Economy
Dubai’s ‘DEAL 2017’ to Benefit African Market
By Dipo Olowookere
The region will witness the largest show in the amusement industry, DEAL 2017, to provide an effective platform for the stakeholders within the African entertainment and amusement sector, as per International Expo Consults (IEC), the organisers of the show.
In the wake of growing developments in the African region, it is essential for shows like DEAL to bring key players of the amusement and leisure industry to converge at a focal point to showcase ingenious products which can benefit the market.
“DEAL has been steadily gaining popularity on all fronts as the African amusement sector will benefit immensely from the show. The future looks promising for the African amusement sector which has reported a steady growth on the revenue forefront.
“Africa has been growing in terms of tourism and infrastructure. We have full faith that we are going in the right path and are confident that the amusement industry in Africa will yield 100 percent results. We are quite pleased to see new faces from Africa at DEAL 2017 and are sure that they will get to meet new contacts to expand their business,” said Mr Sharif Rahman, CEO, IEC.
According to Forbes magazines, Africa will see new malls in the next two years where more global brands will find more space and better infrastructure.
It adds that the continent is home to 45 million households having what it terms as ‘discretionary income’. With the new malls attracting brands that were only known through cable television, Forbes says the African market can no longer be viewed as a secondary one.
Africa’s population is set to grow to 2.3 billion by 2050. In contrast to the rest of the world, however, its booming population is getting younger.
African millennials are changing their consumer spending patterns, from markets to malls, where they can eat, socialize and get entertained at Family Entertainment Centres (FEC) apart from shopping.
Also there have been key amusement parks in Egypt, Nigeria, Tunisia and South Africa which have enticed people around the African region.
The tourism industry in Africa shows incredible opportunity for growth and, despite some challenges, many tourism businesses are showing increasing interest in investing in the continent’s tourism offerings.
Themeparks and malls are set to be a crowd puller to raise the revenues to contribute to the African countries GDP.
African tourism has seen a boost is simultaneous to the economic growth being experienced across many parts of the continent. Reports predict that direct contribution of Travel & Tourism to GDP will increase by 4.8% per annum, to USD121.3bn which is approximately 3.2% of GDP by 2026.
The Dubai Entertainment Amusement and Leisure (DEAL) show has shaped the region’s entertainment industry for the past two decades and it has brought together great minds and their world class innovations all under one umbrella. DEAL has led the amusement and entertainment space during this period and the testimony to this is the fact that exhibitors at DEAL 2016 have signed multi-million dollar contracts in just 3 days.
Foraying into the 23rd edition, DEAL 2017 expects to witness an even larger gathering of key players and visitors in the amusement industry from Middle East, US, Mediterranean, Asian, and especially African countries.
DEAL, since its inception in 1995 has developed into an unparalleled platform that gathers exhibitors, buyers, and professionals from the international amusement and entertainment industry.
DEAL is the region’s most anticipated and leading attraction for global and local stakeholders in the amusement and entertainment industries. The show is slated to be held from 27th – 29th March 2017 at Halls 1, 2, 3 & 4 at the iconic Dubai World Trade Centre.
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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