Economy
Sage Summit Tour Targets Business Builders
By Dipo Olowookere
Sage, the market leader for integrated accounting, payroll & HR, and payment systems, will highlight technologies taking business builders to a future of invisible accounting at the Sage Summit Tour in Johannesburg.
Sage customers and business partners from around Africa and the Middle East will gather at the Sandton Convention Centre from 7-9 March 2017 to learn about new technologies, digital transformation and the future of work.
Sage CEO, Mr Stephen Kelly, will share insights about how Sage is levelling the playing field for customers – and it’s just the start of a technology revolution all enterprises of all sizes need to be a part of to compete and grow.
Other speakers include Valter Adão, Head of Digital at Deloitte Africa, Justin Spratt, Head of Business, Sub-Saharan Africa at Uber and Gil Oved, co-founder and co-CEO of The Creative Counsel.
“Business builders and entrepreneurs don’t go into business because they want to wrestle with red-tape and manage admin. Our vision is to make those tasks invisible by 2020 by automating the back-office functions so we can free business builders up to follow their dreams,” said Sage CEO, Stephen Kelly. “At the Sage Summit Tour, they will get inspiration from other entrepreneurs, experts, and peers about how they can take their businesses into a future of invisible admin.”
The digital future of work
Speakers at the Sage Summit Tour will focus on how digital native young professionals and exciting emerging technologies such as artificial intelligence, mobility and automated data collection are reshaping the workplace.
Ahead of the Sage Summit Tour, Sage has been discussing these ideas in a series of podcasts, Invisible Admin: Conversations about the future of work.
Said Anton van Heerden, Managing Director and Executive Vice-President, Africa & Middle East at Sage: “Technologies such as artificial intelligence are the answer to the everyday pain points people are facing now. Our work at Sage allows us to use these advances to address the immediate challenges our customers face today. We are helping to free them from mundane admin tasks so that they can focus on creativity, growth and innovation.”
Invisible admin and accounting
Invisible accounting will be built on the back of three powerful emerging technologies, as illustrated in Leading the Invisible Accounting Revolution (http://APO.af/O0dd4h), a new white paper from Sage and Ovum:
Artificial Intelligence will enable users to interact with accounting systems via conversational interfaces. It will also elevate back-office automation and the processing of massive amounts of data.
Blockchain technology promises to transform how frictionless processes can take place, where money transfers, for example, can flow in an automated manner and be auditable and compliant.
The Internet of Things will transform the supply chain and deliver superior efficiencies and lower costs.
Together, these technologies will enable an era of seamless business processes, continuous budgeting and agile accounting.
Release of the Payments Landscape Report
The Sage Summit Tour will also reflect on the results of its Payments Landscape Report for South Africa, which shows that consumers are increasingly demanding choice when they pay.
The majority (96%) of South African consumers surveyed claim it’s important for businesses to offer customers a diverse range of payment methods. South Africans feel strongly enough to act on it, with 90% claiming they would be more likely to shop somewhere that offered them multiple ways to pay.
Investing in the community, inspiring change
Sage will update delegates about how the Sage Foundation is making a difference for communities and non-profit organisations across Africa and Middle East with its approach to social investment. The company unveiled its $1,000,000 Challenge in partnership with parkrun.
This global fundraising challenge is going around the world with the Sage Summit Series, to make sure Sage transforms more communities. The three inspiring local based community partners are: SA Teen Entrepreneurs, SOS Children’s Villages and Dignity Dreams. Sage colleagues, customers and partners will be partnering with parkrun on 8 March 2017 at Woodmead Country Club to raise money for the three non-profit charities.
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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