The month-average executed prices on the Exchange for maize, soybeans, and paddy rice increased Month-on-Month by 26.9%, 14.6%, and 5.3% respectively. The increase was most pronounced for maize due to the transmission effects from commodity scarcity.
The open market prices witnessed gains for maize, soybeans and paddy rice at 18.8%, 8.6%, and 14.62% respectively, in response to the lean season of the crop calendar in the agrarian North which indicates a continued depletion of market stocks from the last planting season which was terminated in December 2019.
The current narrow supply has resulted in policy response by the Central Bank which has stopped the provision of scarce foreign exchange for the import of maize.
Maize and soybeans prices gained marginally in July as soybeans increased by 2.3%, while maize increased by 1.3% M-o-M. Paddy rice average monthly price eased by -10.7% due to seasonal pressures from harvests. The commodity market supply from South America is bolstering market stocks and is predicted to surpass last year’s output.
According to the poultry farmers, the situation is posing a threatening to the poultry sector and have called on the federal government, particularly the Central Bank of Nigeria to lift the ban.
Chairman of the Poultry Farmers Association of Nigeria, Mr Oluleye Gideon, said the cost of poultry inputs in the country were on the high side and called on the government to intervene.
“This sector is under serious threat as a result of the acute shortage of maize in the country. To worsen this case, recently the CBN also banned the importation of maize. This has further worsened the problem of the poultry farmers in the country to the extent that this sector may soon collapse,”he stated.
The Central Bank of Nigeria blocked access to foreign exchange for maize imports as it seeks to boost local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs which were lost as a result of the ongoing COVID-19 pandemic.
In addition, CBN directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
The association has also urged the CBN and other financial operators to wade in and put a framework in place to enable poultry farmers to access loan at five per cent interest rate, to rescue the once flourishing industry.
On its part, the CBN has issued N16billion (US$41.2m) funding to the Maize Farmers Association of Nigeria (MFAN) for the 2020/2021 planting season.
The funds will be distributed to about 40,000 members nationwide in the form of agro-inputs like fertilizers, seeds, and agro-chemicals.
To further boost maize production during the 2020 wet season; the Association had acquired over 250,000 hectares of land, which will double their output this year, especially as the CBN has also supported them with the provision of high yielding maize seeds.
The association’s target is to produce about 25 million metric tonnes of maize this year, to meet the 18million MT annual demand in Nigeria but with the COVID-19 pandemic, and the insecurity in the country the targeted amount might be reduced by 20 or 30 per cent.
e-Commerce giant Konga has rolled out a massive nationwide discount offering on a variety of Samsung Consumer Electronics products, including televisions, washing machines and refrigerators; with shoppers also enjoying the opportunity of grabbing a free 32-inch TV when they purchase a Samsung TV.
The offer is available to shoppers nationwide.
Equally important, the promotion, exclusive to Konga, has seen a surge from interested shoppers, many of whom are eager to grab the mouth-watering offers.
Free Samsung TVs on offer at Konga | www.brandspurng.com
Specifically, the exclusive deal is borne out of the need to offer loyal customers of the foremost composite e-Commerce brand a chance to shop genuine Samsung Electronics products at heavily discounted prices unmatched in the marketplace. In addition, the e-commerce giant has committed to the swift delivery of the items, with many customers enjoying same-day delivery of their orders.
Equally important, the e-commerce giant has elevated the promotion with the ‘Buy 1 Samsung TV & get 1 free’ offer. Specifically, the offer enables shoppers to claim a free 32-inch Samsung TV along with purchases of specific units of Samsung TVs such as the 49-inch Smart LED; as well as the 55-inch, 65-inch and 75-inch QLED Ultra-HD Flat Smart 4k TV sets – an incentive that has seen bargain-hungry shoppers scrambling to get their hands on the products on offer.
Ajibola Olayiwola, Head of Marketing at Konga, says the offer is extremely limited, noting that smart shoppers have begun taking advantage of it.
‘‘The Konga Direct from Samsung offer is another special deal exclusive to Konga and targeted at rewarding our loyal customers. On offer are Samsung Consumer Electronics products which we are giving away at mouth-watering discounts. These include washing machines, refrigerators and TV sets direct from Samsung.
‘‘Already, we have seen an uptick in orders from interested shoppers. Some shoppers have even placed bulk orders. Furthermore, orders are being treated on first-come, first-served basis as this offer is only valid while stock lasts. It is, therefore, expected that more persons will rush to take advantage in the coming days,’’he said.
Meanwhile, Konga has also rolled out a special offer on Samsung mobile phones.
The devices available to shoppers at https://bit.ly/SamsungMo include the Samsung Galaxy Note 10, Samsung Galaxy A71, Samsung Galaxy A01, Samsung Galaxy S9+, among many others.
As is the case with the Samsung Consumer Electronics products, the offer on the Samsung mobile phones is exclusive to Konga and available on a first-come, first-served basis, with highly limited units going away at specially discounted prices.
At the 2020 African Excellence Awards hosted by MEA Markets, digital content distribution company, Publiseer, has been awarded the Digital Media Publisher of the Year 2020 for the West African region. According to the awarding organization, Publiseer “has demonstrated excellence, commitment, [and] dedication.”
The MEA Markets is a quarterly publication dedicated to researching and publicizing the major moves and events as they happen across the entire Middle East & Africa region.
Chidi Nwaogu, Co-founder and CEO at Publiseer at the Westerwelle Young Founders Conference in Berlin, Germany. | www.brandspurng.com
As one of the world’s most powerful, innovative, and influential business regions and home to countless leading firms across numerous fast-moving industries, the Middle East & Africa has a huge hand in shaping what happens throughout the wider global corporate community.
“We are delighted to be a winner at the 2020 African Excellence Awards. Being named the Digital Media Publisher of the Year 2020 for West Africa is an honour we appreciate, and we are working harder every day to exceed expectations and scale our impact across Africa,”says Chidi Nwaogu, Co-founder and CEO at Publiseer.
Founded in 2017, Publiseer is a digital platform that helps underserved and independent African writers, musicians, and filmmakers, from low-income communities, earn above the minimum wage and live above the poverty line from the sales of their creative works.
The platform does this by helping them distribute, protect, promote, and monetize their creative works across over 400 well-established partner stores worldwide, at no charge, with just a single click.
Every day, the platform discovers local African talents and give them a platform to focus on what they love doing the most, which is to create, while Publiseer handles the tedious business of transforming their creativity into wealth for them.
So far, thanks to partnerships with the International Publishers Association (UAE) and the International Publishing Distribution Association (Madrid), Publiseer has helped over 5,000 African creatives earn over $200,000 in revenue.
Consequently, the All-Share Index (ASI) grew by 157.95 absolute points, representing a 0.63% growth to close at 25,199.84 points. Similarly, the Market Capitalization gained ₦82.46 billion, representing a 0.63% increase to close at ₦13.15 trillion.
The uptrend was impacted by gains recorded in medium and large capitalized stocks, amongst which are; NB (+12.50%), SEPLAT (+10.00%), AIRTELAFRI (+9.20%), PRESCO (+7.29%), OANDO (+5.53%), OKOMUOIL (+3.90%), STANBIC (+2.73%), GUARANTY (+2.26%), FLOURMILL (+2.07%), TOTAL (+1.14%), and MTNN (+0.42%).
Source: NSE, GTI Research
Outlook for the week ending August 21st 2020
Following two successive weeks of dominant positive sentiment on the bourse, we expect to see mixed sentiment this week. On the low front, we expect active investors to dump some recently appreciated stocks, amid profit-taking.
On the high side, we believe the impressive performance of many quoted companies in H1’20 (despite Covid-19 effect) may spur long-term investors to strengthen their portfolio with the stocks of these companies.
Overall, we expect the “Bull” to hedge the “Bear”.
GTI WEEKLY STOCK PICKS FOR THE PERIOD 17/08/2020 – 21/08/2020
NOTICE: *** Means Reviewed Target Price Owing to Expected Impact of Covid-19 on 2020 Earnings
Hyundai Motor Company has donated 27,000 personal Protection equipment (PPEs) worth N35 million to Nigeria to assist front-line medical workers and the public in the fight against the Coronavirus pandemic.
Nigeria is one of the 37 countries that will benefit from Hyundai’s assistance, which is part of the company’s pledge to donate medical equipment and personal protection items worth over USD $2.4 million to countries across the Middle East and Africa in an effort to help tackle the COVID-19 pandemic.
Special Adviser to the Governor, Office of Sustainable Development Goals and Investment, Mrs Solape Hammond receiving the Personal Protective Equipment (PPE) donated by Hyundai Motors at Lagos House, Alausa, Ikeja
The contribution towards Nigeria includes 25,000 face masks and 2,000 protective suits to help the country combat the COVID-19.
The donation was made to the Lagos State Government towards its COVID Relief programme at an event presided by the Head, Sustainable Development Goals (SDGs) and Investments, Ms Solape Hammound.
Special Adviser to the Governor, Office of Sustainable Development Goals and Investment, Mrs Solape Hammond receiving the Personal Protective Equipment (PPE) donated by Hyundai Motors at Lagos House, Alausa, Ikeja
She said it was heartening to see positive stories of altruism by corporates and individuals reinstalling hope and the confidence that humanity shall overcome this situation and emerge stronger.
Present at the event, CEO Stallion Group, Mr. Anant Badjatya said the contribution was part of Hyundai’s commitment to supporting those in need in the region. All the protective gears will be distributed to the hospitals supporting COVID Care in Lagos. He added that the situation in Nigeria could have been very different if it was not handled with speed and in time by the governing authorities and sincerely thanked Governor Babajide Sanwo-Olu for his vision and the able team for efficiently handling the situation with aplomb.
Brand Manager Mr. Gaurav Vashisht added that in recent weeks, Hyundai has helped those in need around the world through donations and contributing medical equipment and personal protection items.
The Vice President, Head of Hyundai Motor Company Middle East & Africa HQs, Bang Sun Jeong said: “Caring for humanity has always been at the heart of Hyundai’s vision and has assisted those in need in countries around the world, we are proud to expand our support to countries across the Middle East and Africa region that have been hardest hit by the pandemic.
Special Adviser to the Governor, Office of Sustainable Development Goals and Investment, Mrs Solape Hammond receiving the Personal Protective Equipment (PPE) donated by Hyundai Motors at Lagos House, Alausa, Ikeja
“The contributions of personal protection items are another step forward of making a positive difference and we believe if we work together, we can overcome anything.
“We sincerely hope our efforts contribute towards making a difference in this fight. We are committed to supporting the communities in the region, and we hope this helps in ensuring the safety and wellbeing of people.
“We believe if we stay together, we can overcome anything. We hope this pandemic can soon come to an end and we can help people get back to their daily lives.”
Among Hyundai’s initiatives to tackle COVID-19 globally include delivering emergency supplies to medical facilities in China, offering free transportation for the elderly and healthcare professionals in Brazil and providing a fleet of its vehicles to volunteers and self-isolating customers in the UK.
Nigeria’s only publicly listed waste management company, The Initiates Plc. (TIP), has confirmed that Dvcf Oil & Gas Plc, a substantial shareholder in the company sold 649 units of its Holdings in the company at N0.70 per share.
The Initiates Plc. (TIP) is a professional Waste Management company located in Port Harcourt Nigeria, delivering Waste Management, Industrial Cleaning and Decontamination services to both Private and Public sectors.
A notice to the Nigerian Stock Exchange signed by Company Secretary, Olaide Odejobi, the transaction took place on July 27th, 2020.
Details of the transaction:
How’s Q2 2020 Profit and Revenue?
The company declared N14.10m Loss in its Q2 2020 Unaudited results for the period ended June 30th, 2020.
In terms of profit, the company’s profit before tax declined by -119.9% to N10.73m while Profit after tax also fell by -231.8% to N14.10m. Its net assets declined by -2.8% from N882m to N857.39m.
Also, revenue declined by -7.7% to N246.35m from N266.99m in the previous quarter.
Cutix Plc has confirmed a substantial shareholder dealing on 650,000 shares which worth ₦1,124,500 at an aggregate average price of ₦1.73 per share.
In a note by Company Secretary, Nwokporo Chiwendu, to the Nigerian Stock Exchange (NSE), Mr. Samuel Nsoedo was named as the insider in a transaction which took place between 4th – 10th, 2020.
Mr. Samuel Nsoedo sold his shares as shown below:
Cutix Plc is a Nnewi-based cable manufacturing company which was established in 1982.
The company manufactures and distributes various kinds of cables such as electrical wires, telecommunication wires, to automobile wires. Some typical examples of the company’s wide range of products are insulated copper conductors, PVC insulated, and sheathed flat twin/three-core copper cables. Others are low tension bare aluminium conductors and reinforced aluminium conductor steel wires.
Cutix Plc also manufactures bare stranded copper conductors as well as bare copper conductors which are used for earthing electrical installations and the production of copper cables.
Still waiting to get your National ID card? You might just forget about going to the National Identity Management Commission (NIMC) offices for unnecessary queues.
The National Identity Management Commission (NIMC) has now made it possible for Nigerians to get their National ID cards in an entirely online process.
Here are all the process involved (step by step):
Download the NIMC Mobile ID App
First, you have to download the NIMC Mobile ID app, powered by its mobile services platform (MWS). Android users can visit the google play store to download and install the NIMC Mobile ID app. For iPhone users, they need to visit the app store to get the ios version of the app.
Input Your NIN and Mobile Number
After downloading and installing the NIMC Mobile ID app, the next step is to correctly enter your 11-digit national identity number (NIN) found on your national identity slip. In case you cannot remember or find your NIN, you can dial *324# via Nigerian sim cards only. Do not input your bank verification code (BVN) as your NIN to avoid being blacklisted.
Select +234 as your phone country code if that is not the default selection before entering your remaining 10-digit mobile number. Use the mobile number registered with your NIN. Ensure that you do not make any errors when filling in your information and check again to correct any mistakes. Click ‘next’ on the top far right.
Read the Attestation and Click “I Agree” to Continue
Now read through the attestation carefully and hit the ‘I Agree’ button to proceed to the next step.
Enter Your Preferred PIN twice and click “Finish”
Fill in your chosen PIN twice. Be sure it is one you can easily remember or you may choose to write it down as well. Click ‘Finish’ to go to the final stage.
Congratulations, You’re Almost There
This is the last stage where the NIMC Mobile ID app’s user interface displays all your command options. Click on ‘Show my ID’ and your national identity card is ready for download.
Voila! You now have your Nigerian national identity card.
You must have a NIN number to complete the process. This means if you haven’t applied or enrolled with the NIMC, you are not eligible for a National ID card. Enrollment for the National ID card is free according to the Head of Corporate Communications of NIMC, Kayode Adegoke.
Nigerian Breweries Plc on Friday disclosed that a Non-Executive Chairman, Chief Kolawole Babalola Jamodu bought 10,000 ordinary shares of United Capital Plc.
The Non-Executive Chairman (insider) bought 10,000 shares at an average price of N37.00.
In a statement signed by the company secretary, Uaboi G. Agbebaku, and made available through the Nigerian Stock Exchange, the brewer said Chief Kolawole Babalola Jamodu acquired 10,000 ordinary shares at N37.00 per share on 13th August 2020, in Lagos, Nigeria.
Chief Kolawole Babalola Jamodu is a businessperson who has been at the head of 9 different companies and holds the position of Chairman for PZ Cussons Nigeria Plc, Chairman at Nutricima Ltd. and Chairman at Nigerian Breweries Plc.
In his past career, Mr Jamodu was Chairman for PZ Cussons Plc and Chief Executive Officer at Paterson Zochonis Plc (a subsidiary of PZ Cussons Plc), Chairman & Chief Executive Officer at Unilever Plc, President at Harvard Business School Association of Nigeria, Chairman at Universal Trust Bank Plc and President at Manufacturers Association of Nigeria.
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