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BusinessDay 13 Feb 2018

BusinessDay 13 Feb

BUSINESSDAY MARKET AND COMMODITIES MONITOR NSE 43,600 43,200 43,000 42,800 42,600 Biggest Gainer PZ N1.40 +5.83pc Commodities Brent Oil US $65.49 Gold $ 1,323.00 Cocoa $ 2,060.00 Bitcoin N3,080,796.35 Powered by +2.88pc FMDQ Close Foreign Exchange Market Spot $/N I&E FX Window 360.10 CBN Ofcial Rate 305.90 3M 0.15 Treasury bills 15.05 6M -0.02 15.58 42,400 6a 7a 8a 9a Day range (42,080.55 - 43,198.00) 42,737.89 - 390.03 (-0.90pc) Previous close (43,127.92) YtD return (11.75pc) N0.58 -9.67pc ETERNA Biggest Loser Exchange Rate BDC $-N 360.00 £-N 497.00 €-N 434.00 TRAVELEX 363.00 506.00 444.00 Everdon Bureau De Change $-N £-N €-N BUY 360.00 500.00 437.50 SELL 363.00 509.00 448.50 FGN Bonds 5Y -0.01 13.85 10Y 20Y -0.03 -0.08 13.81 13.55 NEWS YOU CAN TRUST I **TUESDAY 13 FEBRUARY 2018 I VOL. 14, NO 544 I N300 @ g Crisis deepens in health insurance sector over reinstatement of Yusuf ... as armed police operatives take over NHIS office in Abuja ANTHONIA OBOKOH & LAIDE AKINBOADE-ORIERE, Abuja President Muhammadu Buhari’s decision to reinstate suspended executive secretary of the National Health Insurance Scheme (NHIS), Usman Yusuf, is receiving a push back from operators in the sector. This has seen the regulatory function of the NHIS jeopardised as workers protest Yusuf’s reinstatement. The workers, under the aegis Nigerians go bearish on Bitcoin despite rebound in international markets FRANK ELEANYA Continues on page 34 No more Seven-Up for investors as bottler delists from Exchange After 33 years as a listed company on the Nigerian Stock Exchange (NSE), Seven-Up announced yesterday that it was delisting from the Exchange. This will deprive investors the opportunity of holding the shares of one of best performing companies on the exchange before it ran into troubled water in 2016. The Exchange approved the voluntary delisting of Seven-Up Bottling Co after it received a takeover bid from its majority Continues on page 34 Nigerians are yet to recover their appetite for Bitcoin transactions despite a rebound in cryptocurrency trade in the international markets. Expectations high as banks set to release 2017 full-year results GTB, Zenith, UBA, Access expected in February, early March IHEANYI NWACHUKWU Full-year financial results of Nigeria’s top banks are expected as early as next week to break the bearish sentiments that have taken over the market. A bullish run in 2017 BusinessDay analysis of bitcoin trades in the country shows that the volume of bitcoin transactions has not matched the global resurgence. Local bitcoins data show three weeks consecutive drop in volume of bitcoin traded in the country. had seen the market rising 42 percent to emerge the third best performing stock market in the world. Even though the bullish run had continued in January, with the market rising a further 19 percent, the second week of February however recorded a reversal of that trend. The All Share Index (ASI), which measures average changes in the prices of listed companies, fell 3.39 percent for the trading week ended February 9, wiping N543 billion off the value of the market. Now, the expectation is that the financial results of top banks, which ... traded volume down N432bn in three weeks The downward trend in Nigeria is happening despite the global cryptocurrency market regaining lost grounds. The market is up 55 percent to $430 billion after losing 40 percent of its value in February, according to data from the Coinmarketcap. Seventeen of the top 20 cryptocurrencies on the platform are also seeing value appreciation after seven days of bearish trading. This is unlike Nigerian where bitcoin volumes that rose in the second week of January to could hit the market as early as next week, could see the return of the bulls to the market. Guaranty Trust Bank plc, Zenith Bank plc, United Bank for Africa plc, and Access Bank plc, usually classified as Tier-I Continues on page 4 L-R: Bola Onadele. Koko, MD/ CEO, FMDQ OTC Security Exchange; Bunmi Dayo-Olagunju, chief executive, Stanbic IBTC Asset Management Limited (SIAML), and Kobby Bentsi- Enchill, executive director and head, debt capital market, Stanbic IBTC Capital Limited, during the listing of Stanbic IBTC Money Market Fund, Stanbic IBTC Bond Fund and Stanbic IBTC Dollar Fund on the FMDQ OTC Securities Exchange in Lagos, yesterday. Pic by Pius Okeosisi N1.817 billion, started to decline in the third and fourth weeks at N1.763 billion and N1.505 billion, respectively. The decline continued in the first week of February to N1.439 billion. This implies a N432 billion drop in volumes traded in three weeks. Naira Exchange (Nairaex) and Continues on page 34

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