May & Baker Plc released its 2016 H1 results for the period ended June 30 2016 ; See below
|May & Baker Plc Plc H1 2016 Results|
|May & Baker||2016 H1||2015 H1||%age Change|
|Profit after tax||30,089||29,734||1%|
|EPS (In Kobo)||3.07||3.03||1%|
This result was officially released on the 5th of August 2016.
Source: Nigerian Stock Exchange
How the Coronavirus has impacted Forex trading
As stock market begins to regain its losses as 2020 continues, many Forex traders are thriving.
The Coronavirus pandemic has had a profound impact on the financial world, including on Forex trading. Global markets have crashed, and a worldwide recession is consequently looming. Forex bonuses, such as those offered on fxbonusoffers.com, have also been affected. Currently, global markets are trying to recover, but will this trend continue?
Levels of demand are changing in different countries
Demand for currencies is changing across the world due to a multitude of factors, including unemployment, reductions in interest rates, and governmental action that impacts industries – mainly travel, tourism, and hospitality.
In terms of Forex, China and Australia were the first companies to be impacted by the virus, due to the virus’s alleged origins in China, and Australia’s position as China’s biggest trading partner.
As the virus spread throughout the world, and Spain, Germany, France, Italy and the UK saw their death tolls rise, investors began to favour the US dollar, believing that this was a more stable option, due to the Federal Reserve’s willingness to provide as much liquidity to the market as possible.
Furthermore, the US is less reliant on external demand, compared to Europe, Africa, and Asia. The dollar has historically been seen as the ‘currency of last resort’, which gave it some security in terms of investment in the currency. However, this hasn’t lasted long.
Due to increased strain on the dollar from, for example, health services and investors, the US is heading for an inevitable recession. This will impact the success of the recovery of the global economy.
However, Forex traders are taking advantage of the market’s volatility
Market volatility (the likelihood of the price of securities changing in a short period of time) was low during 2019. This, in turn, led to a tough year for Forex traders due to the reluctance of many to engage in the trade of online currency. This led to low trading volume, and therefore low trading revenue.
However, as the stock market begins to regain its losses as 2020 continues, many Forex traders are thriving. The rapidity of the changes in the market has caused a high trading volume (due to high volatility), and high trading volumes mean high revenue.
The pressure on global currency markets will continue for quite a while, but as long as volatility stays high, there is a clear opportunity for Forex traders to reap the rewards from their risky manoeuvres.
As industries begin to re-open, especially in Europe, investors’ confidence in the market should start to return. With this confidence, trading levels should continue to increase.
Forex trading levels have increased hugely in Africa during the pandemic
Since February 2020, Forex trading in Africa has increased by around 477%. This is due to several reasons:
• People have been confined to their homes and have therefore had more time to research and play the currency market.
• Forex trading, due to its speed, has low transaction costs which may be helpful for African traders with low capital.
• African currencies have begun to stabilise, and some are performing well against the US dollar.
What can we expect from the Forex market when life begins to return to normal?
It’s hard to predict exactly what will happen in the Forex market throughout the remainder of 2020 and in 2021. Second, and even third, waves of Coronavirus across the world could further impact the already volatile global markets.
For the time being, volatility will likely remain high, maintaining a high trading volume. However, with uncertainties around the US presidential election, Brexit, and the future of the European markets, Forex trading remains quite risky for the time being.
However, with the impending global recession forecast, there will be potential for currencies to rise. Therefore, it should still be possible for Forex trading to be profitable come 2021.
Over 1,000 Customers win big in Access Bank’s DiamondXtra Quarterly Draw
The Bank recently launched a variant of DiamondXtra tagged “Xtrawins”.
Over 1,000 customers across Nigeria emerged winners at the second quarterly draw of the DiamondXtra Season 12 reward scheme held in Lagos recently.
Dominic Akaraka, an Access Bank customer and trader in Ogbaru market, Onitsha, Anambra State, was one of the lucky winners who could not contain his excitement. Reacting to reward, Akaraka said: “I have been banking with Access Bank for more than 10 years now. I have won the star prize of Salary-4-Life which means I would be paid N100,000 every month for 20 years. I am too excited and short of words. I am 59 years old with a wife and six children. Before I got this call from Access Bank, I and my family have been going through financial challenges and business has been very slow and unprofitable due to the lockdown and restriction of business activities within the state.”
Also speaking at the prize presentation ceremony, Head, Retail Product insight and Capabilities, Access Bank Plc, Rob Giles, noted that the bank has kept its promise of keeping the initiative going and growing. Giles revealed that over N5.4 billion in prize money has been doled out while adding that the Bank recently launched a variant of DiamondXtra tagged “Xtrawins” where customers are rewarded with daily, weekly and monthly cash rewards.
He said, “Today, we have 5 winners who have emerged winners in the following categories: Salary-4-Life, Rent Allowance for a year, N1million Business Grant as well as, the latest reward category, Family Health Insurance cover for a year which we introduced to assist families secure access to quality health as a way of providing more relevant support to our customers in the current pandemic situation. Other prize categories won include, N500,000, N100,000 and much more. This savings scheme has been a success since its launch in 2008 and we intend to keep on impacting our customers positively.”
Head, Consumer Banking, Access Bank Plc, Adaeze Ume, explained that the motivation behind the XtraWins initiative was born out of the need to transform the lives of customers during these COVID-19 times.
DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The reward scheme has given away over N5 billion in cash and household items to over 15,000 loyal customers over the last 10 years.
To open a DiamondXtra account simply dial *901*5# from your mobile phone and follow the prompts and fund the account with a minimum of N5,000. Click HERE to know more.
NSE welcomes Champion Breweries managing director with digital closing gong
The closing gong ceremony is organized to support and recognize milestones and accomplishment of listed companies.
To formally welcome him to the stock market, The Nigerian Stock Exchange honored the newly appointed Managing Director of Champion Breweries Plc, Mr. Georgios Polymenakos by having him performed the digital closing gong to close the market on Thursday.
Speaking at the ceremony, the Chief Executive Officer of The Nigeria Stock Exchange, Mr. Oscar Onyema said as part of the Exchange’s business continuity plan, the digital closing gong was launched on Instagram in April this year and has since then hosted several webinars, virtual events and interactive session. He said the Exchange is committed to providing issuers the platforms that allow them to achieve their business and strategic objectives.
According to Onyema, the closing gong ceremony is organized to support and recognize milestones and accomplishment of listed companies and also allow newly appointed Boards and Chief Executive Officer of listed companies to be introduced to the Nigeria Capital Market ecosystem. Onyema congratulated the Champion Breweries Managing Director and assured him the NSE’s continued commitment to offer issuers opportunities to derive great value from their interaction with the market. He also assured the leadership of Champion Breweries that the NSE will remain a trusted business partner in achieving their strategic business objectives.
Commending the leadership of the NSE for the opportunity, the Managing Director Champion Breweries Plc, Mr. Georgios Polymenakos said he was deeply honored to participate at the event. He described himself as a passionate advocate of the Nigerian economy and the future of Nigeria. He added that Champion Breweries will soon be fifty years old and has had its ups and downs over the years and one of the company’s glorious events was the listing on the Nigeria Stock Exchange in 1993.
Polymenakos said in spite of the ups and downs, the company has remained steadfast in producing top quality product that can be compared with any company or brand all over the world at affordable prices. He said it is the quality of the products the company is offering that has translated to being the most preferred brand by the consumers in the areas they operate. He added that the company’s beer brand has during the last two years grown with over one hundred and fifty percent which led the company to profitability in 2019 and the momentum continued in the first quarter of the year 2020. This momentum has also enabled the company to navigate the turbulence in the economy successfully.
Welcoming Polymenakos to the market, the Doyen of the Market, Mr. Rasheed Yussuff, said the broker market is pleased to have him in the market and urged him to embrace the challenge ahead to restore the hope of the investing public. He advised him to remain close to the market to always update members of the investing public of the goings on in the company. Yussuff expressed the readiness of the market to cooperate with the leadership of the company
The Champion Breweries Managing Director assured the investing public to work closely with them and to always carry them along on the progress of the company.