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Oxford Business Group and African Securities Exchanges Association to team up for new Covid-19 Response Report

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A landmark Covid-19 Response Report (CRR), produced by Oxford Business Group (OBG) in partnership with the African Securities Exchanges Association (ASEA), will explore the impact of the pandemic on efforts to attract inflows to the region’s capital markets and the investment opportunities emerging ahead of the global economic recovery.

Titled “Financial Markets in Africa“, the CRR will provide in-depth analysis of the industry’s performance during the pandemic and potential for growth in an easy-to-navigate and accessible format, focusing on key data and infographics relating to the region’s socio-economic landscape.

Marking OBG’s latest Pan-African CRR, the report will examine the contribution that Africa’s exchanges are expected to make towards the region’s economic development in the near term.

Other topics set for analysis include the collective push under way across the continent to strengthen financial integration, which is seen as key to boosting investor interest in the region’s capital markets.

The report will include an in-depth interview with Edoh Kossi Amenounve, ASEA President, together with case studies looking at how key industry players-maintained business continuity during the pandemic and are now preparing for post-Covid expansion.

“Although the Covid-19 pandemic crisis will continue in 2021, the vaccination rollout is giving new confidence to African capital markets, and we expect to have a significant better year than 2020 in terms of transaction values,” Amenounve said.

Commenting ahead of the signing of a Memorandum of Understanding for the report, Karine Loehman, OBG’s Managing Director for Africa, said Africa’s capital markets were poised to play a pivotal role in attracting investment for the next phase of the region’s social and economic development, which is expected to focus on making future economic growth both sustainable and more inclusive.

“While the pandemic has inevitably taken its toll on the region, Africa had already carved a niche as a popular investment destination before Covid-19 arrived and is today home to some of the world’s fastest-growing economies,” she said. “Our report with the African Securities Exchanges Association will look at the many opportunities awaiting investors who are keen to help drive the region’s transformation and, at the same time, unlock the potential of Africa’s capital markets.”

The CRR will form part of a series of tailored reports which OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Covid-19 Economic Impact Assessment articles and interviews.

Click here to subscribe to Oxford Business Group’s latest content: http://www.oxfordbusinessgroup.com/country-reports

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.

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Capital Market

Leadway Pensure’s First Bank Shares Belong to RSA Owners – PenCom

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The National Pension Commission (PenCom) has confirmed that any funds that have been invested in First Bank Holdings Ltd (FBNH) by Leadway Pensure Ltd belong to holders of Retirement Savings Accounts (RSA).

This has apparently silenced any claims that Tunde Hassan-Odukale and some entities related to him own a 5.36% stake in First Bank, which would have made Hassan-Odukale the single, largest shareholder in the company.

It seemed to be competitive, as after popular billionaire business Femi Otedola acquired a 5.07% stake in the bank, company secretary Seye Kosoko wrote to the Nigerian Exchange Limited (NGX), signing off Leadway Pensure PFA’s (Pension Fund Administrator) whole 2.11% stake to Tunde Hassan-Odukale.

After this, Kosoko was also responsible for listing 1.36% of the investment stated as “ZPC/Leadway Assurance Prem & Inv Coll Acct” in the favour of Hassan-Odukale.

The clarification from PenCom confirmed that the shareholding which has been ascribed to Hassan-Odukale will most likely be reduced to not up to 4%, with Leadway Pensure’s stake in the bank being classified.

PenCom issued a statement on Friday which stated that it did not break any laws by investing in First Bank, contrary to reports circulating the media.

The Pension Commission however said that any equity investments made by Leadway Pensure in FBN Holdings on behalf of the pension funds which it manages are in the name of the pension fund and belong to the RSA. It went further to state that the investments cannot be considered shareholdings of any party related to the PFA.

The Commission’s statement attributed the media reports to the lack of knowledge of the Investment Regulation which was issued by the Commission.

The Commission made reference to records held by the Securities and Exchange Commission, which confirm that the equity investments in FBN Holdings are made in the name of the Pension Fund for RSA holders.

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Small Shareholders in Samsung Surpass Five Million

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The number of small shareholders in the Korean tech giant, Samsung has exceeded 5 million after huge stock investment by local investors. This was according to data gathered on Monday.

According to official data released by Samsung, about 5.18 million small investors now invest in the top company as of the end of September, triple the number recorded in the same period last year. The exponential increase in the number of investors was due to the company’s status as one of the world’s leading companies in smart technologies, including refrigerators, televisions, laptops, chips, mobile phones, etc.

A considerable amount of local and retail investors had bought into Samsung Electronics this year despite foreign holders relinquishing their holdings in the most coveted stock in Korea. In the first nine months of 2021, retail investors bought a net $27.9 billion or 32.9 trillion South Korean won worth of Samsung stocks.

The high number of investors from January to September 2021 alludes to a high level of confidence in the company’s present performance, as well as the company’s potential to perform even better in the future (either near or distant). The show of confidence in the company stock is likely to motivate a new wave of investors, who are convinced by the mass action taken concerning the Samsung stock.

According to discussions by analysts, investors may have been drawn to the country’s most valuable company, in the middle of a surge in market liquidity and tougher government regulations on the housing market. The recent surge in the number of small investors can be said to be an indication of greater standing in Samsung, the world’s top smartphone and memory chip maker.

However, this month they sold a net 486 billion South Korean won ($412 billion) worth of Samsung Electronics stock due to a slump in the company’s stock price.

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NGX Lifts Trading Suspension on Chellarams Plc

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The Nigerian Exchange Limited has lifted the suspension placed on trading on the shares of Chellarams Plc following the filing of the company’s Audited Financial Statements for the year ended 31 March 2021 and Unaudited Financial Statements for the quarter ended 30 June 2021.

The Exchange disclosed in a statement released last week.

It said “We refer to our Market Bulletin dated 30 September 2021 with Reference Number: NGXREG/LRD/MB38/21/09/30, wherein we notified Trading Licence Holders and the Investing Public of the suspension of Chellarams Plc in line with the provisions of Rule 7.1(b): Rules for Listing on the Growth Board of the Nigerian Exchange Limited (the Exchange) (Growth Board Rules) which states that:

“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will:
a) send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days
after the end of the Cure Period;
b) suspend trading in the Issuer’s securities; and
c) notify the Securities and Exchange Commission (SEC) and the Market within twenty- four
(24) hours of the suspension”.

Chellarams Plc has now filed its Audited Financial Statements for the year ended 31 March 2021 and Unaudited Financial Statements for the quarter ended 30 June 2021.

In view of Chellarams Plc’s submission of these financial statements, and pursuant to Rule 7.3 of the Growth Board Rules, which states that; “The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.

“The Exchange shall thereafter also announce through the medium by which the public was initially notified of the suspension, that the suspension has been lifted”, Trading Licence Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of Chellarams Plc was lifted today, Friday, 12 November 2021.”

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