SEC’s
boss pledges sustained parley with stakeholders
AS part
of measures to stabilise the Nigerian capital market, the acting
Director-General of the Securities and Exchange Commission (SEC), Ibrahim
Bolaji Bello, has pledged to meet on a regular basis with stakeholders in the
sector.
According to Bello, regular parley with
stakeholders form part of his mandate, adding that his immediate priority is to
stabilise the market.
Speaking in Lagos
during his maiden meeting with the major operators in the market, Bello said
his mandate from the Federal Government is to stabilise the market and put it
back on the path of growth.
He also used the opportunity to appeal to
stakeholders for support, adding that his intention is to implement his mandate
in collaboration with stakeholders.
The SEC boss was quoted in a press statement as saying that other measures to stabilise the market include “immediate restoration of Registration Meetings,
where new operators (individuals and firms) would be registered to operate in
the market, as well as immediate inspection of existing firms to ensure that
they comply with laid down rules and regulation in the market”.
The statement said: “Both
tools of regulation (registration and inspection), have been suspended for over
one year and they are tools to ensure that only ‘fit and proper’
operators operate in the market”.
Besides, Bello said the
commission would
immediately embark on investors’ education to ensure that investors know their right and adopt better
ways of investing in the market to further protect their investment, pointing
out that a
well educated investor is a well protected investor.
“Our quick win strategies would include those strategies that would restore investor confidence in the market as well as bring more investors. So, for the first time, we will do registration meeting in Lagos next week. This is the first time the registration meeting is taken outside of Abuja to Lagos. This is to cater for the operators in Lagos and its environs in the south, while others in Abuja and the North will have theirs in Abuja in following week.
“Our quick win strategies would include those strategies that would restore investor confidence in the market as well as bring more investors. So, for the first time, we will do registration meeting in Lagos next week. This is the first time the registration meeting is taken outside of Abuja to Lagos. This is to cater for the operators in Lagos and its environs in the south, while others in Abuja and the North will have theirs in Abuja in following week.
“This will
also reduce cost for the operators, many of which have been recording declining
income in recent times. However, there is also opportunity for special
registration window, especially for operators that would want it outside the
normal time we intend to have it, but such operators would have to come to
Abuja.
“We shall
also embark on inspection of dealing houses to ensure that they comply with
laid down rules and regulation in their operations”, said Bello.
Apart from the management of the Nigerian Stock
Exchange (NSE) led by its Chief Executive, Oscar Onyeama, others that met with
Bello at the weekend in Lagos, included the executive of the Chartered Institute of Stockbrokers (CIS)
led by its President, Murtala Ariyo Olusekun, leaders of the Association of
Stockbroking Houses Owners of Nigeria (ASHON) led by its President, Emeka
Madubuike and the leaders of the National Association of the Securities Dealers
(NASD) led by its Chairman, Olutola Mobolurin, who is also a former president
of CIS.
Others included Henry Olayemi, Mike Itegbogie, Dipo
Aina and Dipo Williams who have also presided over the CIS in the past as well
as the Registrar and Chief Executive of CIS, Mr. Oluwatoyin Olorunleke and the
first Deputy President of CIS, Emmanuel Ohanwusi.
Also, the various trade groups in the market met
with the acting SEC DG in
another separate meeting, where Bello re-affirmed his mandate and appealed for
their support. The groups included registrars and Institute of Capital Market
Registrars led by its President, Bayo Olugbemi, Portfolio Managers, Trustees and
Investment Advisers among others.
Bello explained that the commission is considering various issues surrounding Private placement with a view of restoring investor confidence in the
entire capital market.
“We shall
ensure that no one is cheated in the course of participating in the market. And
the fact that people will know there is an umpire to run to in case of dispute
in the market will attract more investor and build confidence in the market” he added.
Other leaders of the groups at the meeting included
Albert Okumagba of BGL, Yewande Sadiku of StanbicIBTC, Mrs. Funmi Sanni of UBA
Trustees, Victor Ogiowenyi of Partnership Investment, Mrs. Hajara Adeola of
Jaiz Bank and Bolaji Balogun of ChapelHill, among others.
Lagos sues businessman over fraud
FOR
allegedly embarking on a fraudulent property transaction, the government of
Lagos State has filed a criminal charge against the Chairman of Cross Country
Transport Limited, Mr. Bube Okorodudu.
The alleged fraudulent transaction with reference
number LCD/91/2012 is estimated at about N595 million and is before Justice
Candido Johnson of the Lagos High Court in Igbosere.
The charge was signed on behalf of the Lagos State
Attorney General and Commissioner for Justice, Ade Ipaye by the State’s Director of Public Prosecutions (DPP), Olabisi
Ogungbesan.
Okorodudu was said to have defrauded the Chief
Executive Officer of Tetrazini Food Limited, Mr. Donatus Okonkwo.
Okorodudu, who is also the chief executive officer
of Car Link Limited was said to have claimed that a property in Lekki area of
Lagos, which he sold to Okonkwo for N595 million was free of all encumbrances.
The property situates on Plot A14, Lekki-Pennisula Phase 1, Lagos.
It was, however, discovered that Okorodudu’s claim was incorrect.
Count one accused Okorodudu of obtaining money by
false pretence contrary to Section 419 of the Criminal Code Law, Cap C17, Laws
of Lagos State, 2003.
In the second count, he was accused of stealing
contrary to Section 390 of the Criminal Code Law, Cap C17, Laws of Lagos State,
2003.
The count reads: “David Bube Okorodudu, sometimes in April 2008, at Victoria Island, Lagos
in the Lagos Judicial Division, did obtain the sum of N595 million as full
purchase price of his property situates at Plot A14, Lekki-Pennisula Phase 1,
from one Prince Donatus Okonkwo by fraudulently misrepresenting to the
purchaser that he had paid to the Lagos State Government the full price and
obtained deed of occupancy, knowing full well that such representation was
false.”
When the case came up, Justice Candido Johnson
threatened to issue a bench warrant against Okorodudu should he fail to appear
in court.
But Okorodudu’s counsel, Ladi Williams said that his client had not been served with
the copy of the charge as required by law.
Williams said that he had already briefed Okorodudu
through phone about the existence of the charge, and that his client was not in
the country and promised to produce Okorodudu in court at the next adjourned
date.
Williams further said that he had filed an
application to quash the charge on the ground that the court lacked the
jurisdiction to look at the charge.
The prosecuting counsel, R. O Aroyeun said that he
had earlier planned to ask for bench warrant against Okorodudu in accordance
with Section 258 of Administration of Criminal Justice Law in Lagos State,
because the accused had actually been served with the charge.
He also said that it was too early for the accused
to file a motion to quash the charge because Section 260 (2) of Administration
of Criminal Justice Law in Lagos State does not allow such objection to be
raised at the current state of the matter.
The matter has, however, been adjourned to July 3,
2012 for arraignment.
Analysts predict higher midpoint for naira, highlighting policy
limitation
The
Central Bank of Nigeria’s (CBN)
attempts at maintaining exchange rate stability may be futile, in the context
of a more interconnected global economy and structural issues inherent with the
Nigerian economy.
Analysts say it highlights the limits of monetary policy, due to a
number of factors including the Euro debt crises, lower oil prices and loose
fiscal policy.
The Naira (NGN) has weakened in recent times, and traded outside the
N155 per US dollar +/ - 3 percent band last week on the interbank market.
FBN capital analysts said they expect the CBN to adjust the midpoint of
the exchange rate band upwards to N160 per US dollar +/-3 percent in the second
half of 2012.
“Our forecast since the aggressive monetary policy
rate hike of October 2011 has been that the CBN will accept another adjustment
of the mid-point for the naira in the second half of 2012, probably to N160
+/-3 percent, and that the interbank rate will close the year at N163.”
FBN capital analysts add that all bets are off if oil prices continue to
slide, and that “ultimately
the CBN has no alternative to a substantial de facto devaluation.”
The CBN has spent considerable resources (dollar reserves), in its fight
to keep the Naira stable within the old band.
While Nigeria’s foreign
currency reserves are up some 13 percent year to date to $37.1 billion,
according to data from the CBN. The reserves have plunged by 41 percent or
almost $26 billion from the all time highs of over $60 billion reached in
August 2008.
The CBN has also jacked up interest rates to 12 percent, (some say at
the detriment of the local economy and stock market) in a bid to support the
currency.
“Perhaps the most relevant risk to the USD/NGN
outlook is further deterioration in local confidence in the NGN, primarily on
the back of negative external developments,” Samir Gadio, emerging markets strategist at Standard Bank London, said
in a recent Naira update.
External developments have since turned more decidedly negative.
On the supply side, the foreign capital inflows that led the NGN to
appreciate and stabilise in February -April have dried up in recent weeks, amid
uncertainties surrounding the future of the Euro zone and similar pressure on
emerging and frontier market assets.
Oil prices are also down 27 per cent, from the March high of $126 a
barrel, with Brent crude falling briefly below $90 a barrel yesterday, on
concerns about faltering global growth.
Nigeria earns roughly 90 percent of its dollar earnings (crucial for NGN
support) from crude oil sales.
The buildup of all these is leading to a weaker Naira. The naira traded
as low as N162.40 to the dollar on the interbank market last week.
The weaker naira also adds to concerns about imported inflation, as most
Nigerian companies import the raw materials needed for production, which a
weaker naira makes more expensive.
For instance Nigerian flour millers including, Flour mills of Nigeria
and Honeywell Flour Mills, imported 3.35 million tons of wheat from the United
States, in 2011.
Nigeria’s wheat
import is expected to rise to 4.5 million tons this year, according to James
Ogunyemi, quality control manager at Flour Mills of Nigeria.
“The rise in core inflation may provide some early
evidence of the impact of FX weakness on prices,” said Razia Khan, regional Head of Research, Africa, at Standard
Chartered Bank.
Nigeria’s
Consumer Price Index (CPI) for May printed at 12.7 percent year – on year(y/y), not far off from the consensus
expectation of 12.8 percent y/y.
The all-items-less-farm-produce measure, a proxy for core inflation(i.e.
the CPI excluding the more volatile categories of food and energy prices),
however rose 1.1 percent month -on-month (m/m) to reach almost 15 percent in
y/y terms.
The limit of monetary policy is evident in the Naira (which is
susceptible to external factors outside the CBNs control) becoming the de facto
monetary policy anchor.
“Given the absence of a more meaningful transmission
mechanism, Nigeria’s ability
to keep inflation in check will depend – as ever – on FX
stability,” Khan
said.
Economic growth at risk as lending and savings rates widen
The gap
between lending to the real sector and rates on deposits is getting wider,
figures from Central Bank of Nigeria (CBN) document seen by Business Day have
shown.
While lending rate has inched up of late, to 28 percent officially, as
against 26, (unofficial rate is between 29 and 30 percent), rates on savings
have remained at 3.5 percent.
Analysts said last night, that the development is a threat to the growth
of the economy.
According to the CBN document, agriculture, manufacturing and oil &
gas, among other sectors are the hardest hit.
Also, the rates which showed an average of 1.775 and 14 percent by
deposit money banks (DMBs) on Time Deposit, which is the preference of the
lower and middle classes, is capable of jeopardising the current cash-less policy,
and is as well a negation of the spirit of the financial inclusion policy of
the CBN.
Analysts have called on regulatory authorities to tackle current
uncertainties in the foreign exchange market, rising inflation, and the need to
make the credit bureaus active, so as to make the credit history of borrowers
available, if the much needed development was to be achieved.
Samir Gadio, emerging markets strategist at Standard Bank, London said, “This is certainly a major constraint on sustainable
economic development, not only in Nigeria, but in most African countries.
The banks typically seek to maximise the significant spread between low
savings and deposit rates and elevated lending rates.
In many cases (including Nigeria), the differential between deposit/savings
rates and fixed income yields is such that there is limited incentive to lend
to the real economy.
However, even if the CBN were to cut policy rates to record low levels
(as in 2009-early 2010), there is no guarantee that the banks would lend to
non-Tier I names at qualitatively more affordable rates.
Clearly, there are structural distortions that perpetuate this large
spread: High inflation/market rates and the uncertain macro-economic outlook
weigh negatively on lending rates.
Absence of viable corporate bond market, implying that most companies
continue to rely on bank financing and the risk profile of borrowers, and
long-term infrastructure projects, reducing the incentive for the banking
system to diversify the loan book away from Tier I names and the government.”
The CBN’s current
rate as at June 15, showed that while Unity Bank charges 28 percent lending
rate to agriculture, mining, oil & gas and manufacturing, First Bank
charges 27.25 percent on the same sectors of the economy.
Access Bank has an average interest rate on Time Deposit of 1.75 and 14
percent, while Zenith charges an average of 3.00 to 9.5 percent.
The Financial Market Dealers Association (FMDA) said for the week
beginning June 25, Skyebank charges the highest of 15 percent deposit rate for
360 days, while UBA goes for the lowest of between 2.75 to 6.00 percent.
“Unless urgent steps are taken by government to halt
the ugly trend, economic activities in the country may soon grind to a halt,
and that will mean further widening the gap between the upper and lower
classes,” Ameh
Friday, an energy analyst said.
Speaking further, Gadio said the higher prime lending rate and its
continued existence “is not
sustainable in the long-run as non-Tier 1 names are starving for credit. Of
course, hypothetical interest rate cuts would not have a significant impact on
the economy, given the weakness of the monetary transmission mechanism and the
influence of exogenous factors on growth.”
Bismark Rewane, managing director, Financial Derivatives Company
Limited, recently said that he sees CBN trading off between managing inflation
and encouraging investment through credit flows to the real sector, adding that
the bank is currently pursuing price stability.
Consequently, the CBN, he said, may become accommodative in its policy
to help boost lending to productive sector, or likely remain neutral in the
near term.
Japaul Oil gains most this Year
Japaul
Oil & Maritime Services Plc (JAPAULOI), a Nigerian oil-services company,
gained the most this year after rising by the daily limit.
The stock rallied a second day, advancing 5 percent to 0.63 naira at the
close in Lagos, the commercial capital, the most since Dec. 23.
"Investors
believe it has bottomed out, so they expect it to rise," Raheem Mohammed
of Kundila Finance, a Lagos-based brokerage, said by phone today.
"The company is making profit so we expect it to climb up to about
80 kobo (0.80 naira) from where it fell," he said.
Japaul closed at a 52-week high of 1.18 naira on June 28, 2011 and a low
of
0.53 naira on April 25, according to data compiled by Bloomberg.
Full-year net income for 2011 increased to 980.44 million naira ($6
million) from 792.7 million naira, according to figures published in an
e-mailed copy of its annual report for last year. Revenue rose to 10.25 billion
naira from 7.133 billion naira, according to the report.
Chika Amanze-Nwachuku
The Movement for the Survival of the Ogoni People (MOSOP) has accused the federal government of colluding with multinational oil companies to commit irreparable environmental and human rights violations in Nigeria.
The Movement for the Survival of the Ogoni People (MOSOP) has accused the federal government of colluding with multinational oil companies to commit irreparable environmental and human rights violations in Nigeria.
MOSOP President and Spokesman, Mr. Goodluck Diigbo, made the declaration while reacting to the recent filing by the Harvard Law School’s International Human Rights Clinic of an amicus curiae brief with United States Supreme Court in the case filed by families of Ogoni indigenes allegedly murdered for protesting Shell’s activities in the area.
Amicus curiae is a brief filed with the court by someone who is not a party to the case.
The case, Kiobel vs Royal Dutch Petroleum Co., was filed under the Alien Tort Statute, a section of the US statute notable for allowing American courts to hear human rights cases brought by foreign citizens for conduct outside the US
The MOSOP chief noted that any measure of justice offered by the US Supreme Court would conserve the spirit of the American revolution, even though it can never bring back life or repair the eternal damage that the Ogoni have suffered.
“I salute these Harvard lawyers of conscience as the pride of American self-government,” Diigbo said.
The MOSOP General Assembly recently vowed to apply what it described as “justifiable stiffer resistance”, against attempts by the federal government through the Nigerian National Petroleum Corporation (NNPC) or any oil company to resume oil production in Ogoniland.
It said the resistance package would include the “use of tactics to protect Ogonis, their families and property against physical attack.”
The tactics, the group added, were part of the indigenous Ogoni customary and traditional law, designed to prevent the desecration of ancestral lands and sacred sites.
MOSOP took the stand following government’s declaration that oil production on abandoned Shell’s 30 oil wells in Ogoniland would commence, notwithstanding a damning United Nations Environment Programme (UNEP) report that indicted Shell Petroleum Development Company (SPDC) for causing serious environmental contamination and threat to human lives in Ogoniland that would take 30 years to clean up.
MOSOP said government was insensitive to the plight of the Ogoni people and does not see the tragedy in their land as an issue that required any attention.
Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, told THISDAY last month that an interim report of a special review committee on the UNEP report had been submitted to President Goodluck Jonathan for further action.
She said the report would be further evaluated with a view to ascertaining areas to be adopted. The committee was set up by the president in August last year to undertake a holistic review of the report, which indicted SPDC for decades of oil pollution in the surface water all over the creeks of Ogoniland and make recommendations to the federal government on immediate and long-term remedial actions.
Nigeria’s crude oil export to the United States of America,
which was over one million barrels per day (bpd) in December 2009, has declined
to 352,000bpd, representing a loss of about 70 per cent of its oil exports to
the country.
Citing recent data from the United States Energy Department, the Global Water and Energy Strategy Team (GWEST), a Washington-based consulting firm said in its latest report that Nigeria was the third-largest supplier of crude oil to the United States in 2010, with the US accounting for 43 per cent of Nigeria’s exports.
GWEST, which specialises in the geo-politics of strategic resources, noted that Nigeria was closely behind Canada and Mexico in oil export to the United States.
The report indicated that in September 2011, Nigeria’s crude exports to the United States dropped to 580,000bpd, with the country assuming the sixth position, after Canada, Saudi Arabia, Mexico, Venezuela and Russia.
Nigeria’s crude export to the United States further dwindled to 352,000bpd by February 2012, signalling a decline in trade between the two countries that dates back to 1961, when Texaco Overseas began operations in Nigeria.
President of GWEST, Mr. Paul Michael Wihbey, said the loss of the United States market had forced Nigeria to ship crude oil twice the distance to Asian markets.
Though refiners in Asia are increasing crude oil imports, investigation revealed that the distance from the Shell’s Bonny Export terminal in Rivers State, for instance, to Tianjin, China, is 12,172 miles, compared to 5,847 miles to the New York Harbour in the United States.
Speaking at a recent event organised in Lagos by the Emerald Institute for Energy Economics, Policy and Strategic Studies, University of Port Harcourt, Wihbey said Nigerian crude might need to be priced at a discount to go to new markets in Asia.
He attributed Nigeria’s dwindling exports to the United States to increased production in the United States.
For instance, owing to increased drilling in North Dakota's Bakken and Texas' Eagle Ford, crude production in the United States rose to 6.24 million barrels a day in May 2012, the highest level since 1999, according to government data.
Refiners that use Nigerian crude oil are also closing plants on the United States’ east coast, the main destination for Nigerian exports, amid falling returns on investment.
Recent reports indicated that Sunoco stopped production at the 194,000bpd Marcus Hook plant in Pennsylvania on December 2011.
The company also said it would decide by July, 2012 whether to halt production at its 355,000bpd Philadelphia plant.
ConocoPhillips stopped its 190,000bpd Trainer, plant site on September 30, 2011 and the two facilities together accounted for half of east coast crude oil processing capacity.
In order
for its customers to benefit more from its recent production expansion, the
management of Dangote Cement plc has liberalised its distribution channels and
expanded its sales network.
The cement manufacturers had embarked on an expansion drive, which has seen it add more lines to its existing cement plants across the country with the attendant expectation that it would lead to reduction in the price of the commodity.
The
management of Dangote Cement last week stressed that it was reviewing its
distribution network to ensure the availability of the product by creating
wider access for its customers.
This, it
said, would also ensure not only the stability of price, but also guaranteeing
availability at the most reasonable price.
Group
Managing Director of the company, Devakumar Edwin, said in Lagos that the
company at the height of skyrocketing price of cement had acquired 5000 trucks
to boost its logistics and pave the way for even distribution of the product
across the nation.
According
to him, having solved the problem of logistics, the next phase is to ensure a
wider distribution depot and register more dealers and bring the product closer
to the customers.
He
stated: “With
Obajana’s 10.
25mtpa, and its fourth line under construction, the company’s production capacity will be far above the nation’s demand.”
It would
be recalled that the company’s Benue plant of 3.5mtpa is producing to capacity. When added to the 6
mtpa Ibese plant production, the company will have a total production capacity
of 19.75mtpa.
“What we are doing now is to liberalise the distribution network by
increasing our depots and registering more credible distributors. All we
required is the certificate of company registration, two passport photographs
and letter of intent.
“Henceforth, we are guaranteeing 48 hours registration with a minimum
purchase of one trailer load that is 600 bags monthly. In fact no deposit is
required. And customers can collect from any of our plants”, Edwin stated.
According
to him, individuals, corporate organisations and institutional buyers seeking
to buy Dangote cement in bulk could just walk into any of the company’s depots or offices nationwide.
He added that the company has begun a media campaign aimed at sensitizing the people to this development.
“On the long run we hope that this effort will not only make cement available in every nooks and cranny of Nigeria but will reduce the price and make the price stable.
The
Nigerian Electricity Regulatory Commission (NERC) has expressed dissatisfaction
with metering plans of most of the Power Holding Company of Nigeria’s (PHCN’s) successor distribution companies (Discos) submitted to it for review
and approval.
Chairman
of NERC, Dr. Sam Amadi, said in Abuja that although, the commission had taken
delivery of metering plans of the discos within the specified two-week duration
in the Multi-Year Tariff Order-2 (MYTO-2), it will review the plans to
establish detailed arrangements within the proposals.
Amadi, who disclosed that the commission had
evolved procedures to homogenise meter connection fees across distribution
companies in the electricity supply chain, was however silent on the discos,
which plans were without specifics.
“We can report that we have received the metering plans of most distribution companies within the two weeks set in the MYTO. We are reviewing the plans. So far, we are not satisfied with the specifics of the plan”, he said.
“We can report that we have received the metering plans of most distribution companies within the two weeks set in the MYTO. We are reviewing the plans. So far, we are not satisfied with the specifics of the plan”, he said.
He
explained further: “Our
desire is to have metering plans which will be clear on the cost of meters, the
number of meters to be deployed monthly and the location of deployment so that
the civil society stakeholder group to be set up soon can monitor with the
plans.”
Amadi also stated that NERC had completed work on
the methodology for estimated billing, which will be based on submission from
the distribution companies.
The NERC boss said he would meet with chief executive officers (CEOs) of distribution companies to resolve outstanding issues on the metering plans as well as methodology for estimated billing.
The NERC boss said he would meet with chief executive officers (CEOs) of distribution companies to resolve outstanding issues on the metering plans as well as methodology for estimated billing.
“We will thereafter invite civil society groups, consumer networks and
the public to a hearing on the metering plan, methodology for estimated billing
and the requirement of disclosures on electricity management under the Freedom
of Information (FoI) Act,” Amadi
added.
He
however disclosed that the methodology for standardising connection fees had
been completed, adding that he would meet with the CEOs of the Discos to agree
on the connection fees for every distribution company.
He
clarified: “It is
important to note that only new customers will be charged connection fees. It
is not the cost of meter. The cost for meter is already part of the tariff, but
the cost for connecting new customers is not in the tariff”.
Third Mainland Bridge shut-down will be partial not
full – Fashola
The Governor of Lagos State, Babatunde Fashola, made an important
disclosure concerning the shutdown of the third mainland bridge yesterday. He
said the closure of the bridge would be partial and not in full as previous
information had suggested.
He also
said the closure was to allow repair work to be carried out on the expansion
joints.
The
Federal Government contractor’s handling the road had advertised via signboards that the bridge would
be closed from July 1st – November
6th.
According
to Fashola, “Contrary
to what has been reported, it is not a complete closure but a partial one.
While the work is on, diversion will take place depending on the section of the
road that will be worked upon at the particular point by the contractor. While
we commend the initiative of the Federal Government to embark on the repair,
there is no need for any fear because we have done it before and at the time we
did it, we all went through it. And today, we are better than where we were
then.”
The
governor also stated that the time selected for the closure was deliberately
selected in order to ensure it fell at the end of the school session when
children were on vacation.
He said, ““The date was an agreement between the Federal and
State governments that the period should be almost at the end of the school
session and during children’s vacation period so that the congestion on the road will be minimal.
However, much of the work will be done when the pupils are on vacation. The
target is that before the end of the year when the traffic is much, the repair
works would have been completed. It is actually in the interest of the people.”
The
governor advised motorists to as much as possible use the alternative routes
which he said were completed, although he did not disclose where the
alternative routes are located
Index Summary
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BusinessDay Afrinvest-30 Index
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25-Jun-12
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22-Jun-12
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change
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Index
Points
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1,062.31
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1,064.23
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-0.18%
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P/E
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11.7x
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11.7x
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P/BV
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1.8x
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1.8x
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Dividend Yield(%)
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4.6
|
4.7
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BA-30
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NSE ASI
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YTD change
|
7.27%
|
3.02%
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