Economy
Stakeholders Gear up for 2018 Standard Bank Investors’ Conference
By Modupe Gbadeyanka
Amid huge expectations, the 9th edition of the Standard Bank West Africa Investors’ Conference is set to hold in Abuja and Lagos, bringing together foreign and local institutional investors, fund managers, regulators and policy makers, bankers, businessmen and captains of industry, among others to engage and explore growth potential and opportunities in Nigeria.
The four-day event, themed “The Pathway towards inclusive economic recovery”, will run from February 27 – March 2, 2018, with Stanbic IBTC and Standard Bank officials leading a delegation of investors on a visit to the Minister of Power, Works & Housing, Mr Babatunde Fashola; Minister of State for Petroleum Resources, Dr Ibe Kachikwu; Governor, Central Bank of Nigeria, Mr Godwin Emefiele; and the World Bank.
Similar visits were made to the Vice-President, Prof Yemi Osinbajo SAN, the Central Bank of Nigeria, Debt Management Office, and other key stakeholders and policymakers in Abuja, during last year’s edition.
This year’s edition will be capped with a factory visit to the newly commissioned $17 million Kelloggs Tolaram plant to showcase one of the most recent private sector led capital investments in the Nigerian economy.
Chief Executive, Stanbic IBTC Holdings PLC, Yinka Sanni, said underlining the conference is the organization’s conviction about Nigeria’s growth potential, which it would be steadfast in deploying its international connections to ensure an increased inflow of foreign capital into Nigeria.
This, he stated, requires putting before the global audience crucial information about the economy to aid their investment decisions.
Agriculture, mining, infrastructure, oil & gas and power re some of the key sectors of interest at the event, which is expected to attract institutional investors from across the globe who will meet with most of the top rated corporate companies in West Africa, Mr Sanni said.
“Besides the direct impact which these exchanges will make on the Nigerian economy, the conference will provide both local and international investors with opportunities to meet with some of the companies they have investments in, or in which they hope to make investments.
“It will also serve as a bridge to connect these investors to opportunities inherent in Nigeria, which has been opened up for private sector participation,” Mr Sanni said, and further stated, “Stanbic IBTC is particularly pleased to note that there have been movements in key sectors of the economy in terms of investment activities.”
Stanbic IBTC Holdings PLC is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African Bank by assets and market capitalization.
It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa. Standard Bank has been in operation for over 154 years and is focused on building first-class, on-the-ground financial services institution in chosen countries in Africa and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
By Adedapo Adesanya
The Naira strengthened its value against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday by 0.97 per cent or N16.18 to exchange at N1,659.44/$1 compared wth the previous day’s value of N1,675.62/$1 amid an improvement in the supply of forex to the market segment by the Central Bank of Nigeria (CBN).
Data showed that the FX transactions for the trading session increased by 291.6 per cent or $317.19 million to $425.98 million from the $108.79 million recorded in the last trading session.
Also, the domestic currency improved its value against the Pound Sterling in the spot market yesterday by N23.42 to settle at N2,116.44/£1, in contrast to Monday’s closing price of N2,139.86/£1 and against the Euro, it closed flat at the value of N1,783.36/€1.
In the parallel market, the Nigerian currency remained unchanged against the US Dollar during the trading day at N1,750/$1, according to data obtained by Business Post.
At the 298th Monetary Policy Committee (MPC) meeting, the Governor of the CBN, Mr Yemi Cardoso, said the apex bank will continue to carry out measures to ensure stability in the FX market, and plans to avoid any move that will disrupt progress it has made. This was after the bank further raised the interest rate by 0.50 per cent to 27.50 per cent.
In the cryptocurrency market, some of the gains made during the recent post-US election price surge have weakened, as traders see the presidency of Mr Donald Trump as bullish for the industry especially with some of his allies and expected appointees to certain financial positions.
Ripple (XRP) shed 3.9 per cent to trade at $1.38, Binance Coin (BNB) depleted by 3.7 per cent to $619.77, Solana (SOL) slumped by 3.2 per cent to $230.87, Dogecoin (DOGE) fell by 3.0 per cent to $0.3938, Bitcoin (BTC) dropped 1.6 per cent to $93,220.19, Cardano (ADA) depreciated by 1.1 per cent to $0.9682, and Ethereum (ETH) slid by 0.2 per cent to at $3,417.79.
However, Litecoin (LTC) appreciated by 0.4 per cent to quote at $94.68, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00, respectively.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited had a narrow escape from the claws of the bears on Tuesday after it closed higher by a marginal 0.01 per cent.
This happened as investor sentiment waned yesterday, with profit-taking witnessed in the banking space, which fell by 0.21 per cent at the close of transactions.
However, bargain-hunting from the other sectors ensured that the bulls took charge of the bourse, with the insurance index rising by 0.91 per cent.
Further, the industrial goods sector appreciated by 0.76 per cent, the energy counter improved by 0.36 per cent, and the consumer goods space gained 0.09 per cent.
Consequently, the All-Share Index (ASI) moved up by 13.61 points to 97,639.88 points from 97,626.27 points and the market capitalisation expanded by N9 billion to N59.178 trillion from the preceding day’s N59.169 trillion.
The market breadth index was negative during the trading session as Customs Street ended with 24 price gainers and 25 price losers.
Haldane McCall topped the gainers’ chart after it chalked up 9.98 per cent to trade at N6.17, Sunu Assurances grew by 9.80 per cent to N3.81, Japaul increased its value by 9.72 per cent to N2.37, Prestige Assurance jumped by 9.64 per cent to 91 Kobo, and Neimeth leapt by 9.55 per cent to N2.18.
Conversely, Multiverse lost 9.92 per cent to finish at N5.90, Tantalizers slowed by 9.30 per cent to N1.17, UPDC REIT tumbled by 9.01 per cent to N5.05, Universal Insurance retreated by 5.88 per cent to 32 Kobo, and RT Briscoe fell by 5.67 per cent to N2.66.
Yesterday, investors transacted 552.1 million stocks valued at N8.0 billion in 9,305 deals versus the 671.3 million stocks sold for N10.6 billion in 10,464 deals a day earlier, representing a decline of 17.75 per cent, 24.53 per cent, and 11.08 per cent in the trading volume, value and number of deals, respectively.
The most traded equity for the day was Haldane McCall, which exchanged 177.1 million units for N1.1 billion, followed by Tantalizers with 37.0 million units sold for N46.7 million, UBA transacted 29.6 million units valued at N947.3 million, Prestige Assurance traded 28.6 million units worth N25.6 million, and FBN Holdings transacted 21.5 million units valued at N536.2 million.
By Adedapo Adesanya
Oil prices settled lower on Tuesday after Israel agreed to a ceasefire deal with Lebanon, reducing oil’s risk premium, with Brent crude futures down by 20 cents or 0.27 per cent to $72.81 a barrel and the US West Texas Intermediate(WTI) crude futures trading at $68.77 a barrel after a decline of 17 cents or 0.25 per cent.
Israel’s security cabinet has agreed a ceasefire deal with Lebanon on Tuesday. The accord was expected to take effect on Wednesday.
The Prime Minister of Israel, Mr Benjamin Netanyahu, said he was ready to implement a ceasefire deal with Lebanon and would “respond forcefully to any violation” by Hezbollah.
Prices had fallen more than $2 on Monday following multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict.
A ceasefire could pressure crude oil prices because the US administration would likely reduce sanctions on oil from Iran, a supporter of Hezbollah.
Also, the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ are discussing a further delay to a planned oil output hike that was due to start in January.
Saudi Arabia, Russia, and Iraq, the three biggest producers in the OPEC+ alliance, met on Tuesday to discuss the state of the global oil market.
This happened days before the wider group will meet on December 1 to decide how to proceed with the production cuts.
Iraq’s Prime Minister Mohammed S. Al-Sudani held on Tuesday a joint meeting with Russian Deputy Prime Minister Alexander Novak and Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud.
The meeting focused on discussions regarding global energy market conditions, crude oil production, and its flow to markets to meet demand.
The group pumps about half the world’s oil and had planned to gradually roll back oil production cuts with small increases over many months in 2024 and 2025.
However, a slowdown in Chinese and global demand, and rising output outside the group, have put a dampener on that plan.
Plans by incoming US President, Mr Donald Trump, have also created jitters for the market after he said he would impose a 25 per cent tariff on all products coming into the US from Mexico and Canada.
Crude oil inventories in the US fell by 5.935 million barrels for the week ending November 15, according to The American Petroleum Institute (API).
The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
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