Custom Search
For wealth creation and money makng articles, please go to

5th ME Forex Expo & Conference

The 5th Middle East Forex Trading Expo & Conference will help you to Discover the latest trading techniques, trading tools, signals, news and charting in FOREX trading, Gold, CFD’s, Commodities, Futures, ETF’s, Derivatives and many more. Meet one on one with FOREX experts, strategists, mentors and the most trusted brokers from around the globe

Easy Forex is pleased to announce its participation in the 5th Middle East Forex Trading Expo in Dubai on November 17-18, 2009 and invites all participants to come to booth F23 for a chance to have a personal demonstration of their Visual Trading Machine.

Easy-Forex’s Visual Trading machine provides an exciting, easy and transparent option that helps users make educated, clear decisions in an otherwise complicated market.
Distinctive features of the Easy-Forex platform include:

The Visual Trading Machine which provides a quick display of the most current market information. Each element of the machine is designed to empower the user to make educated decisions about their portfolio of trades, optimizing their trading experience.

Inside Viewer™ allows traders to see through the market with ease and informs them what others on the Easy-Forex platform are trading in real time (popularity of a currency pair, deal direction and the average structure of open deals). This feature brings Easy-Forex to a new standard of ethics in

The unique Trade Controller™ tool which provides a clear and complete picture of all profit/loss scenarios for precision measurement and adjustment. Users with the controls to set their desired values visually and simply.

The Freeze Rate capability enables traders to freeze an existing Buy or Sell rate for a few seconds, allowing traders to briefly lock in a rate regardless of market movement with no commitment to trade.

The Easy-Forex trading platform was founded on the idea of bringing currency trading to the general consumer. Easy-Forex was the first online Forex trading system allowing clients to trade Forex as a consumer product and is one of the only platforms enabling a trader to start trading immediately. Since 2001, Easy-Forex has been revolutionizing foreign exchange trading in more than 150 countries.

The Easy-Forex trading platform was founded on the idea of bringing currency trading to the general consumer. Easy-Forex was the first online Forex trading system allowing clients to trade Forex as a consumer product and is one of the only platforms enabling a trader to start trading immediately. Since 2001, Easy-Forex has been revolutionizing foreign exchange trading in more than 150 countries.

Easy-Forex is licensed in Australia, the EU, and the USA and has nine physical office locations around the world. To find out more, please visit


Index declined further despite corporate actions declared.

Market closed today with a total volume of 323.61 million units exchanged in 6,839 deals, valued at N3.424 billion. The volume traded today was 32.91% below the yesterday trade volume and the transaction value for the day moved downward by 4.53%. The day’s activities chart was driven majorly by the banking stocks such as Platinum bank, Access bank, GTB, Sterling bank and Skye bank as they emerged the top five trades for the day with 29.967 million units, 28.449 million units, 23.527 million units, 18.482 million units and 17.208 million units respectively. The drop recorded in the market today cut across all the sectors with the Food and Beverages sector losing in the lead.

The All-Share Index declined by 0.72% as against 0.70% recorded yesterday and the market capitalisation depreciated by N36.33 billion as against a decline by N34.462 billion of yesterday.NSE-30 lost 0.77% as against 0.25% loss of yesterday, NSE-Food and Beverages reversed to loss by 3.36% as against appreciation of 0.73% of yesterday. NSE-Banking dropped further today by 0.17% against the loss of by 2.13% of yesterday, NSE-Insurance which gained 0.27% yesterday lost 0.60% today and NSE-Oil and Gas against loss of 1.03% of the previous day retained yesterday’s index. At the close of trading today, out of the 124 securities traded, 22 advanced while 42 declined and 60 traded at their previous closed prices.

PZ emerged the highest gainer for day with 4.98% price appreciation, followed by Dangoteflour-4.84%,Unity bank-4.55%, Aiico 4.49%, Abctrans-4.94%,Uniondac-4.48% and Jberger-4.32%

GTB Plc and Japaul lost (5%) each to emerge the highest losers for the day. Other stocks in the category of top ten losers are:ETI-4.97%, Costain-4.96%,Nahco-4.96%, Unilever-4.96%,UPL-4.95%, Eternaloil-4.95%, Bigtreat-4.95% and Agleventis-4.91%.

Asosavings and Abctrans closed on bid today, while Livestock, Capoil, Nahco, Afribank, Firstinland bank, Springbank,Guinnes, Agleventis, Tantalizer, Afrinsure, Prestige, Unicinsure, Wapic, Unionhomes, Crusader, Eternaoil and Academy closed on offer.

Dangote Sugar Plc second quarter report:Turnover declined by 10.28% to close at N38.639b against N43.067b of the previous period.Profit after tax dropped by 43.08% to close at N7.308b as against N12.839b of the previous year.Working capital improved by 4.63% to close at N20.186b as against N19.292b of the previous year and Net Assets grew by 9.52% to close at N35.734b as against N32.627b

Dangote Flourmill Plc audited 2008 audited report: Turnover grew by 13.69% to close atN47.927b as against N42.153b of the previous period. Profit after tax increased by 432.8% to close at N2.989b as against. Net assets increased by 10.73% to close at N24.352b as against N21.985b. Dividend of 30k per share was declared.

Dangote Sugar Plc third quarter report:Turnover dropped by 7.60% to close at N59.440b as against N64.357b.Profit after tax dropped by 35.85% to close at N11.895b as against N18.553b.

PZ Nigeria Plc First quarter report: Turnover grew by 14.65% to close at N18.996b as against N16.568b and Profit after tax declined by 3.9% to close at N545.024m as against N567.401m.

Nestle Nigeria Plc third quarter report:Turnover grew by 32.23% to close at N49.899b as against N37.736b and Profit after tax grew by 31.45% to close at N7.222b as against N5.494b. Dividend of N1.95 was proposed.

Dangote Flourmills Plc third quarter: Turnover growth of 34.77% was recorded to close at N46.953b as against N34.839b of the previous period and Profit after tax grew by 33.16% to close at N7.615b as against N1.758b.30k per share dividend is proposed.

R.T.Briscoe Plc third quarter report:Turnover declined by 18.54% to close at N11.969b as against N14.694b and profit after tax dropped 66.35% to close at N282.681m as against N840.118m of the previous period.

Capital Hotels Plc third quarter report:Turnover grew by 16.91% to close at N3.273b as against N2.797b. Profit after tax also grew by 80.82% to close at N822.006m as against N454.558m.

Oasis Insurance Plc third quarter report: Gross premium grew by 78.64% to close at N780.313m as against N436.800m and profit after tax declined by 179.47% to close at (N96.548m) as against N121.485m.


CBN Gives Banks Deadline on International Standard

Central Bank of Nigeria (CBN) yesterday said it had given banks till December 2010, to adopt the International Financial Reporting Standard (IFRS) in their accounting system.

The CBN Governor, Mallam Sanusi Lamido Sanusi, said this in a paper entitled, “The Nigerian Banking Sector Reform: Effects on Investment Promotion,” presented at the fourth Negotiation and Conflict Management Group (NCMG) African Summit held in Lagos.

Represented by a Deputy Governor, Mr. Tunde Lemo, Sanusi said the present accounting system of most banks was such that a lot of things are hidden, which analysts will not be able to see.

According to him, adoption of the IFRS and International Standard on Auditing (IAS) would satisfy international benchmark for financial system transparency and boost confidence of foreign investors in the country.

“The enhanced disclosure regime will further reinforce confidence of investors in our banking system. It will aid their evaluation of our financial system’s capacity to efficiently allocate capital, redistribute risks, mobilise savings and promote domestic SMEs investment, which may serve as suppliers to their industrial investments," he said.

Lamido said investors are encouraged when they are assured of ability of the system to adequately deal with corporate malfeasance.

He said CBN is currently addressing the issue of transparency and disclosure, adding that people of questionable character, no matter how rich, would no longer be in control of banks.

He said, “even if you have all the money in the world, even if you are the richest man in Babylon and you do not have integrity and character, you will not be allowed to control any bank in Nigeria.

In addition, Sanusi said the CBN will ensure maintenance of public confidence through enforcement of appropriate disclosure and reinvigorate the policy of zero tolerance on all unprofessional and unethical banking practice.


Banks’ shake up: Finbank recovers 10bn

The Managing Director of Finbank, Mrs. Susan Iroche, on Wednesday disclosed that the bank had recovered over N10bn, being part of its non-performing marginal loans.

She also stated that to make sure that the situation did not repeat itself, the bank was strengthening its risk management processes.

Iroche noted that her immediate challenge was to ensure that good corporate governance was strictly adhered to, and to create a forum where employees of the bank could communicate directly with management.

The managing director, who spoke in Ilorin when she paid a courtesy visit to the governor, Dr. Bukola Saraki, in company with some executive directors also lauded the efforts of the Central Bank of Nigeria in cleansing the banking system.

She explained that the bank was leveraging in its area of comparative advantage, electronic and retail banking, noting that it was also embarking on cost reduction strategies without compromising quality of its services.

She added that in the short term, the bank was aiming at recovering over N30bn outstanding debts, while promising that the new bank was now “a clean break from the past.”

In his comments, the governor assured the bank of its continued support , just as he appealed to the MD to continue with the support of her bank for small-scale enterprises and the agricultural sector.


Equities reversed to positive outlook by 0.55%

Market reversed to positive outlook today with the number of gainers increased to 34 while losers reduced to 34 and 62 stocks retained their previous trading prices. This mark of improvement cut across all the sectors with the exception of Oil and Gas sector. The drop recorded in the oil and Gas sector was as a result of the massive sell in the shares of AP and Beco Petroleum as the other stocks in the sector closed at their last trading prices. Market improvement today could be linked to the fact that investors are taking opportunities of the previous days’ decline in prices in anticipation of another price rally. Also, the pronouncement from the CBN of possible injection of liquidity into the economy might be another reason motivating investors to make buys in the market.

All-Share market index advanced today by 0.55% reversing the decline of 0.29% recorded yesterday to close at 21,318.78.Market capitalisation appreciated by N27.41 billion as against the loss of N14.323 billion recorded yesterday to close N5.029 trillion. The NSE-30 gained 0.53% as against loss of 0.12% recorded yesterday, NSE-Banking gained further today by 1.14% as against gain of 0.31% of yesterday, NSE-Food and Beverages gained marginally by 0.07% as against 0.36% of yesterday, NSE-Insurance gained 0.13% as against loss of 1.32% of yesterday and NSE-Oil and Gas lost 0.72% as against loss of 0.76% of the previous trading day.

C AND I Leasing Plc Second quarter result: Turnover for the period grew to N4.077b from N2.382b, a record of 100.05% growth.PAT grew by 29.26% from N217.66 million to N281.326m.Working capital situation in the period dropped by 16.97% from (N5.717b)to (N5.747b) and Net asset improved by 10.73% to close at N2.383b from N2.152b

Standard Alliance Insurance Plc third quarter result: Gross premium rose by 3.54% to close at N2.455b from N2.371b of the previous quarter.PAT for the period recorded a growth of 81.65% to close at N1.673b as against N921.289m of the previous year’s second quarter. Working capital dropped by 16.64% to close at N14.238b from N17.080b and Net assets for the quarter dropped by 8.58% to N21.086b from N23.065b of the previous year’s second quarter .The company made a provision to the tune of N2.897 billion for diminution of investments in the quarter.

Glaxsmithkline Plc third quarter result: Gross earnings rose by 22.54% from N9.281 billion to 11.373b.PAT for the period under review improved by 47.63% from N1.117 to N1.649b.Working capital dropped by 39.06 to(N3.236b) from (N2.327b)of the previous year’s third quarter and Net assets for the period improved by 19.72% to close at N6.526b as against N5.451b of the previous year’s third quarter.

Top gainers for the day were: Unilever(4.99%), NNFM(4.98%), Jberger(4.97%), Diamond bank(4.4.93%), Access(4.92%), CCNN(4.88%), Costain(4.85%), Cutodyins(4.84%), Uniondac(4.76%) and Fidelity bank(4.74%). On the other hand, the following stocks emerged in the class of top ten losers at the close of trading today: Vitafoam(5%), AP and Intercontinental bank each lost (4.98%), Union bank(4.95%), Union Homes(4.93%), Asosavings(4.92%), Cornerstone(4.92%),Presco(4.85%), Oceanic bank(4.83%) and IPWA94.79%)

Goldlink Insurance Plc topped the activity chart today with 185.042 million units valued at N92.521 billion traded in 5 deals. GTB followed with 41.722 million units valued at N672.53 billion, Access bank traded 36.69 million units valued at N228.19 billion,First bank Plc traded 35.989 million valued at N506.37 billion and Aiico insurance Plc traded 34.157 million units valued at N29.672 billion. The total trades of these top five trades accounted for 47.66% of the total market volume.

Nahco, Costain, Nestle, NNFM, Uniondac, Custodyins and Royalex closed on bid today whle Capoil, Presco, Afribank,Intercontinental bank, Platinum habib bank, Interbrew, Wapco, IPWA, PZ, Niwicable, Bigtreat, Vitafoam, Afrinsure, Lawunion, Asosavings, Unionhomes, Crusader and Becopetrol closed on offer

This positive outlook is expected to continue tomorrow barring any unforeseen circumstances that may dampen investors’ confidence again. Also, with the readiness of the CBN to put in place structures for the effective takeoff of the nations asset management company, which analysts have noted as necessary for market recovery, market may persist on the positive note in the days ahead.


WDAS: CBN scales down Forex

The Central Bank of Nigeria last week scaled down its foreign exchange supply in the Wholesale Dutch Auction System from $200m to $62.9m.

The amount was sold to only 16 banks that participated in the auction, while the $200m sold at the previous auctions were sold to higher number of participants ranging from 19 to 22.

In spite of the reduction, the naira still maintained its firm position of N149.14 against the United States dollar as in the last three auctions.

It, however, depreciated against the pound sterling and the euro where it exchanged for N246.58 and N220.78 respectively.

At the previous auction, the local currency exchanged for N245.56 against the pound sterling and N219.71 against the euro.

Dealers said the reduction in the number of participants in the auction as well as the reduction in supply might not be unconnected with the influx of forex into the inter-bank market where liquidity has been largely boosted by the Federal Government stimulus, intervention by oil firms and the Nigerian National Petroleum Corporation, as well as the bail-out package from the government.

Traders said on Friday that the inter-bank lending rates remained at 4.25 per cent on average as liquidity from previous cash inflows was enough to meet weak credit demand from borrowing banks.

The secured Open Buy Back, overnight and call money rates were unchanged at four per cent, 4.25 per cent and 4.5 per cent respectively, in spite of investments in Treasury Bills and forex purchases in the week to Friday.

According to one of the dealers, ”There were few cash outflows into Treasury Bills worth about N45bn and payments for forex purchases at the CBN‘s WDAS, but the funds in the system were sufficient to meet demand for credit.”

They said the impact of the billions of naira injected into the system as part of a government stimulus package and bail-out of undercapitalised banks remained dominant in the system.

”Most banks have sufficient liquidity to meet their inter-bank obligations,” another banker said.

The cost of borrowing among banks slipped to 4.25 per cent on average two weeks ago from 4.91 per cent the previous week after large cash inflows from a $2bn economic stimulus package and the release of October budgetary allocations to the three tiers of government.

Dealers said the rates could climb gradually this week, but increases were likely to remain minimal given that cash balances in banks‘ books remain strong.


First Bank Nigeria Releases Results

FirstBank Nigeria Plc has a few minutes ago released its results on the floor of the Nigerian Stock Exchange.

Visit FIRSTBANK IR page here to view results.

Stock Exchange records over ₦86 billion loss in October

Trading activities at the Nigerian Stock Exchange in the month of October were characterised by losses as market indicators continued their bearish trend.

Over N86 billion was lost during the month with the market capitalisation closing at N5.144 trillion on the last trading day of the month, after it opened on the first day at N5.230 trillion. The market capitalisation rose to N5.435 trillion in the second week before dipping due to the slow pace of activities witnessed in all sectors quoted at the exchange.

The Exchange's All-Share Index which opened at the beginning of month with 22,497.27 basis points declined by 3.08 per cent or 692.58 units to close at 21,804.69. Also, two of the four stock exchange sectoral indices depreciated at the end of October - the Banking Index lost 4.05 per cent while the Insurance Index lost 4.74 per cent. However, the Food/Beverages Index gained 5.13 per cent at the end of the month while the Oil/Gas Index was up 7.65 per cent.

Investors shy away

Analysts have attributed the low turnover recorded during the period in review to the ongoing reforms in the banking sector.

Tunde Oladapo, chief executive officer of StockPicks Consulting Limited, said "Real investors (long term investors) are shying away from the market presently. They are holding on to cash. But generally, if you compare the volume of stocks being offloaded on the floor of the exchange now with the previous months, it's obvious that investors' confidence is building up gradually even though it's on a slow pace and may not be absolute any time soon."

However, Mr. Oladapo believes the capital market will stabilise from next year, because "the Central Bank of Nigeria has done its worst". He forecasts an oscillating market in the remaining two months, saying, "Fund managers will be buying and selling. No significant rebound will happen until next year."

Effect of suspension

In the aftermath of the newly released stress audit result by the Central Bank on October 2, which showed that four additional banks were in a "grave situation," the management of the stock exchange, on October 5, placed a one-week technical suspension on the shares of BankPHB and Springbank while it took no action on Wema Bank. The fourth bank, Equitorial Trust Bank, is not a publicly quoted company, therefore, the stock exchange could not take any action on it.

The technical suspension, which means that trading will be allowed on the stocks but their prices cannot move up or down, was aimed at restricting the dumping of the shares of those banks to avoid a free fall on their prices.

However, the one-week suspension still affected the performance of the banking sector, a major driver of the exchange's turnover volume, forcing it to decline to 1.45 billion shares from 2.02 billion recorded before the action. But, in spite of the crisis in the banking sector, it maintained its position as the most active in terms of volume.

Though the suspension was lifted on October 13, the share prices of BankPHB and Springbank have continued to decline by 35 and 47 per cent respectively since then. On the contrary, the shares of the two other "troubled" banks - Wema Bank and Unity Bank - have retained their prices.


Afribank assures customers of excellent services

Afribank Nigeria Plc has assured customers, participants and exhibitors at the forthcoming 2009 Lagos International Trade Fair of its excellent traditional banking.

The bank will put up a full-fledged branch at the fair to enable it to offer full banking transactions at the fair.

A statement on Saturday said the bank had provided full banking facilities to enable participants to enjoy its wide range of services within the fair ground. It will also offer customised services to traders, businessmen and women and corporate account holders at the fair ground.

The statement added that the bank‘s online real time services would be on hand to enable customers across the country to deposit, transfer and withdraw funds with ease.

Other banking services such as cash collection, opening of accounts at concessionary terms, draft issuance, sale of educational forms, receipt of payment for taxes and free financial advisory services will also be available at the bank‘s stand.

The statement said that subsidiaries of the bank would also be at the fair to offer free financial advisory services on pension management, insurance brokerage, assets and property management, trustees and investment and stock brokerage.

It added that the services of the bank would be available to both institutional and individual customers at the corporate banking, retail, consumer and commercial banking customers‘ desks at the bank‘s stand.

Plans have also been concluded to offer free medical checkup such as weight measurement; body temperature, use of the massaging machine and blood pressure checks at the pavilion.


Ecobank extends free micro funding to ‘enterprising Nigerians’

Ecobank Nigeria Plc has extended free micro-funding to enterprising Nigerians as it unveils the second phase of The Entrepreneur.

A statement from the bank on Saturday said registration of prospective participants for the ‘Season 2’ of the business reality television show, The Entrepreneur, had commenced in all branches of Ecobank nationwide.

The programme provides micro-entrepreneurs with brilliant ideas the opportunity to access up to N15m free micro-funding from the bank.

The main objective of The Entrepreneur, according to the statement, is to empower small business owners, promote entrepreneurship through investment in innovative social enterprises, educate people on the numerous strategies of pitching business ideas, and contribute to poverty alleviation in the society.

The TV series, which made its debut last year, injected over N12m into the businesses of 23 micro-entrepreneur winners.

Co-sponsored by the malt drink, Vitamalt, the programme has been endorsed by notable government and private sector organisations, which include the Federal Ministry of Agriculture and Water Resources, Growing Businesses Foundation and the Small and Medium Enterprises Development Agency of Nigeria as key partners.

The statement said, “In Season 2, The Entrepreneur TV series seeks to focus on encouraging Nigerians to engage in the real sector of the economy. Bright ideas in the areas of commerce and industry, agriculture, and health are sought, as well as innovative approaches to issues of food security and value-added farming.”

It quoted the Minister of Agriculture and Water Resources, Dr. Sayyad Abba Ruma, as saying that it was a forward looking initiative that would help promote entrepreneurship in agriculture, thereby creating jobs and wealth for Nigeria.

It said, “Interested participants who wish to harness this opportunity and become successful entrepreneurs will be able to do so by picking up their forms at any Ecobank branch nationwide, or downloading the forms online.

“The zonal auditioning for registered participants will hold in Abuja, Enugu and Lagos to select participants with the brightest ideas who will face the panel of judges in the finals in Lagos.”

Free SEO by Master Google