businessday market monitor
Foreign Reserve - $47.327Bn Cross Rates - GBP-$:1.4121 YUANY-N52.21 ₦2,326,910.12 +1.17 pc Commodities -2.00 pc Powered by Cocoa
Biggest Gainer
Biggest Loser
NB N92.5
Nestle N1370
9.99 pc
32,327.59
Gold
US $2,219.00
Crude Oil
$1,201.40 $78.08
news you can trust I **monDAY 17 SEPTEMBER 2018 I vol. 15, no 141 I N300
@
FMDQ Close
Everdon Bureau De Change
Bitcoin
NSE
Buy
Sell
$-N 357.00 360.50 £-N 467.00 475.00 €-N 409.50 417.50
Foreign Exchange
Market I&E FX Window CBN Official Rate
fgn bonds
Treasury exchange
Spot ($/N) 363.18 306.25
3M -0.31 14.09
6M
5Y
-0.21 14.18
15.11
-0.08
10 Y 20 Y -0.07 -0.07 15.17
15.49
g
Smart buyers go bargain-hunting as stock prices hit new lows How multinationals IHEANYI NWACHUKWU, LOLADE AKINMURELE & EMEKA UCHEAGA
A
s stock valuations remain depressed, some investors are seeing value and buying stocks with confidence that the current downtrend will not last forever. The ‘smart buyers’ believe there can be no better time to beef up their portfolios in value stocks in anticipation of superior future Return on Investment (ROI) other than now that shares of many large capitalized companies are selling below their intrinsic values. Shares in Heineken’s Nigerian unit jumped 10 percent on Friday, the most since April 2015, as declines make valuations compelling for bargain-hunting traders, said Ifedayo Olowoporoku, analyst at Vetiva Capital. “The rating for Nigerian BrewContinues on page 45
Nigerian Breweries up 10% on Friday are jettisoning Dangote Cement raised to Buy at Chapel Hill Denham Nigeria since advent L-R: Ladi Balogun, chairman, Credit Direct Limited and group chief executive, FCMB Group plc; Adam Nuru, managing director, First City Monument Bank (FCMB); Olasubomi Balogun, founder, FCMB Group; Akinwande Ademosu, managing director, Credit Direct, and Fola Ogunsiakan, director of the company, at the commissioning ceremony of the new head office of Credit Direct, a subsidiary of FCMB Group, in Lagos.
Stakeholders weary of Telco’s dominance in financial inclusion drive ENDURANCE OKAFOR & DIPO OLADEHINDE
M
obile money is not just changing the economic and social fabric of the world; it is also affecting the
dynamics of payments in African countries. However for Nigeria, which still runs a bank led mobile money model that has made limited progress over the years in financially including its citizens,
concerns over potential dominance by Telco’s may be giving regulators and other stakeholders cause for pause. Sources tell BusinessDay that the country’s financial institutions, telecommunication com-
panies, Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC) and the Vice President, Yemi Osinbajo, held a meeting recently which was aimed at finding common Continues on page 46
of Buharinomics DIPO OLADEHINDE
A
INSIGHT
fter a tension soaked campaign that brought President Muhammadu Buhari to power three years Continues on page 45
Citing tough environment, Nigerian crude traders switch to swap deals ... 8m barrels already exchanged in trades ISAAC ANYAOGU
A
new regional swap market has emerged on the West African sub region as oil traders challenged by a tough operating environment worsened by competition from shale producers, are increasingly Continues on page 45