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CNBC Africa Clocks 10 in Grand Style

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CNBC Africa Clocks 10 in Grand Style

CNBC Africa Clocks 10 in Grand Style

By Dipo Olowookere

When on June 1, 2007 CNBC Africa launched its first studio in Johannesburg, South Africa, not many thought it would stand the test of time let alone becoming an authority in the financial reporting arm of journalism.

But a decade after, it is all glaring even for the blind to see the success the organisation has made on the continent of Africa since its inception.

Even founder of the ABN Group, the parent body of CNBC Africa, Mr Rakesh Wahi, attested to the fact that the beginning was never rosy when he came up with the idea.

Mr Wahi made his journey to South Africa in 2004, armed with the vision of a Pan-African business and finance network that would be set up in the economic hub of Africa. And so, the vision of CNBC Africa was realised with the inception of the Johannesburg bureau.

“Selling the dream was never easy when you had nothing to show and no comparable project to correlate to,” he explained.

On Thursday, June 1, 2017, the baby of yesterday clocked 10 and this was marked with a special broadcast and markets opening from the JSE in South Africa.

The special anniversary broadcast brought together key stakeholders, supporters, regular analysts, shareholders, senior management and media, to look back on the past decade of bringing the African economic story to a continent-wide and international audience.

CNBC Africa’s success has not been achieved overnight. The network has survived periods of political and financial turbulence, including the recession of 2008, and has continued to prosper despite the volatile environment of the African continent. CNBC Africa operates studios in Lagos, Nairobi, Johannesburg and Kigali, making it the only financial network to of its size to broadcast live to a pan-African audience daily.

The network has played an important role in the changing the perception of Africa’s economies, by attracting investors, showcasing opportunities and cultivating interest in African markets.

“Investors follow information. In the past, economies had been defined by the differences in access to information; in economics we call it information asymmetry. Those who have better information tend to go for opportunities for investment. The channel has given Africans a profile, because we have capital that is not well mobilized in Africa.

“Because we are exposing and talking about the business opportunities and economic opportunities that are provided by the continent, we have seen mobilization of capital with Africans themselves. When we profile a country or a region, the investments prospects are now known to those who are directing capital,” comments founding non-executive director, Mr Sam Bhembe.

Analysts, entrepreneurs and business men and women from across Africa continue to make CNBC Africa their primary source of information as the channel provides 24-hour coverage of the day’s markets trading, from the open of each stock exchange in East, South and West Africa, to the closing of the day’s activities.

“Today, when I see a simultaneous conversation between our anchors in East, West and Southern Africa, I realise that the channel has come so far,” says executive director, Bronwyn Nielsen.

The next ten years will be no less a challenge than the last, but one can be certain that CNBC Africa will continue to grow and thrive on the African continent.

“As CNBC Africa turns 10, we need to understand the direction of the industry. In the past years, the future of TV has been questioned. Television news has changed – consumers are no longer silent viewers, they are informed contributors. Never has it been easier to create expression; social media has made creating, expressing and accessing information so much easier. As a brand we are ready for the challenge, our niche being not just to quantify pan-African content we bring our viewers, but the sheer quality of financial and business news we offer. My faith in the brand we represent, and the people we have, has never been stronger,” says managing director, Roberta Naicker.

“In October we renewed our franchise agreement with CNBC International for another 15 years; our 10th anniversary is but a milestone in greater things to come. We have built meaningful structures of succession and the next phase will see the baton of leadership change to the younger leaders who will be responsible to build the legacy of the Founders until the next milestone – our silver jubilee in 2032,” concludes Mr Wahi.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

Employment Growth Quickens Amid Efforts to Deal With Workloads

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Manufacturing Activities PMI

The Nigerian private sector registered a slight loss of growth momentum in January, with output and new business rising further markedly, though at softer rates than at the end of 2022.

On a more positive note, firms raised employment at the fastest pace since June 2018 as part of efforts to complete work on time.

On the price front, rates of inflation of input costs and output prices softened in January but remained elevated.

Analysis by Stanbic IBTC Bank showed that the headline figure derived from the survey is the Purchasing Managers’ Index (PMI®).

Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration. The headline PMI dipped to 53.5 in January from 54.6 in December. Although still signalling a solid monthly strengthening of the private sector and the thirty-first in consecutive months, the rate of improvement was the softest since August 2022.

Business activity increased at a much slower pace at the start of the year, despite the rate of growth remaining marked. The latest rise was the weakest in five months. Demand continued to improve, but some firms reported a moderation in customer numbers.

Activity increased across each of the four broad sectors covered by the survey. The rate of expansion in new business also softened in January but remained sharp nonetheless, again reflecting higher demand from customers.

A desire to try and complete projects on time led companies to ramp up their hiring activities at the start of the year. Employment increased at a solid pace that was the fastest since June 2018.

Despite expanded staffing levels, backlogs of work increased for the first time in three months. Firms reported having been hindered by issues with machinery and power supply.

Higher workloads and positive expectations regarding the outlook for activity led companies to expand their purchasing activity sharply again, with the rate of growth unchanged from December. In turn, stocks of purchases also rose further. Efforts to secure inputs were helped by improving supplier performance.

Competition among vendors, quiet road conditions and prompt payments all contributed to a shortening of delivery times, one that was the most pronounced in four months. The rate of input cost inflation softened for the second month running in January, and was at a one-year low.

The slowdown in overall cost inflation largely reflected a softer rise in purchase prices, albeit one that was still substantial. Purchase costs increased on the back of rising fuel and raw material costs, exacerbated by currency weakness.

Meanwhile, staff costs rose at the fastest pace in 11 months as companies increased pay in line with higher living costs. Output price inflation also remained elevated as higher cost burdens were passed on to customers.

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Economy

NASD OTC Market Appreciates by 0.95%

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NASD Market capitalisation

By Adedapo Adesanya

The duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.95 per cent on Thursday, February 2.

They lifted the market capitalisation of the bourse by N8.80 billion to settle at N940.51 billion compared with the previous day’s N931.71 billion. They also raised the NASD Unlisted Securities Index (NSI) by 6.70 points to wrap the session at 715.76 points compared with 709.06 points recorded in the previous session.

During the session, the price of FrieslandCampina went up by N3.23 to settle at N68.06 per unit, in contrast to the previous day’s N64.83 per unit, while CSCS Plc appreciated by 50 Kobo to sell at N13.50 per share compared with the preceding session’s N13 per share.

The volume of transacted stocks decreased by 4.3 per cent to 261,439 units from the 273,038 units traded in the preceding session. However, the value of shares traded went higher by 38.9 per cent to N15.7 million from N11.3 million, while the number of deals recorded an improvement, as it grew by 300 per cent to 20 deals from five deals on Tuesday.

Business Post reports that there was no price loser at the session.

Geo-Fluids finished the day as the most traded stock by volume on a year-to-date basis with 321.2 million units worth N317.2 million, UBN Property Plc stood in second place with 35.8 million units valued at N25.8 million, while FrieslandCampina Wamco Nigeria Plc was in third place with 2.4 million units valued at N159.4 million.

Geo-Fluids Plc also maintained its summit position as the most active stock by value on a year-to-date basis, with 321.2 million units sold for N317.2 million, FrieslandCampina WAMCO Group Plc was in second place with 2.4 million units valued at N159.4 million, while VFD Group Plc was in third place for trading 561,810 units for N137.0 million.

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Economy

Continuous Bargain Hunting Leaves Local Stock Exchange Higher by 0.93%

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Local Stock Exchange

By Dipo Olowookere

The local stock exchange closed higher by 0.93 per cent on Thursday amid continuous bargain hunting by investors, who are digesting a flurry of full-year corporate earnings.

It was observed that the growth reported during the session was strongly influenced by buying pressure in the energy sector, which rose by 5.17 per cent on the back of gains posted by Seplat, MRS Oil and others.

The banking and insurance counters depreciated on Thursday by 0.44 per cent and 0.39 per cent, respectively, as the consumer goods and the industrial goods sectors closed flat.

At the close of trades, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited increased by 498.44 points to 53,998.12 points from 53,499.68 points, and the market capitalisation grew by N271 billion to close at N29.411 trillion compared with the midweek session’s N29.140 trillion.

MRS Oil topped the gainers’ chart after it gained 10.00 per cent to finish at N17.60, Northern Nigerian Flour Mills appreciated by 9.88 per cent to N8.90, International Energy Insurance rose by 9.76 per cent to 90 Kobo, Seplat went up by 9.50 per cent to N1,325.00, and Cornerstone Insurance improved by 9.09 per cent to 60 Kobo.

On the flip side, Sunu Assurances topped the losers’ log after it lost 8.11 per cent to trade at 34 Kobo, Mutual Benefits fell by 7.69 per cent to 36 Kobo, Linkage Assurance dropped by 6.25 per cent to 45 Kobo, Veritas Kapital declined by 4.76 per cent to 20 Kobo, and PZ Cussons depleted by 4.65 per cent to N10.25.

Business Post reports that the market breadth was positive as there were 27 price gainers and 12 price losers, indicating a strong investor sentiment.

Investors transacted 2.9 billion shares worth N8.1 billion in 3,940 deals, in contrast to the 200.4 million shares worth N5.5 billion transacted in 3,716 deals on Wednesday, showing an increase in the trading volume, value and the number of deals by1,331.88 per cent, 47.27 per cent, and 6.03 per cent, respectively.

Universal Insurance traded 2.7 billion shares due to an off-market deal to close as the most active stock and was followed by AIICO Insurance, which sold 14.0 million stocks, GTCO transacted 13.9 million equities, Sterling Bank exchanged 10.3 million stocks, and Fidelity Bank traded 9.9 million equities.

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