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30-MAR-2015 :: #NigeriaDecides
Law & Politics
Faraway on the West-side of our great African Continent [which has
been miniaturised by Cartographers for Centuries] a hotly-contested
election is taking place. The last poll was conducted by Afrobarometer
late last year which had both candidates tied at 42 per cent. As we
all know, close-run elections in Africa have always proven to be like
throwing a match at a tinderbox and a recipe for extreme contestation.
Nigerian politics can be real surreal and you might recall that
President Umaru Musa Yar'Adua was either in a coma or dead and kept in
a mobile ICU [in the grounds of the Aso Rock presidential villa] for
several days before the official announcement was made. You might also
recall how President Goodluck Jonathan took an Eternity to even
acknowledge the Kidnap of the Chibok Girls and that what was only when
a world-wide viral campaign under the Tag Line #BringBackourGirls had
stormed the ramparts of the President's silence. In the North, Boko
Haram have been ravaging the land like a plague of locusts and it
remains a little unfathomable how 300 well trained but ageing ex SADF
Soldiers could have made such rapid progress against the Boko in a few
short weeks. Well not so unfathomable. 'Security' related spending has
often been shielded from oversight across Africa and the consequences
of that are very clear to see across the continent.
The Nigerian economy was rebased last year and is valued at $500
billion (which is 10 times Kenya's) and the city of Lagos has an
economy bigger than Kenya's. Nigeria is a big beast in the Sub Saharan
Africa universe. The exponential dive in the price of crude oil has
halved the government's revenues. Halved! The trough is now half of
what it was. In these situations, those who have been gorging at the
trough do not suddenly appreciate that they need to exercise portion
control. What hap- pens is that the fight for what is left becomes a
'do or die' thing. As I have mentioned previously, I do not see a
''Hail-Mary'' pass coming in the price of oil. In fact, the risks are
that crude oil heads to $20 a barrel because storage is now full and
the Iranians are about to dump millions of barrels on the markets. The
once mighty Nigerian naira has fallen 18 per cent against the dollar
in the last six months (and second only to the Zambian Kwacha which is
down 20 per cent over the same period) and frankly Emefiele's finger
in the dyke strategy is about to be overwhelmed by a tsunami. The
Central Bank has burned through its reserves and the dollar account
has now been depleted to its lowest point since 2006, hitting $29.9
billion. During this recent period, Nigeria has spent an average of
$200 million daily to protect its legal tender. I expect a devaluation
in the Naira to at least 250 versus the dollar, whomsoever wins the
The International Monetary Fund cut its 2015 growth forecast for
Nigeria to 4.8 per cent this month, about half the average rate over
the past 15 years. The stock market is down about 14 per cent this
year and one of the worse performing stock markets in the world.
Nigerian billionaire Aliko Dangote has dropped over $10 billion.
Whoever wins this election has a serious challenge on his hands. The
election has been prolonged for a further 24 hours as I write this.
And in the event that there is no clear winner then there will be a
run-off and this looks like the most likely outcome. This will only
prolong and accelerate the hyper contestation.
Nigeria is a lodestar in Sub-Saharan Africa but right now very few
people are prepared to be long, in fact, they want to be short.
Nigeria Extends Election to Second Day After Polling Delays
Law & Politics
Nigeria extended voting in presidential and legislative elections to
Sunday after delays and equipment malfunctions disrupted balloting
while suspected Islamist militants mounted several attacks.
Accreditation began late at about half of the polling stations,
according to provisional data from the Situation Room, a coalition of
civil-society groups monitoring the vote. At least 43 people were
killed in election-related incidents on Saturday, the group said.
"The election is not going as well as people expected," Nnamdi Obasi,
senior Nigeria analyst at Brussels-based International Crisis Group,
said by phone from Port Harcourt in the oil-producing Niger River
delta. "Lots of people were not accredited."
Only 60 percent of the electronic devices functioned correctly,
according to the Situation Room. INEC put the figure at 80 percent.
"It's a disgrace; in four years they couldn't arrange an election,"
retired petroleum engineer Bassey Itama, 67, said as he waited in the
Ajah district of Lagos, the commercial hub. "All INEC officials should
In Maiduguri, Boko Haram's birthplace and home to thousands of
civilians who fled violence in neighboring communities, voter turnout
was "massive," Governor Shettima said after casting his ballot.
Foreign states that go to war in Yemen usually come to regret it.
Law & Politics
The Saudi-led military intervention so far involves only air strikes,
but a ground assault may follow. The code name for the action is
Operation Decisive Storm, which is probably an indication of what
Saudi Arabia and its allies would like to happen in Yemen, rather than
what will actually occur.
In practice, a decisive outcome is the least likely prospect for
Yemen, just as it has long been in Iraq and Afghanistan.
the humiliating end result of America's covert war in Yemen came last
week when US Special Operations personnel blew up their heavy
equipment and fled the country for the US base at Djibouti.
Saudi-led airstrikes in Yemen will continue until Shiite rebels there "withdraw and surrender their weapons," a summit of Arab leaders decided Sunday
Law & Politics
Saudi-led airstrikes in Yemen will continue until Shiite rebels there
"withdraw and surrender their weapons," a summit of Arab leaders
decided Sunday, as they also agreed in principle to forming a joint
@XHNews Saudi king: airstrikes to continue until #Yemen crisis
settled (AFP pic)
Sticking Boots on the ground in Yemen will be a uniformly bad idea for
Saudi Arabia was visibly afraid that Yemen could become formally
aligned to Iran and that the events there could result in new
rebellions in the Arabian Peninsula against the House of Saud.
The US was just as much concerned about this too, but was also
thinking in terms of global rivalries. Preventing Iran, Russia, or
China from having a strategic foothold in Yemen, as a means of
preventing other powers from overlooking the Gulf of Aden and
positioning themselves at the Bab Al-Mandeb, was a major US concern.
A general view of delegates attending the closing session of the
Arab League summit, in Sharm el-Sheikh, Egypt [EPA]
Andre Milne, alleges the country's claims surrounding MH370 crashed into the southern Indian Ocean are false and amount to a "criminal act of fabrication of evidence".
Law & Politics
In conclusion, his letter states: "Failure to refute and disqualify my
submission validates my allegation that your claim MH370 exited
Malaysian airspace to crash in the Indian Ocean is not only an
Artificial Incursion Theory but a criminal act of fabrication of
Milne has since complained to Interpol to investigate what he claims
to be a "clear violation of the protocols of Chicago Convention
Section 25 International Civil Aviation Organ (ICAO) of the United
He wrote: "My investigative action suggests that a now documented
pattern of corruption by unknown officials exists that is resulting in
the premeditated fabrication of artificial claims and artificial
evidence is being facilitated in an effort to create a cover up and or
a diversion from the factual truth related to MH370.
He is not wrong.
25-AUG-2014 His excellency Johan Borgstam told me the signal announcing this new arrhythmic normal was the disappearance of the MH370.
Law & Politics
Picking up the signal through the noise of our world in 2014 is no
easy thing. In fact, my view is the new normal is a very arrhythmic
world. When I plugged ''arrhythmia'' into my computer, it threw up
''For years he'd been studying the phenomenon of chaos, of which an
arrhythmic heartbeat was a perfect example''
His excellency Johan Borgstam told me the signal announcing this new
arrhythmic normal was the disappearance of the MH370. Since then
planes have been falling out of the sky like flies. And the
uncertainty around MH370 and MH17 which is sharpened by the way the
story is seemingly turned on and off took me back to Don Delillo
''"We are not witnessing the flow of information so much as pure
spectacle, or information made sacred, ritually unreadable. The small
monitors of the office, home and car become a kind of idolatry here,
where crowds might gather in astonishment.''
Currency Markets at a Glance WSJ
Euro 1.0868 The euro slipped 0.2 percent to $1.0873 EUR=, having in
the last two weeks pulled up from a 12-year trough of $1.0457.
Dollar Index 97.38
Japan Yen 119.18 The dollar edged up 0.1 percent to 119.24 yen JPY=.
It has fallen more than 2 percent from a near eight-year peak of
122.04 set early this month.
Swiss Franc 0.96237
Aussie 0.77375 The Aussie eased 0.3 percent to $0.7729 AUD=D4,
continuing to retreat from a two-month peak of $0.7939 set a week ago.
It was nearing a six-year trough of $0.7561 plumbed early this month.
India Rupee 62.627
South Korea Won 1105.21
Brazil Real 3.2481
Egypt Pound 7.6306
South Africa Rand 12.0247
Africa is the horizon - 2015 African Business Outlook Survey: The Economist Corporate Network (Infographics & Report)
In 2015, Sub-Saharan Africa's GDP is expected to grow at 4.5%, making
it the fastest-growing economic zone in the world, outpacing Asia's
regional average of 4.3% annual growth. Obviously, in terms of overall
market size, Sub-Saharan Africa is still quite a bit smaller than
Asia, but, when considering the longer term, continued steady growth
in Africa will result in an economic bloc with global impact over the
next two decades. In the next five years alone, Sub-Saharan Africa's
percentage share of the global GDP is expected to increase from 1.4%
Nigeria and South Africa -- together compose over 63% of Sub-Saharan
Africa's total GDP, yet their prospects vary considerably
Macro-economic data are valuable to corporate leaders in identifying
target markets, better understanding pricing issues and forecasting
demand. However a "grass-roots" understanding of a market or region is
also critical. There are numerous instances in Africa of a product or
service that soared in one country, but barely achieved lift-off in
another. For example, M-Pesa, a mobile money platform, is doing
phenomenally well in Kenya, but not in South Africa, despite the fact
that mobile-phone penetration is higher in South Africa than in Kenya,
and there is some commonality of context (for example, in financial
exclusion rates) between the two countries. The divergent fortunes of
M-Pesa in the two countries underscores the importance of an informed,
on-the-ground market perspective where official statistics may be
inadequate or unavailable.
Ebola and oil cloud Africa growth @FT Video
Mar 29, 2015 : Nicky Newton-King, chief executive of Johannesburg
Stock Exchange, talks to FT east Africa correspondent Katrina Manson
in this week's View from the Top. They discuss: ebola, oil and African
growth; black share ownership; and exchange competition.
Ebola Antibodies in Zambia Bats Match West African Virus Species via @business
Ebola antibodies found in bats in Zambia seem to show that the species
of the disease they have been exposed to match outbreaks as far as
5,000 kilometers (3,100 miles) away, including the one that's killed
more than 10,000 people in West Africa.
A study, conducted by scientists including Hokkaido University's
Professor Ayato Takada and published in the Journal of Infectious
Diseases last week, found the transition of the antibodies for the
virus family that includes Ebola coincided with flare-ups in humans
from 2005 to 2013. Data for 2014 is still being analyzed.
Scientists are still analyzing samples from last year so they cannot
definitively say they coincide with the latest Ebola outbreak, Takada
The study explores the theory that straw-colored fruitbats become
infected with Ebola from natural reservoirs in central Africa but
don't carry the actual virus to Zambia. Alternatively, it hypothesizes
that the bats themselves act as the reservoirs from which outbreaks
into human populations periodically occur. In addition to primates,
filoviruses such as Ebola can infect dogs, pigs and duikers, a small
species of antelope. Conclusive evidence of either of the hypotheses
"I do not believe that this bat species serves as a natural reservoir
of filoviruses, but our serology data suggest that they can be
infected," Takada said in reply to e-mailed questions on Thursday.
"This further suggests that they might have a chance to contact with
authentic natural hosts of filoviruses somewhere central Africa."
The scientists also found evidence of a species of the virus
previously only found in Asia. The study was conducted using samples
from 748 bats captured in Zambia's Copperbelt and Central provinces
over seven years. The samples were tested for filoviruses, the family
of hemorrhagic fever viruses that include Ebola and the closely
South African Government, Unions Fail to Reach Agreement on Pay
(Bloomberg) -- South Africa's public service unions and the government
failed to reach agreement in pay talks, increasing the risk of a
"Our analysis is very simple: The government want a strike so they can
unilaterally implement the offer that is on the table and that won't
be accepted," Mugwena Maluleke, general secretary for the South
African Democratic Teachers Union, said by phone from Johannesburg on
Sunday. "An amicable solution is the best for everyone, including the
people of South Africa who make use of public services. A strike must
be the last resort."
Labor unions representing 1.3 million public-service employees are
demanding a 10 percent pay increase this year, while the government
has offered half that, setting the stage for possible strikes. The
inflation rate was 3.9 percent in February.
South Africa All Share Bloomberg +5.16% 2015
51,810.16 +206.23 +0.40%
Dollar versus Rand 6 Month Chart INO 12.0441
Egypt Pound versus The Dollar 3 Month Chart INO 7.6306
Egypt EGX30 Bloomberg +1.56% 2015 [9.78% below a Feb 4th High]
@inecnigeria INEC Chairman arrives for presser #Nigeriadecides
Soyinka reflected sadly. "I just hope we won't go down as being the
incorrigible giant of Africa."
Nigeria All Share Bloomberg -10.53% 2015 [+10.22% above 2 year low
from 16th Feb 2015]
30,562.93 +489.83 +1.63%
Ghana Stock Exchange Composite Index Bloomberg -2.09% 2015
@mashable Mar 28 Somali hotel siege by Islamist gunmen ended by
troops, at least 17 dead.
I&M Holdings reports FY PAT 2014 +15.25% Earnings here
Closing Price: 127.00
Total Shares Issued: 392362035.00
Market Capitalization: 49,829,978,445
FY Earnings through 31st December 2014 versus through 31st December 2013
FY Total Assets 176.464451b versus 141.200545b +24.97%
FY Interest Income 17.591479b versus 14.483258b
FY Interest Expense [7.187395b] versus [5.595544b]
FY Net Interest Income 10.404084b versus 8.887714b
FY Fees and Commissions Net 2.139456b versus 1.895754b
FY Revenue 12.543540b versus 10.783468b +16.32%
FY Other Operating Income 1.708892b versus 1.542237b
FY Operating Income 14.252432b versus 12.325705b
FY Operating Expenses [5.332354b] versus [4.672154b] +14.13%
FY Operating Profit before Impairment losses and Taxation 8.920078b
FY Net Impairment losses on Loans and Advances [857.788m] versus
FY Profit before Tax 8.229894b versus 7.257794b +13.393%
FY Profit after Tax 5.734013b versus 4.974956b +15.25%
Full Year Earnings Per Share 13.56 versus 11.75 +15.404%
Final Dividend 2.90 a share
Strong Headline Growth FY Total Assets +24.97% Year on Year
Single Digit P/E
Strong and growing Franchise
Kenya Re-Insurance reports FY PAT 2014 +12.344% Earnings here
Par Value: 2.50/-
Closing Price: 18.75
Total Shares Issued: 699949068.00
Market Capitalization: 13,124,045,025
Leading reinsurance and insurance provider.
Full Year Earnings through 31st December 2014 versus through 31st December 2013
FY Income 11.570090b versus 9.645151b +19.95%
FY Net Earned Premium 10.313408b versus 8.581830b +20.177%
FY Investment Income 2.591935b versus 2.277749b +13.793%
Full Year Fair Value gains on revaluation of investment Properties
684.798m versus 441.588m +55.076%
FY Net Income 13.761038b versus 11.404605b +20.662%
FY Gross Claims incurred [6.394214b] versus [5.246003b] +21.887%
FY Net Claims Incurred [5.957540b] versus [4.723170b] +26.13%
FY Cedant Acquisition Costs [3.017738b] versus [2.493960b]
Full Year Total Expenses [4.159660b] versus [3.669632b] +13.35%
FY share of Profit of Associate 275.894m versus 257m
Full Year Profit Before Taxation 3.919732m versus 3.268803m +19.913%
Full Year Profit After Taxation 3.137172b versus 2.792466b +12.344%
Full Year Earnings Per Share 4.48 versus 3.99 +12.28%
FY Cash and Cash Equivalents 6.732020b versus 4.415833b
Its a very cheap stock on a PE Basis.
The curious thing is that FY 2013 EPS has been rebased lower with any
note in the Accounts.
Sameer Africa reports FY 2014 Loss after Tax [69.457m] Earnings here
Par Value: 5/-
Closing Price: 5.75
Total Shares Issued: 278342393.00
Market Capitalization: 1,600,468,760
Diverse group of companies invested in agriculture through to transport.
FY Earnings through 31st December 2014 versus through 31st December 2013
FY Revenue 3.777146b versus 4.029841b -9.064%
FY Cost of Sales [2.840635b] versus [2.951719b]
FY Gross Profit 936.511m versus 1.078122b -13.134%
FY Other Operating Income 44.934m versus 297.550m -84.89%
FY Operating Expenses ]1.007069b] versus [914.973m] +10.06%
FY Operating [Loss] Profit [25.624m] versus 460.699m
Net Finance Costs [43.357m] versus [5.121m]
Full Year [Loss]/Profit before Tax [69.457m] versus 456.521m
FY [loss] Profit for the Year [66.929m] versus 401.189m
FY EPS [0.24] versus 1.44
''Performance adversely affected by ever-increasing competition from
subsidised tyre imports from the East''
Export Sales also declined in 2014 ...civil and political unrest ..hard
Sales to Government bodies +82% Fleet +27% Yana Tyre Centres +15%
dEALER tRADE -19% exPORT mARKET -23%
Gross Margin declined from 27% in 2013 to 25% in 2014
new subsidiary in Burundi
Profit in 2013 boosted by exceptional profit of 256m arising from sale of Land
No Repeat of the 2013 Exceptional Gain.
Many challenges in the Core Tyre Business but increasingly Sameer is a
Real Estate Play.
Sameer Africa Ltd. plans to enter Rwanda in the next two years and is exploring the possibility of setting up a subsidiary in Nigeria as the Kenyan tiremaker offsets widening competition in its domestic market.
Sameer wants to add to the 11 countries elsewhere in Africa where it
sells products, Chief Executive Officer Allan Walmsley said in an
interview Friday at company headquarters in the capital, Nairobi.
"We are taking a very big interest in Rwanda despite the market being
small," Walmsley said Friday. "What we are seeing is good governance,
and we are seeing the GDP growth of the country being sustainable."
Executives recently visited Nigeria to evaluate the "massive market"
and its "very many challenges."
Walmsley said. "Unfair competition" has caused Sameer Africa's market
share in Kenya to shrink to 16 percent from 54 percent, he said.
China overtook India to become Kenya's top source of imported goods at
14.8 percent of the total value in the first nine months of 2014,
according to data from the Kenya National Bureau of Statistics.
The tiremaker said in July that it's in negotiations to sell a stake
in its manufacturing unit to an unidentified Asian investor.
"Talks are ongoing," and included a meeting in Dubai a week ago,
though there's no timeframe for a deal, Walmsley said. "We are not
looking for a technical partner alone but one who also will contribute
equity" to a possible 50-50 partnership, he said.
Equity Bank builds Sh20bn war chest for Africa banks buyouts @BD_Africa
Equity Bank has created 400 million shares with a current market value
of Sh20.9 billion, boosting its war chest for acquisition of lenders
across the continent through share swaps and private placement.
Equity builds Sh20bn war chest for major Africa banks buyouts
The bank will, at a shareholders' meeting scheduled for Tuesday, seek
approval for creation of an extra 411,419,668 shares that it sees as a
key plank in its strategy of transforming into a Pan-African lender
through rapid expansion across the continent.
Mauritius' Seruji sells 60pc stake in Savannah Cement @BD_Africa
Savannah Heights, a shareholding company of cement maker Savannah
Cement, has taken full control of the Athi River-based manufacturer
after buying out Mauritian firm Seruji's 60 per cent majority stake.
Seruji held majority shares of Savannah Cement until December, which
it had acquired after buying out Chinese firms Wan-Ho International
Holding (40 per cent) and Acme Cement (20 per cent).
Seruji is fully-owned by Savannah Cement chairman Benson Ndeta who is
one of the company's founders. This effectively now makes him the
majority shareholder of the manufacturer.
In a statement released on Sunday, Seruji spokesman Alfred Ng'ang'a
said: ''Following the acquisition of the 60 per cent stake by Seruji
Ltd, Savannah Cement now becomes Kenya's first, wholly locally owned
cement manufacturing firm. The firm will now be a 100 per cent owned
by Seruji Limited and Savannah Heights, entities which are wholly
owned by indigenous Kenyan entrepreneurs.''
The buyout was completed in November last year. It comes ahead of a
planned $250 million (Sh23 billion) clinker plant construction in Athi
River by the manufacturer, which aims to reduce its operating costs by
eliminating importation of the key raw material.
The Competition Authority of Kenya (CAK) on Friday published a notice
giving its approval for the acquisition.
Fierce competition and a drop in the cost of energy have seen cost of
the commodity drop to about Sh575 per 50kg bag, from more than Sh600.
Firms have been producing more cement than the market can absorb, with
statistics showing that production stood at 5.7 million tonnes last
year, up from 5.05 million tonnes the previous year.
Standard Investment Bank, in its latest report on the sector, says
production will rise to 6.3 million tonnes this year and 6.7 million
tonnes next year.
Travel Warnings issued Friday saw Commercial banks quote the shilling
at 92.30/40 to the dollar versus Friday's close of 92.15/25 reported
The Nairobi All Share rallied 0.67 points to close at 174.83.
The All Share is +7.33% in 2014 and within 1.509% of a record All Time
reached on the 25th of February this year.
The NSE20 bounced 21.04 points to close 5112.65.
The NSE20 has been on a losing streak every session in March except for 3.
Equity Turnover clocked 568.38m
Safaricom closed at a record high for the 6th consecutive session and
is +18.86% in 2015.
Kenya Commercial Bank closed at a record Life time of 61.00 sand is
+7.0175% in 2015.
N.S.E Equities - Commercial & Services
Safaricom firmed 0.6024% to set a record Closing High of 16.70 and
traded 5.054m shares. Buyers outpaced Sellers by a wide margin.
Safaricom has closed at a record high 6 sessions in a row and is
+18.86% in 2015 and has produced a breathtaking Rally in March. FY
Earnings are slated for release in 5 weeks. The Lack of Supply remains
a bullish signifier.
N.S.E Equities - Finance & Investment
Kenya Commercial Bank firmed 0.83% to close at a Fresh Life Time High
of 61.00. Kenya Commercial Bank was trading at 61.50 +1.65% session
highs at the Finish Line. Kenya Commercial Bank traded 1.477m shares
worth 90.154m. Buyers outpaced Sellers by a wide margin of 3 to 1
signalling this break into new highs has further to run and towards my
66.00 Objective set after the release of FY2014 Earnings. Kenya
Commercial Bank is +7.0175% in 2015.
.@KCBGroup closed at an All Time High of 61.00 and is +7.0175% in 2015
I&M Holdings reported FY2014 Earnings where FY Profit After Tax
accelerated +15.25% and FY Total Assets ran +24.97% higher to clock
176.464451b and FY EPS expanded 15.404%. These were muscular numbers
and confirmed an Offensive Game. I&M did not trade at the Exchange
The Business Daily carried a report which said that Equity Group ''has
created 400 million shares with a current market value of Sh20.9
billion boosting its war chest for acquisition of lenders across the
continent through share swaps and private placement.'' The bank will,
at a shareholders' meeting scheduled for Tuesday, seek approval for
creation of an extra 411,419,668 shares that it sees as a key plank in
its strategy of transforming into a Pan-African lender through rapid
expansion across the continent according to the same report. Equity
Group popped +1.96% higher to close at 52.00 and traded 1.758m shares
worth 91.42m with Buyers outpacing Sellers by a Factor of 3 versus 1
at the Finish. Equity Group is +4.00% in 2015.
Standard Chartered rallied +2.37% to close at 345.00 and was trading
session highs of 349.00 +3.56% at the Finale. Standard Chartered
traded 10,000 shares which was about all that was available. I expect
a Sharp Squeeze higher in the price especially now Investors have
sighted what were muscled up FY 2014 Earnings.
Kenya Re-Insurance reported FY 2014 Profit after Tax +12.344%. Kenya
Re's FY Income expanded +19.95% and FY EPS +12.28%. Kenya Re trades on
a PE Ratio with a 4 handle versus an average in double digits for the
rest of Sector. This discount has been an entrenched one for a while.
On that PE measure, Kenya Re is a very cheap stock at 4.48x FY
Earnings. Kenya Re drifted -0.265% lower to close at 18.75 on light
volume of 99,600 shares. Kenya Re is +9.97% in 2015.
BRITAM EA firmed +2.88% to close at 26.75 and traded 190,000 shares.
N.S.E Equities - Industrial & Allied
EABL closed unchanged at 324.00 and traded 200,100 shares. EABL has
rallied 8% in March and has further to go to the topside and towards
350.00 which was a 2015 high from February.
Mumias Sugar firmed +2.22% to close at 2.30 but was trading at session
highs and its daily limit of 2.45 +8.89% at the Finish Line. Mumias
Sugar traded 1.635m shares. Buyers outpaced Sellers by a Factor of 15
versus 1 at the Finish signalling the price has now based out again.
Sameer Africa which reported a FY 2014 Loss after Tax of 69.457m
versus a FY 2013 Profit after Tax of 401.189m announced via an
Interview with Bloomberg that they had plans to enter Rwanda in the
next two years and are exploring the possibility of setting up a
subsidiary in Nigeria. Sameer drifted 1.76% lower to close at 5.55.
Sameer is -7.5% Year To Date.