Vanguard Markets | Monday, August 25, 2014 | Issue 007
SPOTLIGHT
Bowing out when the ovation is loudest ! page VM2
Obinna Ufudo, outgoing Transcorp CEO
BANKING
Much ado over ATM charges SOURCES OF AVERAGE MONTHLY TRANSACTIONS (2012-2013) Type
2013 (N ’Bn)
2012 (N ’Bn)
Change in Value -3.5%
Cheques
600
622
NEFT
1,123
1,138
1
ATM
214
165
29.6%
POS
10
4
138.4%
Internet
3
3
31.3%
Mobile
9
3
228.8%
NIP
696
324
114.8%
RTGS
9,168
9,417
-2.7%
NIP: NIBSS Instant Payment NEFT: Nigerian Electronic Fund Transfer RTGS: Real Time Gross Settlement Source: Central Bank of Nigeria, KPMG Advisory Services
Pay as you cash. The new CBN policy seeks to curb the indiscriminate use of ATMs as purses-in-transit, and perhaps catalyse broader adoption of mobile money services.
N
EWS THAT THE Central Bank of Nigeria would permit commercial banks to charge ATM users N65 after 3 free withdrawals in a month for remote-on-us users has got customers and consumer rights’ advocates up in arms. The new policy would take effect from September 1. A remote-on-us (ROU) transaction is a withdrawal made by a customer on an ATM not owned by the bank that issued the card. Until the Central Bank reached an understanding with the Bankers Committee in December 2012 to waive
ROU charges, banks had charged card holders N100 every time a withdrawal was made on a remote ATM. This time, the first three ATM withdrawals in a given month on other banks’ ATMs will be free, and subsequent withdrawals are to be charged at N65 to cover payments to switching companies. Notwithstanding, banks maintained payments to switching companies for processing ROU transactions. Switching companies process and guarantee the seamless payments transfer between an acquiring bank, that is, the bank that issued the cus-
Notwithstanding, the cancellation of fees in December 2012 banks were obliged to keep paying switching companies for processing ROU transactions. tomer’s card, and a payment bank, that is, the bank that owns the ATM on which the withdrawal is made. After a year and half of bearing these costs by themselves, it has become an unsustainable burden for banks. The impact is felt on declining maintenance of the ATMs, drop in the number of newly
commissioned ATMs, and a hit to their non-interest income. A vocal minority has threatened a showdown in resistance to the new policy. They are yet to propose realistic alternatives that accommodate the business logic of banks that have borne these costs for nearly two years.
Some critics have gone as far as making innuendos that this is the latest move by Godwin Emefiele, the CBN governor who resumed in June, of seeking to block profit seepage among the country’s banks, his former constituency. For the financial institutions, it is not so much about seeking to make a profit from these transactions as it is about avoiding a loss. At N65 cost paid by a customer’s bank to the switching company for these small withdrawals it became clear that the service was being abused because the customer was not picking the tab. The new policy is aimed at removing the perverse incentive. For the proponents of the new policy the heat generated by those opposed to the new policy has more to do with a failure to distinguish between the old N100 charge which was imposed for every transaction, and the novel N65 fee that will be paid only after 3 free withdrawals in a month at ATMs operated by other banks. The CBN recognizes
the gap in communication and is making an extra effort to clear the air. But with both sides sticking to their guns, something has got to give soon. After all, payment banks are not bound to serve customers of other banks on their ATMs. This is not an empty threat, and may have received the tacit support of the country’s central bank authorities. ; FOREIGN EXCHANGE TABLE (AUGUST 21, 2014) Currency
Central Rate
US DOLLAR
155.23
POUNDS STERLING
257.6042
EURO
205.9126
SWISS FRANC
170.0033
YEN
1.4946
CFA
0.3044
WAUA
235.7352
YUAN/ RENMINBI
25.232
RIYAL
41.3903
DANISH KRONA
27.6117
SDR
236.198
Fixed Income & Forex
FGN Bonds & TBills 840B
FGN Bonds Treasury Bills
11.6
630B
11.2
420B
10.8
210B
10.4
0B
1M 2M
NITTY
3M 6M
9M 12M
10.0 08/08
13/08
18/08
21/08
O/N 1M
NIBOR 15.5
3M 6M
14/08
19/08
22/08
163.0
14.5
162.5
13.5
162.4
12.5
162.1
11.5
161.8
10.5 11/08
Bid Ask
FX ($/N)
161.5 11/08
14/08
19/08
22/08
11/08
14/08
19/08
22/08 Source: FMDQ
VM2
BUSINESS
VM | Monday, August 25, 2014 | Issue 007
JAYWALKER
ATM of their discontent
Obiora Onyeaso obiora.onyeaso@customsstreet.com
N A CIRCULAR dated August 13, Dipo Fatokun, the Central Bank of Nigeria’s director of banking and payment’s system department, explained that ‘as a result of the unintended consequences of the decision, which has resulted in substantial cost burden incurred by banks in defraying the cost of the service,’ it had become necessary ‘to review the payment structure for card-carrying bank customers in line with present realities.’ The decision in question was taken in December 2012 by the Central Bank in collaboration with the Bankers Committee to transfer payment of the obtainable fees charged by switching companies on remote-on-us ATM cash withdrawals to issuing banks. An issuing, or acquiring bank is the bank that issued the bank customer an ATM card. This waived fee, the CBN’s payment system director drew attention to ‘should have ordinarily been an income to them.’ In the latest H1 results more than one bank attributed a drop in non-interest income to the recently jettisoned policy. For example, FBN Holdings, in its H1 2014 earnings statement referred to the ‘lost
I
income as a result of the effect of various policy changes by the CBN from April 2013.’ This was a veiled reference to the transfer of the remoteon-us charges to acquiring banks that begun to reflect on earnings at the end of the first quarter of last year. At its core this is what it really boils down to. Who should carry the cost of paying for withdrawals on other bank ATMs to the switching companies? Should bank customers have an infinite blank cheque to pass on the cost to their banks? Or should the banks carry this cost alone and pass it on to their shareholders? The debate on the convenience fees for using other banks’ ATMs is not a new one. Other countries have been here before. In February, Glenn Thibeault, Consumer Affairs Critic of the National Democratic Party in Canada thundered that ‘no one should have to pay $2 or $3 to withdraw their own money from a bank machine – especially when it costs the banks around 36 cents.’ His party proposed to cap withdrawal fees on other banks’ ATMs at 50 cents per transaction. This figure was pushed against data provided by both the Financial Consumer Agency of Canada and the Canadian Bankers Association that indicate that it costs anywhere from $1.50 to $2 per transaction to use an ATM that is not owned by the customer’s financial institution. Such populist posturing does little to move the debate forward neither does it present viable options that are fair to both sides. There is a misperception that the costs under review are phantom charges plucked from thin air. They are not. They are real costs that must
There is a misperception that the costs under review are phantom charges plucked from thin air.
40 30 %
%
INCREASE IN THE DEPLOYMENT OF ATMS from 10,727 in 2012 to nearly 15,000 in June 2014
INCREASE IN ATM TRANSACTIONS from N1.3 trillion in 2012 to N1.7 trillion in June 2014
Customers Channels Preferences Mobile Payments 1% 1% 1% 4% 93% Contact Centre 1% 1% 2% 9% 87% Mobile banking 3% 1% 2% 5% 89% Social Media 3% 1% 1% 6% 89% POS 4% 2% 2% 9% 83% Internet Banking 5% 1% 2% 6% 86% Branch 33%
14%
30%
21%
2%
ATM 57%
13%
Weekly
Fomightly
Once a month
9%
8%
Rarely
13% Never
Data visualisation by Publican Media Source: Nigeria Banking Industry Customer Satisfaction Survey (April 2013) and KPMG Advisory Services
be carried by someone, somewhere and paid with hard cash. On its part, the CBN has been a little taken aback by the flurry of animated opposition to the policy. The apex bank had left the responsibility for educating customers on the need to limit their use of other banks’ ATMs or be prepared to bear the costs of the convenience. In its press release, the CBN implored banks ‘to conduct adequate sensitization of their customers on the introduction of the new fee.’ Obviously, the banks have not been proactive in this regard. While in the past, banks did not hesitate to blanket customers’ phones with text messages on new policies it does not appear to be the case this time. The banks look like they are stepping back from the controversy and letting the CBN do their dirty work for them. To muddy the waters further, the matter is being presented by critics as a financial inclusion issue. This is an ingenious claim. Anyone who has a bank account and an ATM card is, to boot, financially included in the banking system. Regardless of a bank customer’s income bracket or the type of account operated she will always be able to withdraw from her issuing bank’s own ATMs free-of-charge under the new regime. The N65 charge does not discriminate against any income group. Instead, it aims to incentivise the banks to maintain high quality service delivery to users of their ATMs, as well as make new investments to expand the geographic coverage of their ATMs. To demand that banks continue to subsidize remote ATM withdrawals as a social service is a distortion of their business
models and a disservice to their shareholders. Ibrahim Mu’azu, the head of corporate communications at the CBN, has hinted that banks may have no choice than to deny service to customers if they cannot recover the N65 charge after 3 free withdrawals in a month on other banks’ ATMs. He made it clear that ‘maintaining ATMs is expensive and it requires economic incentive for owners to deploy and maintain these machines.’ Moreover, ‘if a part of this cost goes unabated, the banks may be forced to reject transactions coming from their customers at another bank ATMs, thereby frustrating the interoperability of payment systems.’ Everyone agrees that the ubiquity of ATMs have been a big convenience for bank customers. Paul Volcker, the US Federal Reserve Chairman under Presidents Carter and Reagan, and a critic of most financial innovation went on record a few years ago to say that ‘the most important financial innovation in the past 20 years is the automatic teller machine, that really helps people and prevents visits to the bank and it is a real convenience.’ When it is all said and done, everyone can agree that things of convenience are things of value and their providers deserve to be rewarded. N65 or N55, three times free in one month or 1 time free each week, are the tradeoffs where the debate should burrow into. The demand for freebies leaves providers with little choice than to cut off access to other banks’ customers in entirety and in the process, defeat all the progress made with financial access expansion in the last two years. ;
SPOTLIGHT
Obinna Ufudo, Transcorp CEO, Turnaround Maestro
Obinna Ufudo
HE NEWS THAT Obinna Ufudo, chief executive of Transnational Corporation of Nigeria, the NSE30 company with strategic investments in
T
the power, hospitality, agribusiness and energy sectors, would be leaving at the end of the month has taken many by surprise. This would be the first orderly transition at Transcorp since the company was launched in 2005. All previous CEOs have left suddenly and rarely in glorious circumstances. This time it is different. In three years, Ufudo has worked wonders at the company. Backed by a supportive board and surrounded by a competent team, he has grown Transcorp’s market capitalization ten-fold. He has also kept the company out of the crosshairs of scandal. This is no mean feat when one considers the com-
pany’s colourful history. The trim, athletic executive is known for quickly cutting to the chase at meetings. Though it would be incorrect to describe him as press-shy, he never courted the limelight in contrast to many executives who reach the pinnacle of their careers at a young age. He has always been too focused on the job at hand. Launching his career in the big leagues in 2003 as special assistant to Tony Elumelu during his days as chief executive of the defunct Standard Trust Bank, he has blossomed under his tutelage to become one of the most sought after transformation engineers in corporate Nigeria. Along the
way he picked up an MSc in investment banking at the University of Reading in England under the British Chevening Scholars’ program. Ufudo also holds an executive MBA from the prestigious Lagos Business School awarded in partnership with the University of Navarra, Spain’s IESE Business School. It is hard to think that after spending more than a decade as an adjutant-in-chief to Tony Elumelu, Ufudo would be stepping out of his shadow at this time. Though he has kept his plans close to his chest it is not impossible that Elumelu has a new role in store for him. Ufudo will be replaced by Emmanuel Nnorom, an-
other Elumelu protégé. Nnorom is not an unknown at Transcorp. A former executive director at the United Bank for Africa, he first joined the board of Transcorp during the tenure of Nick Okoro, a former chief executive. Okoro deserves credit for instituting many of the positive changes that attracted HEIRS Holding, Elumelu’s investment vehicle, to make a successful play for the company in September 2011. Nnorom is presently the chief operating officer of HEIRS Holdings, a position held by Ufudo before he berthed at Transcorp. It is a testimony to Elumelu’s leadership abilities that he has groomed a generation of crack
troops ready to be parachuted into HEIRS portfolio companies at short notice. Many exStandard Trust cum ex-UBA staffers, who got their first shot at titles under him are today ensconced in c-suites all across Nigeria. Faith Tuedor-Matthews, group chief executive of Mainstreet Bank, is a shining example. At a market valuation of $1 billion and with major stakes in the Transcorp Hilton Hotel, Abuja, Transcorp Hotels, Calabar, Teragro Commodities Limited, and Transcorp Ughelli Power, Nnorom has big shoes to fill. Till he does, all hail the man who is choosing to leave the stage when the ovation is loudest. ;
MARKET DATA
VM | Monday, August 25, 2014 | Issue 007
VM3
TRADING UPDATE Declined Unchanged Advanced
MARKET REVIEW– AUGUST 18-22, 2014
SECTOR PRICE CHANGES - AUG 22, 2014
The All-Share Index ↓0.4% barely budged last week. Among all NSE indices, only the Oil & Gas index ↑1.05% crossed the 1% gain line. The Banking Index ↓0.18%, Consumer Goods Index ↓0.06%, and Lotus Islamic Index ↓0.15% slipped into negative territory albeit in barely perceptible moves. In total, 1,030,608,356 shares ↓24% were traded at a value of N12,283,684,479.43 ↓7% last week. At the top of the gainers league week were Premier Breweries ↑43.64%, Cornerstone Insurance ↑13.46%, Fidson Healthcare ↑10.63%, 7-Up Bottling ↑10.24%, Sterling Bank ↑8.57%, MRS Oil ↑8.31%, Neimeth Int. Pharmaceutical ↑7.14%, NPF Microfinance Bank ↑5%, Conoil ↑4.98%, Pharma-Deko ↑4.85%. On the decliners’ chart were Flour Mills ↓15.81%, Evans Medical ↓11.50%, Fortis Microfinance Bank ↓9.67%, R.T. Briscoe ↓9.47%, Academy Press ↓9.36%, Vono Products ↓8.76%, Skye Bank ↓7.05%, Northern Nig. Flour Mills ↓6.67%, Costain (WA) ↓5.83%, and Caverton OSG ↓5.08%.
Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services
0 1 0 2 14 0 0 2 0 4 4
4 4 9 23 39 9 11 15 5 5 10
1 0 0 4 7 1 0 4 0 2 5
DASHBOARD Friday Ticker
Close
7UP 128.51 ABCTRANS 0.70 ACCESS 9.64 AGLEVENT 1.40 AIICO 0.80 AIRSERVICE 2.20 ASHAKACEM 33.87 BETAGLAS 17.96 CADBURY 63.37 CAP 39.05 CCNN 14.61 CONOIL 68.45 CONTINSURE 0.98 COURTVILLE 0.57 CUSTODYINS 3.86 CUTIX 1.90 CWG 4.80 DANGCEM 229.97 DANGFLOUR 7.50 DANGSUGAR 8.70 DIAMONDBNK 6.20 ETERNA 3.88 ETI 16.50 FBNH 14.61 FCMB 4.30 FIDELITYBK 1.97 FIDSON 3.33 FLOURMILL 66.69 FO 230.00 FORTISMFB 5.15 GLAXOSMITH 63.57 GUARANTY 28.52 GUINNESS 189.90 HONYFLOUR 4.15 INTBREW 26.60 JBERGER 65.00 LINKASSURE 0.50 MANSARD 2.48 MAYBAKER 1.60 MOBIL 175.75 MRS 58.49 NAHCO 5.00 NASCON 10.00 NB 175.52 NEIMETH 1.20 NEM 0.81 NESTLE 1,065.00 NIGERINS 0.50 NNFM 21.00 OANDO 26.45 OKOMUOIL 34.85 PAINTCOM 1.58 PORTPAINT 5.01 PREMPAINTS 10.39 PRESCO 36.21 PRESTIGE 0.50 PZ 35.14 ROYALEX 0.59 RTBRISCOE 0.90 SEPLAT 690.00 SKYEBANK 2.95 STANBIC 29.44 STERLNBANK 2.28 TOTAL 182.05 TRANSCORP 5.72 UAC-PROP 16.15 UACN 58.87 UBA 7.21 UBCAP 2.17 UBN 8.17 UNILEVER 48.99 UNITYBNK 0.50 VITAFOAM 4.15 WAPCO 119.00 WAPIC 0.76 WEMABANK 0.95 ZENITHBANK 24.51
Change, % 1.36% -1.41% 0.00% 0.00% 0.00% -2.22% 1.07% -4.72% -0.97% 0.13% -0.61% -1.93% -1.01% 0.00% 0.00% -0.52% 0.00% 0.01% 1.35% 0.23% -0.96% 2.37% -0.60% -0.68% -0.69% 0.00% 0.00% 2.27% -3.00% -0.66% -1.28% -0.05% 2.47% 0.68% -2.75% 0.00% 0.40% 1.27% 0.14% 13.99% 0.00% 2.04% -1.39% 7.14% 0.00% 0.95% -2.33% 0.95% -0.43% 0.00% 0.20% -0.28% 0.00% 0.98% 3.51% 2.27% 0.00% 0.00% -1.90% 0.88% 0.57% 1.42% 0.00% -0.25% -1.23% 0.46% 0.00% 0.04% 0.00% 1.22% -0.84% -2.56% -2.06% -1.57%
5-day Volume 722 3,665 234,745 700 53,435 447 8,809 0 1,588 791 3,994 2,328 36,150 150 8,063 694 2 207 1,168 36,483 133,054 4,035 21,992 61,470 8,237 66,246 35,693 1,628 2,256 0 51 61,087 244 17,183 80 313 5 4,425 606 2,310 787 3,972 3,938 4,358 7,401 77,891 127 0 520 32,741 1,738 0 3,620 0 105 466 3,316 1,250 4,817 177 51,400 2,565 11,659 77 134,965 3,069 8,148 34,924 9,964 5,217 1,375 7,557 4,024 1,014 22,966 14,145 39,568
Change, Open Week Hi Week Lo % 126.78 128.51 120.75 1.36% 0.69 0.76 0.68 1.45% 9.63 9.79 9.50 0.10% 1.33 1.40 1.33 5.26% 0.81 0.84 0.80 -1.23% 2.13 2.25 2.06 3.29% 33.94 34.15 32.55 -0.21% 17.90 18.85 17.90 0.34% 63.67 63.99 63.37 -0.47% 39.53 39.53 39.00 -1.21% 14.33 15.98 13.65 1.95% 64.80 71.85 64.80 5.63% 1.00 1.02 0.96 -2.00% 0.55 0.57 0.53 3.64% 3.85 3.98 3.75 0.26% 1.94 1.94 1.80 -2.06% 4.80 4.80 4.80 0.00% 226.00 230.00 226.00 1.76% 7.50 7.50 7.25 0.00% 8.91 9.00 8.61 -2.36% 6.28 6.30 6.10 -1.27% 3.80 3.90 3.60 2.11% 17.19 17.97 16.40 -4.01% 14.79 15.30 14.53 -1.22% 4.25 4.39 4.21 1.18% 2.00 2.13 1.96 -1.50% 3.14 3.33 3.01 6.05% 69.87 69.98 65.17 -4.55% 222.10 239.99 220.00 3.56% 5.70 5.70 5.15 -9.65% 64.00 65.99 62.54 -0.67% 28.90 29.50 28.51 -1.31% 189.50 191.00 187.45 0.21% 4.01 4.15 4.00 3.49% 26.66 27.50 25.50 -0.23% 64.00 66.84 63.00 1.56% 0.50 0.50 0.50 0.00% 2.54 2.55 2.47 -2.36% 1.60 1.62 1.58 0.00% 176.76 182.00 175.00 -0.57% 53.79 58.49 51.31 8.74% 5.00 5.15 4.97 0.00% 9.86 10.30 9.75 1.42% 172.01 179.50 172.00 2.04% 1.12 1.22 1.12 7.14% 0.80 0.83 0.78 1.25% 1,062.01 1,099.00 1,055.01 0.28% 0.50 0.50 0.50 0.00% 22.48 22.48 21.00 -6.58% 26.43 27.00 26.19 0.08% 35.00 35.00 34.74 -0.43% 1.61 1.61 1.58 -1.86% 5.09 5.25 4.99 -1.57% 10.39 10.39 10.39 0.00% 36.00 36.39 36.00 0.58% 0.52 0.52 0.50 -3.85% 36.00 36.00 34.80 -2.39% 0.60 0.63 0.57 -1.67% 0.92 0.92 0.84 -2.17% 680.00 690.00 680.00 1.47% 3.10 3.11 2.88 -4.84% 29.10 30.31 29.10 1.17% 2.14 2.28 2.09 6.54% 182.00 182.05 180.00 0.03% 5.60 5.72 5.50 2.14% 16.40 17.00 16.15 -1.52% 60.21 61.00 58.87 -2.23% 7.31 7.40 7.02 -1.37% 2.15 2.20 2.10 0.93% 8.20 8.50 8.17 -0.37% 49.00 49.01 48.29 -0.02% 0.50 0.50 0.50 0.00% 4.18 4.20 4.05 -0.72% 118.60 120.01 117.66 0.34% 0.78 0.81 0.74 -2.56% 0.97 0.99 0.95 -2.06% 23.88 24.99 23.80 2.64%
4-Week Volume 2,572 33,648 859,266 1,679 287,920 6,858 29,379 385 12,271 5,046 48,719 14,985 82,935 7,445 172,368 17,059 14 5,883 8,099 187,028 576,930 42,631 201,490 454,660 293,684 514,797 94,690 18,053 17,392 160,925 1,320 444,752 6,817 120,294 46,876 7,150 15 50,905 20,647 5,207 2,197 44,316 32,733 38,804 14,027 363,355 15,087 191 2,299 212,947 6,978 4,677 8,576 1 15,120 39,280 12,563 88,517 25,142 1,558 250,278 67,812 222,319 1,279 773,024 25,353 38,203 403,576 242,808 22,301 10,670 77,102 19,206 12,057 179,367 63,740 656,068
Change, Open Volume % 105.50 21.81% 16,628 0.79 -11.49% 142,328 9.72 -0.82% 13,199,863 1.34 4.48% 6,009 0.81 -1.23% 724,105 2.18 0.92% 25,341 30.23 12.04% 221,971 17.11 4.97% 2,274 70.54 -10.16% 27,468 40.00 -2.38% 17,237 14.17 3.11% 315,110 58.90 16.21% 112,924 1.13 -13.27% 3,218,358 0.54 5.56% 127,353 3.90 -1.03% 383,159 1.90 0.00% 79,567 4.75 1.05% 955 231.99 -0.87% 67,979 7.61 -1.45% 39,506 9.20 -5.43% 483,316 6.70 -7.46% 1,799,405 3.95 -1.77% 154,587 16.90 -2.37% 844,792 15.22 -4.01% 2,230,200 4.20 2.38% 1,622,609 1.98 -0.51% 1,849,589 3.18 4.72% 239,894 67.27 -0.87% 137,287 216.00 6.48% 56,523 6.00 -14.17% 260,976 65.71 -3.26% 40,204 31.00 -8.00% 2,287,917 197.15 -3.68% 36,144 4.26 -2.58% 349,567 26.65 -0.19% 64,431 64.01 1.55% 15,137 0.50 0.00% 21,859 2.55 -2.75% 98,131 1.70 -5.88% 44,949 161.41 8.88% 37,165 58.90 -0.70% 17,368 4.91 1.83% 234,963 10.59 -5.57% 282,362 178.00 -1.39% 364,116 1.21 -0.83% 48,736 0.82 -1.22% 920,690 1,105.00 -3.62% 626,539 0.50 0.00% 69,073 19.48 7.80% 29,441 25.47 3.85% 1,488,887 33.06 5.41% 81,429 1.47 7.48% 8,625 5.22 -4.02% 39,868 10.39 0.00% 114 38.01 -4.74% 48,051 0.52 -3.85% 167,206 37.60 -6.54% 67,677 0.52 13.46% 137,514 1.00 -10.00% 66,470 690.00 0.00% 15,952 3.20 -7.81% 1,120,709 29.09 1.20% 276,202 2.26 0.88% 771,148 176.45 3.17% 8,473 5.51 3.81% 3,987,141 17.60 -8.24% 63,198 62.00 -5.05% 129,032 7.90 -8.73% 2,569,988 2.17 0.00% 630,962 9.25 -11.68% 132,395 47.63 2.86% 111,040 0.50 0.00% 1,418,707 4.15 0.00% 63,458 118.90 0.08% 111,542 0.90 -15.56% 600,010 1.06 -10.38% 1,792,920 25.23 -2.85% 2,945,749
5-Week trading1
52-Week price range Low 64.80 0.63 7.22 1.25 0.74 2.00 13.87 10.69 63.37 35.96 8.00 25.92 0.93 0.50 1.30 1.59 4.75 185.00 7.25 8.61 5.86 2.48 12.40 11.50 3.01 1.85 1.80 58.10 35.00 5.15 58.50 22.67 162.00 2.56 17.98 59.18 0.50 1.95 1.58 102.00 32.53 4.56 9.75 140.00 0.79 0.55 916.00 0.50 18.00 9.32 32.15 1.33 4.00 9.84 32.00 0.50 30.08 0.50 0.84 590.00 2.88 16.05 2.09 146.26 1.26 12.00 42.58 6.65 1.09 8.00 42.50 0.50 3.66 87.50 0.66 0.89 19.23
Close ( )
High
YtD
128.51 79.91% 0.97 -10.46% 10.91 0.42% 1.87 -14.11% 1.03 -13.04% 4.23 -34.33% 34.20 54.80% 22.10 24.46% 110.00 -34.79% 51.66 -18.61% 15.98 21.85% 79.80 11.63% 1.33 -18.33% 0.89 -12.31% 4.11 77.06% 2.27 -2.56% 5.83 -17.67% 250.02 6.39% 10.76 -26.69% 12.49 -23.01% 8.20 -17.33% 5.73 -17.97% 18.60 0.67% 17.29 -10.37% 4.59 11.98% 2.95 -27.04% 3.33 21.09% 83.64 -18.49% 259.94 147.66% 6.66 -17.86% 74.97 -9.19% 31.80 2.77% 266.70 -19.54% 4.50 7.79% 31.50 -6.07% 76.45 3.06% 0.50 0.00% 2.73 -0.80% 2.64 -37.25% 182.00 51.51% 70.00 13.09% 6.80 -21.26% 15.10 -32.66% 189.00 6.37% 2.08 9.09% 0.97 0.00% 1,250.01 -9.90% 0.54 0.00% 28.49 -4.59% 36.89 -1.05% 48.05 -22.26% 2.30 -18.97% 6.25 -4.57% 10.39 0.00% 49.00 -7.15% 0.81 -20.63% 42.29 -5.02% 0.69 9.26% 1.60 -36.17% 735.00 14.09% 4.67 -34.59% 31.50 31.78% 2.74 -8.80% 195.50 5.05% 6.03 31.80% 21.31 5.03% 67.85 5.14% 9.60 -21.20% 3.04 -4.41% 11.00 -14.98% 64.00 -7.57% 0.72 0.00% 5.70 -13.72% 136.73 3.48% 1.48 -32.74% 1.40 -25.78% 27.40 -1.96%
PE
EPS
28.43 3.33 6.13 6.22 5.26 4.32 42.50 5.06 42.48 23.32 13.04 20.51 6.12 5.18 16.08 10.00
4.46 0.21 1.57 0.23 0.15 0.50 0.80 3.38 1.57 1.67 1.12 3.34 0.16 0.11 0.24 0.19
19.50
11.80
10.74 3.75 6.25 4.50 6.77 4.89 2.88 13.88 20.15 49.91 4.59 22.01 8.73 24.11 12.09 42.84 9.64 12.57 16.35 17.56 16.76 56.24 15.39 9.43 33.52
0.81 1.65 0.61 3.67 2.16 0.88 0.68 0.24 3.38 4.63 1.18 3.00 3.27 7.88 0.34 0.63 6.74 0.04 0.15 0.09 10.44 1.04 0.32 1.05 5.24
0.41 37.47 25.00
1.96 28.82 0.02
23.73 15.93 4.57 8.37
1.11 2.29 0.35 0.60
4.33 1.99 26.87 6.09
8.38 0.25 1.34 0.10
3.46 15.61 3.62 14.02 65.19 7.36 27.54 4.25 7.48 43.70 35.76 4.65 5.84 14.60 10.86
0.84 1.92 0.63 12.91 0.09 2.20 2.14 1.70 0.29 0.19 1.37 0.11 0.71 8.10 0.07
7.14
3.46
Liquidity Rating2
LEGEND 5-week trading bar: This bar shows the volume of the company’s shares traded during the 5 most recent weeks. Each alternate colour bar represents a consecutive week. The bar is to be read from left to right. The first bar on the left (light blue) represents the traded volume five weeks ago. The next bar (grey) represents the volume 4 weeks ago. The 5th and last bar (light blue) signifies the volume of shares exchanged last week. The purpose of the Weekly Trading bar is to give readers an instant view of trading volumes as they compare on a week-by-week basis. 1
Liquidity Rating: This indicates the level of demand for a company’s shares based on the number of deals rather than volume done over the past week. Stocks are graded according 5 categories. Blue spheres are used to represent liquidity. • Category 5: This is the highest liquidity rating shown by 5 blue spheres. Stocks that have traded more than 20 deals per day on at least 4 days in the past week are awarded this score • Category 4: This is shown by 4 blue spheres. It indicates that the stock has 2
traded between 12 to 19 deals per day on at least 4 days in the past week • Category 3: Shown with 3 spheres, this liquidity classification represents those stocks that have traded 8 to 11 deals per day on at least 4 days in the past week • Category 2: Shown with 2 spheres it identifies those stocks that traded 4 to 7 deals per day on at least 4 days in the past week • Category 1: This is shown by one blue sphere to represent stocks on which 3 deals and/or below were traded per day on at least 4 days in the week.
VM4
MARKET DATA
VM | Monday, August 25, 2014 | Issue 007
MARKET SNAPSHOT 3-MONTH PRICE TREND OF BELLWETHER STOCKS
ACCESS
9.64 0.01
7.22
PE 6.14
10.91 0.04 0.42%
YtD
0.54 5.93%
3M
0.01 0.10%
1W
18/08
May
June
July
CONTINSURE YtD
-0.22 -18.33%
-0.03 -2.97%
3M
-0.02 -2.00%
1W
18/08
May
June
July
FCMB 0.46 11.98%
0.49 12.86%
3M
0.05 1.18%
1W
18/08
May
June
July
GUARANTY 0.77 2.77%
0.37 1.31%
3M
-0.38 -1.31%
1W
18/08
May
June
July
MANSARD -0.02 -0.80%
0.07 2.90%
3M
-0.06 -2.36%
1W
18/08
May
June
July
OANDO YtD
PE 23.73
36.89 8.17 44.69%
3M
0.02 0.08%
1W
18/08
May
June
July
STANBIC YtD
3M
1W
18/08
May
June
July
UBA
0.34 1.17%
F
PE 4.25
9.60 -1.94 -21.20%
0.02 0.28%
3M
1W
June
July
DANGCEM YtD
250.02 13.81 6.39%
6.98 3.13%
3M
-0.10 -1.37%
PE 19.50 3.97 1.76%
1W
18/08
May
June
July
FIDELITYBK YtD
-0.08 -3.90%
3M
-0.03 -1.50%
1W
18/08
May
June
July
GUINNESS
266.70 -46.11 -19.54%
11.89 6.68%
3M
0.40 0.21%
18/08
May
June
July
MOBIL
182.00 59.75 51.51%
50.85 40.71%
3M
-1.01 -0.57%
18/08
May
June
July
OKOMUOIL -9.98 -22.26%
2.33 7.16%
3M
-0.15 -0.43%
1W
18/08
May
June
July
TOTAL
195.50 8.75 5.05%
25.05 15.96%
3M
PE 14.02 0.05 0.03%
1W
18/08
May
June
July
UNILEVER
PE 35.76
64.00 -4.01 -7.57%
F
-0.54 -1.09%
3M
1W
-0.01 -0.02%
-0.30 -0.47%
18/08
May
June
July
DIAMONDBNK YtD
PE 3.75
8.20 -1.30 -17.33%
-0.19 -2.97%
3M
-0.08 -1.27%
1W
18/08
May
June
July
FLOURMILL YtD
1.70 2.61%
3M
-3.18 -4.55%
1W
18/08
May
June
July
HONYFLOUR 0.30 7.79%
0.15 3.75%
3M
0.14 3.49%
1W
18/08
May
June
July
NASCON -4.85 -32.66%
3M
-2.99 -23.02%
0.14 1.42%
1W
18/08
May
June
July
PRESCO YtD
1.17 3.34%
3M
0.21 0.58%
1W
18/08
May
June
July
UACN
PE 27.54
67.85 2.88 5.14%
1.87 3.28%
3M
-1.34 -2.23%
1W
18/08
May
June
July
WAPCO
136.73 4.00 3.48%
8.99 8.17%
3M
F
PE 14.60
1W
18/08
May
June
July
ETI YtD
0.40 0.34%
PE 4.50
18.60 0.11 0.67%
1.00 6.45%
3M
-0.69 -4.01%
1W
18/08
May
June
July
FO
259.94 137.13 147.66%
58.33 33.98%
3M
7.90 3.56%
18/08
May
June
July
INTBREW -1.72 -6.07%
1.10 4.31%
3M
-0.06 -0.23%
1W
18/08
May
June
July
NB
189.00 10.51 6.37%
0.52 0.30%
3M
3.51 2.04%
18/08
May
June
July
PZ -1.86 -5.02%
0.73 2.12%
3M
1W
18/08
May
June
July
3M
June
1W
July
ZENITHBANK 19.23 YtD
22/08 F
24.51 0.63 1.21 5.19%
3M
-0.25 -1.52%
M T W T
PE 7.14
27.40 -0.49 -1.96%
F
PE 7.36
21.31 -1.65 -9.27%
18/08
May
22/08
M T W T
16.15 0.25
12.00 0.77 5.03%
-0.86 -2.39%
June
July
FBNH
18/08
July
22/08
M T W T
F
18/08
May
June
July
22/08
M T W T
F
18/08
May
June
July
22/08
M T W T
F
1W
18/08
May
June
PE 6.77
17.29 -1.69 -10.37%
0.96 7.03%
3M
-0.18 -1.22%
1W
18/08
May
June
July
PE 22.01
74.97 -3.43 -5.12%
3M
-0.43 -0.67%
1W
18/08
May
June
July
PE 9.64
76.45 -1.36 -2.05%
3M
1.00 1.56%
1W
18/08
May
June
July
NESTLE
-15.00 -1.39%
3M
PE 37.47 2.99 0.28%
1W
18/08
May
June
July
SEPLAT
22/08
M T W T
PE --
735.00 85.20 14.09%
54.11 8.51%
3M
10.00 1.47%
1W
18/08
May
F
690.00 10.00
590.00 YtD
F
1065.00 2.99 1250.01
-117.00 -9.90%
22/08
M T W T
916.00 YtD
F
65.00 1.00
59.18 1.93 3.06%
22/08
M T W T
JBERGER YtD
F
63.57 0.43
58.50 -6.43 -9.19%
22/08
M T W T
GLAXOSMITH YtD
F
14.61 0.18
11.50 YtD
22/08
M T W T
June
July
22/08
M T W T
F
0.63 2.64%
1. 52-week low price 2. Year low price 3. Current price 4. Year high price 5. 52-week high price 6. Current price 7. 5-day price change 8. PE ratio 9. 1-year price change 10. 3-months price change 11. 1-week price change 12. Daily price movement over 3 months. 13. 30-day moving average 14. Daily price movement over last week
1 2 TICKER
4
3
19.23 1YtD
5
25.23 0.018
July
22/08
M T W T
F
PE 7.29
27.406 0.23 0.92%
3M
2.90 12.99%
7 0.01
1W
0.04%
10
12
June
0.28 1.95%
18/08
May
9
May
PE 13.05
1W
LEGEND
UAC-PROP YtD
F
PE 26.87
42.29
4.91 50.62%
3M
22/08
M T W T
35.14 0.86
30.08 YtD
F
PE 33.52
1W
2.62 21.85%
22/08
M T W T
175.52 3.51
140.00 YtD
F
PE 42.84
31.50
YtD
15.98
22/08
M T W T
26.60 0.06
17.98 YtD
F
PE 49.91
1W
14.61 0.28
8.00
22/08
M T W T
230.00 7.90
35.00 YtD
F
16.50 0.69
12.40
CCNN
22/08
M T W T
22/08
M T W T
119.00 0.40
87.50 YtD
F
-0.48 -1.21%
1W
22/08
M T W T
58.87 1.34
42.58 YtD
F
PE 4.33
49.00
1.55 4.13%
3M
22/08
M T W T
36.21 0.21
32.00 -2.79 -7.15%
F
PE 9.43
15.10
-8.93 -18.61%
22/08
M T W T
10.00 0.14
9.75 YtD
F
PE 12.09
4.50
YtD
PE 23.33
51.66
22/08
M T W T
4.15 0.14
2.56 YtD
F
PE 20.15
83.64
39.05 0.48
35.96
22/08
M T W T
66.69 3.18
58.10 -15.13 -18.49%
F
6.20 0.08
5.86
CAP
22/08
M T W T
22/08
M T W T
48.99 0.01
42.50 YtD
F
PE 42.48
1W
22/08
M T W T
182.05 0.05
146.26 YtD
F
PE 15.93
48.05
-10.48 -14.19%
3M
22/08
M T W T
34.85 0.15
32.15 YtD
F
PE 16.76
1W
-33.81 -34.79%
22/08
M T W T
175.75 1.01
102.00 YtD
F
PE 24.11
1W
YtD
110.00
22/08
M T W T
189.90 0.40
162.00 YtD
F
PE 2.88
2.95
63.37 0.30
63.37
22/08
M T W T
1.97 0.03
1.85 -0.73 -27.04%
F
229.97 3.97
185.00
CADBURY
22/08
M T W T
22/08
M T W T
7.21 0.10
6.65 YtD
F
PE 15.61
31.50 7.03 31.37%
18/08
May
22/08
M T W T
29.44 0.34
16.05 7.10 31.78%
F
-0.07 -0.21%
1W
22/08
M T W T
26.45 0.02
9.32 -0.28 -1.05%
F
PE 16.35
2.73
13.97 70.20%
3M
22/08
M T W T
2.48 0.06
1.95 YtD
F
PE 8.74
31.80
11.99 54.80%
22/08
M T W T
28.52 0.38
31.80 YtD
F
PE 4.89
4.59
YtD
PE 42.50
34.20
22/08
M T W T
4.30 0.05
3.01 YtD
F
PE 6.13
1.33
33.87 0.07
13.87
22/08
M T W T
0.98 0.02
0.93
ASHAKACEM
11 14
13 May
21/07
June
July
25/07
M T W T
F
MARKET DATA
VM | Monday, August 25, 2014 | Issue 007
VM5
MARKET SNAPSHOT +150% SLIPPING +140%
LEADING
11
Bubble size = Market Cap
+130% +120%
# TICKER
WTD
YTD
1 DANGCEM
1.76
6.39
2 NB
2.04
6.37
3 NESTLE
0.28
-9.90
4 GUARANTY
-1.31
2.77
+110%
5 ZENITHBANK
2.64
-1.96
+100%
6 FBNH
-1.22 -10.37
7 WAPCO
0.34
8 STANBIC
1.17 31.78
9 GUINNESS
0.21 -19.54
+70%
10 ETI
-4.01
+60%
11 FO
3.56 147.66
12 UBA
-1.37 -21.20
13 OANDO
0.08
14 TRANSCORP
2.14 31.80
15 ACCESS
0.10
16 UNILEVER
-0.02 -7.57
17 FLOURMILL
-4.55 -18.49
18 PZ
-2.39 -5.02
19 UBN
-0.37 -14.98
20 CADBURY
-0.47 -34.79
21 UACN
-2.23
22 DANGSUGAR
-2.36 -23.01
23 DIAMONDBNK
-1.27 -17.33
24 INTBREW
-0.23 -6.07
25 JBERGER
1.56
26 FCMB
1.18 11.98
+90% YEAR-TO-DATE RETURN
+80%
27
28
29
+50% +40%
14
8
+30% +20%
26
+10%
21
10
0%
18
-10%
31
6 23
17
-20% -30%
12 32
22
35
YtD, %
NSE30
0.27% -0.65%
NSEBNK
-0.18% -1.01%
NSEINS
0.10% -0.13%
NSECNSMRGDS
-0.06% -0.71%
38
25
2
33
40
DtD, %
Sector 0.57%
-1.15%
%
Financial Services
77 \ 77
Conglomerates
8 \ 10
Consumer Goods
5
Others
10 \ 9
-6.34%
FGN Bond Index 3010
-5.68%
-6.37%
1.05%
40.74%
-0.15%
NSELOTUSISLM -0.21%
-3.46%
0.93%
NSEINDUSTR -0.46%
14.0
Market Value YTD Return
3000
13.6
2990
13.2
2980
12.8
6.83%
-7%
-4% -2% 0%
2%
4%
2970 12.4 18/08 20/08 22/08
7%
5%
2.5% WEEK-TO-DATE RETURN TRADING BREAKDOWN BY SECTOR
NSEOILGAS -1.07%
39
5
0%
WtD, %
34
9
37
-2.5%
Indices ASI
19
20
-40% LAGGING -5%
0.44% -0.49%
30 7 13 15 24 16 3 36
4
1
7.5%
IMPROVING 10%
GLOBAL INTEREST RATES & INFLATION TARGETS Central Last Date % Inflation Rate Bank Change Change Target China 6.00% 05.07.2012 -0.31 4.00% Japan 0-0.10% 05.10.2010 -0.20 2.00% UK 0.50% 05.03.2009 -0.50 2.00% USA 0-0.25% 16.12.2008 -0.75 2.00% Eurozone 0.15% 05.06.2014 -0.10 <2.00% Brazil 11.00% 02.04.201 +0.25 4.5% +/-2.0% Canada 1.00% 20.07.2010 +0.25 2.0% +/-1.0% Egypt -0.50 8.25% 05.12.2013 India 8.00% 28.01.2014 +0.25 Indonesia 7.50% 12.11.2013 +0.25 4.5% +/-1.0% Malaysia 3.25% 10.06.2014 +0.25 Mexico 3.00% 06.06.2014 -0.50 3.00% +/-1.0% Morocco 3.00% 28.03.2012 -0.25 Nigeria 12.00% 10.10.2011 +2.75 6.00% - 9.00% Qatar 4.50% 10.08.2011 -0.50 Russia 8.00% 28.07.2014 +0.50 5%* Thailand 2.00% 12.03.2014 -0.25 0.5% - 3.0% Turkey 8.75% 24.06.2014 -0.75 5.00% * +/- 1.5 pct point uncertainty band
Date
Deals
Turnover Value
Traded Stocks
Declined Stocks
Unchanged Stocks
All Shares Index Value
1
18.08.2014
4,484
177,831,939
2,119,089,466.48
114 \ 118
21 \ 27
27 \ 34
66 \ 57
41,380.05
2
19.08.2014
5,051
303,507,852
3,621,483,268.39
121 \ 137
22 \ 27
29 \ 31
70 \ 79
41,812.14
3
20.08.2014
4,477
192,114,727
1,826,525,988.54
112 \ 109
17 \ 17
25 \ 31
70 \ 61
41,789.56
4
21.08.2014
4,105
182,204,945
3,262,577,943.95
109 \ 103
26 \ 18
26 \ 30
57 \ 55
41,767.33
5
22.08.2014
3,939
174,948,893
1,454,007,812.07
116 \ 114
24 \ 23
27 \ 24
65 \ 67
41,564.19
The \ arrow signifies week-on-week change in value. This week’s value is shown on the left of the \ sign, and last week’s value on the right.
Index
Week Opening
Week Close
Change
WtD
MtD
QtD
YtD
1
All Shares Index
41,380.05
41,564.19
184.14
0.44
-1.27
-2.16
0.57
2
NSE 30 Index
1,880.27
1,885.26
4.99
0.27
-1.89
-2.41
-1.15
3
NSE Banking Index
420.21
419.45
-0.76
-0.18
-3.22
-3.1
-6.34
4
NSE Insurance Index
144.03
144.18
0.15
0.1
-2.44
-1.8
-5.68
5
NSE Consumer Goods Index
1,030.83
1,030.20
-0.63
-0.06
-2.63
-2.65
-6.37
6
NSE Oil/Gas Index
473.39
478.34
4.95
1.05
1.81
2.16
40.74
7
NSE Lotus Islamic Index
2,768.03
2,764.01
-4.02
-0.15
-1.25
-3.85
-3.46
8
NSE Industrial Index
2,695.44
2,720.52
25.08
0.93
0.26
2.02
6.83
0.42
5.14
3.06
1.36 79.91 -0.21 54.80
29 MOBIL
-0.57 51.51
30 TOTAL
0.03
31 GLAXOSMITH
-0.67 -9.19
32 FIDELITYBK
-1.50 -27.04
33 STERLNBANK
6.54
-8.80
34 CONOIL
5.63
11.63
35 SKYEBANK
-4.84 -34.59
36 PRESCO
0.58
37 OKOMUOIL
-0.43 -22.26
38 CAP
-1.21 -18.61
39 NEIMETH
7.14
40 MAYBAKER
0.00 -37.25
NSEASI
41,564.19
5.05
-7.15
9.09
41,90 41,75 41,60 41,45 41,30 Mo
Tu
S&P 500
We
Th
Fr
1,988.41
2,005 1,990 1,975 1,960 1,945 Fr
Mo
Tu
FTSE 100
INDEX PERFORMANCE
-1.05
28 ASHAKACEM
Fr Advanced Stocks
0.67
27 7UP
MARKET SNAPSHOT Turnover Volume
3.48
We
Th
Fr
6,775.25
6,795 6,765 6,735 6,705 6,675 Fr
Mo
Tu
JSE FTSE
We
Th
Fr
51,197.16
51,62 51,49 51,36 51,23 51,10 Fr
Mo
Tu
We
Th
Fr
VM6
ARENA
VM | Monday, August 25, 2014 | Issue 007
ART AS AN ALTERNATIVE INVESTMENT
The FNB Joburg Art Fair
Oliver Enwonwu is the director of leading Lagos gallery, Omenka and president of the Society of Nigerian Artists. oliver@omenkamagazine.com
HE JUST CONcluded 7th edition of the First National Bank (FNB)-sponsored Joburg Art Fair was held from August 22-24, 2014 at the Sandton Convention Center, in the heart of Johannesburg, South Africa’s financial capital. Founded in 2008 by Ross Douglas, director of Artlogic, a high end sponsorship and events company, the art fair is a must-attend for those interested in the continent’s contemporary art scene for
T
two good reasons. It is the only international art fair on the African continent and the first to focus on contemporary art from Africa. Attendance numbers are proof of its growing popularity. In recent years, the art fair has received 10,000 visitors on average. This year the Joburg Art Fair had a strong focus on Nigeria with two galleries from Lagos, Omenka and Red Door, and two art platforms, Art Twenty One and LagosPhoto, in attendance. The aim, according to the organizers, was to increase the international component of the event, with a specific focus on pan-African buyers and curators. This shift in the fair’s theme may be a result of increasing global recognition of Lagos as a hub for contemporary art discourse, as well as observations of rising sales of contemporary African art in Lagos. The fair also featured two forums on the opening day that centered on collecting and contemporary art developments in Nigeria. Speaking at the first forum,
Current Tendencies of the Nigerian Art Scene were Joseph Gergel, curator at African Artists’ Foundation and co-curator of LagosPhoto Festival, and Oliver Enwonwu, director of Omenka Gallery, founder of Omenka magazine and president of the Society of Nigerian Artists. Bronwyn Law-Viljoen, head of Creative Writing at the University of the Witwatersrand, and editor of Fourthwall Books, moderated the panel. Gergel spoke on Lagos being at the cusp of a creative renaissance as a result of the unprecedented speed at which the art community is developing. Enwonwu’s discussion was on the dearth of high quality publications to interrogate our contemporary art practice and ensure a sustained and critical dialogue vital to the continued development of Nigeria’s burgeoning contemporary art scene. The second forum was Collectors Forum: Focus on Nigeria with Sammy Olagbaju, a collector, who talked on the importance of investing in art, Prince Yemisi Shy-
llon, founder of Omooba Yemisi Adedoyin Shyllon Art Foundation, Lagos, and Kavita Chellaram, chief executive of Arthouse Contemporary, Lagos). Their discussion focused on increased global attention on Nigerian art underscored by the rising prices on the international market. Bomi Odufunade, a consultant at Dash & Rallo Art Advisory, moderated the panel. Sales at the Joburg Art Fair are closely watched as an indication of confidence in the economy. Generally, art sales are a good barometer of trends in the economy because they provide a pointer on levels of disposable income among the middle and uppermiddle income earners. According to Research Report: Assessment of Visual Arts in South Africa, for this group, basic priorities take precedence over ‘income-elastic’ products such as the visual arts during periods of economic recession. Art spending decisions of the market’s topmost segment are immune to economic fluctuations.
In 2010, the value of gallery sales during the 4-day art fair was estimated at R15 million. This figure excludes sales that took place after the art fair. Pre-recession, in 2008, it was not uncommon for sales to reach between R25 and R30 million. According to Douglas there has been a rebound in the last two years. The recovery was first observed in 2012 sales, which rose to R16 million ($1.7 million), and R20 million ($2.1 million) a year later. It is safe to say that the market for contemporary African art has turned the corner.
Later this year, from October 16-19, the 1:54 Contemporary African Art Fair will take place in London. 1:54 was initiated in 2013 by Touria El Glaoui, a curator and art market developer of Moroccan origin, and builds on the precedent set by the Joburg Art Fair. It would expand the scope of appreciation of African art by providing a platform amongst an international audience for galleries, artists, curators, art centres and museums involved in African and Africarelated projects. ;
In the midst of the panic, I realized I was better off cooking at home last week. A quick stock-taking of what I had in the fridge revealed I had an obscene of frozen ground tomato and pepper, a staple in any Nigerian freezer. I immediately decided to put myself to a test during my quarantine period. The seven day challenge was to make as many tomato based meals as possible. My first meal was breakfast. I made yam and eggs with tomato. I fried down the thawed tomato-pepper mixture with sliced onions, poured over eggs into the magma of hot oil and tomatoes. I sliced, peeled, and boiled with a bit of ORT water for the perfect sliced yam. Some may think it is sacrilegious to do add sugar but it works every time. My next meal was scallops and salmon with a tomato salsa. First, I thawed and drained some scallops and drained them. After heating my oiled skillet for a couple of minutes, I seared both sides and put them in the oven for two minutes. The salmon
gets similar treatment. I had stolen the recipe from the fishmongers at Harrods a few years ago. My third meal was seafood pasta with white wine. Having sautéed the left over seafood, I gave the thawed tomato paste the same treatment for breakfast and added a splash of dry white wine. I could not resist some Italian herbs and threw in cooked pasta to the aromatic mix. Right in the middle of my self-imposed quarantine period, a medical emergency required that I pay a visit to the hospital. This brought me face-to-face with the ultimate conundrum. It is understandable that after the experience of the index case, the fear of Ebola is heightened at hospitals. Here, the nurse that checks my vital signs is perfunctorily masked and gloved. I decline to have my temperature taken as they use an old school glass thermometer. She laughs as I whip out Clinell universal wipes to clean every surface I touch. This in my mind is one step better than the hand
sanitizers the hospital has provided for its patients. I am famished by the time I am done at the hospital. I rightly suspect that restaurants cannot be as bad as any hospital in Lagos at the moment. My fast food craving kicked in. I stop over at Johnny Rockets and place an order for the Houston hamburger, Cheesy Bacon Fries and a half vanilla-half chocolate milkshake. I am cheered up by the staff who sing ridiculous American style songs in their thick Owerri accents. Their unusual enthusiasm in clapping and singing makes me smile for the first time in days. I saunter to the Jukebox and play a song my Dad used to sing to me as a child. I feel like a kid in Disneyland and resolve to bring my niece and nephew here. This would be the happiest place on earth if I were 5 years old. ;
Exhibition floor at FNB Joburg Art Fair 2014
HIGH TABLE
Ebola for breakfast This article is dedicated to Dr. Ameyo Adadevoh and the staff at First Consultants Hospital, Obalende who in the course of their job showed incomparable bravery in the face of the first Ebola case thus saving millions of lives. It is also dedicated to all others who lost their lives to EVD this month. May their legacies live on. NE OF THE FIRST communications from US Centre for Disease Control (CDC) was that Ebola is not contracted from food; neither is it water borne. This is little comfort to Nigerians who are swept up in a collective Ebola panic. Even
O
Ify Oji is a lawyer, writer and food lover. She is the creator of the GidiTang.com (synonym: Lagos Flavour) blog on food and drink in Lagos. teamlogiclimited@gmail.com
Johnny Rockets burger
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though it may appear that things are slowly returning to normal, restaurants’ patronage has dropped, and schools’ resumption dates have been postponed indefinitely. Even wine bars serve a healthy squirt of hand sanitizers as an aperitif. Lagos is in panic. What has made the Ebola hysteria even more real is the proximity of the hospital where the first Ebola case was diagnosed. Ebola is not confined to low income suburbs on the outskirts of Lagos. It resides in the backdoor of affluent Lagos ready to impose its terror. Restaurants and supermarkets have mandated their workers to wear rubber gloves and protective masks and they continue to struggle to find their usual traffic of customers.
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