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Profit Taking to Pervade Equities Trading

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  • Profit Taking to Pervade Equities Trading

After benefiting hugely from the newly introduced Import & Export Forex window and some impressive quarter one corporate results last week, the equities market will be set for a round of profit taking this week, analysts have said.

In their weekly review of activities in the market, analysts at Afrinvest said: “Whilst we continue to hold a positive short term view of the market, we expect to see some profit taking in early trades next week.”

The equities market rose for second week in a row at the close of trading session Friday, resulting in N1.05 trillion increase in the market capitalisation following renewed sentiment by investors.

On a week-to-week basis, the equities capitalisation appreciated by N353 billion or 1.75 per cent to close at N9.069 trillion from N8.716 trillion. The All Share Index, ASI, rose by 1.85 per cent to at 26,235.63 from 25,756.51 points.

The All Share Index recorded gains on all trading days, broadly driven by swirls of positive sentiment which emanated from the impressive first Quarter earnings and expectations of a rebound in economic activities following positive PMI readings for April and improved FX liquidity. Thus, investors actively positioned in bellwethers across sectors, Afrinvest said.

As in the previous week, the sector performance remained mixed as three sectors appreciated as against two the recorded negative performance. The banking sector strengthened the most, up 3.6 per cent on account of gains in FBN Holdings Plc, which returned 14.2 per cent Zenith bank Plc that rose by 8.6 per cent. The consumer goods sector trailed, adding 3.0 per cent owing to price appreciation in International Breweries, which rose by 10.4 per cent and Nigerian Breweries and dangote Sugar Refinery that rose by 3.5 per cent and 6.5 per cent respectively.

The Oil & Gas sector inched up by 3.0 per cent as a result of positive sentiment towards Oando and eternal Plc that appreciated by 24 per cent and 8.9 per cent respectively. The industrial goods index declined1.1 per cent as profit-taking in Lafarge Africa which fell by 2.6 per cent pulled the sector lower.

Similarly, the insurance sector recorded 0.1 per cent negative return on account of on sell-off in AxaMansard Insuarance. The insurer fell by 5.7 per cent.

At the end of transactions last week, investors traded 1.154 billion shares worth N10.439 billion in 16,676 deals in contrast to a total of 1.333 billion shares valued at N9.671 billion that exchanged hands last week in 16,300 deals.

The financial services industry, measured by volume, led the activity chart with 813.016 million shares valued at N6.904 billion traded in 10,298 deals.

The sector contributed 70.45 per cent and 66.13 per cent to the total equity turnover volume and value respectively.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Brands

itel Partners Amatem and Drug-Aid Distributes Relief Materials In Fight Against Malaria

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itel Malaria Day

To commemorate this year’s World Malaria Day, itel recently partnered with Amatem Softgel, an anti-malaria drug in Nigeria, and Drug-Aid Africa, a non-governmental organisation (NGO) that provides medical drug supplies and support to low-income patients in Nigeria and across Africa.

A statement by itel explained that in tandem with the theme of this year’s World Malaria Day, ‘Zero Malaria Starts with Me’, the three brands joined the global fight against malaria by donating treated mosquito nets, free medical tests, mosquito repellent cream and free anti-malaria drugs to over 1,500 households in Isale-Akoka Community, Bariga, Lagos state.

It explained that malaria is a prevalent disease in sub-Saharan Africa, and was responsible for thousands of deaths yearly, adding that as socially responsible organisations, itel, Amatem Softgel, and Drug-Aid Africa, “believe that they have a quota to contribute in ensuring a relatively healthier society.”

The Marketing Manager for West Africa and Nigeria, itel, Oke Umurhohwo, expressed commitment in bridging the gap in low-income communities through its ‘Love Always On CSR initiative.’

He added that the brand was partnering with Amatem Softgel and Drug Aid Africa to provide these communities, “with an even greater fighting chance against malaria is a part of our commitment to them.”

The General Manager, Elbe Pharma, Shivakumar, said: “Malaria is a life-threatening disease, but it is preventable and curable. We at Elbe continue to find a better way to combat this disease, support the vulnerable ones especially the young children. Hence, the introduction of this innovative anti-malaria brand AMATEM SOFTGEL and this CSR partnership.”

The Programme Officer, Drug-Aid Africa, Oluseyi Sanyaolu, said malaria has been ravaging the vulnerable in the society for years, saying, “it is the reasons why Drug-Aid Africa is dedicated to supporting those in indigent communities with medicines and medical supplies. Together, we can end this menace.”

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South Africa’s Largest Fund Administrator Goes Live with Temenos

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Temenos Multifonds Global Accounting Platform - Investors King

Temenos Multifonds Global Accounting platform enables Curo Fund Services to deliver seamless back office service; Curo is a third-party administrator for 3,000 funds with assets under management in excess of $150 billion; Agility and scalability of Temenos platform supports Curo’s large multi-client fund base and rapid pace of product evolution in the investment industry.

Temenos (SIX: TEMN), the banking software company, today announced that Curo Fund Services, South Africa’s largest third-party administrator, has gone live with Temenos Multifonds Global Accounting platform, completing the first phase migration of funds from its five legacy systems to a single instance of Temenos’ award-winning funds administration platform.

The move to Temenos’ platform has transformed Curo’s operating model by simplifying its architecture and enabling more automated exception-based processing to increase efficiencies, reduce costs and open up new opportunities for growth.

Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers. It employs 300 people and services 3,000 funds with assets under administration of more than $150 billion. Its clients include Sanlam and Old Mutual, South Africa’s largest asset managers.

With Temenos’ platform, Curo is able to deliver a seamless back office service with a higher degree of automation and straight through processing. This reduces risk and cost by reducing human processing and enables Curo to deliver a best-in class service to clients with automated information flows between the administrator and asset managers.

Having successfully completed a first phase migration of funds, Curo expects to transition all 3,000 funds to the Temenos platform during 2021.

Temenos’ platform has proved it can easily scale to meet the needs of Curo’s large multi-client fund base. It has also demonstrated it supports requirements specific to the South African market, including complex life and pension portfolio structures and reporting; market specific requirements for asset classes such as bonds and swaps; and South Africa tax reporting and regulatory reporting.

Curo is now looking ahead at international opportunities. Operating its business on Temenos Multifonds Global Accounting gives Curo the agility to expand geographically and support its local clients that operate in international markets.

Barri Maggott, Chief Executive Officer, Curo Fund Services, commented: “We are delighted to complete the first migration of funds to the Temenos platform. Temenos’ single, scalable platform delivers cost-efficiency benefits and provides the agility and flexibility we need to deliver a best-in-class service to our clients. With Temenos technology, we can more efficiently support our clients’ key asset servicing, position keeping, valuation and accounting functions. We can also support their rapid pace of product evolution to bring timely, creative investment offerings to their markets. In the fast-paced investment industry this gives Curo and our clients a competitive edge.”

Oded Weiss, Managing Director, Temenos, said: “We are delighted the largest fund administrator in South Africa is now live on the Temenos platform. Temenos is trusted by leading fund administrators and asset management firms around the world to administer, service and value assets for their global client base. Curo is building a world-class fund administration service and we are proud to support them as they continue to innovate and expand their offering on our platform.”

Temenos was awarded the highest ‘best in class’ status in Aite’s Matrix Evaluation of Investment and Fund Accounting Systems report. Temenos Multifonds Global Accounting also gained the highest status in five portfolio management and accounting solution categories by Adox Research.

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Appointments

Ardova Appoints Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel

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Olumide Adeosun Ardova - Investors King

Ardova Plc, an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana, has confirmed the appointment of Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel with effect from 1 April 2021.

This was disclosed in a letter signed by Olumide Adeosun, Chief Executive Officer, Ardova Plc.

Mr. Nelson-Cole is a lawyer with over 14 years of experience spanning Company Secretarial, Corporate Compliance and General Legal Practice. He is a graduate of the Lagos State University.

Prior to joining Ardova Plc, Mr. Nelson-Cole was a Senior Associate in the law firm of RouQ and Co.

As the Company Secretary/General Counsel, Mr. Nelson-Cole will continue to guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.

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