Omoluwabi Mortgage Bank sees improvement in Q1 2019 turnover

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Turnover realised by Omoluwabi Mortgage Bank in the first quarter of 2019 rose by 3.7 percent to N125.1 million from N120.6 million same period last year. The Q1 2019 turnover amounted to 27 percent of N460.9 million turnover the firm made in full year 2018, implying that it stands a good chance to surpass the 2018 record in full year 2019. Interest income for the period rose to N54.6 million, a 93 percent increase over N28.3 million realised in similar period in 2018. Net interest income for the period rose to N42.3 million, which was twice as much as N21.7 million recorded at the end of the first quarter of 2018.

However, fee income declined sharply to N6.3 million compared with N16.2 million recorded same period in 2018. Consequently, total operating income was down to N112.8 million at the end of the quarter as against N114 million it posted in similar period in 2018.

Total operating expenses increased to N79.6 million in contrast to N75.9 million it made in 2018. The total comprehensive income for the period fell to N33.3 million as against N38 million the firm recorded at the end of the first quarter of 2018.

Meanwhile, the share price of MTN Nigeria recorded its first decline nine days after it was admitted to the main board of the Nigerian Stock Exchange (NSE). It shed 6.04 percent to close at N140 per share on Friday May 24, 2019. MTN Nigeria ended the week with a market capitalisation of N2.85 trillion representing 21 percent of the overall equity market while Dangote Cement which ended the week at N200 per share and controlled 25 percent of the equity market capitalisation. It ended the week with N3.41 trillion market capitalisation.

In spite of the decline, analysts are …

Stakeholders urge FG to sign National Quality Policy into law

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Stakeholders in the non-oil export sector of the Nigerian economy in the South-East region have appealed to the Federal Executive Council to sign into law the National Quality Policy to benchmark quality standards in the country.

They observed that such a policy would boost quality and competitiveness of Nigerian products in the local and international markets.

The stakeholders made the appeal in Aba, the commercial hub of Abia State, at the 1st Regional Non-Oil Export Dialogue, for Southeast organised by Policy Development Facility (PDF) 11 programme.

PDF 11 is funded by the UK Aid Department for International Development (DFID) to support Federal Government to implement reforms that lead to poverty reduction.

They observed that Nigeria was the only country in the world promoting industrialisation without a quality policy in place.

Chukwuma Ogbonna, a trade expert and panellist at the forum, stated that without a quality policy the country cannot achieve industrialisation.

He urged state governments in the South-East to key into the National Quality Policy, which he observed was their road map on industrialisation and trade.

“The problem we are having about export is the technical barriers to trade. If we don’t get those technicalities that go with trade, right, we won’t industrialise.

“We must put into consideration the political economy of the system. Our political economy is such that those countries that want to take products from us, concentrate more on raw materials or the semi processed products, they don’t go the whole hug of helping you develop the value chain. If you develop the value chain that means that export from their home countries would stop. These are areas that have to be looked into by the South-East Governors.

“We have helped the South-East governors to draft a document for South-East Quality Association, … Read More...

International tourism numbers see slower growth in Q1

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Latest issue of the UNWTO World Tourism Barometer from the World Tourism Organisation shows that international tourism continued to grow over the first quarter of 2019. Though at a slower rate when compared with the last two years, the 4 percent increase registered in early 2019 is a very positive sign.

The Middle East (+8%) and Asia and the Pacific (+6%) experienced the highest increase in international arrivals. Numbers in both Europe and Africa were up by 4 percent, and in the Americas growth was recorded at 3 percent.

According to Zurab Pololikashvili, UNWTO secretary-general, “International tourism continues to perform strongly worldwide fuelled by a positive economy, increased air capacity and visa facilitation.”

Zurab says, “Growth in arrivals is easing slightly after two years of exceptional results, but the sector continues to outpace the global rate of economic growth.”

Europe, the world’s largest tourism region, reported solid growth (+4%), led by destinations in Southern and Mediterranean Europe and Central and Eastern Europe (both +5%).

Growth in Africa was driven by ongoing recovery in North Africa (+11%). In the Americas, the Caribbean (+17%) rebounded strongly after weak results in 2018, following the impact of hurricanes Irma and Maria in late 2017.

In Asia and the Pacific, results for the first three months showed a 6 percent increase led by North-East Asia (+9%) and a very solid performance from the Chinese market.

Zurab stresses, “With this growth comes greater responsibility for translating it into better jobs and better lives.

“We need to continue investing in innovation, digital transformation and education so that we can harness the many benefits tourism can bring while at the same time mitigating its impact on the environment and society with a better management of tourism flows.”

However, UNWTO Confidence Index Panel is …

Stock investors gain over N800bn in one week

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Investors in Nigerian stock market gained approximately N885 billion in the trading week to May 24, 2019 following increased demand in the shares of newly listed MTN Nigeria Communications Plc (MTNN) and that of Dangote Cement Plc.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation appreciated by 6.96percent to close the review week at 30,881.29 points and N13.602trillion respectively from preceding week low of 28,871.93 points and N12.717 trillion.

Thirty (30) equities appreciated in price during the review week, higher than 16 in the preceding week. Forty (40) equities depreciated in price, lower than 42 equities in the preceding week, while 98 equities remained unchanged, lower than 109 equities recorded in the preceding week.

All other indices finished lower with the exception of the -, NSE 30, NSE Premium, NSE Insurance, NSE MERI Growth, NSE Lotus II and NSE Industrial Goods Indices that appreciated by – 0.81percent, 14.09percent, 1.18percent, 1.42percent, 3.45percent and 6.12percent respectively.

The market recorded turnover of 1.698 billion shares worth N57.895 billion in 24,328 deals in contrast to a total of 1.172 billion shares valued at N17.887 billion that exchanged hands in the preceding week in 18,380 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.121 billion shares valued at N8.708 billion traded in 13,380 deals; thus contributing 66.01percent and 15.04percent to the total equity turnover volume and value respectively; followed by the ICT Industry with 324.332 million shares worth N40.717 billion in 3,330 deals; and Consumer Goods Industry with a turnover of 75.831 million shares worth N2.948 billion in 2,957 deals.

Trading in the Top Three Equities namely, MTN Nigeria Communications Plc, Sovereign Trust Insurance Plc (measured by volume) accounted for 726.103 million shares worth N41.622 billion in 4,972 deals, contributing 42.75percent and … Read More...

NSE reverts to positive year-to-date return on Dangote Cement, MTN Nigeria

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After slipping from a positive year to date performance in mid-march, the Nigerian Stock Exchange (NSE) has shown signs of a rebound as it extends daily gaining streak to the sixth consecutive day with year’s return now in the positive region.

The Nigerian Stock Exchange on Thursday returned to a positive YTD territory after gaining 1.07 percent driven by strong performance by the most capitalised stocks, Dangote Cement and MTN Nigeria.

The two stocks have dominated market activities in the week following the listing by introduction of MTN, as demand for the telecoms company’s stock pushed its price and market cap.

Since MTN began trading on May 16, scarcity of the stock and the high demand for it pushed its price to rise to N149 at Thursday’s close in Lagos, or 65.56 percent increase from a listing price of N90.

Some investors, who were unable to buy MTN shares, moved their orders to Dangote Cement, thereby pushing its price up as well by 16.48 percent, from N176 to N205 in four days.

“The on-going competition between MTN Nigeria and Dangote Cement to be the most capitalised stock is positive for the market but once the euphoria around MTN starts to settle down, the market might slow,” Yinka Ademuwagun, an equity analyst at United Capital said.

MTN Nigeria gained 2.87 percent Thursday and joined Dangote Cement as the only stocks with three trillion naira valuation. This is so far the weakest daily gain for MTN Nigeria which has averaged more than 9 percent daily gains although liquidity of the stock improved as supply rose in the day.

“Given the strong institutional demand, there is room for an increase in the price MTN Nigeria shares although movement in price going forward would be a bit measured,” Wale … Read More...