Economy

DHL, Kinetic Renew Sponsorship Deal

Published

6 years ago

05/03/2019

The sponsorship of Africa’s largest e-commerce event, eCommerce Africa Conference and Exhibition has renewed by DHL. The event is hosted by South African conferencing company, Kinetic.

This development means the 2019 edition of the programme, which holds at the Cape Town International Convention Center on March 19 and 20, will have DHL Express as the lead sponsor.

The eCommerce Africa Conference and Exhibition brings stakeholders in the ecommerce sector together. Later in the year, Kinetic will also bring the conference to Kenya, with the eCommerce East Africa Edition, also delivered by DHL, set to take place in Nairobi on June 12 and 13.

This year’s event offers participants an opportunity to learn from world-class thought leaders, both from Africa and the rest of the globe, on the innovative strategies that will unlock e-commerce opportunities over the years to come.

Delegates from some of the continent’s biggest tech, retail, banking and legal firms will be in attendance to share their experience and engage with attendees to exchange knowledge.

According to the McKinsey Global Institute’s report, Lions Go Digital, e-commerce and fintech represent two of Africa’s biggest growth opportunities, with the growth of the mobile technology market driving both of these sectors. “More than half of urban African consumers already have Internet-capable devices and this number is increasing. Online shopping in Africa could account for up to $75 billion in retail sales by 2025.”

Steve Burd, Vice President Sales for DHL Express Sub-Saharan Africa, explains that the ongoing partnership between DHL and eCommerce Africa is a good fit. “As the market leaders in express logistics in Africa, we have extensive first-hand experience of the positive impact that ecommerce has on the continent. The massive growth in cross-border and international ecommerce in Africa sees DHL working with thousands more customers across the continent each year, helping them to expand their brand across borders.”

He adds that the development of ecommerce in Africa continues to unlock major opportunities for growth. “E-commerce allows entrepreneurs and SMEs to connect with a large customer base and scale up rapidly, which accelerates the need for support services. E-commerce growth therefore has a ripple-effect on many other industries on the continent.”

“DHL’s partnership with eCommerce Africa provides us with an additional platform to connect with organisations and help them to understand key logistics considerations, and learn how to plan for and overcome any logistical challenges,” adds Burd.

Terry Southam, Kinetic Managing Director, says that the collection of thought leaders and the topics under discussion this year are aimed at creating an immediate impact for African ecommerce companies.

“From marketing to fulfilment, the world’s best will be on stage sharing best practice and innovative hacks to drive online growth. It is quite remarkable to have all of these industry leaders on the same stage – not only willing to share but actively working to grow the industry and ensure African customers receive a world-class online shopping experience.

“This year’s theme for the conference is ‘Conquering Scale’ and we couldn’t be happier to have a market leader like DHL on board, to help us deliver 2 key e-commerce events on the continent this year,” he concludes.

Economy

NASD Bourse Closes Mixed at Midweek as Paintcom Joins

Published

4 hours ago

16/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a mixed outcome on Wednesday, January 15 after it welcome a new entrant.

Paintcom Investment Nigeria Plc joined the OTC securities exchange yesterday with shares admitted at a unit price of N10.72 and a market capitalisation of N8.5 billion.

However, when trading activities closed for the session, the alternative stock exchange went down by 0.10 per cent, with the NASD Unlisted Security Index (NSI) depreciating by 3.03 points to 3,093.16 points from the 3,096.19 points recorded in the previous session.

But the value of the trading platform increased by 0.7 per cent or N7.54 billion to settle at N1.068 trillion compared with the preceding day’s N1.061 trillion.

The volume of securities traded in the session went down by 83.2 per cent to 666,494 units from the 3.97 million units recorded in the preceding session, while the value of shares traded during the session jumped by 98.2 per cent to N16.5 million from N8.3 million, with the number of deals going down by 20 per cent to 20 deals from 25 deals.

Industrial and General Insurance (IGI) Plc gained 3 Kobo to close at 30 Kobo per share versus 27 Kobo per share, Mixta Real Estate Plc increased by 23 Kobo to N2.58 per unit from N2.35 per unit, and Central Securities Clearing System (CSCS) Plc added N1.15 to settle at N23.20 per share, in contrast to Tuesday’s closing price of N22.15 per share.

Further, Afriland Properties Plc grew by 75 Kobo to N16.25 per unit from N15.50 per unit and Geo-Fluids Plc expanded by 13 Kobo to N4.79 per share from N4.66 per share.

On the flip side, 11 Plc fell by N27.74 to close at N253.10 per unit compared with the previous session’s N280.84 per unit and FrieslandCampina Wamco Nigeria Plc lost 55 Kobo to finish at N38.95 per share versus N39.50 per share.

FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and Afriland Properties Plc with 690,825 sold for N11.1 million.

IGI Plc closed the day as the most active stock by volume (year-to-date) with 23.5 million units sold for N5.3 million, trailed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc with 3.4 million units worth N134.9 million.

Economy

Naira Crashes to N1,551/$1 at Official Market Amid Inflationary Pressures

Published

5 hours ago

16/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira depreciated on the American currency in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, January 15 by 0.09 per cent or N1.45 to close at N1,551.10/$1 compared with the preceding day’s N1,549.65/$1.

It was the fourth straight session the local currency was losing value on the greenback in the official forex market as the deadline to end the access of Bureaux De Change (BDCs) to the official trading platform nears.

Also, Nigeria’s inflation neared a 29-year high as it rose for the fourth straight month to 34.80 per cent in December 2024 spurred by high festive activities.

On the British currency, which is the Pound Sterling, the domestic currency depreciated by N24.79 to wrap the session at N1,904.43/£1 versus the previous day’s N1,879.64/£1 and against the Euro, it weakened by N14.74 to sell for N1,600.79 per Euro versus N1,586.05/€1.

At the parallel market, the Nigerian Naira traded flat against the US Dollar yesterday at N1,650/$1, according to data obtained by Business Post.

In the cryptocurrency market, most of the tokens gained as the anticipation of Mr Donald Trump’s inauguration as US president is building bullish sentiment for the market, which was also encouraged by a highly anticipated CPI inflation data report in the US.

Litecoin (LTC) grew by 17.7 per cent to quote at $119.82, Ripple (XRP) expanded by 9.0 per cent to a six-year high of $3.10, Solana (SOL) appreciated by 7.2 per cent to trade at $202.81, Dogecoin (DOGE) rose by 5.3 per cent to finish at $0.3789, Ethereum (ETH) increased its value by 4.7 per cent to end at $3,376.28, and Cardano jumped by 3.3 per cent to settle at $1.06, Bitcoin (BTC) gained 2.8 per cent to close at $99,707.22, and Binance Coin (BNB) improved by 1.6 per cent to trade at $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Economy

Oil Market Rallies on US Crude Drop, Russian Sanctions

Published

6 hours ago

16/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The oil market rose more than 2 per cent on Wednesday, supported by a large draw in US crude stockpiles and potential supply disruptions caused by new US sanctions on Russia.

Brent crude futures appreciated by $2.11 or 2.64 per cent to $82.03 a barrel and the US West Texas Intermediate (WTI) crude grew by $2.54 or 3.28 per cent to close at $80.04 a barrel.

The US Energy Information Administration (EIA) reported an inventory dip of 2 million barrels for the second week of the year.

The change estimated by the EIA compared with a modest draw of around 1 million barrels for the previous week, which also saw sizable fuel inventories build that dragged oil prices lower.

For the week to January 10, the EIA estimated an inventory build of 5.9 million in gasoline, with production averaging 9.3 million barrels daily. This compared with a build of as much as 6.3 million barrels for the previous week when production averaged 8.9 million barrels daily. That build was the second sizable weekly one after 2024 ended with a build of 7.7 million barrels in gasoline inventories.

The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency (IEA) said in its monthly oil market report.

The Paris-based agency said that the sanctions on Iran and Russia cover entities that handled more than a third of Russian and Iranian crude exports in 2024, adding that the market will be in surplus this year as supply growth led by countries outside the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ exceeds subdued expansion in world demand.

This aligns with an earlier projection by the EIA which assumes that OPEC+ would roll back its production cuts and that non-OPEC production would continue leaping forward.

Limiting the gains was fresh developments in the Middle East as Israel and Hamas agreed to a deal to halt fighting in Gaza and exchange Israeli hostages for Palestinian prisoners.

OPEC in its monthly oil report on Wednesday forecast stronger demand growth than the IEA of 1.45 million barrels per day this year and, in its first look at 2026, predicted a similar expansion of 1.43 million barrels per day next year.

OPEC expects global oil demand to rise by 1.43 million barrels per day in 2026, maintaining a similar growth rate to 2025.