Get all the latest information on businesses and companies in Nigerian Stock Exchange.
In: CBN
10 Apr 2009The Central Bank of Nigeria claimed that some banks were already breaching the 15% Maximum Deposit Rate rule and has warned erring institutions. The maximum deposit rate ws imposted by the CBN and agreed to by the banking exectives on April 1 after some of the banks started scrambling to attract deposits during a liquidity squeeze driving the deposit rate over 20%:
In: company results
10 Apr 2009Here are the company results released in the month of March 2009:
In: CBN
8 Apr 2009One of <a href=”http://www.naijalowa.com/fsdhs-outlook-for-2009/”>FSDH’s expectations in their 2009 outlook</a> was that the Central Bank was going to cut the interest rate to 8%. Today, the <a href=”http://www.bloomberg.com/apps/news?pid=20601116&sid=aNuc9vmITihk&refer=africa”>CBN cut the key interest rate to 8%</a> from 9.75% after a meeting of the Monetary Policy Commitee. This was done in order to boost lending and ease the economic slowdown.
Reuters news is reporting that Access Bank and First Bank will be adopting the International Financial Reporting Standards (IFRS).
In: Market Analysis
8 Apr 2009FSDH Securities recently released their 2009 outlook. I must commend them for a well written analysis of the economy. You can download it here:
FSDH 2009 Outlook (463)Their recommendation is:
While we advise investors to take medium to long term positions in the market, we observe that there are opportunities for short-term trading in the market. In a period like this; full of uncertainties, we strongly advise investors in the capital market to invest only in stocks of companies with sound management and good products that can generate and sustain its cashflows. Such companies can increase investments in the long run. Once recovery starts and the level of confidence in the economy improves, both domestic and international, stocks may not trade at the current prices for many years to come.
The highlights of the document are:
In: weekly report
6 Apr 2009Here is Forte Asset’s market report for the week ended April 3rd, 2009:
Courtesy of Forte Assets, here is the market report for the week ended April 3rd 2009:
In: weekly report
3 Apr 2009Apologies for the late post. But this is Afrinvest’s Bi-Weekly Report for the period ended March 27th 2009:
[Download not found]Prof Soludo, CBN Chief gave a presentation on March 30th and emphatically declared that no bank will be allowed to fail.
He said that banks in distress may be given loans, have their management restructured or be forced to merge with another bank. he stated that Nigerian banks have among the biggest cushions against losses in the world. According to Bloomberg data, their capital adequacy ratio (measure of capital against risk-weighted assets) is at 22% compared with 18.4% for financial companies on the S&P 500.
In: News|stock exchange
1 Apr 2009The report below by Bloomberg on the NSE is not encouraging at all. Here are some of the highlights:
- The NSE was the world’s worst performing in Q1 2009 falling 37%
- Index fell for 23 days straight in the last quarter
- There is no good sign and as a result of the lack of disclosure, investors might be hesitant to return
- As much as $10billion of toxic assets (about half of banks’ capital) might be held by banks who have privided at least N1trillion of margin loans to buy shares.
- Growth rate expected to slow to 1.5%
- NSE Index expected to drop to 18,000 from today’s 19,781
- The worst performers among the banks ((which make up about two thirds of the exchange) are: Wema Bank (67%), Stanbic IBTC and Intercontinental (51%), Zenith (47%).
In: News
1 Apr 2009If you missed out on a great post from last month, here’s a quick digest of the top posts that you may want to check out: Analyst Report on Total Posted on Thursday, March 12th, 2009 in companyanalysis – Comments: (0) Here is Zenith Securities’ analysis of Total Nigeria. Zenith gives the stock a HOLD [...]
This blog is dedicated to informing users on the latest business and economic news news from the CBN and Nigerian Stock Exchange. Happy reading!