Archive for September, 2009

NSE Weekly Report From Stockbrokers for Week Ended Sept 25th 2009

NSE Report For The Week Ended September 25th 2009

Earlier this month, the World Bank and the International Finance Corporation released the 2010 Doing Business report. Nigeria fell in the rankings in almost all the areas. You can read the documents below:

Doing Business 2010 - ECOWAS (347) Doing Business 2010 - Overview (340) Doing Business 2010 - Nigeria (456)

Here is Afrinvest’s Forthnightly NSE Report For the Period Ended September 18th.

The Central Bank of Nigeria recently released the economic report for the month of July 2009. You can download it below. Here is the summary:

Weekly NSE Reports From FSDH and Forte Assets

NSE Report For Week Ended September 18th 2009

Here is a document dump of different reports and news stories on the banking crisis and the actions taken by the CBN.

Vetiva provides some details on the CBN’s presentation/road-show in the UK in late August. The noted that:
- All write-downs are to be taken in the current quarter (i.e. quarterly results to be released for September ending will feature total provisions for non-performing exposures)
- Results not to feature high profitability margins
- GTBank and Diamond Bank have already accounted for losses as at second quarter of 2009 (i.e. Q2’09 ended June 30, and Q1’09 ended July 31 respectively), so their results in Q3 are expected to be much better than the average performance of most other Banks
- Fourth quarter (ending December) should be strong for Nigerian Banks in general because earnings will no longer be eroded by Non-Performing Loans
Vetiva - Sanusi's Meeting With CNBC Africa - Aug 28th 2009 (489)

One of the most explosive revelations of this entire exercise was the news report by Vanguard in March about the plans to “level” the ground in the banking sector to favour the Northerners and how 5 banks were going to be taken over.
Vanguard March 23, 2009 - The Plan to take over 5 banks (462)

Standard Chartered also prepared an analysis of the events. The pointed out that:
-CBN prints money to fund the initial cost of the bank bailout
-Given the current environment, and the contraction in broad monetary aggregates already underway, this is unlikely to be inflationary
-A diverse range of funding options are open to the authorities
-The hope is that the CBN’s capital injection will be recovered following future private-sector investment in Nigeria’s banking system
Standard Chartered - Nigeria – Paying for the bank bailout - Aug 25 '09 (777)

Proshare NG also provided some analysis:
CB - Dissecting the problems with Nigerian Banks (2756)
Fronteria Post of 4 out of the CBN (368)

Here is the communique for the September 1st 2009 meeting of the Monetary Policy Committee from the CBN. The summary is:

Here is Afrinvest’s analysis of the current state of the Nigerian banking sector. You can download their initial analysis of the banking sector as at April 2009 and the more recent analysis. Here is their summary:

Here are the weekly NSE reports from FSDH and Forte Assets:

NSE Report For The Week Ended September 11th 2009


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This blog is dedicated to informing users on the latest business and economic news news from the CBN and Nigerian Stock Exchange. Happy reading!

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