Economy
Abuja Hosts Nigeria Mining Week October
By Dipo Olowookere
Minister of Solid Minerals Development, Mr Kayode Fayemi, will deliver the welcome address at the much anticipated launch of the Nigeria Mining Week taking place in Abuja from October 25-28, 2016 at Sheraton Hotel.
The event is coming following the enthusiastic response from the mining community and the Nigerian government to the inaugural iPAD Nigeria Mining Forum in partnership with PwC Nigeria last year.
The organisers have joined forces with the Miners Association of Nigeria to create an all-encompassing meeting place for the sector.
“Diversifying the Nigerian economy is currently in the spotlight,” says Cyril Azobu, PwC Nigeria’s Mining Sector Leader and Head Consulting, “and the new Government has highlighted the potential of the solid minerals sector in achieving this.”
Mr Azobu adds: “The Nigeria Mining Week will be hosted by the Ministry of Solid Minerals Development and provide the opportunity for the government to unveil the next phase for the growth of the mining industry leading to the industrialisation of Nigeria. It will also open the door to an exclusive investment and networking opportunity for mining stakeholders towards propelling the mineral sector reform, and deliver key information for the creation of new business ventures and partnerships.”
The Nigeria Mining Week will comprise a grand opening, the iPAD Nigeria Mining and Quarrying Forum in partnership with PwC conference and exhibition, as well as a workshop for artisanal and small scale miners and a grand closing.
The event will welcome the entire mining ecosystem comprising of artisanal and small scale miners, junior mining operators, exploration companies, local and international investors, financial institutions, traders, solution providers as well as government bodies, to meet and discuss the current state of the market.
Nigeria’s economy was valued at $510billion in 2014 (The Economist), and is considered the largest economy in Africa and one of the fastest growing economies in the world with a long-term average growth of 7.7%. Nigeria’s vastly underexploited natural resources include about 44 varieties of minerals in over 500 locations.
In March 2016, the Roadmap for the Development of the Solid Minerals Sector was launched and following the inaugural iPAD Nigeria Mining Forum in partnership with PwC in 2015, recommendations were given to Government and the private sector.
Programme highlights will include:
* Keynote and opening session – Ministerial address and leaders panel
Theme: “Towards a new paradigm in natural resource management”
Chairperson: Uyi Akpata, Country Senior Partner and Regional Senior Partner West Africa, PwC Nigeria, Nigeria
Confirmed keynote speakers:
Mr Kayode Fayemi, Minister of Solid Minerals Development, Nigeria
The King of the Royal Bafokeng Nation, Kgosi Leruo Molotlegi, South Africa
Dr Toni Aubynn, Chief Executive Officer, Minerals Commission, Ghana
Dr Frank Udemba Jacobs, President, Manufacturers Association of Nigeria (MAN), Nigeria
Other programme highlights during the iPAD Nigeria Mining & Quarrying Forum include:
* Key Nigerian mining projects showcase
This session aims to provide stakeholders with an update on viable projects that Nigeria can in order to attract investment.
Chairperson: Nere Teriba, Managing Director, Kian Smith Trade, Nigeria
Why Nigeria, why now? A brief overview of the mining sector’s potential
Prof. Ibrahim Garba, Vice Chancellor of Amadou Bello University, Nigeria
Investor showcase – snapshot of some key Nigerian projects:
– Symbol Base Metal: Carmie Olowoyo, General Manager – Corporate, Australia
– Promethean Resources: Demola Gbadegesin, Managing Director, Nigeria
– Kogi Iron: Kevin Joseph, Chief Executive Officer, KCM Mining, Nigeria
– ETA Zuma: Dr. Innocent Ezuma, Chief Executive Officer, Nigeria
* Licence to mine – interactive panel to understand Nigeria’s geology and how to access permits
Chair: Prof. Gbenga Okunlola, President of the Nigerian Mining & Geosciences Association, Nigeria
The panellists are:
– Alhaji Mohamed Amate, Director General, Mining Cadastral Office, Nigeria
– Alex Nwegbu, Director General, Geological Survey Agency, Nigeria
– Nere Teriba, Managing Director, Kian Smith Trade, Nigeria
– Prof. Muhammed Tawfiq Ladan, Department of Public Law of the Faculty of Law, Ahmadu Bello University, Nigeria
– Olubukola Ashaolu Shopeju, Director, Bukabella Global Services, Nigeria
The country’s mining industry is showing its buy-in again with Akabogu & Associates, Nigachem Nigeria Ltd, Advocaat, Kian Smith Trade & Co, Palladium Mining Ltd and SBOG already confirmed as sponsors.
The Nigeria Mining Week is organised by Spintelligent in partnership with PwC and the Miners Association of Nigeria. Spintelligent is a well-known trade conference and expo organiser on the continent.
The company has particular expertise and experience in mining and infrastructure development events; including the long running flagship shows such as the iPAD series, the DRC Mining Week, CBM-TEC in Zambia, the Kenya Mining Forum in Nairobi and African Utility Week in Cape Town.
By Dipo Olowookere
On the Nigerian Exchange (NGX) Limited last week, investors transacted 3.648 billion shares worth N220.568 billion in 251,861 deals compared with the 3.821 billion shares valued at N154.393 billion traded in 258,567 deals a week earlier.
Analysis showed that financial stocks led the activity chart with 2.899 billion units sold for N147.360 billion in 106,603 deals, accounting for 79.48 per cent and 66.81 per cent of the total trading volume and value, respectively.
Services equities recorded a turnover of 164.914 million units valued at N3.615 billion in 16,375 deals, and the consumer goods shares exchanged 157.451 million units worth N7.777 billion in 27,950 deals.
First Holdco, Zenith Bank, and Fidelity Bank were the busiest stocks for the five-day trading week, trading 1.745 billion units valued at N121.828 billion in 31,053 deals, contributing 47.85 per cent and 55.23 per cent to the total trading volume and value, respectively.
Business Post reports that 60 equities appreciated during the week versus 22 equities in the previous week, 28 shares depreciated versus 57 shares of the preceding week, and 58 stocks closed flat versus 67 stocks of the previous week.
International Breweries gained 40.00 per cent to trade at N13.30, RT Briscoe expanded by 32.02 per cent to N13.40, Livestock Feeds improved by 28.47 per cent to N9.25, First Holdco chalked up 25.82 per cent to close at N69.20, and Abbey Bank rose by 23.65 per cent to N9.15.
On the flip side, McNichols lost 28.57 per cent to finish at N5.00, Thomas Wyatt gave up 11.64 per cent to quote at N2.43, Geregu Power declined by 10.00 per cent to N825.70, CAP shed 9.99 per cent to settle at N157.60, and Guinness Nigeria also slipped by 9.99 per cent to N329.00.
Customs Street was under buying pressure last week, making the All-Share Index (ASI) and the market capitalisation close higher by 6.35 per cent to 243,798.76 points and N156.445 trillion, respectively.
In the same vein, all other indices finished higher apart from the growth and sovereign bond indices, which depreciated by 7.43 per cent and 0.02 per cent, respectively.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 2.30 per cent, spurring the NASD Security Index (NSI) to close higher by 96.61 points to 4,296.34 points from 4,199.73 points, and raising the market capitalisation by N57.99 billion to N2.578 trillion from N2.521 trillion.
The market was up yesterday despite a lower activity level, as the volume of securities traded slumped by 94.7 per cent to 1.3 million units from the previous 23.9 million units. The value of securities slipped by 57.2 per cent to N29.2 million from the preceding session’s N68.2 million, while the number of deals executed by market participants increased by 6.7 per cent to 32 deals from the 30 deals carried out on Thursday.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion in trades, and Central Securities Clearing System (CSCS) Plc with 70.8 million units traded for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
During the trading day, there were three price gainers and two price losers, led by Afriland Properties Plc, which shed N1.48 to sell at N15.17 per share compared with the previous session’s N16.65 per share, and Food Concepts Plc, which slid by 7 Kobo to close at N2.69 per unit versus N2.76 per unit.
Conversely, FrieslandCampina Wamco Nigeria Plc improved its value by N9.50 to trade at N150.00 per share compared with Thursday’s closing price of N140.50 per share, CSCS Plc went up by N7.95 to N89.65 per unit from N81.70 per unit, and 11 Plc soared by N6.94 to N206.95 per share from N200.01 per share.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited lost its footing by 0.07 per cent on Friday as a result of renewed profit-taking by investors.
The fall happened after Thomas Wyatt and Guinness Nigeria led other price losers group comprising 27 stocks at the market yesterday due to selling pressure.
Thomas Wyatt Nigeria shed 10.00 per cent to quote at N2.70, Guinness Nigeria drowned by 9.99 per cent to close at N329.00, Ikeja Hotel slipped by 9.96 per cent to N42.50, Zichis shed 9.94 per cent to trade at N26.37, and McNichols depreciated by 9.91 per cent to N5.00.
On the flip side, International Breweries gained 9.92 per cent to finish at N13.30, NEM Insurance appreciated by 9.61 per cent to N27.95, Jaiz Bank grew by 6.36 per cent to N9.20, UPDC expanded by 6.33 per cent to N4.20, and Livestock Feeds increased by 6.32 per cent to N9.25.
Business Post reports that investor sentiment remained bullish despite the loss recorded during the session, as there were 27 price decliners and 30 price advancers, representing a positive market breadth index.
Yesterday, market participants transacted 441.3 million equities for N19.4 billion in 44,938 deals compared with the 1.7 billion equities worth N112.0 billion traded in 44,780 deals a day earlier. This showed that the trading volume contracted by 74.04 per cent, the trading value declined by 82.68 per cent, and an uptick in the number of deals by 0.35 per cent.
Access Holdings led the activity chart on Friday after selling 40.2 million shares valued at N1.0 billion, Sterling Holdco traded 30.3 million stocks worth N228.8 million, Fidelity Bank sold 26.3 million equities for N505.6 million, Zenith Bank transacted 22.3 million shares valued at N2.5 billion, and First Holdco exchanged 19.0 million stocks worth N1.3 billion.
During the last trading session of the week, the consumer goods sector rose by 0.49 per cent, the insurance counter increased by 0.06 per cent, and the industrial goods index closed flat, while the banking and energy indices lost 0.78 per cent and 0.52 per cent, respectively.
As a result, the All-Share Index (ASI) shrank by 159.97 points to 243,798.76 points from 243,958.73 points, and the market capitalisation moderated by N103 billion to N156.445 trillion from N156.548 trillion.
