Tag: slide

  • Equities continue slide with N101b loss

    Nigerian equities continued on the downside yesterday as investors lost N101 billion to capital depreciation. Benchmark indices at the Nigerian Stock Exchange (NSE) declined by an average of 0.76 per cent, depressing further the negative average year-to-date return to -4.64 per cent.

    The All Share Index (ASI)-the main index for the equities market, dropped by 278.13 absolute points, representing a decline of 0.76 per cent to close at 36,470.05 points as against its opening index of 36,748.18 points. Total market capitalisation of quoted equities declined correspondingly by N101 billion to close at N13.211 trillion compared with its opening value of N13.312 trillion.

    With 27 losers to 20 gainers, the market appeared to show increased bargain-hunting despite the negative overall market position. Most sectoral indices closed positive. The NSE Oil & Gas Index rose by 1.2 per cent. The NSE Banking Index and NSE Insurance Index appreciated by 0.2 per cent each while the NSE Industrial Goods Index closed flat. However, the NSE Consumer Goods Index declined by 2.5 per cent.

    Nestle Nigeria led the losers with a drop of N84.70 to close at N1,442.30. Nigerian Breweries followed with a loss of N2.40 to close at N105.60. International Breweries lost N1.80 to close at N39.20. Zenith bank dropped by N1 to close at N22.95 while UAC of Nigeria declined by 75 kobo to close at N13.25 per share.

    On the positive side, Guaranty Trust Bank led the gainers with a gain of N1.45 to close at N38. Dangote Sugar Refinery followed with a gain of N1.20 to close at N19.50. Oando rose by 45 kobo to close at N5.20. Eterna added 40 kobo to close at N6.90 while NASCON Allied Industries gathered 25 kobo to close at N20.25 per share.

    Total turnover stood at 296.59 million shares valued at N4.86 billion in 3,684 deals. Guaranty Trust Bank topped the activity chart with 78.36 million shares valued at N2.98 billion. Med-View Airline followed with 50 million shares worth N102.25 million while Zenith Bank placed third with 26.51 million shares valued at N608.97 million.

    Analysts at Cordros Capital noted that continued sell-offs and the absence of a near term one-off positive catalyst continues to dampen the outlook for equities in the short-to-medium term.

    “However, strengthened macro-economic fundamentals remain supportive of gains in the long term,” Cordros Capital stated.

    “We maintain that the current sentiment will persist tomorrow. Looking ahead, position taking in fundamentally sound stock remains the only bullish trigger,” SCM Capital stated.

    Analysts at Afrinvest Securities however noted that the Relative Strength Index (RSI) yesterday further fell to 27.5 points below the oversold benchmark, thus cautious optimism on the possibility of a rebound over the near term, buoyed by positive first half 2018 earnings results.

     

  • Artistes light up  Glo Slide ‘n’ Bounce

    Artistes light up Glo Slide ‘n’ Bounce

    BUDDING Mavin singer, Korede Bello, and hip-hop music act, Wande Coal, were among the performers at the Ijebu Ode edition of Slide ‘n’ Bounce music concert packaged by telecoms network, Globacom.

    The show, held last Saturday at De Prime Event Centre, Molipa Quarters, saw Wande Coal delighting the crowd with his very popular tracks.

    Another star performer of the day was Burna Boy who held the crowd ransom as he switched effortlessly from Dancehall to Afrobeat, R&B and Hip-hop. He encouraged the fans to come close to the stage to “feast on him”.

    His performance was followed by that of Korede Bello who brought down the roof with the hit song Godwin. He took charge of the stage and dished out songs to which the crowd responded with loud cheers.

    Also on ground to thrill the crowd was another Glo Ambassador, Ego Ogbaro. Her characteristically expressive performance added an emotional touch to the evening.  She thrilled the audience with her hottest songs including Don’t Give Up and Love Me Now.

    A major highlight of the show was the incredible performance by a seven-year old dance prodigy, Tolulope Orimoloye, who impressed the audience with his marvelous dance steps.

    Popular Yoruba actor and Glo brand ambassador, Odunlade Adekola, came on stage to the delight of fans who welcomed him with a loud ovation. The actor lived up to the expectations of the crowd as he cracked hilarious jokes from his acting experiences and different encounters with his fans. He and the Master of Ceremonies, Folajimi Akinsola, popularly known as Jimmy de Hypeman, engaged the crowd through musical interludes between the performances by the star artistes.

    As part of the side attraction at the show, Glo organised dance and singing competitions for up and coming singers and dancers from Ijebu Ode and environs to display their talents.

    The concert was attended by over 2,000 young and old residents of the town.

  • CBN rules out capital controls despite naira slide

    CBN rules out capital controls despite naira slide

    The Central Bank of Nigeria (CBN) said it will not introduce capital controls, rather, it is reviewing a rule introduced last month that investors said crushed liquidity in the foreign exchange market, its Governor, Godwin Emefiele has said.

    According to Bloomberg, the naira has been battered by oil prices that have dropped more than 50 per cent since June. The naira depreciated almost 11 per cent in the past three months, the highest among 24 African currencies tracked by Bloomberg.

    The CBN last month told banks to clear foreign exchange positions daily, having previously allowed them net-open positions of one percent of shareholder funds, in a bid to bolster the currency.

    “There will be a review in due course. But I can tell you categorically it will no longer be one per cent. It will be less than one per cent. The reason we put a stop to one per cent is because we felt that it was too large to be held by banks as a trading position.

    “The CBN has no plans to change a rule adopted around the same time that dollars bought in the interbank market be used within 48 hours or sold to the regulator. The naira is “currently appropriately priced” and no new measures are being considered,”the CBN chief told Bloomberg.

    The currency weakened for a third day, declining 0.2 per cent to trade at 184.23 per dollar in Lagos.

    “We are satisfied with the current adjustment that’s been done. It remains a free entry and free exit market,” Emefiele said.

    Nigeria, which gets 70 per cent of government revenue and almost all export earnings from oil, has proposed spending cuts and in November raised interest rates 100 basis points to a record 13 per cent in a bid to stem capital outflows and defend the naira.

    The CBN on November 25 also moved the naira’s official peg for twice-weekly auctions to a midpoint of 168 per dollar from 155 and widened its trading band to five per cent either side from three per cent.

    The measures implemented by the regulator have made it difficult for foreign investors to exit their holdings, Samir Gadio, head of African strategy at Standard Chartered Plc, said.

    “There’s a risk that these measures last as long as the CBN feels it doesn’t have the ability to control the exchange rate,” he said.

    “That is news to me that foreign investors are unable to exit their positions. If any foreign investor needs to exit its position, he should make a demand to a bank. If the bank cannot find those dollars to buy in the interbank market, the central bank will provide the dollars,” he said.

  • 2013: Will the slide of the Black race continue?

    2013: Will the slide of the Black race continue?

    •It is an odd man who foregoes supping with his family that he may serve the table of others. It is an even odder thing that his people applaud this insult against them.

     

    Writing this piece means I failed to resist the temptation to engage in the ritualistic, end-of-year soul searching. However, I will not indulge in the usual deceptive practice of redefining defeat or of portraying miniscule achievements as historic breakthroughs. I refuse to see what is not there or to sprinkle glitter on a toad then pretend it to be beauty incarnate.

    2012 was not a fine year for most Africans and the African Diaspora. The year showed what a vexatious people we can be. In cultural arts, entertainment and sports, Blacks excel. Our contributions continue to redefine how music is made and how sports are played. We cart away gold medals and achievement awards by the bushel. Yet, when it comes to politics and economics, we are more prone to run backwards or sideways than to move forward. A mystery remains unsolved.

    Amid the greatness in other fields, how come Black political and economic leadership is middling? From Brazil, to the United States to most of Africa, our leadership does not approximate Black achievement in other fields. This has not always been the case. The fight against colonialism and legal racism produced black leaders more able than today’s vintage. When times were leaner, education rarer and hatred more open, Black leadership was more profound. The more unfairness the system tossed at us, the better was our leadership. In times past, our leaders rose to the occasion. Today, they sink below it.

    Then, our leaders had the vision to fight for something. They struggled for the political and economic equality of their people. Although they failed as much as they succeeded, at least they tried. The stark injustice of the system made them seek an alternate reality. The servitude system demanded of them was too coarse a shackle to pretend it was a bracelet. They spoke of African and Black liberation not only out of love but of necessity. Being Black was more than a casual affiliation. It was a political and social indictment cast against us. Being part of an inescapable caste, past leaders worked for that caste.

    Among the elite of today, discussion of the political economics of Blackness is the stuff of bad manners. Being black is no longer an inescapable caste. Blackness is now an optional socio-economic perspective. In effect, being Black is akin to membership in a lower-class social club. If possessed of enough money, you can buy your way out by buying your way into the elitist club. That one’s new membership in the elite is that of an inferior associate and not that of a full-fledged patron is fine. What counts is entry into the mansion. If one has to enter as a sidekick or kitchen staff, so be it.

    This is the way of Black leadership today. Because leaders are no longer forced to be Black, they are under no compulsion to help the bulk of the people. Today, they can select between the dueling options of being Black visionaries or membership in the country club. Most leaders opt for the country club where the glimmer and gold are. Consequently, figures like Malcolm X and Patrice Lumumba, or even Martin Luther King Jr. are impossible today. Not that they would be violently killed. Their present fate would be worse that their former ones. Today, they would be ridiculed to death. They would be called uncompromising radicals ignorant of the value of a dollar, a fine car or choice wine. They would be looked at as impractical fools dreaming on stars that don’t exist. While a modern King would still proclaim he “has a dream,” the rest of today’s leaders would retort “they have large bank accounts and thus have no need to dream.” If they cared to dream, they could hire someone to do it for them.

    We have reached the juncture where Black leaders are no longer Black like their people. They are of a diluted Blackness that would rather align with the global elite than lead the masses to a better place. Instead of being our heroes, they have become pack dogs following the meat wagon to the rich house.

    We have seen this behavior throughout the year. In South Africa, the Zuma government killed over thirty striking miners. To call the miners’ work hazardous is an understatement. To say they are scantily paid for their daily grapple with death is unassailable. Yet, Zuma’s praetorians acted lethally, in a way the fathers of apartheid would have cheered. The predominately white domestic and international business community rushed to pat Zuma on his back for killing his brothers. Without the struggle and efforts of these miners and people like them, Zuma never would know high office. Yet, he killed those who lifted him and accepted the dark accolades of those who worked to keep him lowly. By this single act, Zuma showed that South Africa is too big for him.

    The nation needs fundamental reform. The current economic imbalance cannot endure without a resulting in convulsion. The small group of Black elitists cannot succor the great want of the poor. Sadly, this man can do nothing about it because he hasn’t the proper equipment. Arrogant and ignorant to a fault, he thought all he had to do was keep the folks happy by laughing, singing and dancing like a regular guy. However, when the party ended, the people saw that he left for the big house and the bank, while they trooped back to the dreary township. The people were not to be perpetually fooled by his false populism. They want bread, jobs, and justice not cheap merriment. The latter he was willing to give because it costs nothing and he could deliver for he was good at the fluff of politics. The former trio he was unwilling to give because it would cost him the support of the moneyed elite and because he was terrible at the substance of governance. In the end, Zuma revealed himself to be a bifurcated man. Culturally he is a Zulu of the Zulus. Politically and economically, he is closer in mindset to Pik Botha than to Nelson Mandela.

    Soon, the beloved Mandela will leave the scene as all men, even the great ones, must. When he goes, so will go our race’s last extant political hero. This man who endured over twenty years in prison has been placed in prison once again. The present confinement is not his health. It is something worse. Mandela handed off the baton as well as humanly possible. Sadly, the man who now should carry it had traded in the correct baton for a more mercenary instrument. Zuma carries not the light of a just political economy but of an unequal one where the large swath of the black populace forever occupies the place made for it under the old ways. For Zuma and those like him, the fight against apartheid was simply to produce a small, Black elite to sit beside the established white one. This dismal vision constitutes Mandela’s new prison. Unlike physical trap that was Robben Island, he no longer has the lifespan or energy to escape this entrapment. Unless a miracle falls upon the nation, Mandela will leave us ruing the quality of those who now steer the ship he once captained.

    Another yet dissimilar visionary leader of this era was Gaddafi. The chief Pan Africanist of his time, Gaddafi’s vision was blurred by his megalomania and ruthlessness. His was a distorted vision of a twisted soul and thus could not be taken seriously in its entirety. Notwithstanding his mental turbidity, Gaddafi managed to see the light of an overarching reality. He did not begin his career as a Pan Africanist. He became a Pan Africanist only after he had become a global outcast. As such, he realized Africa had been made an outcast. The only way to buffer the continent from the dismal consequence of this designation was for African nations to work more closely together. One would be foolish to rest his fate on a labyrinthine mind such as Gaddafi’s. He was not fit to lead his nation to its optimal place let alone an entire continent. Yet, we must acknowledge his departure extinguished a leading voice of African unity. Worse, most African leaders cheered the Western powers as they pushed Gaddafi into the tumbrel. For their unsophisticated support of Gaddafi’s demise, African leaders got two national upheavals for the price of one.

    Libya no longer figures in media reports. The place is a tempest. Armed militias rule the streets. Black Libyans suffer danger and indignity unknown under Gaddafi. Yet, Black Africa makes not a peep. The West claimed intervention was needed to protect human life. But when the human lives in danger were Black, the West turned its head. Africa mimicked the travesty. Arguably, the nation is in no better shape now than under Gaddafi. The despotism may be different but hardly is it much better. The social service network is gone and order has not been restored. Yet, the West does not rush to make post-Gaddafi Libya a success; protection and improvement of the people was never the objective. The real objective was to silence an independent, if half-crazed, voice. The West realized that interspersed with the lunacy was a compelling theme that would discomfit its long-term designs on Africa.

    For supporting the West against Gaddafi, conservative African leaders got a crisis in Mali as their immediate dividend. The Malian crisis is “Gaddafi’s Revenge.” Comprised mainly of Tauregs who supported Gaddafi and radical Islamists who fought him, a loose, ever changing constellation of armed groups allied to declare independence for a slice of northern Mali as large as France.

    In response to this, African leaders responded by calling for the deployment of 3200 peacekeepers to secure the territorial integrity of the nation. One would have to be supremely credulous to believe such a small deployment of ill-equipped soldiers can defeat the Tauregs and others on their desolate home turf. The Tauregs can fade into the desert at will. They are like spirits during the day and ghosts at night. They know the ways of the desert, its wind, heat and sands. The conventional equipment of the peacekeepers will be ruined by the desert conditions in short order. In essence, the deployment is an exercise in futility. Yet, when offered a chance to help, all the western powers could do was verbally support the effort with an oleaginous UN resolution. None put forth material support. No material support was forthcoming because the Western powers do not want Mali solved. They would rather see a smoldering crisis.

    The longevity of this and other crises will be exploited to buttress their military budgets for sophisticated surveillance equipment in order to contain terrorism where it is and not let it get to America or Europe. Moreover, such crises turn African nations into beggars. Western governments, especially their militaries, will gain greater leverage in African capitals, thus pressuring African armies to do the dirty work in the dank places western armies refuse to go. Already more than 90 percent of African nations receive American or other Western military support. Yet, this aid has not promoted continental peace and stability. Africa remains the most instable and war-scarred continent. There is an ugly correlation between the presence of foreign military assistance and the presence of strife on the continent.

    Across the ocean in America, the Black president remains obsessed with forging a budget deal that will further impoverish Black people. Such a deal is unnecessary and unwise from the humane standpoint. It is even unwise from the perspective of ensuring an economy that honors the place of the middle class as the fulcrum of durable economic growth. The deal he seeks will honor and enrich the Scrooges and moneybags of our day. President Obama is being treated as a folk hero despite the objective fact that the deal he seeks will undo ordinary folk. Now that the election is over, he has shunned the populist veneer and assumed the position of factotum of great financial power. The people gave him the victory, now he will give them the blues by handing their fate over to those who already have too much. In exchange for selling the common man down the river, he will be hailed in the mainstream press and by the hired chroniclers of the elite. His legacy will be secured in history. But the truth of the matter will be no Black man has committed such a dramatic betrayal of his people since the man who ratted on Nat Turner’s slave rebellion.

    In the end, the progress we have made over the years has ironically resulted in a situation that makes further progress improbable. Because Blackness is no longer a harshly and universally imposed restriction, the Black leadership elite has the option of being Black in their political and economic orientation or flowing into the mainstream. Greater personal reward lies in going along with the rich and powerful. Thus, most leaders have joined the global circus. In Africa, this means our leaders do not spend much time worrying that both the America and China jostle to control Africa, her resources and her future. China attempts this through its financial reserves and America does it with its military might. Sadly, already much of Africa’s resources and fertile lands have been conceded to foreign interests. Major parts of the continent have become arenas of conflict in the hyperventilating war on terrorism or in an American attempt to insert its military boot before China inserts its checkbook. In America, the master practitioner of anti-Black Black leadership actively pursues a budget reduction deal that needlessly will injure Black and poor people for decades to come.

    I wish things were different but they are not. I foresee nothing that will change this forlorn state except if the people become energized and cognizant of the game being played upon them. Yet, how will the people be stirred when those who lead them are content to lead them astray. The New Year shall come. I can only pray that it will be a happier one than the trend lines predict.