Economy
Zedcrest to Hold Maiden ‘Zimvest Economy Conversations’ Series
Come Saturday, June 20, 2020, digital private wealth and investment management firm, Zedcrest Investment Managers (Zimvest), will hold its maiden thought-leadership series named Zimvest Economy Conversations.
The programme was designed to improve investment management competencies on the part of both investors and financial services providers.
The inaugural edition organised in partnership with online market news, data and research firm, Proshare Nigeria Limited, is targeted at investors, businesses, bankers, asset managers, corporate executives, HNIs and all investment enthusiasts.
Zimvest Economy Conversations, which will hold virtually, is themed The Economic Landscape and Investor Preferences in Post-pandemic Africa.
It seeks to explore the changing dynamics of the fiduciary relationship between the Investor and the financial institution.
Today’s Investors want to take a more active approach to money management, evidenced by the massive shift to self-investing in Fixed-Income instruments and Alternative assets.
A statement from the organisers said the first session which will take place from 11am to 1pm is headlined by Mr Bola Onadele Koko, CEO of FMDQ as the keynote speaker.
Confirmed panellists are Ini Ebong, Group Executive, Treasury & Financial Institutions at First Bank; Esiri Agbeyi, Partner and Head, Private Wealth Services at PWC; Adetoun Dosunmu, Treasurer at FBN Merchant Bank; Onome Komolafe, Divisional Head, CSCS & EX-COO at Coronation Merchant Bank; Chiefo Ejiofobiri, National Head, Product Sales at Fidelity Bank; & Abiola Adekoya, Wealth Expert and Ex-CEO at RMB Securities. The event will be moderated by Wole Famurewa, Anchor at CNBC Africa.
Zimvest, the newly launched investment management subsidiary of Zedcrest, plans to be at the nexus of a continuing conversation series around Investment management and economic policy landscapes.
Speaking on Zimvest’s launch and the Zimvest Economy Conversations series, the Group Managing Director of Zedcrest, Mr Adedayo Saheed Amzat, said, “This episode will also look at the immediate economic environment and suggest practical actions that businesses and investors can take as the economy resumes from the lockdowns effected in the wake of the COVID-19 health crises, and the attendant economic woes the virus leaves in its wake.
“It is hoped that businesses/investors will get more clarity as to the required next steps to steer their businesses and investments back to growth.”
“We are in a strong position to lead this dialogue as we have a strong reputation as financial market experts with recognition coming from the likes of the FMDQ and BusinessDay.
“Our Global markets subsidiary, Zedcap Partners, won the ‘best brokerage service provider’ award at the 2019 FMDQ Gold awards.
“The Group also won the ‘Most Diversified Financial services Group’ award at the 2019 BusinessDay awards. We have helped banks, pension funds, insurance firms and foreign investors get access to the best investment products for the past seven years and we are now devoting the same expertise to the Individual and Corporate clients,” he added.
On the process of participation, Gbenga Adigun, Business Head at Zimvest urged all interested participants to register via the event link on any of Zimvest’s social media platforms (@zimvest).
“This is an event anyone interested in the changing economic landscape and evolution of the post-pandemic investor would not want to miss,” he said.
“We are also using this medium to immensely thank our keynote speaker, moderator and the panellists for making out time to be part of this event. We are excited at the depth of knowledge and experience they will bring to bear on the conversations,” he added.
Zimvest, a subsidiary of the foremost financial solutions powerhouse, Zedcrest, is licensed by the Securities & Exchange Commission (SEC) as a Fund & Portfolio Manager. The company’s products are designed to offer inflation and currency protection, risk management and sustainable growth.
Other members of the Zedcrest Group include the leading consumer finance brand – Zedvance Finance, the leading Interdealer-Brokerage firm – Zedcap Partners and proprietary investment firm – Zedcrest Capital.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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