RabbiDoracle:


Dow will end Red.

It may fall by 2,000 points.

https://www.cnbc.com/2018/02/06/us-stock-futures-dow-data-earnings-market-sell-off-and-politics-on-the-agenda.html?__source=newsletter|breakingnews

Dow closes more than 550 points higher after crazy market swings
At its session low it was down by 567 points.
"I thought we were going to see the bottom within five minutes of when we opened. I think that's basically what we're seeing," says Ed Keon of QMA.

PETERiCHY:


https://www.cnbc.com/2018/02/06/us-stock-futures-dow-data-earnings-market-sell-off-and-politics-on-the-agenda.html?__source=newsletter|breakingnews

Dow closes more than 550 points higher after crazy market swings
At its session low it was down by 567 points.
"I thought we were going to see the bottom within five minutes of when we opened. I think that's basically what we're seeing," says Ed Keon of QMA.

good.So na this DOW break my striker's leg.
The wound must heal this night.

locodemy:


good.So na this DOW break my striker's leg.
The wound must heal this night.

Expo hint: The striker u are referring to was actually brought back in by 2:28 PM, after the doctors from Mr TIME confirmed that what he sustained was only a very minor bruise.
...and though he did'nt score a goal, he shall still receive the expected award of highest goal scorer before 2:29 PM tomorrows match day.

#CODETEE
#BELIEVE
#ANDKEEPBELIEVING

NOTE: This is never a recommendation or anything like it. ...In fact, it's only a sports commentary.
...DD always advised pls.

I was thinking of buying DF @N14, DS @18, UBA @9.....bear a beg continue till Friday.....My cutlass is sharp....

@current price could this be the reason why access shares have not moved up significantly during the bull, maybe ibtc nominee were holding it down to acquire more shares.

currentprice:
http://www.nse.com.ng/Financial_NewsDocs/20817_ACCESS_BANK_PLC._CORPORATE_ACTIONS_FEBRUARY_2018.pdf

below for those who can't open link

jinnyz:
@current price could this be the reason why access shares have not moved up significantly during the bull, maybe ibtc nominee were holding it down to acquire more shares.

With this question alone, u are now clearly 'thinking in the ways of the gods'
...for Mr TIME sometimes, just sometimes prefers to work in some rather mysterious ways.
My duty is only to try and always decipher those ways and allign myself accordingly.
...for 'the melody in play here is a psychosomatic one'

#THEACCESSSPEEDLANE
#THERESULT
#BELIEVE

holm:


Are you sure about this, cos you ignored counsel that this forum is purely for stocks not sermons.

beloved, WORD of GOD is a no go area. Shebi una dey claim BNSITL

locodemy:


Oando is my goalkeeper.
fmn and wapco my defenders.
Transcorp my attacker/scorer just got wounded.

I will bring it back to the field if healed from the wound.

You that I know? You hype a stock and promote it in this forum to the point that many newbies join the bus. Then you quietly leave without letting them know. When result shows up they suffer alone. Thats what you did in fcmb, transcorp etc Now you want to start with Oando, fmn and wapco. Well I will not blame you, na who want go village quick quick go follow your mouth.

PETERiCHY:


After two huge sell-offs in a row, U.S. stocks are all over the map on Tuesday. Investors blamed the wild moves on a combination of interest-rate fears, computer-driven trading and the obscure volatility funds that use leverage.
The Dow Jones industrial average opened with a big whoosh lower, then rallied all the way back. As of 3:41 p.m. ET, the Dow is 600 points higher and trading at a new session high. At its session low it was down by 567 points. It traded in a range of about 1,100 points.


https://www.cnbc.com/2018/02/06/us-stock-futures-dow-data-earnings-market-sell-off-and-politics-on-the-agenda.html?__source=newsletter|breakingnews

I think this man is born again.
Kudos

Toluway:

I think this man is born again.
Kudos

I think, he invested his fixed deposit funds in stocks this year, he talks against the market when he is not invested. Don't be selfish, pls my dear people

locodemy:
@ oracle.The market no wan give you the chance to buy back at 100% discount.
Tomorrow looks green again.If you try your best,you join back lets make it big this time and leave together.
10% sold,90% is still in the market.sure 10% cant control the market with bears.

Despite the fact that she prophesied the truth, what did the apostle do to the prophetess that followed them many days saying "these are true servants of God"

Mpeace:
You that I know? You hype a stock and promote it in this forum to the point that many newbies join the bus. Then you quietly leave without letting them know. When result shows up they suffer alone. Thats what you did in fcmb, transcorp etc Now you want to start with Oando, fmn and wapco. Well I will not blame you, na who want go village quick quick go follow your mouth.

Don't blame loco. That is why we always shout that newbies should do their due diligence before they buy or sell. That people should stop doing follow follow...

DD simply means poring over numbers trying to determine what the fair price of a stock is, scavenging for relevant info relating to the company, and understanding the company and industry you want to invest your money in...

Looking at the effort involved, you will agree with me that stock market is not for lazy people but hard working and smart people.

If newbies can't do all that I have highlighted, they should engage a professional to do it for them or invest in mutual funds, bonds or money market instruments.

Good morning.

[quote author=currentprice post=64843949]

though i don't know the source of your money inherited, fronting for , manage for, what ever..


My oga 1M naira na still money na ...

We still dey wait 2018 expo from U. God bless.

RabbiDoracle:


Dow will end Red.

It may fall by 2,000 points.

And it wholeheartedly proved you guys wrong. Pullback will come but not this month or next month.

[quote author=tritritri post=64853227][/quote]

He has given UPL as expo, but till it reaches N3, he won't talk much about it. Baba is afraid that upl can run back down to 2.11.

NIGERIAN STOCK MARKET ANALYSIS

Waiting for Oando Forensic Audit

TRW STOCKBROKERS LTD




The Indian branch of PriceWaterhouseCoopers (PwC) has been banned for two years, effective 31st March 2018, by the Indian Securities and Exchange Commission, the apex regulator of the Indian capital market.

According to reports, the ban was as a result of the fraud committed by Satyam Computers in 2009 in which the shareholders of the company lost more than $2billion. This is believed to be the biggest fraud at a listed company. It created a major shock in the Indian IT industry, one of the biggest in the global IT industry.

Price Waterhouse, the Indian arm, PW Bangalore were Satyams auditors during the period and Byrraju Ramalinga Raju, the former Chairman and GMD of Satyam Computers Services, admitted to embezzlement of the company’s funds to the tune of about US$2.5billion. He was convicted of fraud in 2015.

Recall that the Nigerian arm of PwC were also the auditors of Oando Plc from 2004 to October 2014, 10 years before Ernst and Young were appointed.

Based on the receipt of petitions from some shareholders of Oando, alleging financial mismanagement and corporate governance issues by the top management of Oando, the Securities and Exchange Commission (SEC) of Nigeria conducted an investigation last year.

The report of the SEC investigation identified gross insider dealings, misstatements in the 2013 and 2014 audited financial statements of the company, related party transactions and other unwholesome practices. This necessitated placing the company’s shares on technical suspension at the Nigerian Stock Exchange (NSE) and constituting an independent team of professionals to carry out a forensic audit of the company’s activities. The financial infractions included suspicious related party transactions with directors and interests of directors of Oando plc.

Oando Plc’s annual accounts threw up disclosures that revealed that the company engaged in a web of related party transactions, which ran into several billions of naira annually. These transactions raised concerns about issues of conflict of interests which was heightened by the fact that the Group Managing Director (GMD), Adewale Jibrin Tinubu, featured prominently in several of the transactions.

In fact, there are over twenty five (25) related identified party’s transactions and below are six transactions that clearly stand out between a period of 4 years (2012 to 2016), where Oando, within 2012 to 2016, paid approximately N300 billion to Tinubu or companies related to him. These are summarized thus:

i. Acquisition of 100% of the share capital of Churchill Finance C300-0462 Limited from the Managing Director

On 29th November 2012, Oando Plc acquired 100% of the share capital of Churchill Finance Limited (a company incorporated in Bermuda). Churchill’s sole shareholder was the GMD of Oando Plc, Adewale Tinubu, and its main asset was a Bombardier Challenger 300 aircraft. Oando Plc recognized goodwill from acquisition in the sum of N2.34 billion from this transaction, on the date of acquisition (29 November 2012).

The goodwill from the acquisition represented the excess of the “purchase consideration” over the total value of the assets and liabilities of Churchill Finance Limited and 32 days after the acquisition (as at year ended December 31, 2012), Oando Plc recognized an impairment loss of N1.23 billion on the capitalized goodwill on acquisition of Churchill. The act of acquiring an asset (the aircraft) from the GMD of the Company (Adewale Tinubu) and 32 days later recognizing a loss in value of the asset raises serious conflict of interest issues and points to a failure of governance structures and internal control. As it would appear that the asset may not have been worth the value attached to it ab initio.

Further impairment losses of N838 million and N493 million on goodwill from acquisition of Churchill were recognized in Oando’s accounts for the years 2013 and 2014 respectively.Impairment normally occurs when there is a sudden and large decline in the fair value of an asset below its carrying amount and the impairment write-down carried out by the company from 2012 to 2016 amounted to approximately N202.7 billion.

ii. Payments to Triton Aviation Ltd, a company incorporated in Nigeria whose sole shareholder was Adewale Tinubu. Triton was paid the sums of N921.8 million, N409 million, N656 million and N8.3 million respectively for 5 years between the years 2012 to 2016 amounting to a total of N2.83 billion.

iii. Brol Properties Ltd owned by Adewale Tinubu provided facility management services to Oando Plc at a total cost of about N572.1 million within a period of five (5) years.

iv. TSL Logistics Ltd controlled by the same Adewale Tinubu was engaged by Oando Plc to supply products and services and was paid the sum of N67.03 Billion within a period of five (5) years. Noxie Ltd controlled by Adewale Tinubu also supplied various office equipment at a total cost of N10.2 Billion between 2012 and 2016.

v. Lagoon Waters Ltd owned by Adewale Tinubu supplied petroleum products to the company worth N9.6 Billion within a period of five years.

vi. There is also the case of suspicious Insider Trading in the Shares of Oando Plc by the Company’s Directors/Insiders. Ocean and Oil Development Partners (OODP), a major shareholder in Oando Plc, sold a total of 1.210 billion units of Oando Plc ordinary shares worth N21.455 billion at the Nigeria Stock Exchange (NSE) in six (6) deals out of a total turnover of 2.406 billion (valued at N38.756 billion in 43,374 deals) recorded between the beginning of the year and the date of release of the 2014 results of the company in October 2015. This represented 20.29 percent of the total volume sold and 55.35 percent of the total value sold within the period under review. It is instructive to note that all the six (6) deals executed by OODP (owned and controlled by directors of Oando Plc) in 2015 were executed before the result for 2014 (which revealed a loss in excess of N180 Billion) was released to the market. The manner in which the transactions were structured and executed would suggest that either the Directors of Oando Plc deliberately delayed or took advantage of the delay in release of the company’s 2014 results to dispose of some of their shareholdings, by virtue of the fact that, they were insiders and in possession of material price sensitive non-public information.

Going Concern Threat

The annual reports of Oando Plc (listed in Nigeria and South Africa) were compared with the annual reports of its major subsidiary, OER, listed in Canada. The Board and Management of OER within the financial years of 2012 and 2015 had consistently disclosed in the audited annual reports, the existence of material threats to OER’s going concern status due to negative working capital and high indebtedness.

This was not the case with Oando Plc, as its management avoided reporting any threat to the company’s going concern status although it also consistently faced the challenge of negative working capital. Even after posting a historic loss for the financial year end December 31st, 2014, the directors of Oando Plc did not express concern about the impact of the loss on its future operations.

It was only in 2015 and 2016 that the company acknowledged the fact that it’s going concern status was threatened.

In the report of the Independent Auditors of Oando Plc in its 2016 Annual Reports and Accounts, Ernst & Young stated as follows: “The Group reported a comprehensive income of ₦112.4 billion for the year ended 31 December 2016 (2015: loss ₦37 billion) and as that date, its current liability exceeded current assets by ₦263.8 billion (2015: N260 billion).”

As stated in the note to the Accounts, these conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the company (and Group’s) ability to continue as a going concern. Our opinion is not modified in respect of this matter”.

Going Concern is the assumption that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives and so on. The auditors of Oando are therefore of the opinion that the company’s continued survival for at least one year is threatened.

And in a situation where the auditors of a company have expressed their concern on the going status of a company, it means there is a threat of liquidation of such an entity such that its goodwill value is gone, worth of any tangible assets is tied to liquidation, and debts are due and must be paid in full immediately.

Conclusion

Despite the above listed allegations of financial mismanagement and corporate governance lapses by Oando Plc and the fact that stakeholders are anxiously awaiting the outcome of the forensic audit of the embattled oil firm, it is worrisome that the forensic auditors are yet to commence their work. Insider sources have confirmed that the cost of conducting the audit, put at N160.0 million, had since been approved by the Board of the Capital Market Development Fund (CMDF. In addition, the Federal High Court has ruled that Oando should approach the Investment and Securities Tribunal because the court has no jurisdiction to hear the matter. Although Oando has appealed the decision at the Court of Appeal, the matter is yet to be heard thus there is no order restraining the conduct of the forensic audit.

Concerned stakeholders in the Nigerian capital market are of the view that the management of Oando Nigeria Plc led Adewale Tinubu must step aside to allow for the unhindered forensic audit into the weighty allegations against the company. If the company truly does not have a hidden agenda and has complied responsibly within the provisions of the laws of the land, it should allow its books to be looked into. They stated that Oando Plc is a publicly listed company with almost Three Hundred Thousand (300,000) shareholders who have the right to know the current financial status of their company.

The forensic audit is the most objective and viable option to protect minority shareholders in the company. The forensic audit will also highlight the quality of performance of PwC Nigeria in the auditing of the accounts of Oando Plc. Has Oando Plc become the Nigerian Satyam Computers Services and Adewale Jibrin Tinubu the Nigerian Byrraju Ramalinga Raju?

Indeed, will the acting DG of the Nigerian Securities and Exchange Commission (SEC), Dr. Abdul Kemi Zubairon, ensure that this audit is conducted? Just how soon can this it be conducted?

BASHIR IBRAHIM HASSAN

veecovee:
but we here are not deaf pls! You people were praying for bull ... Why all these

It's normal. They need to buy low.

But not from me.

One thing I learnt from studying stock options is that for every gain gotten by somebody in the market, somebody somewhere will make a loss.

In order to continue making gain, that person has to continually make loss. I.e, the person will buy high and sell low repeatedly.

I have chosen not to be that person. If I buy high and price drops, I forget about it. It's painful buy I won't give the previous gainer an opportunity to gain twice on my head. NEVER

Parisfran:


He has given UPL as expo, but till it reaches N3, he won't talk much about it. Baba is afraid that upl can run back down to 2.11.

How can I say upl with just 400m outstanding is my stock to watch for the year? I just pointed out upl good numbers for Q2 and I have since agreed with oga wanaj0 submission for causion on upl expected bad Q3 and Q4 as the trend

Whether world mkt is red or green, I will still say it again, Nigeria mkt bull is due for a break until after the result, some of the stock is trading above their Q3 fair price and in my OWN OPINION I don't see some of this stock more above the high of 3 week ago till part 2 of the bullish run

Mr mkt have the final decision

Nigerian Pension Funds Diversify into Sukuk, Green Bonds
https://www.businesspost.ng/2018/02/07/nigerian-pension-funds-diversify-sukuk-green-bonds/

T-Bills Yields Gain 0.33% as Market Trades Bearish
https://www.businesspost.ng/2018/02/07/t-bills-yields-gain-0-33-as-market-trades-bearish/

Cadillac15:


It's normal. They need to buy low.

But not from me.

One thing I learnt from studying stock options is that for every gain gotten by somebody in the market, somebody somewhere will make a loss.

In order to continue making gain, that person has to continually make loss. I.e, the person will buy high and sell low repeatedly.

I have chosen not to be that person. If I buy high and price drops, I forget about it. It's painful buy I won't give the previous gainer an opportunity to gain twice on my head. NEVER

I respect ur courage ... Honestly

currentprice:
Whether world mkt is red or green, I will still say it again, Nigeria mkt bull is due for a break until after the result, some of the stock is trading above their Q3 fair price and in my OWN OPINION I don't see some of this stock more above the high of 3 week ago till part 2 of the bullish run

Mr mkt have the final decision

Most of the fundamentally sound stock are already at fair value. Just check GTB. PE already at about 10.

You however have some stocks with potential for growth depending on how they execute their strategy. Flour Mills is one of them.

For the risk takers, NEM, C&I Leasing are for the strong at heart.They are still fairly valued.

Share reconstruction is NOT an issue for as long as the company is creating value.


Ac

Cadillac15:


And it wholeheartedly proved you guys wrong. Pullback will come but not this month or next month.

Drowning procedure taking place in the world markets.

Remember, up....down....up....and goodbye Janet

The haters dem don give me e-sickness.

Texting you from the clinic.

I don keep my mouth shut permanently. Whether bull or bear, e no concern me.

RabbiDoracle:


Drowning procedure taking place in the world markets.

Remember, up....down....up....and goodbye Janet

Rabbi,

They told you that NSE is not tied to DOW and other foreign markets. That DOW going down doesn't mean that NSE will go down as well.

Two days later, they are happy that DOW "stopped" bleeding and hence NSE will continue its bull run.

Human beings! Human Psychology.

LOL. Obene Kwa Kwa.

RabbiDoracle:
The haters dem don give me e-sickness.

Texting you from the clinic.

I don keep my mouth shut permanently. Whether bull or bear, e no concern me.

Brother oracle. you are going no where o. This discuss is healthy for the market and this forum. Don't take any comments here personal please.

The Bulls make money, the bears make money, only the pigs gets slaughtered

RabbiDoracle:
The haters dem don give me e-sickness.

Texting you from the clinic.

I don keep my mouth shut permanently. Whether bull or bear, e no concern me.

Rabbi you are going no where. If desparate go to e-clinic

RabbiDoracle:
The haters dem don give me e-sickness.

Texting you from the clinic.

I don keep my mouth shut permanently. Whether bull or bear, e no concern me.

Yimu. When you sight red somewhere now, your mouth will open wide..

RabbiDTownCrier

Yayira:


Yimu. When you sight red somewhere now, your mouth will open wide..

RabbiDTownCrier

What would you rather prefer, get massaged and get burnt or a warning to balance your decision. I would say bring them on, healthy or unhealthy. The caution is a call to DD