RabbiDoracle:


Hmmm... Thanks for the clarification. The error was from Oak.

If it was 30M units, then @Oak is right in the over 1m USD.

Oh... don't mention bro !!

Agbalowomeri:


Now I know where the problem lies
You never moved on from your secondary school bubble
Welcome to the real world
I bet you, you wouldn't want to hear about some people's academic prowess here Lol
But they grew beyond that 'inflated' ego

The guy is very distasteful and stinks of arrogance, pride and egoism...I detest people with such haughty, exasperating and condescending attitude.

onegentleguy:


TRIPLE GBAM !!
...ur head dey there.
Pls meet me up @ mama ejiro' place.

Will there be "ukwu" to check out after the meal....

Zee supplies /dumping @ 17.00 ..maybe they go continue next week

Watching

lancee:
Zee supplies /dumping @ 17.00 ..maybe they go continue next week

Watching

10-20% gang is/will soon be on stage but bears not yet over.

I like am.

onegentleguy:


Sharrup there !!
A3 na him u make for MATHS, come dey make noise for here.

Some of us did much better in MATHS and even FURTHER MATHS then, but we still dey maintain SIMPLICITY and HUMILITY !!
Go learn how to imbibe the 2 in bold, if u truly wish to EXCEL in life !!

A3 for SS1 student writing GCE.

As at my SS 3 I graded an A1 and every other subject was also an A.

If you din't grade better than 7 As, please keep quiet!

Stock Trading Versus Sports Betting; The Differences and Similarities
https://businesspost.ng/economy/stock-trading-versus-sports-betting-the-differences-and-similarities/

BUA Sugar Test-Runs Port Harcourt Factory Equipment
https://businesspost.ng/economy/bua-sugar-test-runs-port-harcourt-factory-equipment/

Balarabe Retires as Fidelity Bank Deputy Managing Director
https://businesspost.ng/jobs/balarabe-retires-as-fidelity-bank-deputy-managing-director/

REFLECTING ON GUINNESS NIG PLC...

http://www.nse.com.ng/Financial_NewsDocs/27892_GUINNESS_NIG_PLC_FINANCIAL_STATEMENTS_OCTOBER_2019.pdf

I recall advising some folks to SELL off their stake in this coy a few months ago.
Current fundamental stance leaves more pessimism with risk than optimism for reward(risk-return in view)
The brewery sector is suffering. ...no thanks to margin squeeze from contracting volume push amid lower purchasing power, despite price stability.
The recent border closure has also added to the strain for earnings drive.

When u remember that INTERNATIONAL BREWERIES is currently parked(on full offer in days) @ N12.60 with NO bidder, while looking for money(to raise funds via rights issuance @ N9 per share), u will appreciate the FACT that GUINNESS NG PLC might still be expensive even @ the current market price of N23.85 !!
...no wonder its on full offer too.

The coy is now a loss-making entity, following a gap down accross all KEY revenue and earnings line in its latest financial print.
NB and INTER BREWERIES started out this way(at the time, we also warned about the red flags) as loss-making coys, before their serious plunge in share price.

I still maintain a sell guidance on GUINNESS. ...though expectedly, price is now closer to that point when feasible REWARD should overtake inherent RISK.
Folks will recall that I called for a SELL in the stock when price was still hovering around N41-45.
...it has since lost over 70% given the present market price.

NOTE: Still NOT an investment recommendation. Due diligence should remain ur 1st priority.
My advise? ...Pls follow ur instinct.

Btw, I have since advised a SELL in coys like TOTAL, MOBIL and PZ PLC. ...particularly the 1st 2 coys.

It is well.

Nothing wey Aisha no go see for Presidential Villa.

So we are now counting how many A's we made in school.

Biko, how many A's did Aliko Dangote be get for school? How many A's did Bill Gates get for university?

Make una keep quiet mbok.

Coolcash1:


Will there be "ukwu" to check out after the meal....

With due respect, pls where is Pastor Vee?

meshpips:


A3 for SS1 student writing GCE.

As at my SS 3 I graded an A1 and every other subject was also an A.

If you din't grade better than 7 As, please keep quiet!

So if you hear 8A1s, will that make you keep shut and leave us alone?
Olodo rabata

Its like we are sighting green small small........we keep observing.

robobo:



Hello Chief

God bless you plentiful for this

it was full of insight and hard question,
e.g August surge in foreign flow largely MTN driven (though it still doesnt explain that of September or could that be as per Airtel)
why are PFA not inclined to the equity market despite near certainty of outperformance in the long term
reconfirmation of the fact that NSE (rise & fall) is deeply tied / correlated to foreign inflow (NFA) e.t.c

whats d source please

Possible answer to bolded below

Conclusion: the sentiments are consistent across board

Response 1
You're shaking a broken table
Equity isn't a generic name in Nigeria. Nah not even a noun. As a name describes attributes and character of the underlying. PFAs have bought something hard to describe. The last 10 years has produced significant negative returns save for year 2013 and 2017. 8 solid years of losing money not in single digits but mid and upper teens.

If the money was left in cash it would have been better. If we add inflation considerations, your guess isn’t going to get there. You also missed the blatant destruction of value by unexplained, unexpected shut downs and nationalization of how many banks? Oceanic bank, Intercontinental, Bank PHB. Notably there is that special oil and gas company that is always raising money, Skye Bank - What did PFAs get? Zero. These were banks that had big 4 audits and CBN affirmative reports 3 months before an overnight take over. Check in and see what the industry lost
PFAs are fiduciaries and will not ignore the concerns of the plan owners who already live with the hope that these monies will amount to something. It's not risk-aversion but common sense. How do you stay invested in an asset class that drops to zero overnight . When PFAs complained about small trades (market manipulation) affecting portfolio valuations what happened? 2 nondescript brokers will trade 10,000 units of a stock and make a single PFA lose 2bn in one day. Is that a market?
There were 120 banks and over 300 insurance companies in this country at some point , where are we today. Has the market grown or we should just continue to plow in? Trust is a precious commodity. Once broken, in any relationship, It will take a long time to rebuild. That's happened in this market and unfortunately not being looked at.

Response 2
Greetings and good to read your write up as always.I asked the question after reading through; what exactly is the answer you are expecting to your question?
Where should the loyalty of PFAs lie? To the market or their RSA holders? I would say to RSA holders/members of course.
Do you Invest Longterm to destroy value or to grow value? Are Nigerian Equities positive for LT investors or value eroding? Look back 10, 15 years and you will come to the same conclusion that the majority of Names on the NSE are value destructive for a Long term Investor. Look at the 10 year look back that was published recently showing that only a few names outperformed inflation and devaluation, over the 10 year horizon; one banking stock – Guaranty Trust Bank, FCMG – Nestle Nigeria, two Agriculture Company – Okomu and Presco….
Also, we have found out that the so called equity premium does not exist for most names in Nigeria; certainly not in the last 15 years.
You raised the question on whether Fixed Income is risk free? The professionals know that nothing is risk free; not even US Treasury!!! However, there is the believe that if you are a Naira investor, and Nigeria does not implode or explode, the Federal Government will print money to settle Naira bonds/Treasury bills obligations if it needs to. Euro Bonds holders may not have such consolation.
I am not sure therefore that Fund Managers should put clients’ money at risk, just because they want to be or be seen to be LT players. This behavior will subsist until the Macros, the fiscal and the monetary line up, and rational analysis supports playing Long term. Till then……..
Anyway, I always enjoy your writes up, and I like the emotion behind them.

Response 3
For most PFA’s there is also concern that you could be penalized for performance below industry average. As result, if you are being measured against peers that have little or no equities (and you are heavy on equities) the possibility of having returns below peer average is high…this could come with penalties. I even think things could worsen once the transfer window opens…as managers may be under pressure to deliver short term returns.

From An Equity Salesman

onegentleguy:


With due respect, pls where is Pastor Vee?

Even pastor vee sef dey chop onions....

GT on the move too....... slow and steady.

Una no dey buy from other sector ni? Unilever is on its yearly low now.

735i:


Sexy result!... Very Very Sexy. Zenith and GTB should watch their backs. At this rate, Access will knock them off in a few years

It is now 100% that what I sent to a friend will happen..”if they continue with this sexiness “
I dumped it for Transcorp but no probs..

Transcorp Wey your result oo

zee gt, uba ,access battling the bear .. orders keep coming

mendes911:

Nothing wey Aisha no go see for Presidential Villa.

So we are now counting how many A's we made in school.

Biko, how many A's did Aliko Dangote be get for school? How many A's did Bill Gates get for university?

Make una keep quiet mbok.

Maybe we dey new syllabus sir.

Agbalowomeri:


So if you hear 8A1s, will that make you keep shut and leave us alone?
Olodo rabata

Folks dey EXCEL in ABSTRACT ALGEBRA(math 55a) and COMPLEX MATH ANALYSIS(math 55b) and that olodo dey here dey make noise !!
The dude get brain tumour that's in dare need of a SURGICAL DRAINAGE !!

We no need to waste TIME on that guy.

Coolcash1:


Even pastor vee sef dey chop onions....

I know not what u are talking about !!

The manipulations in this market is something else.
Forte Oil..yesterday +10% today -10%.

Scam of the century.
Where are our regulators?

Homextras:
The manipulations in this market is something else.
Forte Oil..yesterday +10% today -10%.

Scam of the century.
Where are our regulators?

NSE for you.. I can’t wait to leave and never look back..

TraDeRR:


Transcorp Wey your result oo

The result will likely look like this? This will be the standard to measure if the actual is good or bad.

TraDeRR:


NSE for you.. I can’t wait to leave and never look back..

My love please don't leave us

yok:


The result will likely look like this? This will be the standard to measure if the actual is good or bad.

Generation of for...

Homextras:
The manipulations in this market is something else.
Forte Oil..yesterday +10% today -10%.

Scam of the century.
Where are our regulators?

What do you want regulators to do?
Do you want them to think for investors

PETERiCHY:


So they don't know they will get regulatory approval b4 going public . Well like I said its all part of their plan to lure in more gullibles which they have succeeded .

As for BARGAIN HUNTERS we are patiently waiting at their N6:00k fair value

I said it moons ago that FO AUDIO TAKEOVER plan is an orchestrate to take more prisoners.


Now it's on FULL OFFER @#15:85k

pluto09:



What do you want regulators to do?
Do you want them to think for investors

Make una no push pastor Vee to withdraw his thanksgiving o

Homextras:
The manipulations in this market is something else.
Forte Oil..yesterday +10% today -10%.

Scam of the century.
Where are our regulators?

Yes, but if u have clear answers to WHY u hold the stock, then u would worry less about matters like this.
It's no secret that most fundamentally sound coys are currently been 'padded' to shake-off weak hands.

Btw, the stock actually lost <9% and not 10%.
In the end, we will see if FORTE OIL carries or holds VALUE behind the current market price.

It is well !!

mendes911:


On top FO that will soon reverse gear? Relax joorrr

You prophesy is happening .

jideflash:
Today is my saddest day of this year. I didnt act on FO tip from reliable source.

You can buy your FO if your are still interested