Economy
DHL Sponsors 2018 eCommerce MoneyAfrica Cofex
By Modupe Gbadeyanka
DHL Express Sub-Saharan Africa (SSA) has announced signing to sponsor the 2018 eCommerce MoneyAfrica Conference & Exhibition (Confex), which will be hosted at the new East Wing of the Cape Town International Convention Center on March 14 and 15, 2018.
The DHL eCommerce MoneyAfrica Confex has established itself as one of Africa’s biggest opportunities to bring stakeholders in the fintech and e-commerce sectors together.
Next year’s event will feature presentations and knowledge sharing from an array of African and international thought leaders, geared at enabling participants to formulate innovative strategies to unlock more opportunities on the continent. Delegates from some of the continent’s biggest tech, retail, banking and legal firms will also be in attendance.
Steve Burd, Vice President of Sales for DHL Express Sub-Saharan Africa, explains that the partnership between DHL and eCommerce MoneyAfrica stemmed from great synergy in their objectives.
“As the market leaders in international express logistics in Africa, we have extensive first-hand experience of the positive impact that e-commerce has on the continent. ‘Brand Africa’ has become increasingly popular across the globe and we’re thrilled to work with thousands of customers across the continent, helping them expand their brand across borders. The evolution of the DHL eCommerce Money Africa is a wonderful platform for DHL to further connect and support the industry.”
He adds that the development of e-commerce in Africa continues to unlock major opportunities for growth. “Historically, international trade was often overlooked or ignored by start-ups and SMEs, due to perceived complexities. But if you have the right partner, international trade can be hassle free. The world is so well connected that customers now have access to any product, irrespective of their location. This means that even small businesses can now compete on a level playing field.”
PwC recently released a report which shows that mobile subscriptions in Sub-Saharan Africa increased from 174 million in 2007 to around 772 million by 2016. This amounts to 344% growth in under ten years, over three times the rate at which mobile phone usage grew in the rest of the world. “This presents a huge opportunity for Intra-Africa trade too.”
Burd points to data collected by market research portal, Statista, which reports that e-commerce revenue in Africa and the Middle East amounted to $16 651 million in 2017, and is expected to grow by 11.7 percent per year in both these regions. It’s a truly exciting time for e-commerce in Africa!”
“Through this new partnership, we would like to help businesses understand key logistics considerations, but more importantly, advise them how to plan for and overcome any logistical challenges. DHL is working in collaboration with the organizers of DHL eCommerce MoneyAfrica Confex to ensure that next year’s event is the best one yet. The event is considered the ‘meeting place for the African e-commerce industry’ and we look forward to supporting this very important growth market with our global expertise and over 40 years’ experience in Africa,” adds Burd.
Shannon Mackrill, Joint Managing Director at Kinetic Events, the organizers of the DHL eCcommerce MoneyAfrica Confex adds, “Accelerating e-commerce in Africa is Kinetic’s vision for the show in 2018, and partnering with industry giant DHL brings us one step closer to realizing this vision. A commitment of this level from DHL to the e-commerce sector in Africa is indicative of the direction the industry is moving towards and this, coupled with increased attendance and sponsorship in 2018, bodes well for the future of Africa’s e-commerce economy”.
Also included in this year’s Confex is a selection of master classes designed for SMEs looking to advance their ecommerce capabilities. The courses will provide practical, immediately applicable guidance from industry experts within the ecommerce ecosystem.
By Dipo Olowookere
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
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