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Re: Nigerian Stock Exchange Market Pick Alerts by veecovee: 8:17am On Jun 16, 2017 |
Re: Nigerian Stock Exchange Market Pick Alerts by Infinitisi(m): 8:28am On Jun 16, 2017 |
EXCLUSIVE: Etisalat Nigeria’s troubles worsen as largest shareholder pulls out June 15, 2017Bassey Udo An Etisalat Office An Etisalat Office Etisalat Nigeria Limited, Nigeria’s fourth largest telecommunication firm, appears to be swimming deeper in troubled waters as Mubadala Development Company of United Arab Emirates, the company’s largest shareholder, has pulled out its investment and headed out of the country, those familiar with the matter have told PREMIUM TIMES. Mubadala, an Abu Dhabi Government-owned investment and development company, controls about 70 per cent of the shares in Etisalat along with Etisalat UAE mobile, with Emerging Markets Telecommunications Services (EMTS, promoted by Hakeem Bello-Osagie, owning the remaining 30 per cent. The UAE investor has hinted Etisalat Nigeria as well as the industry regulator, Nigerian Telecommunications Commission (NCC) of its decision to opt out of the joint ownership of the company, our sources said. “I can tell you that Mubadala’s withdrawal takes effect from today (Thursday),” one source said, asking not to be named because he was not authorised to speak on the matter. With the withdrawal of its largest investor, the board of Etisalat Nigeria might be dissolved, with the creditor banks effectively taking control. One of our sources said the ultimatum given the telecom company to pay up its debt expires today or tomorrow. To continue to run the company, the consortium of banks will most likely present a holding company with telecommunication operating experience to NCC for approval. “The banks do not want the services of the company to cease,” one of our sources said. “So they are setting up a vehicle to keep whatever remains of Etisalat afloat. The banks may approach the NCC tomorrow or latest next week.” Mubadala could not be reached for comments Thursday evening. Repeated telephone calls to its Abu Dhabi headquarters were unanswered. An email enquiry is yet to be responded to as at the time of publishing this report. Etisalat has been facing huge financial crisis following pressures on it by a consortium of some foreign and Nigerian banks, led by Access Bank, to recover a $1.72 billion (about N541.8 billion) loan facility the company obtained in 2015. The loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria. Its inability to meet its debt servicing obligation agreed since 2016 compelled the consortium of banks, prodded by their foreign partners, to take up the matter with the Central Bank of Nigeria and the NCC. The intervention of the two regulatory authorities persuaded the banks to suspend their decision to take over the mobile telephone company, giving it opportunity to renegotiate and reschedule the loan. But Mubadala’s decision to pull out of the company is likely to push the troubled firm deeper into survival crisis. The Chairman of the company, Hakeem Bello-Osagie, did not answer calls made to him by PREMIUM TIMES Thursday. But an official of the company, Seyi Osunfedo, later called back to say she was not aware of the latest action by Mubadala. “I can’t confirm that information for now,” she said. “As you are aware, discussions have been ongoing for some time now with various authorities to find ways to resolve the crisis. I am not aware that that decision has been taken.” Asked whether Etisalat stands a chance of surviving should the UAE investor fail to rescind its decision to leave, Ms. Osunfedo said, “I don’t think there is any difficulty that cannot be surmounted.” A spokesperson for Access Bank, Abdul Imoyo, did not answer or return multiple calls. He also did not respond to a text message. Also, the spokesperson for the NCC, Tony Ojobo, did not respond to calls. He however responded to a text message, saying he was in a meeting. Etisalat, which commenced business in Nigeria in 2009, acquired the unified access license, including a mobile license and spectrum in the GSM 1800 and 900 MHZ bands from the NCC in January 2007. The company is rated by the NCC as Nigeria’s fourth largest telecoms operator, with about 21 million subscribers or about 12.9 per cent of the telecom market share as at January 2017. MTN takes the lead with 60 million, or 40 per cent market share; Globacom, 37million, or 24.6 per cent; and Airtel 34.6 million, or 22.8 per cent. http://www.premiumtimesng.com/news/headlines/234246-exclusive-etisalat-nigerias-troubles-worsen-as-largest-shareholder-pulls-out.html 1 Like 1 Share |
Re: Nigerian Stock Exchange Market Pick Alerts by sellydion: 8:46am On Jun 16, 2017 |
The naira is expected to strengthen against the United States dollar in the coming week as offshore investors pile into local stocks, currency and financial analysts have said. According to them, the naira will likely strengthen against the dollar in the coming days as more offshore investors buy up local stocks after MSCI increased the country’s weighting in its frontier market index. “We are beginning to see some international investors returning to the (stock) market,” a research analyst, Olabisi Ayodeji, told Reuters.  Traders said the re-emergence of offshore interest in the stock market had boosted dollar inflows to the economy, leading to a gradual exchange rate convergence. The naira was quoted at 365 to the dollar on the black market on Thursday, against 368 per dollar last week. It is trading at around 305.70 to the dollar on the official interbank window. Meanwhile, the Kenyan shilling is expected to trade in a tight range in the coming week due to demand from multinational companies buying shillings to meet their tax obligations, as well as low oil prices reducing the import bill, according to traders. At 1101 GMT, commercial banks quoted the shilling at 103.45/65 per dollar, compared with 103.24/45 at last Thursday’s close. “We’ve seen oil prices go down to 45 dollars per barrel so we don’t expect any un-warranted demand,” said a trader from a commercial bank. The Ugandan shilling is seen trading in a stable range as the central bank curbs liquidity in the market, making it slightly more expensive to buy dollars. At 0953 GMT, commercial banks quoted the shilling at 3,583/3,593, little changed from last Thursday’s close of 3,585/3,585. “We’ll probably see the shilling play stable … in range of 3,575-3,600,” said a trader at a leading commercial bank, adding the excess liquidity removal will keep dollar demand subdued. The Tanzanian shilling is expected to trade in a tight range in the coming days, mainly due to a general slowdown in business activity. Commercial banks quoted the shilling at 2,234/2,244 to the dollar on Thursday, barely moved from 2,235/2,245 a week ago. “We expect stable prices next week due to subdued demand for dollars and a slowdown in inflows of hard currency in the market,” said a trader at CRDB Bank. Ghana’s cedi is expected to be stable in the week ahead as firms due to a healthy supply of dollars from firms and the central bank, according to traders. The unit was trading at 4.4085 per dollar by mid-morning on Thursday, compared with 4.4200 a week ago. An analyst at Accra-based Dortis Research, Joseph Biggles Amponsah, said the cedi could also be supported by falling inflation and short-term lending rates. The Zambian kwacha is expected to remain firm against the dollar next week as firms sell dollars to pay their workers and suppliers at the end of the month. At 1007 GMT, commercial banks quoted the currency of Africa’s second biggest copper producer at 9.1800 per dollar from a close of 9.2500 a week ago. |
Re: Nigerian Stock Exchange Market Pick Alerts by BullBearMkt(m): 9:35am On Jun 16, 2017 |
...this got me thinking ![]() Market price does not move because of fundamentals, rather market price moves because of perception of fundamentals by investors - Steve Bigalow ![]() ![]() ![]() ![]() ![]() 13 Likes 1 Share |
Re: Nigerian Stock Exchange Market Pick Alerts by 9free(m): 10:02am On Jun 16, 2017 |
BullBearMkt:Only those in OandO, Forte Oil, Transcorp and FBNH will understand this. 5 Likes 1 Share |
Re: Nigerian Stock Exchange Market Pick Alerts by sellydion: 10:27am On Jun 16, 2017 |
If fundamentals are good, the stock is good. It does not really matter where the price go in the short run. If fundamentals are bad, the stock is bad. it does not really matter where price go in the short run . The market will discount the fundamentals using price effectively in the long run. 3 Likes 1 Share |
Re: Nigerian Stock Exchange Market Pick Alerts by Cadillac15(m): 10:37am On Jun 16, 2017 |
BullBearMkt: True |
Re: Nigerian Stock Exchange Market Pick Alerts by veecovee: 10:39am On Jun 16, 2017 |
Wema! pls look at Skye on the sky...abeg no fall my handoooooo
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Re: Nigerian Stock Exchange Market Pick Alerts by felictorx: 10:47am On Jun 16, 2017 |
What's all these.. I really want to learn. I have shallow economics knowledge, where do I go to learn about stocks and forex trading 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Cadillac15(m): 10:55am On Jun 16, 2017 |
veecovee: This skye pie is looking tempting. But my spirit man is telling me its poisoned. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 11:03am On Jun 16, 2017 |
Cadillac15: The bid i am seeing today may turn to offer on monday.I think i am sitting at enough profit here. Do i pull my trigger or wait for km1? |
Re: Nigerian Stock Exchange Market Pick Alerts by Maykesha: 11:06am On Jun 16, 2017 |
Sell in tranches locodemy: 2 Likes |
Re: Nigerian Stock Exchange Market Pick Alerts by veecovee: 11:07am On Jun 16, 2017 |
Cadillac15:That's your opinion. Dangflour is still on the road while skye has been flying for days now...anything is possible in a bullish mkt. Who knows what will happen to dangflour, if peradventure, it fails in the 2nd qtr result. A stock that moved from below N1 to N4... Don't think that I'm underestimating dangflour, I have it too. But if you are smart enough, you can make 40% and above from some of these overlooked stocks 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by BullBearMkt(m): 11:07am On Jun 16, 2017 |
locodemy:...@locodemy where have you being all these days? Welcome. ![]() ![]() ![]() ![]() ![]() |
Re: Nigerian Stock Exchange Market Pick Alerts by afo7219: 11:07am On Jun 16, 2017 |
locodemy:quite a while Oga mi. How far wit fcmb?? |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 11:12am On Jun 16, 2017 |
BullBearMkt:Went for 10 days intensive training in South Africa. I am back and back to meet skye inching up. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by veecovee: 11:14am On Jun 16, 2017 |
locodemy:I'm not loco, if I was him, I'll wait till N1. I don't think that skye can go back to .50k in a month time. I think, the only thing that can trigger wicked bear again, is bad 2nd qtr results from the market in general, which I think will be hard. Oga Loco, pls all these are my opinions, pls |
Re: Nigerian Stock Exchange Market Pick Alerts by BullBearMkt(m): 11:17am On Jun 16, 2017 |
locodemy:...training on how to beat the market everytime? Hope you enjoyed it ![]() ![]() ![]() ![]() ![]() 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by veecovee: 11:31am On Jun 16, 2017 |
Wema! Wet ur old sword? Throw away am! take this new one and fight hindrance spirits! I need at least, 6 digit from you before 1st july.
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Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 11:31am On Jun 16, 2017 |
BullBearMkt: No bro.south has been my base.Most of my skills were acquired in south.I went for upgrade.we are in computer age and technology is leading nowadays. You be my mentor for stocks especially the technicals.Welldone bro. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Cadillac15(m): 11:36am On Jun 16, 2017 |
veecovee: Bro. Not frightening you but hope you are aware that the release of their 2016 results has been postponed again even after the extension granted by NSE. 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by veecovee: 11:53am On Jun 16, 2017 |
Cadillac15:I'm not in skye. I just bought wema few day ago, wema wouldn't have been so down if they had few outstanding number of shares like skye. If skye can be on more than 30m bid, no offer, despite all their bad performance, I think wema should get to .70k |
Re: Nigerian Stock Exchange Market Pick Alerts by yom2(m): 12:07pm On Jun 16, 2017 |
locodemy:dat must be O H D in stockology. Oga u no one gree o. I like ur spirit |
Re: Nigerian Stock Exchange Market Pick Alerts by veecovee: 12:08pm On Jun 16, 2017 |
I even noticed that wema 2017 1st qtr result is up with more than 15% . Has anyone noticed too ![]() |
Re: Nigerian Stock Exchange Market Pick Alerts by yom2(m): 12:12pm On Jun 16, 2017 |
veecovee:and who knows , they may b recovering their own loan too like fbn |
Re: Nigerian Stock Exchange Market Pick Alerts by makashava(m): 12:20pm On Jun 16, 2017 |
9free:I expect price to come down. |
Re: Nigerian Stock Exchange Market Pick Alerts by Thunderlicious: 12:39pm On Jun 16, 2017 |
Cadillac15: Just get an antidote in place, that's all. |
Re: Nigerian Stock Exchange Market Pick Alerts by jideflash(m): 12:41pm On Jun 16, 2017 |
Fbnh is about to do a rebound. Expected to close positive/neutral today. Full bid by Monday. *IFA has spoken 1 Like |
Re: Nigerian Stock Exchange Market Pick Alerts by Thunderlicious: 12:43pm On Jun 16, 2017 |
locodemy: Once Skye reach km 1, I know say TheBigSmartGuy (abi wetin be e name) go come begin make noise for here. |
Re: Nigerian Stock Exchange Market Pick Alerts by BullBearMkt(m): 12:49pm On Jun 16, 2017 |
Re: Nigerian Stock Exchange Market Pick Alerts by Nobody: 12:52pm On Jun 16, 2017 |
I cant find Fbnh and zenith among the equities on morgan capital iTrade. am i the only one having this issue? pls what can i do ? |
Re: Nigerian Stock Exchange Market Pick Alerts by BullBearMkt(m): 12:55pm On Jun 16, 2017 |
Yayira:...both are under "PREMIUM" section not EQTY ![]() ![]() ![]() ![]() ![]() |
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