Starcomms Chairman detained overnight, released by the EFCC
Proshare NI can confirm that Chief Lababidi, Chairman of the Board of Directors and founder of Starcomms Plc was detained yesterday by the Economic and financial crimes commission (EFCC) in furtherance of their investigation into the Stanbic IBTC and Chapel Hill Denham led 2008 offer to the public.
As at the time of filing this report, we understand that the commission appears keen on unravelling the many dimensions related to this transaction which has refused to go away. Recall that the erstwhile leadership of the SEC conveniently sided stepped the issue of Starcomms and ChapelHill/StanbicIBTC, even when compelling evidence was presented to it by its examinations/investigations unit which raised concerns in 2009.
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Investors’ risk appetite improves, penny stocks receive more bargains
The Nigerian Capital Market opened the week with weak bargain posture, at the end of the today’s trading session, analysis revealed improved positive sentiments as market comfortably regained its breadth amid renewed bargain tendency while market turnover closed positive with increased in Naira votes- an indication of improved market optimism, though laced with speculative propensity.
More so, continued moderate rally was observed towards active and liquid penny stocks, mainly in medium capitalisation category while market closed with WTD performance of 1.54% gain- sustained market optimism was observed when compared with previous mid-week performance of 1.89% gain while YTD performance stands at 3.67% as against 2.74% recorded in the previous week. The improved patronage witnessed towards Dangote Cement Plc so far in the week contributed to the market outlook.
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Inflation and Monetary Policy rates - An Overview
High inflation rates have been the root cause for higher interest rates. The CBN constantly increased MPR in 2010 and 2011 to rein the monster of inflation. But since July 2011, Inflation which has gone down started to rear its ugly head again. It has been steadily rising at a very slow pace while it further went up in 2012. Unfortunately the reason for this is not higher demand but the partial fuel subsidy removal which was announced at the beginning of 2012.
High food price is another factor that affects inflation. Inflation was one of the main concerns of emerging economies in 2011 and was primarily driven by high food prices across the globe.
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Daily Market Updates
200612 NSE ASI firms up by +2.03% as Exchange lists FORTISMFB by Introduction
Trading activities on the Nigerian Stock Exchange closed positive to maintain uptrend for the second session in a row as bargain activities significantly outweighed sell pressure amid low volume turnover and Naira votes while NSE today list by introduction 1,630,091,000 Ordinary Shares of 50 kobo each of Fortis Microfinance Bank at N5.00 per share.
Nevertheless, the key benchmark indices maintained northwards as sentiments remained green, taking supports majorly from Large CAP stock which was particularly driven by ZENITHBANK while Medium CAP stocks also contributed to the outlook recorded today due to continuous bargain activities witnessed in Financial Services and Consumer Goods sectors.
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Capital Market
NSE CEO's speech at the Listing of Fortis Microfinance Bank Plc.
Poll Results: Nationalisation of banks with SEC involvement; damaging to investors’ confidence |
Nigerian Economy & Investors NewsBeat
Economic Research: May 2012 - Food still driving inflation
Investor's ALERT: Stocks that made headlines today - 200612
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Corporate Earnings
CILEASING declares N133.1m PAT in '12 Audited result,(SP:N0.50k)
UNIONVENT declares N20.3m loss in '11 Audited result,(SP:N0.63k)
Believability index shows COURTVILLE likely to deliver 14% of Q3 PAT forecasts
Believability index shows AIRSERVICE likely to deliver 14% of Q3 PAT forecasts
UTC forecasts N83.3m Profit
OKOMUOIL forecasts N667.1m PAT
ASOSAVINGS forecasts N348.7m PAT
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