The Nation Newspaper

Tag: MARKET

  • ‘Smart Tvs will dominate market’

    About 85 per cent of flat-panel televison sets produced in 2016 will be smart TVs while global unit production of flat-panel smart TVs will grow from 69 million in 2012 to 198 million in 2016.

    Worldwide unit production of smart TVs in 2013 is expected to reach 108 million, Gartner, Incorporated has said in its forecast..

    However, analysts said smart TVs alone won’t spur demand in the market. TV manufacturers must recognise the need to offer some compelling reasons for consumers to choose their brand over a competitor’s.

    “In the end, the choice may be all about the extra content that one TV brand offers over another. Consumers will be asking questions such as, which Internet TV services can the TV access? Are these the sites I think are valuable? Can I use my smartphone or tablet with this TV?” said Paul O’Donovan, Principal Research Analyst at Gartner.

    “It is critical for the TV industry during this global economic downturn and decline in consumer confidence levels, to sustain sales and maintain or grow market share — especially in emerging markets. This is difficult when demand has slowed, so the extra functionality offered by smart TVs becomes the product differentiator — if prices are already competitive and all other variables are equal between brands.”

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • 20 shops razed in Ibadan market

    Twenty shops were razed yesterday at a popular market at Ifeleye in Ibadan, the Oyo State capital.

    Goods worth several millions of Naira were also lost in the fire, which is the second in six months.

    Director of the Oyo State Fire Service Mr. Olukunle Gafaru confirmed the incident.

    It was learnt that fire fighters were not contacted early, but they put out the fire when they arrived.

    It was gathered that the fire started from a room in the market around 9:30am.

    Chairman of the Electrical Electronics Union, Feleye Market, Christian Umechukuwu said the fire was caused by “human mistake” and urged the government to assist them.

    Mrs. Benard Egwuatu said two of her shops were burnt.

    Mr. Lukman Owolomose said: “I just saw smoke in my shop and ran out to see what was happening. I saw people shouting. Before I knew it my store had been engulfed by fire.”

    He said the fire started from the room of one of the landlord’s sons called Waheed.

    According to the traders, Waheed (a.k.a Labour) is mentally unstable.

    One of them said: “Waheed took to his heels immediately the fire started. We found out sometimes ago that he was cooking in his bedroom with firewood and bought him a stove”

    Officials of the State Emergency Management Agency and the police were on the scene.

  • Stocks that made the market

    The Nigerian stock market posted average full-year return of 35.4 per cent, equivalent to capital gains of N2.44 trillion in 2012. Notwithstanding the widespread gains and exceedingly positive overall market situation, only 29 stocks recorded above-average returns. ‘Equities Watch’ had pinpointed 11 of the best-performing stocks. Taofik Salako reviews the initial investment guides and highpoints of the stocks that made the market

    The Nigerian stock market rounded off 2012 atop the global returns’ table.

    With average full-year return of 35.45 per cent, equities outperformed market pundits’ estimates and overwhelmed returns by other securities. The All Share Index (ASI), the common value-based index that tracks changes in prices of all quoted companies, closed 2012 at 28,078.81 points as against its opening index of 20,730.63 points for the year. Aggregate market capitalisation of all quoted equities also rose from its opening value of N6.533 trillion to close the year at N8.974 trillion, indicating capital gains of N2.441 trillion. Besides its primary importance as the benchmark index for the Nigerian Stock Exchange (NSE), the ASI doubles as the country index for Nigeria and rightly indicates the competitiveness of Nigerian equity returns.

    Globally, Nigerian equity return ranked seventh on global return scale as average capital gain on equities in Nigeria significantly exceeded returns in all advanced markets of Europe and America. Full-year percentage changes in global stock indices tracked by the Wall Street Journal (WSJ) indicated that Venezuela posted the highest return of 302.8 per cent. Egypt recorded the highest return of 50.8 per cent in Africa. Nigeria followed Egypt on the returns table, far ahead of South Africa, which posted 22.7 per cent. The significance of Nigerian return is in the context of the global returns, especially in key world financial centres, which look toward emerging markets to bolster portfolio performances in matured markets. The Dow Jones Global Index indicated global average equity return of 13.7 per cent for 2012 while another global index-The Global Dow, posted a return of 10.7 per cent. Average return in United Kingdom stood at 22.5 per cent while France, Germany, Japan, Russia and China posted average return of 15.2 per cent, 29.1 per cent, 22.9 per cent, 10.5 per cent and 10.9 per cent respectively.

    Equities provided the best returns among Nigerian securities. With inflation rate at 12.3 per cent and the Monetary Policy Rate, the benchmark interest rate set by the Central Bank of Nigeria (CBN),at 12 per cent, equities were the only investments with real adjusted return in 2012 considering the cost of fund and time value of capital. Fixed-income rates were substantially below equities’ returns and in most cases, negative in real terms. Three-month tenor deposit rate of banks stood at 8.94 per cent, 91-day Nigerian Treasury Bill (NTB) carried return of 11.7 per cent while average monthly prime lending rate stood at 16.51 per cent.

    But notwithstanding the relatively high return indicated by the overall market position, the bullish rally in 2012 was highly concentrated on about one-ninth of quoted stocks. More importantly, the bulls followed Equities Watch’s trails during the year. Most of the stocks picked out for upside potential dominated the top gainers’ list while stocks and sectors marked for doubtful and negative outlook ended on the downside. Cadbury Nigeria Plc, which was first spotted with a year-to-date return of 26.3 per cent and further reinforced in a second piece when it posted 46.8 per cent, rallied through the year to close with a full-year return of 154.4 per cent. Nestle Nigeria was trading at a high of N486.70 when it was cited as a market leader and rallied to close the year at N700, posting a return of 57.1 per cent. Equities Watch had noted when Nestle Nigeria was at a peak of N577.50, that “stability of earnings and returns and sense of corporate security may still take Nestle Nigeria to a new level.” “Besides, in a market still characterized by uncertainties and questions about corporate governance, Nestle Nigeria’s overall image of stability and consistency will continue to be major attraction. The compact nature of the outstanding shares of the company and the preponderance of buy-and-hold retail investors that see the stock as their nest eggs will also continue to mediate the share price fluctuation, making it resistant to downtrend. Most investors holding the free float shares don’t easily sell off. As a consistent dividend-paying stock, Nestle Nigeria provides cushion against the downturn at the secondary market. With recent huge investments in new factory and innovations, the company appears to have operational supports to drive fundamentals and by extension, market consideration,” the September 2012 report had noted.

    Presco was trading with a year-to-date return of 26.6 per cent in March when Equities Watch concluded that dividend expectation for the 2011 business year would provide further impetus for capital appreciation. “Most investment pundits believe Presco, and other well-positioned agricultural stocks, could leverage on government’s focus on agriculture and domestic capacity building to improve returns. Already, incentives aimed at encouraging farmers included low-interest intervention funds and reduced tax and tariffs. These incentives fit into Presco’s long-term growth plan, a synchronization that encourages investors’ optimism about future returns,” another June report stated. Presco rallied to close the year with a gain of 96.1 per cent.

    At the onset of First Bank of Nigeria’s comeback bid in May, when the bank was with a year-to-date return of 18.1 per cent, Equities Watch had noted that improved fundamentals would impact further on the market consideration. By August when First Bank’s year-to-date return was 46.6 per cent, Equities Watch had noted that “with this year’s high just barely above the intrinsic book value, the bank appears still substantially undervalued” and that “from earnings to dividend and historic pricing outlooks, most counts tilt in favour of the bank.” First Bank closed the year with 76.6 per cent capital gain.

    In March through to July, Equities Watch had cited United Bank for Africa (UBA) Plc as a promising stock. “With its restructuring into pan-African financial services holding group, operations in 19 African countries and major global financial centres, qualitative balance sheet and expansive deposit base, UBA is a stock to watch,” the March report had pointed out. By July when interim reports had formed consistent growth pattern, it was noted that “there is strong tendency for the emerging fundamentals to set new ceiling for the share price”. UBA closed within the top-four banks with a full-year return of 76.1 per cent.

    Access Bank came under focus in May when its year-to-date return was 41 per cent. “With strong fundamentals, many analysts expect Access Bank to further unlock many growth opportunities from its recent business combination exercise while sustaining its intrinsic aggressive internal growth strategy. It’s this outlook that is driving the equally aggressive positioning by farsighted investors in the equities of the bank,” it was noted. Access Bank closed with full-year return of 88.5 per cent.

    In September, when Sterling Bank was trading with a year-to-date return of 52.5 per cent, Equities Watch had noted that while Sterling Bank opened then at its highest price so far, the share price still represented significant discounts to the recent historic highs. “With continuous improvements in earnings over the period, the share price appears to be more sentimental than fundamental, and it may be opportunity for discerning investors,” it was pointed out. Sterling Bank closed 2012 with a full-year return of 71.3 per cent.

    Other stocks spotted by Equities Watch including Transnational Corporation of Nigeria, UAC of Nigeria and GlaxoSmithKline Consumer Nigeria closed with substantial gains. DN Meyer had closed with a moderated return of 44.9 per cent, in line with the cautious note on the fundamental supports for the then jumpy market price. With one in every two stocks on the top 20 gainers list on the upside watch list of Equities Watch, the equity intelligence report provided reliable guide for investors in 2012. And that is the promise for this year, and always.

     

     

     

     

  • Kano shuts 5,000 drug shops at Rimi Market

    THE Kano State Government has sealed the popular Sabon Gari Drug Market after the expiration of the December 31, deadline.

    Despite the ongoing litigation between the government and the patent medicine dealers’ association, the Musa Kwankwaso administration sealed the 5,000 shops.

    Barely 24 hours after the closure, the state branch of the Pharmaceutical Society of Nigeria (PSN) assured the public that the government would ensure better access to quality drugs.

    The government gave the deadline following the alleged concentration and sale of fake and adulterated drugs in the market.

    In a statement in Kano by its Chairman, Alhaji Ahmed Gana Mohammed, the PSN noted that the government’s decision is in the best interest of the people.

    The statement reads: “We assure you that the decision of the government to close the market is in the best interest of Kano people and all beneficiaries of pharmaceutical services.”

    It explained that the residents can buy prescribed drugs from government hospitals, registered pharmaceutical premises and patent medicine shops, including Lafia Jari shops.

    Also, the Chairman said a list and addresses of registered manufacturers, importers, wholesalers and distributors would be announced on radio and published in newspapers for bulk purchase drugs.

     

  • Blast kills 17 in Pakistan market

    At least 17 people have been killed and dozens injured in a car bomb attack on a market in the Khyber tribal region of north-west Pakistan, officials told the BBC.

    Women and children were among those killed in the blast at the market in Jamrud, the main town in Khyber.

    The explosion took place close to the offices of the tribal administration. The injured have been taken to hospital in the nearby city of Peshawar.

    No group has said it carried out the attack as yet.

    The bombing comes a day after a 15-hour stand-off between militants and security forces in the vicinity of Peshawar airport, located just about 10km (six miles) east of Jamrud town.

    At least 10 militants were killed in the clash, many of them ethnic Uzbek fighters, officials said.

    The Pakistani Taliban said they carried out that attack.

    The powerful blast in Khyber destroyed vehicles and damaged buildings in the market area. Many of those wounded are said to be in a critical condition.

     

     

  • Goldie set to flood African market with next album

    Goldie set to flood African market with next album

    AFTER her exit from the Big Brother Amplified house, Susan Harvey popularly known as Goldie has been on a tour of other African countries hooking up collaborations with various artistes on the continent for her forthcoming album.

    Goldie hopes to build on the seeming popularity she gathered as a celebrity housemate of Big Brother Amplified with her next album and plans are underway for the yet-to-be released album to be distributed across Africa.

    “I am collaborating with a lot of artistes on my upcoming album. I have been trying to keep most of my plans in the wraps, but since you asked, I can tell you that a lot major acts from Nigeria and around Africa will be on it. It will be a new me, what I can say is wait for it. There will be some singles out soon.” Goldie squealed.

    Since her emergence onto the pop culture radar a few years ago, Goldie has cut a large chunk acclaim for her musical accomplishments. Colourful and cerebral, Goldie’s musical strength and depth, sensuality and serenity have appropriated her as a high water mark.

  • Nigeria shines at World Travel Market

    Nigeria shines at World Travel Market

    Annually, the world gathers in Custom House, ExCel, London for the  biggest travel and tourism event, the World Travel Market (WTM). It has in attendance more than 180 countries.

    Almost 48,000 senior travel industry professionals, government ministers and international journalists attend the event in London to network, negotiate and discover the latest industry opinion. The WTM, now in its 33rd year, is the event where the travel industry conducts and concludes its deals.

    The fair in 2011 generated £1,653 million of travel industry contracts. Countries, airlines, international hospitality chains, IT solution providers in the tourism industry, resorts, top travel agencies, tour operators all come together under one roof to do business.  That is why it is catastrophic for any country interested in its tourism growth to miss this annual event.

    For a country like Nigeria seeking to create an identity for itself and build its profile as an emerging destination, the need to put up a very strong presence and also articulate and market its products was imperative.

    Slowly over the last few years, due to Nigeria’s strong presence and visibility in WTM and some other key travel fairs, the travel world is now conscious of the country as an emerging destination in Africa and is also taking a look at some of the things that are making Nigeria tick. The African Section of the fair came to a standstill as people trooped  to listen to Nigerian music, watch dancers and have a thirst of the nation’s cuisines. They had it so good that most refused to go and had to when the music stopped.

    The high point of this year’s event was the Nigeria Day.

    The Nigerian tourism drive  was given a boost by the 2012 Industry Report  of the WTM  which in addition to steady progress the country is making stated that: “The Nigerian film industry dubbed Nollywood has made the country the highlight of the African tourist industry with Africans making use of the increase no-frills airline routes to visit the country made famous in the movies.”

    However, it must be added here that one of the strong areas for inbound tourists to Nigeria is religious tourism. The annual convention of the Living Faith Church Worldwide (Winners’ Chapel), the Redeemed Christian Church of God Holy Ghost convention and Pastor T.B. Joshua’s  Synagogue Church of All Nations are all building the market for pilgrimage and religious tourism.

    The Nigerian Tourism Development Corporation (NTDC) boss, Otunba Segun Runsewe, assessed the impact of Nigeria at the this year WTM: “ Nigeria had its bold and imposing  stand at the African section of the market, showing remarkable improvement in not articulating its presence in the market, but being able to create a platform for states and  private sector operators to showcase what Nigeria has to offer in tourism.

    “While the Nigerian Tourism Development Corporation (NTDC) co-coordinated the Nigeria ’s participation,  key private sector operators in the tourism industry had the opportunity to market and network with their counterparts from all over the world. It was an encouraging participation by the Nigerian private sector practitioners.

    “States like Cross River State , Rivers and the Federal Capital Territory (FCT) had a strong presence. The umbrella tourism  body for Nigeria, the Federation of Tourism Associations of Nigeria (FTAN), led by its President, Chief Samuel Alabi, led the private sector operators, including the National Association of Nigerian Travel Agencies (NANTA), National Association of Tour Operators (NATOP), Arik Airline,  Remlord Group, Naija Seven Wonders, Eko Hotel and Suites, Tarzan Balogun Marine Services Limited and many others. “In the 2012 World Travel market, we have seen that more countries are coming to the WTM and with the World Travel and Tourism Council (WTTC) also opening their windows and bringing in their members, we have seen that it is an opportunity to bring a very strong inbound tourists traffic to Nigeria . So, we are using the opportunity to showcase the strength of Nigeria basically in terms of our history  which is also part of the history of the African-Americans. We are also looking at our craft, festival, waterfalls, rocks and so on. So for us, it is an opportunity to invite more foreigners to Nigeria to come and see for themselves.

    “The most recent thing that happened was the Americans that we invited to Nigeria who were pleasantly surprised.  They were surprised by the number of tourism opportunities and tourist destinations we have in Nigeria . So, we want to use the opportunity of the WTM to reassure every tourist coming to Nigeria of their safety and security. Let me use this opportunity to also explain one very important issue. There is no country in the world that has total security. We would have some challenges. What is more important is how to overcome them. That is what we are working on. So, the World Travel Market is a total opportunity for us to showcase our strength as a people and invite more inbound tourists to Nigeria, considering the fact that two major factors are not a problem in Nigeria, in fact three, one language, two accommodation, all the major hotels in the world now have facilities in Nigeria, all the major airlines in the world fly to Nigeria. So, the language, accommodation and transportation are not problems. We have also created an advantage to make Nigeria a preferred destination.”

    The NTDC boss explained that every country in the world has its challenges, especially in the area of security, but the most important thing is the efforts the country is making to combat it and also ensuring the safety of tourists that visit the country.

    Commenting on the WTM Global Trends report, Runswe said: “The report we are getting from the WTM is the sixth in the world in the recent past. That means Nigeria is making major impact in terms of tourism development. I want to be very grateful to the organizers for bringing out the real fact that Nigeria has made concerted efforts and still making until tourism becomes a major income earner for the country.”

     

  • Market makers net over N500b for stock market

    The Nigerian Stock Exchange (NSE) has gained over N500billion in less than two months of the operations of the 10 primary market makers appointed to inject liquidity into the system, The Nation has learnt.

    NSE had appointed market makers to buoy activities in the market by injecting liquidity into the system. Subsequently, it introduced market making stocks into the Bourse to galvanise the position of the market.

    The Managing Director, BGL Securities Limited, Mr Sunday Adebola said the figure is expected to increase as the market gathered momentum. He said the market capitalisation has been increased three times since September 2012 when the management of the Exchange gave the market makers the approval to operate.

    Giving a breakdown of activities in the market, Adebola said the market capitalisation was N8.06trillion a day before September 18, when the market making activities started on the floor of the Exchange.

    He said the market capitalisation rose from N8.06trillion to N8.103trilion within 24 hours, a development that suggests that the market has been rejuvenated by the activities of market makers.

    He said: “ As at October 19, 2012, market capitalisation has grown to N8.69trillion, indicating 7.84 per cent growth. Currently, the market stands at N8. 590trillion. In the same vein, the All-Share Index rose from 25.337.18 basis points on 14-09-2012 to 27.296.35 basis points on 19-10-2012. This shows a gain of 7.73 per cent. The All-Share Index stands at 26.982.55 per cent. We can comfortably say that the market has gain over N500billion since the introduction of market makers till date.”

    According to him, the market will gain sufficiently if the trend continues in the market which has shown a considerable level of growth within a short period of time. He said the market has virtually gone to sleep, following the crisis that rocked the financial system in 2008.

    Also, the Chairman, Anchoria Investments and Securities Limited, Dr

    Olusola Dada said the potential of the market has been galvanised since the introduction of the market making system. He said the gradual recovery of the market was occasioned by the various initiatives introduced by the regulators.

    He said the banking sub-sector has experienced a renewed vigour, following the reforms initiated by the Central Bank of Nigeria (CBN)

    “Now that banks have got over their toxic assets and further recovered bad debts hanging on their neck, we should expect an improved performance that would translates into good profitability, growth in shares value and better returns for investors”, he said.

  • Tension in Onitsha over plan to relocate market

    There was tension yesterday at Williams Street Market, one of the major markets in Onitsha, following the government’s plan to relocate the traders to the market’s permanent site at Ogbunike, Oyi Local Government Area.

    There was a brawl between the Acting Chairman of the market, Mr. Solomon Maduike, and his principal officials, after the announcement.

    The chairman allegedly refused to obey the relocation order.

    The Chairman of the Caretaker Committee set up by the government, Mr. Gabriel Momegha, told reporters in Onitsha the committee sought an audience with the executives on the matter.

    He said: “The visit was to seek the possibility of the executives of the market to relocate to the permanent site, which has been completed and officially inaugurated by the government in 2009.

    “At the mere mention of Ogbunike Building Material Dealers’ Market, the Acting Chairman, Solomon Maduike, started shouting on top of his voice. He said he was not interested in Ogbunike Market.

    “All efforts to explain the need to relocate to the new site, have failed. We also tried to tell him about the need to relocate because Williams Street Market is no longer large enough to accommodate their goods, but he refused.”

    Momegha accused a trader of masterminding the crisis.

    He said: “Further attempts to calm them down by the caretaker committee officials did not yield any fruit. He walked out on us and made a call for the police to arrest us. We quietly left the market.”

    A detachment of policemen from the Central Police Station was deployed in the market to forestall a breach of the peace.

    The embattled chairman allegedly mobilised to lynch the caretaker committee members.

    But Maduike denied the allegation.

    He said the market had not resolved to relocate to the permanent site.

    Maduike described the allegation as false and malicious.

  • Market Amazon at 96

    Market Amazon at 96

    SIR: Every generation amongst itself picks, anoints and decorates its own leadership. Such decoration doesn’t come on the platter of nothing; it is usually derived from selfless service to the yearning of the people, the ability to bear the gamut of insults that bedevil such sacrifice, the tenacity to relate with many people with diverse background and interest subject to the base of their human endowments and the thick skin to relate, balance and accommodate the insatiable demands of his/her followers within the context of a relatively scarce resources.

    Such desire to put oneself at the crossroad of human wants becomes more burdensome when it relates to a section of the populace that is of diverse leaning, yearning, enterprise and demography.

    Here, we are talking about the section saddled with the responsibility of bringing food from the farms and feed the families – the market place.

    It is this extremely important fraction of folks, who are conscious of their material and mental being that nature has destined to be the tonnage around the neck of a single individual in the last two and half decades. Like the cross of a Promised Land around the neck of Moses to lead the Israelites, the quest for an eco-friendly, economically viable, humanly habitable and hygienically welcoming market place has been the life battles of no other person but Alhaja Ashabi Abibatu Mogaji – the generalissimo/Amazon of the market place. And has she clocks another year within the nonagenarian circle this week, it behoves on the nation to celebrate a woman of substance, who has dedicated a larger part of her adult life to protecting the rights of market men and women, mobilising them for greatness and innovation, and giving every market person out there a brand to associate with.

    After taking tutelage and learning the ropes before taking the mantle of leadership from her mentor, late Madam Pelewura of blessed memories, Alhaja Mogaji threw her great weight into the battle to have a saner market place, where the rights of the market people are not trampled upon, and at the same time not in conflict with the rules of the state.

    Under the resilient leadership of Alhaja Mogaji, Thursdays of every week was made compulsory sanitation day for market men and women. This is aside daily advocacy campaign of her administration to enlighten the market folks on governmental policies like census, voting, immunization and other economically beneficial programmes of the government.

    The Lagos market is a mixture of an elitist class who prefer the malls and the petty traders who prefer to haggle over price. So, when in 2009, Lagos State government desired an effective and efficiently administered market system to sustain its commercial growth, bridge the elite-market women divide and bring about an appreciable sustainable development to the state, a capable, trust able and tested hand was found in Alhaja Abibatu Mogaji, to chair the Lagos State Market Board.

    Alhaja Mogaji has been honoured with no fewer than 10 titles by various traditional rulers and interest groups across the nation. Some of such titles include President General, Association of Nigerian market women and men, Iya Adinni of Yaya Abatan Central Mosque, Ogba-Agege, Yeye Oba of Ikirun Land, Yeye Oba of Kweme Kingdom, Badagry, Yeye Oba of Osolu Kingdom, Yeye Oba of Lagos to mention but a few.

    She has also won several honours and awards from organisations such as Nigeria Drug Law Enforcement Agency, National Council of Women Societies, Eko Award 1991, National Youth Organisation and Law Ladies Forum, University of Lagos amongst others. Because of her humanitarian services, she was bestowed with matronship of many organisations like Nigeria Red Cross, Nigeria Youth Organisation, National Union of Lagos Students, Nigerian Society for the Handicapped, and Egbe Omo Eko.

    Alhaja Mogaji, fondly called, Mama, has been a mother of many. A devout Muslim and philanthropist.

    • Ibrahym Mojeed-Sanni,

    Lagos