the most complex clinical research questions changing the way healthcare is developed and delivered.”

MultiChoice Talent Factory Graduates Class of 2020

Esan Bolaji
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MultiChoice Talent Factory Graduates Class of 2020

MultiChoice Talent Factory (MTF) West Africa Academy graduated 20 students after 18 months of intense training in film and television production.

The students’ academic course which was extended from 12 months to 18 months due to the pandemic gave them the opportunity of acquiring the MTF Academy qualification as well as an equally illustrious qualification from the prestigious New York Film Academy of Visual and Performing Arts (NYFA), making them more sought-after as they re-enter their respective local film and TV sectors as highly qualified industry professionals.

MultiChoice Talent Factory Graduates Class of 2020

The students completed an intensive 3-week online NYFA course on the production of micro-documentaries, Public Service Announcements (PSAs), music videos and also worked with the United Nations on the global #PledgeToPause campaign.

These exposed the young creatives to global networks, making them a part of the MTF alumni network, while also connecting them with industry professionals from across the continent through the MTF Portal.

Speaking at the virtual event held yesterday, Chief Executive Officer, MultiChoice Nigeria, John Ugbe, stated that despite the difficulty that arose as a result of the COVID-19 pandemic, the students were able to quickly adapt to the transition from physical to virtual learning which is a testament to the world-class nature of the academy’s course.

“The MultiChoice Talent Factory is very close to my heart. It speaks to who we are as Nigerians, natural-born storytellers. Today we are here to celebrate the second cohort who were dealt a heavy blow by the COVID-19 pandemic but the challenge seems to have brought on even greater opportunities,” Ugbe adds.

The continued success of the MTF initiative since its start in 2018 is also rooted in its illustrious partnership with Pan-Atlantic University (PAU) as well as with internationally acclaimed organisations Dolby, Jasco Broadcast Solutions and Nihilent.

Awards, as well as scholarships, were given to students who excelled during the programme.

Abisola Aboaba emerged as the top-performing graduate and won the NYFA 8-week scholarship in the United States of America, Julie Ako won an 8-week scriptwriting internship on an animation series from Nihilent Technologies, Gbenga Gomes won the Jasco Broadcast Solutions AVID media composer licence for the most-promising film video editor while Igho Arusi Avuirovarie emerged the most-promising sound engineer.

In addition to these, the 4-week MNet internship in South Africa goes to Joshua Tsotso.

Eric Kafui Okyerefo, Chioma Paul-Dike and Avuiroevarie Igho Arusi won the CEO Award for Innovation for building Ekho media, a streaming platform for short films and content creators. The Award is a $1000 cash prize for each of them and a one-on-one internship with the CEO for 1 year.

“This is a proud moment for everyone involved in ensuring that the students became graduates. It’s also been fulfilling to see just how in-tune this next generation of African storytellers are with the importance of being multi-skilled and intuitive creatives, “All these would not have been possible without the collaboration and commitment of our fantastic partners.” Ugbe concluded.

Nokia And Lenovo Conclude Patent Cross-Licensing Agreement

Brand Spur
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Nokia And Lenovo Conclude Patent Cross-Licensing Agreement

Nokia announced today that it has concluded a multi-year, multi-technology patent cross-license agreement with Lenovo. Under the agreement, Lenovo will make a net balancing payment to Nokia.

The terms of the agreement remain confidential. The agreement resolves all pending patent litigation and other proceedings between the two parties, in all jurisdictions.

Jenni Lukander, President of Nokia Technologies, said: “We are delighted to have reached an agreement with Lenovo. The agreement reflects Nokia’s decades-long investments in R&D and contributions to cellular and multimedia standards. We appreciate, and very much respect, the constructive spirit Lenovo brought to our negotiations and look forward to working together to bring further innovation to their users around the world.”

John Mulgrew, Chief Intellectual Property Officer of Lenovo, commented; “Our agreement with Nokia reflects the value of both Nokia’s technology leadership and Lenovo’s continued investment in 5G innovation. The global accord struck will enable future collaboration between our companies for the benefit of customers worldwide.”

Nokia’s industry-leading patent portfolio is built on more than €129 billion invested in R&D over the past two decades and is composed of around 20,000 patent families, including over 3,500 patent families declared essential to 5G.

In addition to its leadership in cellular standards, Nokia has also contributed significantly to multimedia and video research and the development of industry standards over the course of more than 30 years.

Nokia contributes these and other inventions to open standards in return for the right to license them on fair, reasonable and non-discriminatory (FRAND) terms. Companies can license and use these technologies without the need to make their own substantial investments in R&D.

DLM Capital Group to Tap into Nigeria’s Fintech Opportunity, Acquires MFB License

Euromonitor
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DLM Capital Group to Tap into Nigeria’s Fintech Opportunity, Acquires MFB License

7th April 2021 – Leading developmental investment bank, DLM Capital Group, has today announced its plans to expand into Nigeria’s million-dollar fintech sector following its acquisition of Links Microfinance Bank. 

The license will give DLM Capital Group the mandate to operate small scale banking services in Nigeria. This will also allow the successive launch of its star digital lending brand, Sofri, in the second quarter of this year. The acquisition, combined with the bank’s many fintech efforts already underway, will position them to deliver even more value for corporates and consumers.

DLM Capital Group to Tap into Nigeria’s Fintech Opportunity, Acquires MFB License Brandspurng

DLM Capital Group’s acquisition of Links MFB represents both an entry into new businesses and complementary enhancements to the institution’s existing subsidiaries.

First, this prospect opens new market opportunities for the bank on the African continent.

Second, the acquisition will enable the institution to exit its ‘legacy bank’ visibility and work more closely with the fintech community to build a ‘challenger bank’ brand that proffers innovative technological solutions for the Nigerian market. 

The Corporate Communications Manager at DLM Capital Group, Chinwendu Ohakpougwu stated:

“We are particularly excited about our acquisition of Links MFB and how it enhances the growth trajectory of our business. This highly strategic acquisition represents another significant milestone for us on our journey as a resilient and well-capitalized financial institution with advanced scale and capacity to deliver sustainable and best-in-class financial services within the Nigerian market.

We are confident that this decade will be bullish for Nigeria’s tech space and are ready to work with the fintech community in strengthening the solutions necessary to meet consumer needs.”  

DLM Capital Group prides itself as a foremost developmental investment bank in Africa and functions as sole arranger to more than 80% of structured finance transactions in Nigeria with 100% of all securitization transactions in the market currently.  

DLM Capital Group is a Developmental Investment Bank that provides innovative solutions to economic and social developmental challenges that impact the everyday lives of people. Since its inception, the bank has concentrated on creating markets, products, and long-term financing solutions to key sectors of the Nigerian economy that would benefit end customers to improve their well-being.

The investment bank comprises of subsidiaries in bespoke corporate finance advisory, trustee, asset management, and securities trading arms, to sovereign/sub-sovereign entities as well as private & non-private corporations. The bank thrives on funding sectors of the Nigerian economy using innovative financing techniques, in particular, securitization and other structured finance techniques.

Dangote Cement Strong Performance Sustained By Robust Demand And Cost Control Measures

WSTC Research
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Dangote Cement Strong Performance Sustained By Robust Demand And Cost Control Measures

Dangote Cement Plc recorded double-digit growth across its earnings as published in its HOLD FY 2020 report. Group revenue increased by 16% YoY induced by volume growth and higher realized prices in the period.

On the back of the sales growth, Dangote Cement’s gross profit rose by 17% YoY. Operating profit surged by 29% YoY, supported by a slight reduction in operating expenses and an increase in other income. Profit before tax (PBT) grew by 49% YoY, and profit after tax (PAT) increased by 38% YoY. EPS for the period stood at N16.14k (FY 2019: N11.76k). The management proposed a dividend of N16.00k for FY 2020 (FY 2019: N16.00k).

Increased Real Estate Demand Amid Promotional Activities Drove Sales Increase

The group’s revenue increased by 16% YoY from N891.67bn to N1.03tn in FY 2020, driven by volume and higher realized prices in the Nigerian and Pan African markets. The group’s volume sales rose by 9% from 23.68MT to 25.72MT in FY 2020, driven primarily by volume growth in the Nigerian market.

Dangote Cement’s sales volume in Nigeria increased by 13% YoY from 14.12MT in FY 2019 to 15.94MT in FY 2020 due to the group’s promotional activities during the year, export sales, increased real estate demand due to the low interest-rate environment and lower rain in 2020.

Sales volume in the Pan African market grew by 4% YoY from N9.56MT to 9.98MT in FY 2020. The group’s realised price per tonne in the Nigerian market increased by 5% to N45,177 in FY 2020 and increased by 8% in the Pan African market to N31,926 in FY 2020, due to lower discounts and rebates contributing to the overall revenue growth in FY 2020.

Increased Cost Of Sales Due To Higher Production Amid Rising Inflation And FX Devaluations

Production cost rose by 15% YoY from N379.99bn to N437.97bn in FY 2020. The cost increase was on the back of higher production levels in Nigeria and the Pan African market to meet the increased volume demand. The manufacturing costs in Nigeria grew by 25% YoY from N181.00bn to N225.70bn in FY 2020.

Besides the impact from volume growth, the elevated general price level (inflation) in Nigeria in 2020 and FX devaluation impact on foreign denominated expenses also contributed to the cost increase.

Elsewhere, Pan Africa manufacturing cost increased by 7% YoY from N199.00bn to N212.20bn in FY 2020. The cost increase was primarily due to the significant volume increase in Ethiopia, Congo and Cameroon. Nonetheless, owing to the increased production output, the group maintained a relatively flat cash cost in FY 2020.

As a result, gross profit increased by 17% from N511.68bn to N596.23bn in FY 2020, and gross profit margin strengthened slightly by 30bps to 58% in FY 2020.

A Flat Operating Expense Due To The Group’s Cost Curtailment Measures

Dangote Cement’s operating cost decreased slightly from N214.77bn in FY 2019 to N214.06bn in FY 2020, driven by the decline in selling and distribution cost despite the volume growth in the period. Selling and distribution expenses declined by 4% YoY from N160.65bn in FY 2019 to N153.72bn in FY 2020.

The decline was driven by a lower depreciation (down 23% YoY) as some of the group’s trucks approached the end of their useful lives. Due to the improvement in efficiency and turnaround time and the reduction in the use of third-party trucks, the group’s haulage cost also decreased by 8% YoY. On the back of the group’s cost control measures, operating profit increased by 29% YoY from N299.89bn to N386.73bn in FY 2020.

Recommendation

2020 was a challenging year for most companies due to the impact of the COVID-19 pandemic on businesses and economies. In the wake of the pandemic, we anticipated a rough year for the group due to the industry’s sensitivity to business cycles.

However, it turned out differently as a record year for the group on many fronts. In FY 2020, the group surpassed N1 trillion in revenue and increased production capacity by 3MT in Nigeria. The group commissioned two export terminals (Apapa and Onne terminal) in Nigeria and a gas power plant in Tanzania.

Besides, we note the impressive volume and price growth despite the pandemic’s impact on government and household income. We also noted the group’s cost control measures, with healthy margins. As economies recover in FY 2021, we believe that the group is well-positioned to capture more value.

Thus, we have a forward EPS of N17.50k per share and a fair value estimate of N201.03k on the stock. At the current market price of N215.00k, the stock trades at a justified PE of 11.5x and offers a one-year total return of 2%.

Thus, revise our recommendation to a HOLD.

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