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BusinessDay 30 Jan 2018

BusinessDay 30 Jan

BUSINESSDAY MARKET AND COMMODITIES MONITOR NSE 44,000 43,950 43,900 43,850 43,800 Biggest Gainer DIAMONDBNK N0.26 +9.85pc Commodities Brent Oil US $69.72 Gold $ 1,345.60 Cocoa $ 1,972.00 Bitcoin N4,144,232.68 Powered by -2.03pc FMDQ Close Foreign Exchange Market Spot $/N I&E FX Window 360.37 CBN Ofcial Rate 305.70 3M 0.12 Treasury bills 14.73 6M 0.12 15.50 43,750 6a 7a 8a 9a Day range (43,773.76 - 44,306.48) 44,306.48 +532.72 (+1.22pc) Previous close (43,773.76) YtD return (15.85pc) N1.00 -4.56pc DANGSUGAR Biggest Loser Exchange Rate BDC $-N 364.00 £-N 509.00 €-N 450.00 TRAVELEX 364.00 510.00 446.00 Everdon Bureau De Change $-N £-N €-N BUY 361.50 505.00 440.00 SELL 364.50 515.00 450.00 FGN Bonds 5Y 0.07 13.17 10Y 20Y -0.02 0.07 13.40 13.23 NEWS YOU CAN TRUST I **TUESDAY 30 JANUARY 2018 I VOL. 14, NO 534 I N300 @ g NNPC contradicts Osinbajo, says Nigeria owes it N170bn on subsidy arrears Daily petrol consumption jumps by 20m litres/day, mirrors 2011 scam ISAAC ANYAOGU & CYNTHIA EGBOBOH, Abuja The Nigerian National Petroleum Corporation (NNPC) on Monday revealed that the Nigerian Federation was owing the corporation a total amount of N170.6 billion as L-R: Ike Ekweremadu, deputy Senate president; Yakubu Dogara speaker, House of Representatives; Senate president, Bukola Saraki, and Vice President Yemi Osinbajo, during the Parade of Honour for the late former Vice President, Alex Ekwueme, at the Nnamdi Azikiwe International Airport in Abuja, yesterday. NAN Three insurance stocks fall below 50 kobo per share IHEANYI NWACHUKWU Insurance subsector which hitherto warehoused 50kobo stocks is now worse-off as the Nigerian Stock Exchange (NSE) yesterday implemented the new rules on par value and share price methodology. outstanding subsidy payments due from January 2006 to December, 2015 which contradicts Vice President Yemi Osinbajo’s claim that the NNPC was paying for the subsidy as an independent business entity. Maikanti Baru, group managing director of the Corporation disclosed this in Abuja at the Corporation’s top management The amended Pricing Methodology Rule specifies the minimum pricing increments and Investigative hearing on N5 trillion subsidy payments from 2006 to 2016 stating that the figure was arrived at after deduction of N4.950.80 trillion received as payments from the N5.121.40 trillion approved subsidy claims of the corporation from January 2006 to December 2015. However, data from the NNPC indicate it may go downhill from minimum quantity traded for equity securities listed on the Exchange and has received there. In a recent presentation to the Joint National Assembly Committee on Petroleum Downstream, the NNPC GMD said that the sudden and unnatural shock in fuel consumption to record levels has over-stretched the Direct-Sale-Direct-Supply (DSDP) crude for product supply Continues on page 4 ... As NSE new pricing methodology takes off ... Prestige, Royal Exchange, LASACO break below par ... May result in sharp depreciation of up to 37 listed securities approval of the Securities and Exchange Commission (SEC). Before now, the price floor for MTN returns to profit as it overcomes $1bn Nigeria fine DIPO OLADEHINDE & ENDURANCE OKAFOR MTN Group, Africa’s biggest mobile phone operator returned to profit in 2017 after recovering from a $1 billion regulatory fine it paid in 2016 that led the company to its first annual lost in two decades. In a statement released on Monday, the Johannesburgbased company said it expects to report a return to profits for the 12 months period ended December 31 2017. Despite the accounting loss reported for its 2016 financial year, MTN paid N135.33 (R4.50) final dividend as it maintained its interim dividend at N75.18 (R2.50) in August 2017. MTN posted interim Headline earnings per share (HEPS) of N65.26 (R2.17) for the six months till June from a headline loss per share of N81.50 (R2.71) for the matching period. On December 28, MTN said about N180 billion (R6billion) profit it had booked in its interim results for the sale of its 51 person stake in Nigeria Tower Interco would be cut by over N84.22 billion (R2.8billion) in its final results. Telco’s like MTN are grappling with declining voice revenues as consumers turn to data-based platforms such as WhatsApp to make calls. In the six months to June 2017, MTN’s voice revenue in Continues on page 34 listed companies was 50kobo, but with the implementation of the Par Value Rule the price floor is now one kobo. With the new pricing methodology, the price of every share listed on the Exchange is now determined by the market, except that no share trades below a price floor of one kobo. Prestige Insurance Plc and Royal Exchange Insurance Plc were the first two stocks to break Continues on page 34

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