ROYAL EXCHANGE: Facts Behind The Figures Presentation at NSE
NIGERIA AND ENTREPRENEURSHIP: SUMMIT & HONORS (N.E.S.H.) OIL AND GAS ROUNDTABLE 2017
On Friday, October 13th, 2017 at Grand Hotel, Asaba, Delta State, Nigeria and Entrepreneurship: Summit & Honors (N.E.S.H) will be hosting an interactive session on Nigeria’s Oil and Gas Sector with particular emphasis on the provision and maintenance of a conducive and sustainable operating environment for the Sector.
Nigerian Entrepreneurs and other Stakeholders in the Oil and Gas value chain will be joined by Dr. Emmanuel Ibe Kachikwu, Honourable Minister of State for Petroleum Resources as the Lead Discussant. A Dinner Reception will hold in the evening after the Roundtable.
As a Key Stakeholder in Nigeria, your presence and participation will be very much appreciated. A formal invitation will be sent to you shortly. Best regards. Yours Truly, Emeka Ugwu-Oju Founder, NESH
NPA MD Tours Apapa Road Rehabilitation Project
The Managing Director of the Nigerian Ports Authority (NPA) Hadiza Bala Usman embarked upon a facility appreciation tour of the on-going Federal Government’s rehabilitation efforts concerning the ports access roads in Apapa.
IATA: Passenger Airport Charges Double in 10 Years
The International Air Transport Association (IATA) calls on the European Union to significantly strengthen economic regulation of major European airport monopolies by focusing on the interests of passengers.
Enforcing greater cost-efficiency at Europe’s airports will feed through into cheaper air fares, stimulate travel and enhance European competitiveness. In turn, this will support jobs and grow the economy.
The case for stronger airport charges regulation is seen in how European passengers have been denied the full benefits of cheaper air travel, as illustrated over the period 2006-2016 in a just-released IATA study:
- The average cost of an air ticket remained virtually the same (including all ancillary charges such as hold bags)
- The revenue portion of the ticket price for airlines fell from 90% to 79%
- The portion of the ticket price taken by the airport doubled. Passenger taxes also doubled
Had airport charges remained constant over the 2006-2016 period consumers could have benefitted, on average, 17 Euros per one-way trip. That price stimulus of nearly 10% of average tickets costs would have improved Europe’s competitiveness, and potentially generated an additional 50 million passengers. In turn that would have unlocked 50 billion Euros in European GDP and created 238,000 jobs.
“Airlines, like all competitive businesses, are in a constant struggle to improve efficiency. Europe’s airports however are largely insulated from competitive forces. Europe’s light-handed Airport Charges Directive has failed Europe’s travelers and its own competitiveness by letting airport charges rise. Tighter EU regulation is needed to stop airport monopolies from taking money from the pockets of travelers to reward investors. The goal should be economic regulation of airport monopolies that is an effective proxy for competition—promoting efficiency while protecting consumers. In that regard the voice and interests of airlines – airports’ main customers – should be carefully listened to. This will ensure effective regulation that will broadly balance the interests of travelers, investors, citizens and economies,” said Alexandre de Juniac, IATA’s Director General and CEO.
The trend of increasing private ownership of European airports adds urgency to the situation. Since 2010 the number of European airports in private hands has almost doubled. “In many cases privatization has failed to deliver promised benefits to passengers and the local economy often suffers the results of higher costs. The balancing role of effective and strong economic regulation is essential,” said de Juniac.
Consolidated Hallmark Seeks N500m to Acquire Life Insurer
Consolidated Hallmark Insurance Plc (CHI) is seeking N500 million from existing shareholders by way of rights issue to part finance the acquisition of a life insurance firm to fully consolidate its leadership position in the Nigerian insurance sector.
Accordingly, the company is offering 1,000,000,000 ordinary shares of 50 kobo each at 50 kobo per share by way of Rights Issue to existing shareholders of the company.
In a letter to shareholders of the company, Mr. Obinna Ekezie, Chairman, Consolidated Hallmark Insurance Plc said: “Whilst CHI has continued to perform well on several parameters, the essence of this capital raising exercise is to fund the Company’s expansion by strategically taking advantage of emerging opportunities in the insurance industry, especially in the life insurance segment of our market.
This will aid in positioning your Company as a market leader in the industry, continue on the path of profitability, robust balance sheet, creation of value to its shareholders and overall improvement in its perception in the market thereby making it more competitive. By supporting the Rights Issue through accepting your rights, the Company will be well positioned to achieve its strategic objectives and to deliver improved returns to all stakeholders, going forward. I therefore enjoin you to carefully consider this investment opportunity and take up your rights, in full, as the Company continues to harness imminent opportunities and deliver on its promises.”
| N’ millions | 2016 | 2015 | 2014 | 2013 | 2012 |
| Gross Premium Income | 5,708 | 5,876 | 4,679 | 4,151 | 3,836 |
| PBT | 368 | 705 | 206 | (181) | 396 |
| PAT | 195 | 546 | 193 | (200) | 240 |
| Share Capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
| Total Assets | 7,442 | 7,023 | 6,139 | 6,169 | 6,678 |
| Net Assets | 4,403 | 4,268 | 3,842 | 3,649 | 4,030 |
| EPS (kobo) | 3 | 9 | 3 | -3 | 4 |
The 5-Year Financial Summary
UNCTAD Appoints Moghalu to High Level Expert Group
The Governing Board of the United Nations Conference on Trade and Development (UNCTAD), the Trade and Development Board, has appointed Prof. Kingsley Chiedu Moghalu, former Central Bank of Nigeria Deputy Governor and the President of Sogato Strategies LLC as a member of the Inter-governmental Expert Group on Financing for Development (IGEG FfD).
The first session of the IGEG FfD will take place from 8-10 November 2017 at the Palais des Nations in Geneva, Switzerland. It will discuss two topics and “guiding questions”: What can be done to enhance the mobilisation of domestic public resources for development in developing countries?”and “How can international cooperation maximize its contribution to achieving the Sustainable Development Goals?” The expert group will produce agreed policy recommendations on these issues for consideration by UNCTAD’s Trade and Development Board.
In its letter appointing Prof. Moghalu to membership of the Inter-governmental Expert Group, UNCTAD said:
“In view of your outstanding expertise in the area of financial sector regulation and reform, your views on a wide range of the many pressing issues in regard to improved mechanisms and international frameworks for the effective, stable and inclusive provision of development finance, and your longstanding experience with analytical and policy-making challenges in this area, will make an invaluable contribution to the important work of this expert group, and help maximize its impact and relevance.”
About UNCTAD
UNCTAD is a permanent inter-governmental body established by the United Nations General Assembly in 1964.
With headquarters located in Geneva, Switzerland, UNCTAD’s mission is to help developing countries access the benefits of a more globalised economy more fairly and effectively, including helping such countries deal with the potential drawbacks of greater economic integration.
UNCTAD’s work helps countries diversify economies to make them less dependent on commodities, attract investment and make it more development friendly, promote entrepreneurship and innovation, and help local firms move up value chains.
Stanbic IBTC Attracts N413bn Capital into Nigeria
Stanbic IBTC, a member of Standard Bank Group, in the second quarter of this year, facilitated a staggering $589.84 million capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria.
The Nigerian Bureau of Statistics (NBS), in its Capital Importation Q2 2017 Report, stated that Stanbic IBTC accounted for 32.91 percent ($589.84 million or N216.47 billion) of the total share during the period, representing an increase of 9.12 percent over the $536.78 million it posted in the first quarter of the year. That brings to $1.127 billion (N413.62 billion) capital importation by Stanbic IBTC in the first six months of the year.
The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank accounted for 70.7 percent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.
According to the report, Portfolio Investments was the key mover of capital during the quarter, growing by 145.7 percent, followed by Other Investments, which rose by 95.02 percent, and Foreign Direct Investment (FDI) by 29.8 percent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million, or 43.0 percent of the total. In second place was Other Investments with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 percent.
The accomplishment reflects Stanbic IBTC strength, strong leadership and unyielding support of its parent company, the 154 year-old Standard Bank Group, Africa’s largest financial institution.
Stanbic IBTC has consistently demonstrated its commitment to the Nigerian market and often pledged that it will continue to provide support to all sectors of the economy in moving individuals and businesses forward. This is also in synergy with the drive to build a leading end-to-end financial solutions institution that offers bespoke products and services to its clientele.
The NBS report showed that the bulk of capital imported into Nigeria in Q2 came from the United Kingdom, which accounted for $696.7 million or 38.87 percent of the total. The second largest value of capital importation came from the United States with $287.82 million or 16.06 percent.
About Stanbic IBTC
Stanbic IBTC Holdings PLC is a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets and earnings.
It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 154 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
Almond Productions Unveils 2017 Insurance Consumers Forum
Almond Productions Limited has announced October 25 as the date for its 2017 Insurance Consumers Forum.
The Insurance Consumers Forum (ICF) which started in 2013 provides a robust platform for interaction between Insurers and the Insuring Public in a No-Holds-Barred atmosphere, on issues that bothers on excellent customer service delivery.
The Forum with the theme: Insurance Penetration in Nigeria: Shifting Focus from Policies to Providing Value for the Customers is scheduled to hold on Wednesday 25th of October at NECA House, Plot A2 Hakeem Balogun Street , Central Business District, Alausa, Ikeja by 10am.
The forum this year will be chaired by Mr. Chike Mokwunye former Group Managing Director, Royal Exchange Plc while the Guest Speaker is Prof. Festus Epetimehin, first Professor of Insurance and Risk Management in Nigeria and Dean, College of Management Sciences, Joseph Ayo Babalola University (JABU) Osun State.
The discussant is Mr. Valentine Ojumah, Managing Director, FBN Insurance Limited.
Other highlights of the forum this year includes:
- Nigerians don’t read: So make me (customer) read your Insurance Policy Document.
- My needs ( customers) are constantly changing so insurers change with me
- If you are not part of my life (customers) changes, you are not relevant in the future.
- Sell me and convince me to see value ( insuring public) I will buy insurance
- See me (customer) as a person not just another Policyholder.
- Claims Payment: Trust me ( Insured) I trust you
The Forum according to Faith Ughwode, CEO, Almond Productions Limited, is bigger and better this year because of the scope of participants who are drawn from trade groups, formal and informal as well as officers of various law enforcement agencies who have dealings with the enforcement of insurance in Nigeria, Mechanic Associations, NURTW, NMA, the maritime sector and a list of other participants too numerous to mention.
“We at Almond Productions believe that the time has come for players in the Nigerian insurance industry to step up their game and move from potential to actually penetrating more citizens with insurance products and services that can change people’s lives. For that to happen however, operators must be and continue to be customer-focused and continue to build trust. Forums like this where members of the public can speak openly with operators in the market in a relaxed atmosphere can only build trust and demystify insurance and that is our drive because we are an independent umpire to the insuring public.”
Market Statistics Tuesday, 26th September 2017
| Market Cap (N’bn) | 12,048.5 |
| Market Cap (US$’bn) | 39.4 |
| NSE All-Share Index | 34,951.27 |
| Daily Performance % | (1.2) |
| Week Performance % | (0.7) |
| YTD Performance % | 30.1 |
| Daily Volume (Million) | 500.3 |
| Daily Value (N’bn) | 3.6 |
| Daily Value (US$’m) | 11.8 |
Equities Close Lower Amid MPC Outcome… NSE ASI down 1.2%
As investors awaited the outcome of the MPC meeting, the Equities market closed on a negative note at the end of trading today. The All Share Index (ASI) declined 1.2% to settle at 34,951.27 points while YTD gain retreated to 30.1%.
As a result, investors lost N140.5bn as market capitalisation moderated to N12.0tn. The decline in today’s market performance was largely due to losses recorded in DANGCEM (-3.3%), NESTLE (-1.6%) and NIGERIAN BREWERIES (-0.6%). Contrarily, activity level spiked as volume and value traded surged 366.9% and 164.9% to 500.3m units and N3.6bn respectively.
Industrial Goods Index Leads Sector Decliners
The Industrial Goods index led sector decliners with a 1.7% loss owing to a decline in DANGCEM (-3.3%). The Consumer Goods index followed suit, down 0.9% as NESTLE and NIGERIAN BREWERIES fell 1.6% and 0.6% respectively.
On the flip side, the Oil & Gas index rose 0.4% on the back of OANDO (+3.3%) while the Insurance index (+0.2%) closed higher as a result of upticks in MANSARD (+4.7%) and NEM (+4.5%).
Likewise, the Banking index marginally gained 0.1% due to price appreciation in ZENITH (+0.5%) and GUARANTY (+0.3%) which offset losses recorded in UBA (-0.6%) and ACCESS (-0.5%).
Market Breadth Settles in Negative Position
Investor sentiment weakened today as market breadth (advancers/decliners ratio) retreated to 0.8x from 1.2x recorded yesterday after 15 stocks advanced against 19 decliners. The gainers chart was led by NEIMETH (+4.8%), NASCON (+4.8%) and MANSARD (+4.7%) while the worst performers were INTBREW (-5.0%), MCHNICOLS (-4.8%) and CONTINSURE (-4.5%).
With the MPC voting to keep interest rates steady, we do not expect to see any major impact on the equities market. However, we advise investors to stay bullish on stocks with sound fundamentals ahead of Q3:2017 earnings releases.
RB Durex Partners PPFN on Sexual Health
In line with RB’s continuous commitment to being a socially responsible organization, RB has signed an agreement with the Planned Parenthood Federation of Nigeria (PPFN) to help improve the Sexual health and wellbeing of Nigerians.
The scope of the agreement covers Sexual and reproductive Health Education and increasing consumer access to condoms.
According to a recent report by World Health Organisation (WHO), ‘Every day, more than one million sexually transmitted infections are acquired worldwide, and each year an estimated 78 million people are infected’ constituting a major health concern even in Nigeria. Thus, Sexual Health Education and Contraception are therefore twin preventive health strategies to curb this. Research and Real World data reveals that male latex condoms when used consistently and correctly are an effective approach to achieve a reduction in spread of STDs and contraception.
At the signing of the partnership agreement, Rahul Murgai, the Managing Director of RB West Africa and Dr Ibrahim M. Ibrahim the Executive Director of Planned Parenthood Federation of Nigeria (PPFN) were optimistic that the joint efforts of the two organizations will help drive the Sexual and Reproductive Health agenda in Nigeria.
Speaking about the partnership with PPFN, Rahul Murgai said: “RB is excited to partner with PPFN to create scaled awareness and education pan Nigeria on planned-parenthood, maternal health, safe contraception techniques and targeted reduction in HIV related deaths through the effective and consistent use of condoms. Through this collaboration, consumers will have the requisite education and empowerment to improve their Sexual Health with easy access to Durex- the World Number One condom brand.”
Over the past 50 years, RB has been at the forefront for cause-related initiatives that further the progress of Nigeria on UN Sustainable Development Goals such as reduction in infant mortality from preventable diseases such as diarrhea and malaria, improved public health and sanitation from reduced open defecation problem and now partnering to reduce HIV related deaths.
Its brands, which are popular household names such as Dettol, Mortein and Harpic, have active partnerships with Federal Ministry of Health (MoH), Save the Children (STC), Nigerian Medical association which work to educate new mothers, school children and reach LGAs like Shomolu in Lagos to promote good healthy habits like hand washing and to build a healthier nation.
The Planned Parenthood Federation of Nigeria (PPFN) is a national non-governmental organization and a leading advocate and provider of sexual and reproductive health services. PPFN is a member of the global movement that strives for universal access to reproductive health services to all (including poor, marginalised, vulnerable and socially excluded people) without discrimination.
According to Dr Ibrahim “this partnership will contribute towards PPFN’s objective of expanding access to quality services particularly for young persons in Nigeria.”
The PPFN and Durex strategic partnership will go a long way in reducing the spread of HIV/AIDS and other STIs. It will also contribute to reducing the incidence of unwanted/unplanned pregnancy and unsafe abortion as well as significantly improving the overall level of health and feeling of well-being in Nigeria
NGE Laments Impact of Recession on Media Sector
The Nigerian Guild of Editors (NGE) has lamented the negative impact of economic recession on media sector in Nigeria while calling for better working environment for journalism practice in the country.
This was part of the 10-point communiqué issued at the end of the 13th All Nigeria Editors’ Conference (ANEC) 2017 in Port-Harcourt, Rivers State.
Other points in the communiqué include:
- That the media industry has been and is still experiencing a crisis of recession, which presupposes that government would need to do more to ensure a conducive environment for the media to flourish.
- That there is a need for editors, while remaining professionally excellent; to also explore other revenue yielding ventures or business prospects to ensure that life after their editorial assignments is not nightmarish.
- That editors in addition to their editorial functions, should concern themselves with the business side of the media industry to ensure that their establishments thrive, and that their venture into business upon retirement will be knowledge-based and experience-enriched from their service years.
L-R: Ipalibo Harry Banigo, Deputy Governor; Nyesom Wike, Governor, Rivers State; Mrs. Funke Egbemode, President, Nigerian Guild of Editors, chairman of conference and Chief Segun Osoba, former Governor, Ogun State at the All Nigeria Editors Conference in Port Harcourt, Rivers State. - That Mass Communication Departments and Journalism training institutions include business courses in their curricular so as to prepare future editors for the business of the media industry.
- That the Newspaper Proprietors’ Association of Nigeria (NPAN) and other media stakeholders collaborate to ensure the setting up of newsprint production companies and resuscitation of the moribund one in Oku Iboku, Akwa Ibom State, to address the crisis of high cost of imported newsprints.
- Appeals to the Federal and state governments to pay outstanding gratuities and pensions of retired Editors and other classes of retirees to make life after retirement less stressful.
- The Guild commends the Nigerian Army and other security agencies for their efforts in curtailing activities of insurgents, militants and other groups threatening peace and security of the country.
- The Guild regrets the encroachment on its land in Guzape, Abuja and appreciates the promise by the FCT Minister to redress the situation.
- The Guild commends its members for their cooperation and support, which led to the successful amendment of its Constitution.
- The Guild expresses gratitude to the Rivers State Governor, Barr. Nyesom Wike, for his magnanimity in hosting ANEC back to back successfully and applauds the significant level of infrastructure development recorded in the state under his watch.
The Nigerian Guild of Editors (NGE) held its 13th All Nigeria Editors’ Conference (ANEC) and Extraordinary Convention 2017 at the Presidential Hotel, Port Harcourt, Rivers State, from September 20-24, 2017.
The theme of the Conference, which was declared open by the Governor of Rivers State, Barrister Nyesom Ezenwo Wike, CON, was: “Balancing Professionalism, Advocacy and Business.”
BPE to Commercialise NTA, NAN, FRCN
The Bureau of Public Enterprises (BPE) says it is undertaking a diagnostic review of the media sector in general towards the commencement of preliminary activities for the partial commercialisation of the Nigerian Television Authority (NTA), the News Agency of Nigeria (NAN), the Federal Radio Corporation of Nigeria (FRCN) and the Nigerian Film Corporation (NFC).
“The reform of the media sector will open up and create a level playing field in the sector and ensure fair competition and operational efficiency”, Mr. Alex Okoh, BPE’s Director-General said.
He also said that “the essence of the proposed partial commercialisation programme is to institutionalise commercial principles in the operations of the four government owned entities thereby enabling them to operate optimally in a market-driven environment.”
Okoh said the current initiatives of BPE are aimed at positively impacting the Nigerian economy in areas of power generation and supply, improvement in infrastructure, food security and human capital development leading to the overall economic growth of Nigeria.
Speaking at the Executive Session of the just concluded All Nigeria Editors Conference in Port Harcourt, Rivers State, the Director-General sought the co-operation of the media in achieving the initiatives.
These include the power sector recovery initiative, privatisation of the Afam Power plant, concessioning of Terminal “B” Warri Old Port, restructuring and capitalisation of Bank of Agriculture (BOA), and the partial commercialisation of 12 River Basin Development Authorities (RBDAs).
Others are partial commercialisation of Nigeria National Parks Service/ the concession of three selected National Parks and the re-privatisation of the Yola Distribution Company (DISCO) through core investor sale.
The DG, who was represented by his Technical Assistant, Mr. Ademola Aofolaju, said the Bureau had from inception to date, successfully reformed a total of 142 public enterprises through various privatisation strategies.
These include: 63 by core investor sale; nine by Guided Liquidation; one sale to existing shareholders; five public offers and two Liquidations. The others are eight private placements; 41 concessions; two debt/equity swaps; and 11 sales of assets.
He said that the reform initiatives of the BPE across the various sectors of the economy have had significant impact on the Nigerian economy over the past years and they include the success stories like the National Pension Commission (PENCOM), the Economic and Financial Crimes Commission (EFCC), the Debt Management Office (DMO), Nigerian Electricity Regulatory Commission (NERC) and the liberalisation of the telecommunications industry.
Infrastructure Commission Unveils PPP Contracts Disclosure Portal
In line with the federal government’s drive to ensure transparency in the public-private partnership (PPP) model it is deploying to finance critical infrastructure projects, the Infrastructure Concession Regulatory Commission (ICRC) at the weekend launched the first of its kind contract disclosure portal.
The acting Director-General of the ICRC, Engr. Chidi Izuwah, in a presentation at the event in Abuja, revealed that the World Bank and ICRC developed the dedicated web portal for the disclosure of all PPP contracts information by the government.
He said the portal would ensure timely disclosure of contract information from project initiation through to the implementation and hand-back phase of PPP projects to the government.
According to Izuwah, the disclosure exercise supports President Mohammadu Buhari’s effort of institutionalising transparency and accountability in the procurement of PPP projects in Nigeria.
He further pointed out that the onus for information generation and uploading on the web-based platform would be shared by ICRC, the contracting authority, and the private party to the contract.
“Information will be uploaded by the contracting authority and ICRC after redacting confidential information.
“The contracting authority will upload all information and documents in the web-based platform, so as to leave at least seven days within the given timelines for ICRC to validate and approve the information for public disclosure.
“The web portal will be dynamic in nature. More information is made available as the various projects progress. It will be a respiratory of information of current happenings and events regarding PPPs in Nigeria,” he explained.
Furthermore, the ICRC boss said the portal’s framework clearly shows the various elements for disclosure depending on the stage the project is in.
“However, the information provided is limited to the project title and type, government agency responsible, name of the private concessionaire (where selected), and duration of the concession for the projects.
“In recognition of this limitation the Commission Partnered with the World Bank to ensure adequate disclosure of PPP contract Information.
“The Commission in collaboration with the World Bank consulted with MDAs, Concessionaires, Financiers, Civil Society Organisations and relevant stakeholders towards the actualisation of this exercise,”Izuwah added.
Market Statistics Monday, 25th September 2017
| Market Cap (N’bn) | 12,188.9 |
| Market Cap (US$’bn) | 39.9 |
| NSE All-Share Index | 35,361.52 |
| Daily Performance % | (0.4) |
| Week Performance % | 1.5 |
| YTD Performance % | 31.6 |
| Daily Volume (Million) | 107.1 |
| Daily Value (N’bn) | 1.4 |
| Daily Value (US$’m) | 4.5 |
Equities Open the Week Lower… NSE ASI down 0.4%
The Equities market opened the week on a negative note as the benchmark index contracted 0.4% to close at 35,361.52 points while the YTD gain retreated to 31.6%. Resultantly, investors lost N44.8bn as market capitalisation settled at N12.2tn.
The drag in today’s performance was majorly on account of losses recorded in NIGERIAN BREWERIES (-1.8%), UBA (-3.0%) and WAPCO (-2.9%). Similarly, activity level waned as volume and value traded plunged 44.3% and 62.8% to 107.1m units and N1.4bn respectively.
Industrial Goods Index Leads Sector Decliners
The Industrial Goods index led sector decliners with a 1.1% decrease owing to profit taking in WAPCO (-2.9%). The Consumer Goods index trailed with a loss of 0.8% as a result of declines in NIGERIAN BREWERIES (-1.8%) and NESTLE (-0.4%) while the Banking index fell 0.5% due to price deprecation in UBA (-3.0%) and GUARANTY (-0.3%). Contrarily, an uptick in TOTAL (+2.7%) buoyed the Oil & Gas index 0.3% northward while the Insurance index marginally climbed 0.1% on the back of gains in MANSARD (+0.5%).
Investor Sentiment Stays Positive
Market breadth, a measure of investor sentiment, retreated to 1.2x from 1.5x recorded on Friday after 19 stocks advanced against 16 decliners. The top performers were FIDSON (+5.0%), AIRSERVICE (+5.0%) and CUSTODYINS (+4.9%) while the worst performers were SKYEBANK (-3.6%), NEIMETH (-3.2%) and UBA (-3.0%). Despite the profit-taking which dragged the market, we expect performance to turn positive before the end of the week as investors take position ahead of Q3:2017 company scorecards releases.