BartonHeyman http://bartonheyman.com Fri, 29 Mar 2019 10:10:41 +0000 en-US hourly 1 https://wordpress.org/?v=4.8.14 World Update: Trump presses OPEC to boost output to cool oil prices http://bartonheyman.com/world-update-trump-presses-opec-to-boost-output-to-cool-oil-prices/ Fri, 29 Mar 2019 10:10:41 +0000 http://bartonheyman.com/?p=11362 […]]]> US President Donald Trump on Thursday called on OPEC to boost oil output following a fairly steady rise in crude prices in 2019.

“Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Trump said on Twitter at around 1230 GMT.

Oil prices took a brief, sharp turn downward after the statement before recovering somewhat.

Near 1300 GMT, US oil benchmark West Texas Intermediate for May delivery was down 88 cents at $58.53 a barrel on the New York Mercantile Exchange.

Since becoming president, Trump has periodically put pressure the Organization of the Petroleum Exporting Countries to open the taps to add more supply to the market and lower prices.

OPEC in December reached a deal to with Russia and some other producers to limit output to shore up prices.

Since January, US oil futures have risen 28.6 percent while oil futures in London have gained 23.9 percent.

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Nigerian Update: CBN tweaks 32-month-old policy rate, opts for growth http://bartonheyman.com/nigerian-update-cbn-tweaks-32-month-old-policy-rate-opts-for-growth/ Fri, 29 Mar 2019 10:06:22 +0000 http://bartonheyman.com/?p=11360 […]]]> The Central Bank of Nigeria (CBN) yesterday took local and international investors by surprise, cutting the 32-month-old Monetary Policy Rate (MPR) by 0.5 per cent to 13.5 per cent.

The new economic direction for the next two months has already been seen as growth and investment inducer, notwithstanding the size. It is capable of creating loan renegotiations if sustained and is a test of rate cut environment.

Monetary Policy Committee (MPC) members had held on to the rates for nearly three years, despite calls by real sector operators in a three-fold fight against inflation, exchange rate manipulations and attraction of foreign inflows, as the economy slipped into and exited recession.

Their pessimism rode on the back of precedents and the recent remark by CBN Governor Godwin Emefiele that the issues that led to the economic crisis of 2015-2017 remained visible, hence the need to be alert to domestic and global developments.

But yesterday, he called the decision a “new direction” saying: “This rate cut is meant to signal that there is a need for us to move course a little further. To do so, we need to begin to look at money supply and liquidity to push growth.”

The Chief Executive Officer of Cowry Asset Management Limited, Johnson Chukwu, described the development as positive “ambush” of all projections, but more importantly, a sign of returning confidence in the economy.

He said that the decision has three immediate impacts: assurance to the private sector; boost to investments; and sustenance of foreign investments inflow.

“While structural issues constraining lending persist, we cannot rule out the impact of 50 basis points downward adjustment on cost of funding. That is a boost to investments and borrowing for economic activity. There is expected movement from fixed income segment to the equities segment by the rate adjustment. It is not enough to sway foreign inflow, because already, fixed income yields have compressed at about 12 and 13 per cent,” he said.

The research analyst at FXTM, Lukman Otunuga, said investors were caught completely off-guard with the unexpected cut in benchmark interest rate for the first time in years by CBN. “Today’s move by the CBN may open the doors to further rate cuts in the future, especially if macroeconomic conditions continue to improve and inflation cools further,” he said.

The Head of Research at FSDH Merchant Bank Limited, Ayodele Akinwunmi, said the decision was based on the relative stability in inflation rate and exchange rate but noted that it would only subsist if there is no adjustment in the pump price of petrol and electricity tariff.

“The cost of servicing the debt of the government may also drop. And with complementary fiscal policies to improve business environment, lending to the private sector may increase,” he said.

Analysts at Afrinvest Securities Limited were however not convinced that an easing cycle by the apex bank has begun, as the current move remains subject to global interest rate development and is tainted by “desperation to sustain and retain flows.”

They noted: “In addition, credit to private sector is not expected to improve on the back of rate reduction as structural bottlenecks and elevated business risk environment remain drags to credit creation.”

Stock market operators described the MPR cut as a positive development that would spur liquidity in the equities market.

The equities market has been on a downward note in the last few years due to the mouthwatering yield the fixed income market offers to investors. But with the cut, operators said the segment of the market would be depressed while the yield remains unattractive.

Specifically, a professor of capital market and head, banking and finance department, Nasarawa State University Keffi, Uche Uwaleke, said: “The reduced MPR will also be positive for the capital market as some of the increased liquidity that will ensue will flow into the equities market. Also, it will be cheaper for the government to issue bonds, given that part of this year’s budget deficit will be financed through domestic borrowing.”

The Head of Research in FSL Capital Limited, Victor Chiazor, said it is a good development as it is expected to propel inflow of funds into the equities market.

He said once yield in the fixed income market continues to nosedive, investors would be compelled to look for other investment securities for better returns.

“It is expected to cause a reduction in yield of securities in the fixed income market and once this happens, investors would have no other choice but to return to the equities market where stocks like Zenith Bank would offer a better dividend yield.

“But CBN must keep yield slightly depressed, so that investors would not pick interest in the fixed income market and this would attract more patronage of the equities market,” he said.

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Nigerian Update: Downstream operations buoyed by $30b investment, demand http://bartonheyman.com/nigerian-update-downstream-operations-buoyed-by-30b-investment-demand/ Fri, 29 Mar 2019 10:04:50 +0000 http://bartonheyman.com/?p=11358 […]]]> Africa’s downstream sector has seen an injection of $30 billion in investment, as the continent is one of the few regions where oil demand is expected to grow steadily for the next two decades, the African Refiners and Distributors Association (ARA) said Thursday.

This investment is most evident in countries such as Nigeria, South Africa, Morocco and Angola, the ARA said in a statement after the conclusion of its annual event in Cape Town this week.Besides, US President Donald Trump has again urged OPEC to increase oil supply, saying prices were “getting too high,” after WTI crude futures have hovered near $60/b for the past two weeks.

“Very important that OPEC increase the flow of Oil,” Trump said Thursday on Twitter. “World Markets are fragile, price of Oil getting too high. Thank you!”The tweet comes as US Secretary of State Michael Pompeo is scheduled to meet Thursday morning in Washington with officials from OPEC’s top two oil producers: Saudi Prince Khalid Bin Salman and Iraqi Speaker of Parliament Mohammad Halbousi.

It was Trump’s 12th tweet about oil prices since becoming president.The WTI Crude dropped by 0.57 per cent to $58.84; Brent dropped to $66.58 while Nigeria’s Bonny Light dropped by 0.29 per cent to $68.24 as at 4:38pm local time.Indeed, Africa’s population and economic output is set to boom in the coming decades, supporting energy demand, while elsewhere in the world energy demand is maturing.

Large refining projects include the 650,000 b/d Dangote refinery in Nigeria, which is expected to start up in late 2022, along with a big push in the Egyptian and Algerian refining sector, the ARA noted.Besides refining, a lot of capital has been invested in logistics, distribution, storage terminals, import facilities and retail marketing, the refining association said.

Delegates and speakers at the conference stressed the critical need to create the right regulatory structures that will satisfy the massive requirement for finance to meet Africa’s growing oil demand.Some analysts are particularly bullish on the continent’s oil retail and storage sector, saying population growth will support rising demand, but they remain wary of how government policies could blunt this effect.

“The main challenge is the government’s potential ability to damage the sector through subsidies or poor regulation. Subsidies have generally reduced, and we support this move,” Standard Bank’s head of oil and gas for Southern Africa, Paul Eardley-Taylor, said.“The continent as a whole has struggled to keep up with the rest of the world in terms of refining capacity. Delays to projects and the lack of committed financing have stifled progress in the past, but the investment environment now looks more favourable”, the statement read.

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Nigerian Update: Presco, GTB, others lead stock market’s N2 billion gain http://bartonheyman.com/nigerian-update-presco-gtb-others-lead-stock-markets-n2-billion-gain/ Fri, 29 Mar 2019 10:03:47 +0000 http://bartonheyman.com/?p=11356 […]]]> Transactions on the equities sector of the Nigerian Stock Exchange (NSE ) closed in an upbeat yesterday to halt three successive sessions’ negative trend, as price gains recorded by many blue-chip companies, especially Presco and Guaranty Trust Bank (GTB), aided market capitalisation’s marginal appreciation.

Specifically, at the close of transactions yesterday, the market capitalisation of listed equities appreciated by N2 billion to close at N11.59trillion from N11.592 trillion achieved on Wednesday.Also, the All-share index, which measures the performance of quoted companies, gained 0.01 per cent from 30,829.45 to 30,833.50.

Analysts at Afrinvest Limited said: “Despite yesterday’s mild uptick in performance, we maintain a conservative outlook for today’s trading session as investor sentiment remains weak. However, we opine that the lingering bearish sentiment will continue to present attractive opportunities for investors to take position.”

The Chief Research Officer of Invest data Consulting Limited, Ambrose Omodion said; “The ongoing volatility will continue as investors and fund managers rebalance their portfolios, with eyes fixed on political space and ongoing full year company earnings position and post-election market dynamics.

‘Investors should review their positions in line with their investment goals, strength of the company numbers and act as events unfold in the global and domestic environment.
However, we would like to reiterate our advice that investors should go for equities with intrinsic value.”

Presco led the gainers’ chart with N6.00 to close at N68.00 per share while National Salt Company of Nigeria followed with N1.80 to close at N20.00 per share. Guaranty Trust Bank added N0.9 kobo to close at N36.90 per share. Cand I Leasing appreciated by N0.72 kobo to close at N7.99 per share. UACN added N0.2 kobo to close at N8.00 per share.

However, Cement Company of Northern Nigeria emerged the day’s highest price loser with N1.00 to close at N19.00 per share while Dangote Flour followed with N0.5 kobo to close at N10.5 per share. PZ Cussons and Union Bank also loss N0.5 kobo to close at N9.5 and N6.6 per share respectively.

Cadbury also shed N0.3 kobo to close at N10.9 per share.On the activity chart, Wema Bank dominated in volume with 1.7 billion shares worth N1.27 billion, while Chams followed with 99 million units valued at N19 million. United Bank for Africa traded 17 million shares worth N133 billion. Sterling Bank accounted for 13 million units valued at N31 million. Zenith Bank exchanged N9 million shares worth N207 million.On the whole, investors exchanged 1.9billion shares valued at N2.8 billion in 2,807 deals.

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Nigeria Update: Swift2pay launches online payment http://bartonheyman.com/nigeria-update-swift2pay-launches-online-payment/ Fri, 22 Mar 2019 13:17:22 +0000 http://bartonheyman.com/?p=11351 […]]]> Swift2pay, Mr. Amadi said, is an innovation that enables Nigerians to move around with a smart wallet that has an additional feature of the ATM card. Literally, the product enlarges the coast for the cashless society.
Consumers can tap into the boom by registering on the web app to complete their transactions.

He promised that the Swift2pay App would soon be on-boarded into Google Play Store and the Apple Store to enable consumers to fund their wallet through a transfer.

Nigerians can truly save time – cut off the waiting game at the bank, at the electricity office where sometimes the queue stretches on to 100 meters, or even the drive around in search of recharge cards.

The cumulative effect is increased productivity on both the individual, corporate and national levels.

Swift2pay was initially launched as a payment platform embedded in the CarXie e hailing Cab App in July 2018.

A good number of banks and financial institutions have bought into and are doing business successfully with Swift2pay.

The Dukan Group is a beehive of digitally innovative apps including Vino Facility for estate management, Vino Biz for start-ups, Vino Medicals, Vino Academy, Vino Tech Solutions, etc

The DuKan Group Operations director seized the opportunity to acknowledge and commend the contributions of Konga to the current culture of enterprise, confidence and trust in the online market.

Amadi listed some of the novel inputs as including the omni-channel model adopted by Konga that will ultimately grow the online market while diminishing the traditional through the availability of lower priced smart phones; the re-introduction of the payment on delivery mode; and the imparting of knowledge, skills and competencies through massive deployment of technology, interaction of hundreds of staff from diverse backgrounds, international and local partners, and a fertile pedigree of hard work and integrity.

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Nigeria Update: Vetiva Capital Management Limited, Climate Finance Advisory Limited And African Guarantee Fund (West Africa) Sign Partnership Agreement To Promote Financing Of Green Energy Projects In Nigeria http://bartonheyman.com/nigeria-update-vetiva-capital-management-limited-climate-finance-advisory-limited-and-african-guarantee-fund-west-africa-sign-partnership-agreement-to-promote-financing-of-green-energy-projects-in/ Fri, 22 Mar 2019 13:13:13 +0000 http://bartonheyman.com/?p=11353 […]]]> Vetiva Capital Management Limited (“Vetiva”) is pleased to announce the signing of a Memorandum of Understanding with Climate Finance Advisory Limited (“CFAL”) and the African Guarantee Fund West Africa (“AGF”) on the Green Energy Fund (GEF) Program. The program seeks to leverage available public and private sector credit funds to facilitate access to, and flow of, flexible funding / finance to eco-friendly energy projects. The Fund will focus on bankable, commercially viable and socially responsible renewable / clean energy generation and distribution.

Speaking on the agreement, Mr. Damilola Ajayi, Group Executive Director at Vetiva, stated that “the signing of this MOU is another important step in facilitating flow of funding towards bankable, commercially viable and environmentally friendly energy projects in Nigeria and, indeed, the rest of Africa. This does not only provide alternative capital deployment channels for investors but seeks to contribute to addressing the energy deficit in Nigeria”.

Vetiva, in November 2018, announced the signing of a partnership agreement with Climate Bonds Initiative (UK) to develop a liquid green and climate bond market in Africa. This agreement, alongside Vetiva’s strategic partnership with Climate Finance Advisory Limited and African Guarantee Fund West Africa (AGF), is in line with Vetiva’s commitment to make the African continent more attractive to capital flows, in a sustainable and environmentally friendly manner, necessary for long-term infrastructure projects. Vetiva and its partners are proud of their shared vision to not only channel long-term funding into Africa, but also do so whilst addressing the challenges posed by climate change. It is Vetiva’s firm belief that Africa is positioned to lead the climate change conversation globally, whilst deepening the continent’s capital markets.

Ms. Adidja ZANOUVI, Managing Director of AGF West Africa reaffirmed African Guarantee Fund’s commitment in promoting a sustainable and environmental friendly economic growth in Africa. She stated “In 2016, AGF introduced a Green Guarantee Facility geared towards increasing financing for climate change mitigation and adaptation projects. In line with this, AGF West Africa is pleased, to be part of this tripartite partnership as a partial guarantor to enhance access to finance for climate and green growth-oriented SMEs in Nigeria and West Africa at large”.

Dr. Jubril Adeojo, Director and Chief Investment Adviser at Climate Finance Advisory Limited, speaking on the agreement, said that “the ultimate aim of the tripartite partnership is to create green asset portfolio in excess of $100million over a period of 5 years. AGF will provide up to 50% partial risk guarantee to enable green energy project developers access up to 10 years long-term local currency concessional loans to implement their green projects. The green energy projects that qualify are captive power and mini- grid power projects where renewables and gas are preferred sources of energy. On the final note, we are glad that the program has come when Nigeria is strategically making laudable moves to attain its nationally determined contributions (NDCs) to the Paris Agreement on combating climate change.”

Vetiva Capital Management Limited is a Pan-African Financial Services Company incorporated in Nigeria and duly regulated and registered by the Nigerian Securities & Exchange Commission (“SEC”) to carry on business as an Issuing House and Financial Adviser. Also, the company, through subsidiaries, is registered to act as Fund/Portfolio Managers, Trustees and Broker/Dealer by the Nigerian SEC. Vetiva has expertise working hand-in-hand with international advisers, having worked on a number of cross border transactions which include a dual listing on the Nigerian and London Stock Exchanges, listed GDRs for Nigerian Companies as well as other capital raising transactions with international components.

AFRICAN GUARANTEE FUNDis an AA- Fitch rated Pan-African non-bank financial institution. AGF contributes to the promotion of economic development, vital for prosperity, stability and poverty reductionin Africa through two lines of interventions.

  • Provision of partial guarantees to financial institutions to facilitate access to finance for Small and Medium-sized Enterprises. AGF offers three types of guarantees: Loan Guarantees, Resource Mobilization Guarantees and Equity Guarantees.
  • Provision of Capacity Development support to the Partner Financial Institutions to improve their ability to properly assess SME risks and to the Small and Medium-sized Enterprises to build their capacity for easier access to finance.

AGF West Africa is a subsidiary of the AGF Group and oversees the Group’s operations within the Economic Community of West African States (ECOWAS).

Climate Finance Advisory Limited is an indigenous advisory firm with Pan-African outlook, poised with the strategic direction to crystallize the flow of various forms of intervention funds and investment required to spur the development of Africa’s infrastructure and critical economic sectors via climate finance methodologies. CFAL has expertise in the areas of climate finance, renewable energy technologies deployment, sustainable agriculture, and Blockchain deployment for the financial services sector.

CLIMATE FINANCE ADVISORY LIMITED
8
th March, 2019
Contact:
info@climatefinanceadvisory.com
Website: www.climatefinanceadvisory.com

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World Update: Four in 10 Britons worried, angry about Brexit http://bartonheyman.com/world-update-four-in-10-britons-worried-angry-about-brexit/ Fri, 22 Mar 2019 13:01:44 +0000 http://bartonheyman.com/?p=11349 […]]]> Around four in 10 British adults have been left feeling powerless, angry or worried by Brexit in the last year, according to a poll out Friday.

The Mental Health Foundation (MHF) charity commissioned the survey to look at the impact of Britain’s impending departure from the European Union on how people feel, their sleep and their relationships.

The poll found that Brexit had made 43 percent feel powerless, 39 percent feel angry and 38 percent feel worried.

Some 26 percent said Brexit had not caused them to feel any particular emotions in the last 12 months.

But 17 percent said it had caused them “high levels of stress”, while 12 percent reported that it had caused them sleeping problems.

Some said Brexit had made them feel hopeful (nine percent), happy (three percent) or confident (two percent).

In the 2016 referendum on Britain’s EU membership, 52 percent voted in favour of leaving while 48 percent backed remaining in the bloc.

MHF chief executive Mark Rowland told AFP that people who voted Remain were reporting three times the level of anxiety of Leave supporters.

“But in relation to powerlessness, you actually see that the differences between Remain voters and Leave voters are very equal,” he said.

“So everyone across the political spectrum is feeling like their ability to control what happens is very small.”

Geographically, he added, “the closer you get to London, the more concerned people are. Despite the fact that probably the impact of Brexit is going to be less on metropolitan areas.”

The terms of Brexit are yet to be decided, with Britain due to leave the European Union in seven days’ time unless an extension is agreed between London and Brussels.

The MHF charity, founded in 1949, aims to help people understand, protect and sustain their mental health.

Rowland reflected on the small percentage saying they were losing sleep over Brexit.

“Most people are actually able to get on with their lives and separate their concern about Brexit from their own personal and emotional response,” he said.

Pollsters YouGov conducted the online survey of 1,823 British adults between March 12 and 13.

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World Update: Pound up but still faces pressure after Brexit delay deal http://bartonheyman.com/world-update-pound-up-but-still-faces-pressure-after-brexit-delay-deal/ Fri, 22 Mar 2019 12:46:08 +0000 http://bartonheyman.com/?p=11347 […]]]> The pound rose Friday but was struggling to claw back its latest losses after the EU gave Britain a Brexit deadline extension, while equity markets were boosted by a positive lead from Wall Street.

At a summit in Brussels, Prime Minister Theresa May was given until April 12 to push her divorce agreement through a fractious parliament next week. If she manages to get it passed, the exit date will be pushed back until May 22.

However, a third defeat by MPs would mean Britain crashes out on April 12, unless London agrees to take part in European elections, a move the prime minister previously has ruled out.

The announcement puts pressure on May to get her deal through Westminster, with French President Emmanuel Macron warning: “In the case of a negative British vote then we’d be heading to a no-deal.”

The sterling has come under pressure owing to the uncertainty in the past few days, falling to as low as $1.3004 Thursday, though it has recovered slightly and is still maintaining its position, helped by this week’s dovish outlook on interest rates from the Federal Reserve.

However, OANDA senior market analyst Jeffrey Halley remained wary.

“The investor community continues to price the pound as if a no-deal Brexit is not possible, looking for excuses to buy rather than sell,” he said in a note.

“A close look at the text of the EU announcement suggests this is not a guaranteed outcome.”

The Bank of England on Thursday expressed concern that further “uncertainties” over a “cliff-edge” no-deal Brexit “could have a significant effect on spending” by businesses.

Equities ended the week on a positive note but dealers trod warily as they weighed an indication from the Federal Reserve that borrowing costs will not rise this year with concerns about the slowing economy and stuttering China-US trade talks.

Tokyo, Hong Kong, Shanghai and Seoul all ended 0.1 percent higher, while Sydney added 0.5 percent and Wellington jumped one percent.

Singapore, Taipei, Manila and Bangkok were also well up.

Mumbai and Jakarta were slightly lower.

The next possible market-moving catalyst could be next week as top US officials head to Beijing on March 28-29 for a new round of trade talks, followed by a trip to Washington by China’s top negotiator in April.

While there is optimism a deal will eventually be struck, Donald Trump caused ripples when he said Wednesday that US tariffs on Chinese imports could remain in place for a “substantial period”, dampening hopes that an agreement would see them lifted soon.

In early trade, London fell 0.2 percent, though Frankfurt added 0.3 percent and Paris put on 0.2 percent.

– Key figures around 0820 GMT –
Tokyo – Nikkei 225: UP 0.1 percent at 21,627.34 (close)

Hong Kong – Hang Seng: UP 0.1 percent at 29,113.36 (close)

Shanghai – Composite: UP 0.1 percent at 3,104.15 (close)

London – FTSE 100: DOWN 0.2 percent at 7,337.53

Pound/dollar: UP at $1.3145 from $1.3102 at 2040 GMT

Euro/pound: DOWN at 86.63 pence from 86.77 pence

Euro/dollar: UP at $1.1388 from $1.1369

Dollar/yen: DOWN at 110.77 yen from 110.80 yen

Oil – West Texas Intermediate: UP five cents at $60.03

Oil – Brent Crude: UP eight cents at $67.94 per barrel

New York – DOW: UP 0.8 percent at 25,962.51 (close)

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Nigeria Update: Bears strengthen hold, as investors’ wealth plunge by N90 billion http://bartonheyman.com/nigeria-update-bears-strengthen-hold-as-investors-wealth-plunge-by-n90-billion/ Fri, 22 Mar 2019 12:39:12 +0000 http://bartonheyman.com/?p=11345 […]]]> Following price losses incurred by the bellwethers, the Nigerian Stock Exchange (NSE), extended its negative sentiment to six successive trading sessions, as investors’ wealth plunged by N90 billion in four trading days.

Specifically, the market capitalisation of listed securities, which opened the week at N11.607 trillion, shed N90 billion or 0.8 per cent to close at N11.517 trillion yesterday.
Also, the All-share index depreciated by 240.08 points from 31, 125.39 to 30,885.31.

Wednesday’s decline was impacted by huge selloff in Oil & Gas, and Banking sectors, in which index declined by 3.28 per cent, and 0.35 per cent, respectively.

Analysts at APT Securities and Funds Limited said: “Equity market is expected to close northward week on week. Howbeit, the index might move either way in today’s trading section as yesterday’s bullish market breath suggested a likely turnaround.”

They noted that the downward trend persists amidst good fundamentals, which not unconnected to the low foreign participation, as foreign investors take a watch posit in anticipation of new economic reforms. They argued that there is no cause for alarm, as investors are encouraged to focus on liquid stocks that have been affected by downward trend, likewise dividend paying stocks bearing in mind that strong fundamental(s) is a good reason to position for mid to long term amidst dwindled stock price.

However, market breadth closed positive, with 24 gainers versus 16 losers. Sovereign Trust Insurance recorded the highest price gain of 10 per cent to close at 22 kobo, while Ikeja Hotel followed with a  gain 9.62 per cent to close at N1.71, per share.
Aiico Insurance appreciated by 9.23 per cent to close at 71 kobo, while Eterna and Mutual Benefits Assurance gained 9.09 per cent, each to close at N4.80 and 24 kobo, per share, respectively.

On the other hand, Skye Shelter Fund Leasing led the losers’ chart by 10 per cent to close at N85.50 per share. Champion Breweries followed with 9.68 per cent loss to close at N1.40, while Associated Bus Company shed 9.26 to close at 49 kobo, per share.

Consolidated Hallmark Insurance dropped 6.90 per cent to close at 27 kobo, while Royal Exchange shed 6.45 per cent to close at 29 kobo, per share.

The total volume traded rose by 17.51 per cent to 250.03 million shares worth N2.43 billion, traded in 3,869 deals.

Transactions in the shares of Access Bank topped the activity chart with 93.47 million shares valued at N638.54 million. Zenith Bank followed with 30.75 million shares worth N678.71 million, while United Bank for Africa (UBA) traded 24.59 million shares valued at N192.83 million.

FBN Holdings traded 19.84 million shares valued at N162.72 million, while Fidelity Bank transacted 12.16 million shares worth N28.86 million.

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World Update: Boeing unveils world’s longest plane amid crisis http://bartonheyman.com/world-update-boeing-unveils-worlds-longest-plane-amid-crisis/ Tue, 19 Mar 2019 18:43:00 +0000 http://bartonheyman.com/?p=11340 […]]]> Leading airplane manufacturer, Boeing, has unveiled the first fully assembled Boeing 777X – the world’s longest passenger jetliner.

The launch, earlier scheduled for last Wednesday, was delayed due to the Ethiopian Airlines’ B737Max plane that crashed in Ethiopia, killing all 157 souls onboard. In the aftermath of the disaster, the second in five months, airlines in many parts of the world have grounded the B737Max 8 and 9 fleet, putting Boeing in crisis.

But as a mark of respect for those who died in the 737 Max 8 crash, it was instead unveiled in a low-key event that was only attended by Boeing employees.

Pictures posted to Twitter show the huge jet, which has foldable wing tips, inside a hangar at the Boeing plant surrounded by hundreds of people.

In one image, uploaded by the account Dj’s Aviation, Boeing staff can be seen snapping photos of it – and its enormous engines – on their phones.

Other pictures posted by aviation enthusiast, Katie Bailey, show the wheels and one of the engines up close.

The aircraft that was unveiled is a 777-9, the larger of two 777X models. It is expected to make its maiden test flight later in the spring.

Boeing claims that the 777X will be the largest and most efficient twin engine jet in the world, with 12 per cent lower fuel consumption and 10 per cent lower operating costs than the competition.

The 777-9 variant is 77 meters (252ft) long. The current longest passenger jet is the 747-8, which is 76.3 meters (250ft 2in) long.

As well as the folding wing-tips – the 235ft wings are the biggest Boeing has ever made, over 30ft longer than the current model’s wingspan – it also has bigger windows and overhead bins compared to the current 777 and ‘advanced LED lighting’.

The two versions of the 777X – the 777-8 and 777-9 – cost $360.5million and $388.7million respectively.

The 777-8 will be able to seat between 350 and 375 passengers and the 777-9 between 400 and 425, depending on the buyer’s layout requirements. In comparison. the current family of 777s offer capacities of between 300 and 370.

There is also an improvement with range. The 777X can fly for 16,110km (10,010 miles), compared to the 777’s maximum range of 15,800km (9,817miles).

Deliveries to customers are expected to begin in 2020. Carriers that have placed orders are British Airways, All Nippon Airways, Cathay Pacific, Emirates, Etihad Airways, Lufthansa, Qatar Airways and Singapore Airlines.

Last year, Boeing released a video and pictures of a ‘static’ 777X rolling off the production line at the Everett factory. However, as it was a static model, it wasn’t destined for the skies, but instead built for a series of year-long tests.

The unveiling of the 777X comes at a troubling time for Boeing as its entire 737 Max 8 fleet has been grounded in the wake of the Ethiopian Airlines crash that claimed the lives of all 157 on board.

The Boeing 737 Max 8 aircraft en-route to Nairobi from Addis Ababa plunged to the ground just minutes after take off.

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