Nigerians To Pay More For Electricity From April – NERC

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Nigerians To Pay More For Electricity From April – NERC

The Nigerian Electricity Regulatory Commission has said the electricity tariffs being paid by consumers will increase in April this year.

NERC disclosed this in its ‘December 2019 Minor Review of Multi-Year Tariff Order 2015 and Minimum Remittance Order for the Year 2020,’ which was dated December 31, 2019.

It said the order, effective from January 1, 2020, was issued to reflect the impact of changes in the minor review variables in the determination of cost-reflective tariffs and relevant tariff and market shortfalls for 2019 and 2020.

The commission said the order also determined the minimum remittances payable by the Discos in meeting their market obligations based on the allowed tariffs.

It said, “The Federal Government’s updated Power Sector Recovery Program does not envisage an immediate increase in end-user tariffs until 1st April 2020 and a transition to full cost reflectivity by end of 2021.

“In the interim, the Federal Government has committed to funding the revenue gap arising from the difference between cost-reflective tariffs determined by the commission and the actual end-user tariffs payable by customers.”

According to NERC, all Discos are obligated to settle their market invoices in full as adjusted and netted off by applicable tariff shortfall.

It said, “All FGN intervention from the financing plan of the PSRP for funding tariff shortfall shall be applied through NBET and the market operator to ensure 100 per cent settlement of invoices issued by market participants,”

“Effectively, this order places a freeze on the tariffs of TCN and administrative charges until April 2020 at the rates applied in generating MO invoices for the period of January to October 2019.”

Unit Sales By Daimler Trucks In 2019 Slightly Down On Previous Year, As Expected

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Unit Sales By Daimler Trucks In 2019 Slightly Down On Previous Year, As Expected
  • A slight decrease in unit sales of four percent (January through November 2019) compared with the prior-year period

Normalization of important markets for heavy trucks (NAFTA region, Europe and Japan) leads to decreases in orders

Extensive measures initiated to adjust production and for structurally improved profitability

  • Martin Daum, Chairman of the Board of Management of Daimler Truck AG: “Important markets such as Europe and North America weakened faster than expected in the second half of the year. We started preparing for this already in the summer and immediately adjusted our production. However, we are not at all satisfied with our return on sales in 2019. We have therefore initiated extensive structural measures to increase our margin to at least 7 percent by 2022. In 2020, we will significantly improve our cost position while continuing to invest in the future. We have a first-class team at Daimler Trucks and have shown in the past that we can act with great determination.”

Daimler Trucks, the world’s leading truck manufacturer, sold fewer vehicles in 2019 than in 2018 in a market environment that has been weakening significantly since the summer. In the first eleven months of 2019, sales of 446,800 units by the brands Mercedes-Benz, FUSO, Freightliner, Western Star, Thomas Built Buses and BharatBenz were 4 percent lower than in the previous year (January to November 2018: 466,900). Daimler AG will announce the exact sales figures for full-year 2019 at the annual press conference on February 11, 2020. The annual press conference of Daimler Truck AG is scheduled for February 18, 2020.

In 2020, Daimler Trucks anticipates the further normalization of the particularly high demand of recent years and thus significant decreases in the core markets of the NAFTA region, Europe and Japan. Daimler Trucks will provide a more precise outlook on the development of its core markets when its full-year figures are announced on February 11, 2020. At the same time, the company is preparing to cope with increasing investment and cost pressure in the coming years. Substantial investment is required in new technologies, including in a CO2-neutral fleet with electric drive systems and in the automation and connectivity of trucks and buses.

“Important markets such as Europe and North America weakened faster than expected in the second half of the year. We started preparing for this already in the summer and immediately adjusted our production. However, we are not at all satisfied with our return on sales in 2019. We have therefore initiated extensive structural measures to increase our margin to at least 7 percent by 2022. In 2020, we will significantly improve our cost position while continuing to invest in the future. We have a first-class team at Daimler Trucks and have shown in the past that we can act with great determination,” stated Martin Daum, Chairman of the Board of Management of Daimler Truck AG.

Comprehensive measures to improve profitability

On the premise of the aforementioned market developments and the measures initiated, Daimler Trucks & Buses anticipates a return on sales in its current business of 6 percent in 2019, at least 5 percent in 2020 and at least 7 percent in 2022. In addition to the short-term adjustment of production to decreasing demand, especially in Europe and the Unites States, the company has also initiated numerous structural measures to improve profitability in the medium term. One focus is on increasing profitability at Mercedes-Benz Trucks in Europe and Latin America, above all by reducing variable costs by €250 million and personnel costs by €300 million by the end of 2022. In Brazil, the number of vehicle platforms will be reduced significantly while at the same time modernizing the remaining portfolio in order to return to profitability. In Japan, the sales and after-sales organization will be structured more efficiently.

Falling unit sales in the NAFTA region and Europe in late 2019

Daimler Trucks’ important NAFTA and European truck markets returned to a normal level faster than expected in the second half of 2019 after a strong phase that started in 2018. Daimler Trucks actually increased its sales in the NAFTA region by a further 8 percent to approximately 187,400 units in the first eleven months of the year (January to November 2018: 172,700). In the month of November, however, there was a sharp fall in unit sales of 16 percent compared with the same month last year. In Europe, sales from January through November 2019 decreased by 5 percent compared with the same period last year to 72,400 units.

Brazil: unsatisfactory profitability despite growth in unit sales

In Brazil, Daimler Trucks significantly increased its sales of Mercedes-Benz trucks in a recovering market and sold approximately 27,000 trucks, 40 percent more than in the same period of last year (January to November 2018: 19,300). However, profitability at
Mercedes-Benz do Brasil remains unsatisfactory despite the restructuring measures initiated since 2016. The reductions in material and personnel costs initiated by Mercedes-Benz Trucks, therefore, affects not only the European part of the organization but also the subsidiary Mercedes-Benz do Brasil. In addition, with the launch of the new Actros for the Brazilian market, Mercedes-Benz Trucks will reduce the number of vehicle architectures from eight to three platforms in order to reduce complexity and costs.

Asia: lower unit sales in Indonesia, India and Japan

In Asia, important truck markets for Daimler Trucks such as Indonesia and India contracted significantly last year. With a total of 121,900 units sold from January through November, unit sales fell by 18 percent year-on-year (January to November 2018: 147,900). Sale in Indonesia fell by 40 percent from 57,400 units in January to November 2018 to 34,500 units in the same period of 2019. In India, Daimler Trucks sold 13,200 vehicles of its BharatBenz truck brand in January through November 2019, about 35 percent fewer than in the prior-year period (January to November 2018: 20,500). In the Japanese market, Daimler Trucks was able to sell approximately 38,200 units with its FUSO brand by the end of November 2019, 4 percent below the level of the previous year (January to November 2018: 40,000).

Ex-First Bank Model, Flora Jacob Slays In United Kingdom

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Ex-First Bank Model, Flora Jacob Slays In United Kingdom
One time most Beautiful Girl in Nigeria and Arut soap Ambassador, Flora Jacobs, might not be making headlines like upcoming models but that does not mean she is not doing fine for herself at her United Kingdom base.
Flora Jacobs was the model on First Bank Centenary TV advert which was a hit in the late ’90s and she has continued to impact lives in the United Kingdom, through her various charity works.
It’s a New Year and the ever pretty model who does not miss hitting the gym has continued to maintain those killer shapes which has constantly sent tongues wagging as well as keep some eyes glued to her while moving downtown.
Flora started the New Year in grand style as she slayed in some lovely outfits especially in the Ankara design proving that no matter how long she has lived in the UK where she is now a citizen, she can never forget her Nigerian root.

Mouka Joins Sanwo-Olu’s Wife in Welcoming New Year Day Babies

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Mouka Joins Sanwo-Olu’s Wife in Welcoming New Year Day Babies

The foremost manufacturer of mattresses and other bedding products Mouka added a boost to the presence of the wife of the Governor of Lagos State, Ibijoke Sanwo-Olu some hospitals within the state, where she received babies born on the first day of January 2020.

Aside from the brand’s representatives that were on hand, alongside the Governor’s wife to herald the birth of the first babies in General Hospitals atIjede, Agbowa, Ketu-Ejirinand the Lagos Island Maternity Hospital, the company also made a presentation of gifts to the first babies of the year through the first lady.

According to Femi Fapohunda, the Chief Operating Officer for Mouka, the company’s effort is in line with Mouka’s corporate social responsibility.

Mr Onini Johnson, Director, Nursing Services, Mrs Adegbaju Fatimoh, Mother of the baby, Jide Odelola, Senior Brand and Innovation Manager, Mouka, Dr.Wasiu Jimoh, Assistant Director, Department of physiotherapy, Obafemi Awolowo University Teaching Hospitals Complex (OAUTHC), Ile-Ife, Osun State during gifts presentations by Mouka to the first baby of the year at OAUTHC.

“This is our own way of identifying with the state’s noble agenda of giving back to the society as well as supporting mothers whose child delivery marks an auspicious beginning for the New Year,” Fapohunda said.

Reacting to Mouka’s gesture of goodwill, Mrs Sanwo-Olu hailed the effort as commendable and urged other organizations to emulate the mattress manufacturer.

“I thank our sponsors… for supporting the state government through this annual event. This happens to be my first official assignment and I thank them for giving their support,” the first lady said.  

Meanwhile, the company also made similar presentations to first babies in University College Hospital, UCH, Ibadan and Adeoyo Hospital, Yemetu, Ibadan both in Oyo State; and Obafemi Awolowo University, Teaching Hospitals Complex, OAUTHC, Ile-Ife, Osun State.

Mrs Solanke Tinubu, Deputy Director, Physiotherapy Department, Mrs AdedokunOluwatoyinFunso Mother of the baby, Dr OdusanyaOyinlola, National Secretary, Nigeria Society of Physiotherapy, Banji Aluko, Regional Sales Manager, Mouka, and representative of the Medical Director University College Hospital, Ibadan, Mrs Akintola.

Welcoming the first baby of the year is a symbolic event in Lagos State. Each year, the state government focuses its first activities of the New Year on health care, as the Governor’s wife and relevant officials spend few hours with mothers and their babies born on the first day of the NewYear in hospitals across the state where such births have been recorded.

Mouka’s partnership with the state government, on this year’s occasion which happens to be the first in the life of the Sanwo-Olu administration, is also to acknowledge the efforts of the Government in the health sector and in keeping with Mouka’s mission of adding comfort to life.

Femi Fapohunda, Chief Operating Officer, Mouka, having a handshake with the First Lady of Lagos State, Mrs Ibijoke Sanwo-Olu amidst exchange of pleasantries, wife of Deputy Governor of the State, Mrs Oluremi Hamzat (3rd left) and Femi Omololu, Medical Director, Lagos Island Maternity Hospital (2nd left) at the presentation of gifts to first baby of the year at Lagos Island Maternity Hospital yesterday.

Mrs Ayodele A.O (Chief Nursing Officer), Banji Aluko, Regional Sales Manager, Mouka, Mrs AwoyemiOluwadara, Mother of the baby, Dr Odusanya Oyinlola, National Secretary, Nigerian Society Of Physiotherapy during the presentation of gifts to the first baby of the year at Adeoyo  Hospital, Yemetu, Ibadan, Oyo State.

UBA Recruits 4000 New Staff, Promotes Over 5,000 Staff Members; Increases Salaries Up To 170%

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UBA Recruits 4000 New Staff, Promotes Over 5,000 Staff Members; Increases Salaries Up To 170%

Over 5,000 staff of the United Bank for Africa Plc started the new year with a lot of cheer as the bank on Friday announced promotions to new grades as well as salary upgrades with immediate effect.

The beneficiaries of the promotion will receive up to 170 per cent increase in their salaries and benefits, whilst a good number have been moved to higher grade levels.

In a carefully planned restructuring embarked upon by the bank in the last quarter of 2019, UBA transformed its grading system and processes to become one of the most competitive within the industry.

The bank crashed its grade levels to 12 from entry-level to the top of the pyramid, whereas previously it had been 16 levels.

This means that staff will now find it much easier to attain top leadership management positions at UBA as their careers progress much faster.

In a massive recruitment drive, over 4,000 new staff members resumed in the last week of December 2019 in Nigeria alone at the bank.

UBA currently stands as the highest employer of labour amongst Nigerian banks with a staff strength of close to 20,000.

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who announced the bank’s new staff improvement initiatives to the excited employees, noted that the bank is continually seeking new ways to improve the fortunes of its staff as they are the backbone of the organisation.

Uzoka, who spoke to the staff in a bank-wide live broadcast, said: “As a leading financial institution, we do not take issues relating to our staff lightly. We take great pride in being a listening bank that has the ears of our employees as they turn the wheels which make the organisation successful for our customers and shareholders. UBA recruits highly talented staff who perform at the best standards and deserve to be remunerated accordingly.

“We have also taken steps to ensure that our bank remains at the top tier as it relates to the talent pool. We want to train the best and we have crashed the grade structure to make it easier and faster for our employees to progress along with their careers. With this new grade structure, it will be possible for a new graduate employed at UBA to rapidly chart their own careers and become GMD by the age of 36.”

UBA is one of Africa’s leading banks with operations in 20 African countries.

The bank also has a presence in the global financial centres of London, New York and Paris.

UBA provides banking services to more than 17 million customers globally through diverse channels.

GTBank announces close period ahead of FY 2019 results

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GTBank announces close period ahead of FY 2019 results

The Board of Directors of GTBank Plc has announced that it would meet to consider the close period of trading with effect from January 7, 2020, in respect of the audited financial statements for the year ended December 31, 2019.

This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE).

The close period will allow the board to consider the company’s unaudited financial statements for the fourth quarter and a full year. Other company issues will also be discussed during the meetings.

A review of the bank’s financial results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Profit before tax stood at ₦170.7billion, representing a growth of 3.9% over ₦164.2billion recorded in the corresponding period of September 2018.

The Bank’s Loan Book grew by 9.2% from ₦1.262trillion recorded as at December 2018 to ₦1.378trillion in September 2019, while customers’ deposit rose by 5.1% to ₦2.390trillion from ₦2.274trillion in December 2018. The Bank’s balance sheet remained resilient with Total assets and Shareholders’ Funds closing at ₦3.519trillion and ₦636.8Billion respectively.

C&I Leasing extends its N3.2 billion rights issue to January 13

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C&I Leasing extends its N3.2 billion rights issue to January 13

C & I Leasing Plc has announced the extension of its rights issue offer period.

The company said in a notice filed at the Nigerian Stock Exchange that the offer period, which was scheduled to close on December 27, had been extended to January 13.

It said there was also an extension of trading in the C & I Leasing rights issue of 539,003,333 ordinary shares of 50 kobo each at N6 per share on the basis of four new ordinary shares for every three ordinary shares held as at September 4, 2019.

C&I Leasing Plc had in September submitted an application for approval to the Nigerian Stock Exchange for its proposed N3.23bn rights issue.

The Head, Listings Regulation Department, NSE, Godstime Iwenekhai, said C&I Leasing had submitted an application to the Exchange through its stockbroker for the approval and listing of a rights issue.

The Chairman, C & I Leasing, Chief Chukwuma Okolo, had in July said the company planned to inject fresh capital into its operations to boost future performance.

Okolo stated that the fresh capital would be through rights issue and conversion of Aureos $10m loan stock into equity before the end of the year.

He said the company planned to expand its operations with the proceeds of its proposed rights issue.

The company said in the term sheet of the offer that the capital raise would bolster its financial flexibility to undertake significant capital expenditure for further business expansion.

According to the term sheet, a rights issue does not have the limitations of other capital sources but will allow the company’s shareholders to increase their equity holdings at a discount.

It said this would help avoid the risk of dilution and create an avenue for capital gains for shareholders, adding that the capital raise would enable it to strengthen its financial position in order to enhance its capital structure for optimum performance, provide working capital support in a timely manner and capture potential attractive growth opportunities.

The term sheet read in part, “The four major uses of the proceeds are capital restructuring, repayment of short loans, business expansion and provision of working capital requirements as the needs arise.

“Between 2019 and 2023, we expect the total revenue for C & I Leasing to witness a steady increase from N33.67bn to N66.34bn at a compound annual growth rate of 18.48 per cent.

“This growth will be supported by increased volumes such as an anticipated rise in gross earnings in the company’s divisions in Nigeria, Ghana and the United Arab Emirates.”

It added that over the same period, net income was expected to grow by 367 per cent, following a significant increase in revenue of the business divisions and other operating income.

C&I Leasing said the anticipated rise in the company’s earnings per share from 2019 to 2022 would be followed by an increase in dividend per share from 12 kobo in 2019 to 20 kobo in 2023.

It stated that the expectation was in line with its policy to reward its shareholders from distributable profits at the end of the year.

Foreign Investor establishes $600m Steel plant in Kaduna

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Foreign Investor establishes $600m Steel plant in Kaduna

Nigeria’s Mines and Steel Development Industry has received a boost with a six hundred million dollars investment located in Kagarko area of Kaduna state.

The Managing Director of African Industries Group Company(AIGC), Mr. Alok Gupta, yesterday said the company’s $600million integrated steel plant would be Nigeria’s biggest non-oil Foreign Direct Investment (FDI).

He said the new plant would boost the nation’s economy and lead to the mining of 5.4 million tons of iron ore in the country.

He also said about 36 MW Power Plant will be constructed from the waste heat recovered from the plant, which will be partly used for captive consumption.

Gupta made the disclosures when the Minister of Mines and Steel Development, Mr Olamilekan Adegbite, visited the project site in Kagarko, Kaduna State.

He said the firm would inaugurate Phase 1 of the plant by December 2020.

He said: “We expect to commission the Phase I of the project by end December 2020. We will be mining 5.4 million tons of iron ore, beneficiate the ore to produce high-grade concentrate followed by making into pellets and then finally into Directly Reduced Iron (DRI).

“The DRI will be used to make steel billets and will avoid our need to import the same. We are also building a 36 MW Power Plant from the waste heat recovered in the process, which will be partly used for captive consumption.

“Let me also highlight the key benefits of the project at this stage: About $600 million investment will be Nigeria’s biggest non-oil FDI, will serve as a catalyst for the development of solid minerals sector by attracting other serious investors following our example in downstream processing.

“The project will eliminate the need to import steel billets thereby saving scarce foreign exchange.

“Currently 100 per cent of steel production in Nigeria is from scrap route, which is a diminishing resource. Producing steel from locally available iron ore will lead to sustainable economic development, considering the abundance of iron ore reserves in the country.

“The project will also contribute significantly to the Nigerian GDP by way of royalties and direct & indirect taxes.” Gupta also highlighted other benefits of the project, including a power plant.

He added: “With the completion of the first phase of the project, there will be significant economic and industrial development in the area by means of creation of several allied industries and social infrastructure.

“The surplus power generated will further assist in developing other industries and residences and will help in the urbanization of the local area. “Our project is not only important for Nigeria or for Nigeria in the African context but for Nigeria in the World context. It complements Nigeria’s desire to be self-sustaining and become an independent steel producer not dependent on imports.

“This Integrated Steel Plant will surely put Nigeria on the world map of crude steel producers of the world”. “This is just the start of our long journey and I would like to thank all the people who trusted in us and supported us so far and we hope that you will keep supporting us in setting up of this Integrated Steel Plant.”

The 20 best movies coming in January 2020 that are worth your time

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The 20 best movies coming in January 2020 that are worth your time

It’s 2020 and there is a mix of movie titles that played in theatres as well as classics to offer you.

Here are the 20 movies to check out in January:

The Gentlemen – January 1st, 2020

Stargirl – January 1st, 2020

The Wolf Hour – January 2nd, 2020

The Grudge – January 2nd, 2020

DIFFERENT WORLDS – January 3rd, 2020

AKPE – January 3rd, 2020

Ana – January 3rd, 2020

Underwater – January 8th, 2020

Dolittle – January 8th, 2020

True History of the Kelly Gang – January 9th, 2020

Like a Boss – January 9th, 2020

My Spy – January 10th, 2020

Tanhaji: The Unsung Warrior – January 10th, 2020

Bad Boys for Life – January 15th, 2020

1917 – January 17th, 2020

The Turning – January 23rd, 2020

The Last Full Measure – January 24th, 2020

Gretel and Hansel – January 30th, 2020

The Rhythm Section – January 31st, 2020

The Assistant – January 31st, 2020

Nigeria in the middle of US-Iran tension: Gain or pains…

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Nigeria in the middle of US-Iran tension: Gain or pains…

A major development that caught our attention this first week of the New Year (due to its immediate impact on crude oil prices) is the U.S. government-backed airstrike that killed Iran military leader, Qassem Soleimani and Abu Mahdi al-Muhandis (Deputy Commander) late on Thursday.

President Trump authorized the attack early Friday at Baghdad International Airport that killed Iran’s top security and intelligence commander, Maj. Gen. Qassim Suleimani.Credit…Ali Mohammadi/Bloomberg News

Over the last 14-months, the U.S. and Iran had been at loggerhead following U.S.  president’s decision to abandon a 2014 nuclear deal between Iran and top Western powers (including the U.S), over an allegation that Iran had secretly continued to produce a nuclear weapon, contrary to the terms of the nuclear deal.

Since abandoning the nuclear deal in April 2018, the U.S. had imposed a series of economic sanctions on Iran, including that of forcefully stopping other countries from buying crude oil from Iran (the world’s 5th largest producer of crude oil) – A  development that drew retaliation from Iran including attacks on oil vessels belonging to some U.S. allies in 2019.

As a result of this latest development (the killing of Iran military head) and the expectation of possible retaliation from Iran, the global crude oil prices rose by nearly $3 dollars to a 2020 high of $68.77/bl from the last position of $66/bl.

Although the spike in crude oil price that accompanied this development, on the one hand, spells positive for Nigeria oil revenue target for the 2020 budget and her foreign reserve position (in persisted in the short-to-medium term), it, however, on the other hand, means that the amount expended by the Nigerian government on petroleum subsidy payment per litre will increase to ₦49 from ₦47.5, if the PMS price remains at ₦145.

Going forward, while the concern from the latest development and expected retaliation is expected to keep oil prices above Nigeria’s 2020 budget benchmark  ($57/bl) in the near term, Nigeria will continue to lose out on the opportunity to enjoy the maximum earnings benefit from oil price shocks like this due to her continued dependence on imported refined petroleum products for domestic consumption.

GLOBAL EQUITY MARKET

Global equities market open the New Year with mixed performance

Performance of major equities market this week was mixed, from advanced economies of the U.S. to emerging markets of Asia and Africa. This was due largely to investors’ reaction to Thursday’s killing of an Iranian top military officer by the U.S. military airstrike.

In the U.S., the equity market recorded positive sentiment as DJIA, Nasdaq Composite  Indexes and S&P 500 gained 0.16%, 0.42% and 0.07% respectively. In major markets across Europe, the bearish sentiment prevailed as the UK FTSE 100,  Germany DAX, and France CAC 40 all shed -0.98%, -1.59%, and -0.62% w/w  respectively.

In Asia, while China’s Shanghai Composite Index closed the week with a gain of 2.62%  w/w, India’s S&P BSE shed 0.27% to close southward. In Africa, South Africa JSE-ASI closed positive with a gain of 0.18%, while Egypt’s EGX  shed 0.44% w/w.

DOMESTIC EQUITY MARKET

Market resume New Year trading with a 2.09% w/w gain

The Nigeria equity market closed all the four trading sessions for this week green, as the market began the New Year on a high. This was driven by early positioning for mostly dividend-paying stocks by investors in anticipation of better earnings in Q4’19 as against Q3’19 performance.

As a result, the overall market performance indices, NSE-ASI and Market  Capitalization values climbed by 2.09% w/w; the strongest since November  2019. Specifically, the NSE-ASI and Market Capitalization value rose to close for the week at 26,968.79 absolute points and ₦1.02 trillion respectively as against 26,416.48 absolute points and ₦12.75 trillion last Friday. In nominal terms, this translates to a ₦266.93 billion in Market Capitalization value.

All the five sector indices closed positive on week-on-week metrics, led by NSE-  Oil&Gas (+5.41%), NSE-Insurance (+4.58%), NSE-Banking (+2.95%), NSE-  Consumer Goods (+0.78%), and NSE-Industrial Goods (+0.29%).

CORNERST top the gainers’ table this week; appreciating by 39.47% w/w,  while FIDSON shed 12.90 % w/w to lead the loser’s table.

Overall, a total turnover of 2.31billion shares worth ₦21.67 billion in 14,906  deals was traded this week by investors on the floor of The Nigerian Stock  Exchange in contrast to a total of 735.70 million shares valued at ₦7.13 billion that exchanged hands last week in 7,138 deals. A total of Forty-four (44)  equities appreciated at price during the week, higher than Thirty-one (31)  equities in the previous week. Twenty-five (25) equities depreciated in price,  higher than  Seventeen (17) equities in the previous week, while One Hundred (100) equities remained unchanged,  lower than  One Hundred and Twenty-one (121) equities recorded in the preceding week.

Market Outlook: Week ending January 10, 2020

In anticipation of the release of the full year 2019 earnings result by many of market players in the coming weeks, we expect to see increased positioning by portfolio investors,  supported by the declining yields on both fixed income instrument and fixed deposit account. As such, we expect the market to close positive next trading week.

FX, EXTERNAL RESERVE, & COMMODITIES

The Naira official exchange rate against the USD remains unchanged ₦307.00/USD this week, while the pair lost 0.11% to close at ₦364.98 /USD  as against ₦364.57/USD last week Friday.

On the other hand, the balance of the foreign reserve this week fell by $50 million from last week position of $38.59 billion to $38.54 billion (2-Jan-2020).

Gold moved toward a six-year high after a U.S. airstrike killed one of Iran’s most powerful generals, ratcheting up tensions in the Middle East and driving demand for safe haven.

Gold spot price gained 2.74% to $1,550.71 per Ounce. Similarly, Cocoa spot price grew by 1.27% to close on Thursday at $2,453.13 per Metric Ton.

GTI Securities Ltd

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