Items filtered by date: Friday, 10 August 2018
Piqued by estimated N295 billion losses suffered by investors in the last seven months, stakeholders have warned political parties and their representatives to desist from actions that portend further risks or trigger more panic in the market.
Indeed, the stakeholders attributed the current depression in the market to unfolding events in the political space, which has continued to fuel uncertainty and shadow on the overall mood of the equities market.
 
Specifically, market capitalisation of listed equities, at N13.617 trillion as at January 2, 2018, now stands at N13.322 trillion as at August 3, 2018, down by N295 billion or 2.2 per cent in seven months, while the All-Share index slid by 1,765.12 points or 4.8 per cent from 38,264.79 to 36,499.67.
 
Ahead of the 2019 polls, stock market investors have argued that if the political space remains tensed, the volatility recorded so far in the market will be heightened, as bargain hunters will take advantage of the oscillatory mode of the market going forward.
 
The Chief Research Officer of Investdata Consulting, Ambrose Omodion, said political risk and uncertainties ahead of the 2019 general elections are major factors that continue to depress and escalate foreign capital flight.
 
According to him, equities have continued to suffer from investment outflows and the absence of a positive trigger or enough retail investors to help stablise the domestic market.
 
“This is why investors would continue to trade cautiously. Also important, is the outcome of the shadow elections by political parties taking place in the month of August.”
 
He pointed out that the implementation of the new structure of the Nigerian Stock Exchange (NSE) in recent times has so far, not brought the expected impact from market makers, in terms of liquidity, to support relative stability, as it remains on the downtrend.
 
The analyst suggested that investors should also change their investment strategies in favour of medium to long-term horizon and position for higher returns post-election.
 
“Investors should review their positions in line with investment goals, strength of the company numbers and act as events unfold in the global and domestic environment,” he said.
 
The former Secretary General of Independent Shareholders Association, Adebayo Adeleke, said market performance would continue to be weak, coupled with low liquidity, if politicians fail to realise the effect of unstable environment on the economy.
 
“We need to play our politics in the way that we will be mindful of what happens to the economy.
 
We do not need to do things that will have adverse effect on the economy because if it does, it becomes a problem even for those that will take over power.
 
“During electioneering in America, you find out that the economy remains strong and stable.
 
Our people need to play the game equally like that by ensuring that they put the economy first.
 
“What we are seeing is a very cautious approach to the market.
 
Given the way the political space is getting more tensed, investors do not understand the direction the economy and they would always want to be very careful on what to buy, what to hold and what to sell.”
 
An independent investor, Amaechi Egbo, explained that the local bourse do not have the capacity to absorb external shock or mop up shares when there is sudden dumping by foreign investors to sustain price rally.
 
Therefore, he suggested that the regulators should work on how to boost the participation of local investors that would not easily sell-off when there is panic in the market
 
 
Source: Business Insider
Published in Business

Cryptocurrency addiction is a very real illness that’s believed to be affecting thousands of people within the United Kingdom. Cryptocurrency addiction is a complicated form of gambling addiction. Cryptocurrency addiction is thus classed as a behavioural addiction.

When cryptocurrency addiction arises, you tend to neglect all other areas of your life. Cryptocurrency addiction is particularly heartbreaking if sufferers also have a young family.

Cryptocurrency addiction usually means sufferers are likely to neglect their spouse and children as a result of their addiction. It’s not surprising that cryptocurrency addiction is known to cause family breakdown.

When you are addicted to cryptocurrency trading, you will become pre-occupied with making money via this means. It is not uncommon for those addicted to cryptocurrency trading to spend up to eighteen hours a day on this fixation.

Why cryptocurrency trading is so addictive 

Cryptocurrency trading allows you to access a full suite of analytical data. This analytical data typically includes charts and graphs. Access to this data is perhaps why cryptocurrency trading is so addictive. These charts and graphs give you a false sense of control. This is not unlike gamblers who feel they are in control and able to ‘beat the house’ due to ‘skill’ despite the fact these people are entirely playing a game of chance.

Like gambling, cryptocurrency trading will result in wins. These wins may account for many thousands of pounds. If you are a ‘normal person’ earning the average wage, then it’s likely you will view these early wins as life-changing. You may even continue to trade until you eventually lose everything. The truth is that not many people have managed to turn cryptocurrency trading into a success due to the inherent volatility of cryptocurrency’s value.

Raising awareness about cryptocurrency addiction

The sad truth is that many people addicted to cryptocurrency trading are not able to admit they have a problem. Many of these people are not even aware of the concept of a ‘behavioural addiction’. Thanks to large-scale TV campaigns funded by the State, most people are aware of gambling addiction.

However, this level of awareness is less rife when it comes to cryptocurrency addiction. We decided to write this article to help spread awareness about cryptocurrency addiction. We realise that only a small number of people will ever read this article but we are still happy to make this small contribution.

We are not advocating a new category of addiction in the form of ‘cryptocurrency addiction’. We don’t necessarily agree with the pigeonholing of addiction types. Instead, we wish to make people aware that when they engage in cryptocurrency trading, they are really engaging in gambling. Thus, cryptocurrency addiction is a form of gambling addiction.

Ever since the Internet has grown over the last fifteen years, the number of people engaging in gambling has grown exponentially. Perhaps cryptocurrency addiction is merely an evolution in gambling’s long and troubled history.

Many forms of gambling are regulated either by law or by industry-wide agreements. Although we do not feel this level of regulation goes far enough in the United Kingdom, we are nevertheless thankful that some level of regulation still does exist.

This is not the case when it comes to cryptocurrency trading. Since cryptocurrency is not linked to any central bank, trading in cryptocurrencies is truly unregulated. Also, unlike many other forms of gambling such as horse racing, cryptocurrency trading may be conducted 24 hours a day.

It is not surprising to hear that many of the same people who are addicted to gambling may also become addicted to cryptocurrency trading. These people are often predisposed to gambling, and the ‘opportunity’ that cryptocurrency trading offers these people is often too great to refuse.

What are the symptoms of cryptocurrency addiction? 

If you suspect either yourself, a loved one or a colleague could be addicted to cryptocurrency trading, it’s important to look out for the below signs:

  • Spending an unreasonable amount of time on cryptocurrency trading channels to the detriment of all other activities
  • Social isolation, career problems and loss of close friends
  • Not getting enough exercise, poor personal hygiene, and a poor diet
  • Experiencing psychological withdrawal symptoms when taken away from cryptocurrency trading – including anger, mood swings, depression, nervousness and sleeping problems
  • Lying to friends and family members in relation to cryptocurrency activities or how you have been spending your time
  • Racking up large debts
  • Developing a poor self-image – such as labelling yourself as ‘unlucky’    

Many of the above symptoms apply to many different types of addiction, including substance misuse. It’s important to analyse the above symptoms carefully in determining how closely the above apply to your own situation. Completing this task will help you analyse your cryptocurrency habit objectively. This will also help you overcome denial about your cryptocurrency addiction.

 

Read More on: A guide explaining the dangers of bitcoin addiction by Oliver Clark.

Published in Bank & Finance

Tanzania’s telecommunications regulator intends to suspend the licence of Multichoice, owned by Naspers, for continuing to carry free-to-air channels.

A notice issued by Tanzania’s Communications Regulatory Authority (TCRA) said Multichoice had been instructed in June not to carry the channels on its platform, but the de facto Africa pay-TV monopoly had persisted in doing so.

It did not say when it would suspend Multichoice’s licence.

The authority also issued an intention to suspend notice to Simbanet Tanzania Limited, another pay-TV channel, Philip Filikunjombe, TCRA’s acting Head of Enforcement and Compliance Affairs, told Reuters.

Multichoice said it was concerned that the regulator planned to suspend its services over a matter that was pending at the Fair Competition Tribunal.

“While we remain open to constructive engagement, we are concerned that the notice has been issued even though the carriage of FTA services by pay TV operators is currently pending before the Fair Competition Tribunal,” it said.

The announcement follows the suspension of Chinese multinational media company StarTimes’ subsidiary in Tanzania which the regulator said had not met its licence obligation to provide access to free to air content services.

Under President John Magufuli, who took office in late 2015 and is nicknamed “the Bulldozer”, the Tanzanian government has introduced anti-corruption measures and tightened regulations on foreign companies, particularly in the mining sector.

 

-Reuters

Published in Telecoms
The financial services industry (measured by volume), dominated in volume terms at the end of last week’s transactions on the equity sector of the Nigerian Stock Exchange (NSE), with 824.153 million shares valued at N9.274 billion traded in 11,620 deals.
The development represents 59.23% to the total equity turnover volume, while the services industry followed with 308.871 million shares worth N1.256 billion in 610 deals.
 
The consumer goods industry ranked third with a turnover of 86.151 million shares worth N8.073 billion in 3,103 deals.
 
Trading in the top three equities– Nigerian Aviation Handling Company Plc, United Bank for Africa Plc and Zenith International Bank Plc (measured by volume), accounted for 460.997 million shares worth N5.273 billion in 2,513 deals, contributing 33.13% to the total equity turnover volume.
 
Consequently, a turnover of 1.391 billion shares worth N20.316 billion was recorded in 20,064 deals by investors on the floor of the exchange, higher than a total of 1.417 billion shares valued at N16.739 billion that changed hands in 19,832 deals during the preceding week.
 
Also traded during the week were 2,304 units of Exchange Traded Products (ETPs) valued at N376,541.65 executed in 16 deals, compared with a total of 344 units valued at N50,021.24 that was transacted last week in five deals.
 
A total of 16,463 units of Federal Government Bond valued at N18.200 million were traded this week in 27 deals compared with a total of 7,518 units valued at N7.668 million transacted last week in nine deals.
 
The NSE All-Share index depreciated by 0.37 per cent, while market capitalisation appreciated by 0.38 per cent to close the week at 36,499.67 and N13.322 trillion respectively.
 
Similarly, all other indices finished lower with the exception of the NSE CG, NSE 30, NSE Banking and the NSE Oil/Gas Indices that appreciated by 0.55 per cent, 0.10 per cent, 0.83 per cent and 6.76 per cent respectively.
 
Also, 34 equities appreciated in price during the week, higher than 31 in the previous week and 87 equities remained unchanged lower than 90 equities recorded in the preceding week.
 
Further breakdown of last week’s trading showed that Union Diagnostic and Clinical Services traded higher at the end of transactions with 50 per cent to close at N0.33 per share.
 
Neimeth International followed with 42.86 per cent to close at N0.60 per share.
 
Mutual Benefit Assurance added 23.33 per cent to close at N0.37 per share. Niger Insurance gained 15.38 per cent to close at N0.30 per share.
 
However, Smart Products topped the losers’ chart with 18.52 per cent to close at N0.44 per share, while International Breweries followed with 17.57 per cent to close at N30.5 per share.
 
Diamond Bank lost 16.43 per cent to close at N1.17 per share, as Skye Bank also dropped 11.43 per cent to close at N0.62 per share.
 
 
Source: PMNEWSNIGERIA
Published in Business
Tokyo stocks opened lower on Thursday, dragged down by a higher yen and caution ahead of Japan-US trade talks.
The benchmark Nikkei 225 index dropped 0.26 percent or 58.27 points to 22,586.04 in early trade while the broader Topix index was down 0.30 percent or 5.30 points at 1,739.41.
 
“As the yen appreciated a bit, selling to lock in profits will likely lead in early trade,” Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.
 
The dollar sank to 110.77 yen from 110.96 yen in New York Wednesday afternoon and well above 111 yen in Tokyo on Wednesday, in a negative development for Japanese exporters.
 
Ito also predicted “a wait-and-see mood will grow during the day with investors watching Chinese stocks, the yuan’s exchange rates and Japan-US trade talks”.
 
In the midst of a bitter trade spat with China, US Trade Representative Robert Lighthizer is to meet with Japan’s economic revitalisation minister Toshimitsu Motegi in Washington later Thursday.
 
Japan is hoping to win concessions on threatened US tariffs on the auto sector that could deal a major blow to the industry if implemented.
 
“Although concrete outcomes are not expected, we may still get a sense of how far apart or not the two nations are,” Rodrigo Catril, senior foreign exchange strategist at National Australia Bank, said in a client note.
 
Automakers were lower, with Toyota down 0.55 percent at 7,022 yen.
 
Selling was particularly heavy for Suzuki Motor and Mazda after media reports that both carmakers cheated on fuel efficiency and emissions tests in the latest data-falsification scandal to hit Japanese companies in recent years.
 
Suzuki tumbled 3.32 percent to 7,144 yen and Mazda lost 1.67 percent to 1,322 yen.
 
SoftBank Group was down 1.94 percent to 10,325 yen after Bloomberg reported Tesla chief Elon Musk and SoftBank head Masayoshi Son held unsuccessful talks last year about the Japanese group investing in the US electric car maker.
 
Source: The Guardian
Published in Bank & Finance

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