Wazua
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Thinking Outside The box (Overseas Investment Series)
Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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Mzee Kpoli, Thanks for your advise. Unfortunately I have made of my mind irrespective of half year 19% Pre-tax profit. That does not excite me as my benchmark is 30% minimum which some other banks have achieved like Equity etc. I will use the rights money for other opportunities especially the shares I do not have or have very little units like KPLC, SCB, more ARM, KenolKobil etc. As a non resident foreigner I do not want to go through the stress of trading the rights. Even if the Lion roar later, my previous holdings will also roar, hakuna matata. Best Regards The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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China's US$300 billion sovereign wealth fund said Thursday it has named Joseph Yam, former chief executive of the Hong Kong Monetary Authority, and John Mack, chairman and former CEO of Morgan Stanley (MS), as international advisers. China Investment Corp. said in a statement posted on its website that Mack and Yam will each serve a two-year term, without specifying any dates. The two financial veterans' appointments to CIC's International Advisory Council come after the sovereign wealth fund is keen on increasing its expertise on overseas investments, and follow resignations from two advisers on CIC's advisory board, CIC said. Arminio Fraga and Lawrence Lau resigned from CIC's advisory board due to personal reasons and concerns about potential business-related conflicts of interest, the statement said, without elaborating. The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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Uganda banks have capacity to support oil development By Daily Monitor Reporter Kampala A top bank official said recently that Ugandan banks have both the financial and requisite experience to participate in the financing of the ongoing petroleum development. While commenting in Kampala about a deal in which United Bank for Africa (UBA) joined hands with Stanbic IBTC to raise $70 million for financing a Nigerian gas pipeline, Ms Margaret Mwanakatwe, the UBA managing director said: “Giving banks in Uganda an opportunity to participate in petroleum development , would strengthen their capability and technical competence to undertake even bigger projects not only in oil but also infrastructure development. She said over the last decade, financial institutions have proved their capacity to support infrastructure development in terms of financing and technical support. She cited the recently concluded syndicated $100 milliom (Shs225 billion) facility for MTN Uganda, that was raised by a consortium of Ugandan banks including UBA, Stanbic, Barclays and Standard Chartered Bank among others as proof of their competence and ability. The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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GHANA AS THE NEXT WEST AFRICAN ECONOMIC TIGERMost people know that Ghana is the next west African tiger. Population is not everything. Prudent management and availabliity of resources is it. Ghana has no drop of oil but they have now and more and more in future. Their small population just like Botswana on the incoming wealth potential is a big plus for them. Nigeria had they turns but tables will turn in the near future in favour of Ghana. 10 years ago you would have laughed yourself out if somebody told you that China will be an economic power to reckon with. But take it easy Uganda cannot OVERTAKE dearly beloved Kenya PROVIDED KENYA develops their coal resouces and strike oil (very likely). As a Nigerian, I do not underate the economic potentials of small GhanaGhana(except Rwanda, Botswana) is one of the best investment friendly countries in Africa, and you have loads of foreigners positioning to do business there. The world is watching Africa. Read This news.bbc.co.uk/2/hi/africa/6766527.stm The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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Uganda oil finds trigger land grab near fields, say MPs From Daily Monitor The discovery of oil in western Uganda has prompted a land grab around the oil fields, dispossessing impoverished local communities and providing a potential trigger for conflict, members of parliament from the area said on Friday. East Africa’s third largest economy is basking in a fresh wave of economic vitality as global investors rush in to tap opportunities in its budding oil industry. Commercial hydrocarbon deposits were discovered in the Albertine Rift Basin close to the country’s border with the Democratic Republic of Congo in 2006 and reserves are estimated at 2 billion barrels. MP Stephen Biraahwa Mukitale told Reuters there was a rush by powerful and influential individuals to acquire large tracts of land in the area. “Land in the whole of the Albertine Graben is mostly customarily owned but powerful individuals speculating on its value are trying to survey and register large chunks of it in their names,” he said. Recipe for conflict “I have warned that this is a recipe for conflict. The government must formally and openly survey and demarcate land in the whole area.” The scramble for land, he said, is consolidating ownership in a few individuals and could provoke landless and impoverished people in the region to sabotage oil exploration and production in future. Tomson Kyahurwenda, another legislator from the region, told Reuters the land grab could unsettle the region. “People go to Kampala and acquire individual titles and you find one person with nearly ten titles,” he said. “The government policy is that land in that area belongs to the communities,” Matia Kasaija, junior internal affairs minister, told Reuters. Kasaija did mention any possible action against grabbers. Tullow Oil, which has made the most discoveries in the region, expects to start limited commercial petroleum production in the last quarter of 2011. Daily crude output is forecast to peak at about 200,000 barrels by 2015.Tullow is awaiting approval of its proposed purchase of Heritage Oil’s exploration assets in Uganda. Approval of the deal, though, has stalled over a tax dispute pitting Heritage against the Ugandan government The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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Hong Kong shares ended higher Wednesday, tracking gains on Wall Street overnight, led by commodities companies after metals prices rose. The blue-chip Hang Seng Index rose 222.64 points, or 1.1%, to 20,487.23 after trading between 20,334.35 and 20,494.18. Market volume rose to HK$55.13 billion from HK$51.81 billion Tuesday. Analysts said they expect the benchmark index to face resistance at 20,500 after it gained 2% in the past two sessions. 'There is profit-taking pressure from investors after the index's recent rally,' said Francis Lun, general manager at Fulbright Securities. 'However, if the China market continues rising in the near term, it could support Hong Kong market sentiment,' he said, adding the index will find support at 20,000. The market rose after the Dow Jones Industrial Average reversed a triple-digit decline late Tuesday to end up 0.7% at 10,229.96, because of hopes Federal Reserve Chairman Ben Bernanke would ease worries about the economy in his semi-annual testimony to Congress and optimism over earnings reports due later this week, including from Morgan Stanley. Commodities firms led Wednesday's gains in Hong Kong, tracking gains in their U.S. peers and because of a 2.0% rise in London Metal Exchange copper prices. Shenhua Energy was up 2.6% at HK$29.65, Jiangxi Copper rose 3.0% to HK$15.96 and Chalco gained 3.2% to HK$6.44. Angang Steel surged 7.9% to HK$11.70 following news Tuesday that China is aiming to reduce the number of steelmakers in the country by about 75%, the latest in a series of policy measures to forcibly slim down the country's sprawling steel sector. Sinopec rose 1.8% to HK$6.17 after Asia's largest oil refiner said Tuesday it processed 101.45 million metric tons of crude oil during the first half of the year, up 17% from a year earlier. New World Development rose 3.5% to HK$13.58 after Morgan Stanley started the property developer at overweight. 'With a strong residential market and improving office and retail markets, New World Development provides an inexpensive opportunity for investors looking to gain overall exposure to Hong Kong property,' said Morgan Stanley analyst Theo Cheng. Contract handset manufacturer Foxconn was down 0.8% at HK$4.98 after Xinhua News Agency reported Tuesday a worker at one of the company's units died Tuesday after falling from a dormitory building, in the 12th such death of a Foxconn employee this year. Police are investigating the case, it reported. The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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Market volume rose to HK$69.89 billion from HK$54.27 billion Thursday. Analysts said expectations of strong first-half corporate results during the coming earnings season are likely to propel the market higher next week. Mark To, head of research at Wing Fung Financial, said he expects the Hang Seng Index to rise above 21,000 next week. 'The recent rise suggests risk-averse fund flows have been returning to the stock market,' he said. Francis Lun, general manager at Fulbright Securities, said the higher market volume reflected investor confidence in the earnings outlook. 'Stronger-than-expected U.S. data and corporate results will be positive catalysts for the local index next week,' he said. Overnight, the Dow Jones Industrial Average rose 201.77 points, or 1.99%, to 10322.30, its biggest one-day gain since July 7 and its highest close since July 15, after a number of heavyweight U.S. companies beat earnings expectations and U.S. existing home sales data weren't as weak as expected. Chinese lenders were among the day's biggest gainers in Hong Kong, tracking gains in regional peers. ICBC rose 1.2% to HK$5.89, China Construction Bank gained 1.4% to HK$6.59 and Bank of China added 0.7% to HK$4.15. Agricultural Bank of China jumped 5.5% to HK$3.48 after a Hong Kong stock exchange disclosure said Morgan Stanley had raised its stake in the Chinese lender's Hong Kong-listed shares by 1.03 percentage points to 16.31%. 'The market is getting excited on the bank sector, due to the hope for policy loosening, the removal of technical overhang (e.g. initial public offering), and the strong first-half earnings,' Bank of America-Merrill Lynch analyst Winnie Wu said. However, she said she maintained a relatively cautious stance on China's banks due to concerns about long-term asset-quality risks and the short-term credit costs related to local government funding vehicles. Hong Kong Exchanges rose 2.3% to HK$126.80 because of the higher market volume, though Credit Suisse lowered its target price on the bourse operator to HK$149.00 from HK$154.00. Credit Suisse expects Hong Kong Exchanges, which will announce its results Aug. 11, to post a 20% decline in second-quarter net profit to HK$1.09 billion due to weaker market turnover during the period. The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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CHINA SHENHUA (01088) Buy HNK$ 27.00 Major coal producer in China with annual production growth of 10-12%. Since low prices contract sales accounted for 70% of its overall sales, the recent coal price control does not have much impact on China Shenhua. Trading at 12.5x FY10 prospective P/E, the counter is attractive The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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The Hang Seng Index rose 133.48 points, or 0.6%, to 20,973.39 after falling to an intraday low of 20,824.05 during the session. Market volume fell to HK$53.93 billion from HK$54.87 billion Monday. Analysts said the blue-chip index is likely to trade between 20,500 and 21,000 this week as investors await key corporate earnings, including results from banking heavyweight HSBC and its local unit Hang Seng Bank, both due Monday. The market got a boost after the Dow Jones Industrial Average rose by 0.97% to 10,525.43 Monday, its highest close since May 17, because of a rosy fiscal year forecast from shipping giant FedEx and better-than-expected U.S. new home sales for June. HSBC rose 1.7% HK$78.85, Standard Chartered Bank gained 3.0% to HK$224.60 and Bank of East Asia was up 1.9% at HK$29.65 because of optimism over their first-half earnings. Deutsche Bank said in a report Tuesday it expects the first-half net profit of Hong Kong banks to rise by an average of 19% from a year earlier, boosted by strong first-quarter earnings due to a strong recovery in fee income. Chinese lender Agricultural Bank of China rose 0.3% to HK$3.51. The Big Four bank is now 9.7% above its Hong Kong initial public offering price of HK$3.20. Bucking the trend, Hong Kong developers fell on profit-taking, with the property sub-index falling 0.2% to 27,381.87, after rising 1% Monday. Cheung Kong fell 0.4% to HK$93.75 after rising 1.2% in the previous session and Sun Hung Kai fell 0.3% to HK$114.50 after rising 0.8%. 'Investors started to lock in profit as property stocks have largely reflected expectations a site in a government land auction will fetch a handsome price tag,' said Edward Fung, head of research at Kim Eng Securities. The Hong Kong government will auction a site Wednesday at Mount Nicholson Road on The Peak, which is designated for development as a luxury residential property. 'We expect strong bidding interest, as developers had applied to get this site over 10 times, with any forecast-beating result a boost to developer shares,' UBS said in a report Tuesday. It said the market expects the site to be sold for HK$8 billion to HK$11 billion compared with UBS' estimate of HK$9.25 billion. The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Rank: Elder Joined: 6/20/2007 Posts: 2,075 Location: Lagos, Nigeria
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Hong Kong stocks ended lower Friday on moderate profit-taking, but alumina and aluminum producer Chalco bucked the downtrend on news it is diversifying its business by buying a stake in an iron-ore joint venture. The blue-chip Hang Seng Index fell 64.01 points, or 0.3%, to 21,029.81 after trading between 20,945.63 and 21,095.90 during the session. The index rose 1% over the past week. Market volume totaled HK$51.45 billion, down from HK$56.32 billion Thursday. Traders said although the market rose 5% over the previous eight consecutive sessions, profit-taking pressure was mild. Any major falls may prompt bargain hunting, they said. 'The Hang Seng may pull back to 20,700 in the short term before rising again on expectations of an economic soft landing in China and prospects of strong corporate earnings,' said Steven Leung, director of institutional sales at UOB KayHian. Traders said the index will likely trade in a range of 20,500-21,200 in the near term. Chalco jumped 2.5% to end at HK$6.88 after resuming trade, but was off an intraday high of HK$7.07. The metals firm said it has agreed to pay US$1.35 billion for a 44.65% stake in the Simandou iron-ore project in Guinea. Investors favored the deal as it signifies diversification of the blue-chip company's earnings base. Cheung Kong Infrastructure rose 0.7% to HK$29.10 while HK Electric ended 0.6% higher at HK$47.05. Both stocks rose after resuming trade in the afternoon session, driven by news that a Cheung Kong Infrastructure-led consortium has agreed to buy Electricite de France SA's U.K. electricity distribution networks and is in exclusive talks to finalize the deal. Traders said the deal is strategically positive as both companies can broaden their earnings base by increasing overseas investment amid a maturing market in Hong Kong. Port operators outperformed, with China Merchants jumping 3.2% to HK$29.40 and Cosco Pacific gaining 2.9% to HK$10.60. Taifook Securities said undervalued stocks have attracted rotational buying interest. However, ASM Pacific, a unit of Dutch semiconductor equipment maker ASM International, fell on profit-taking, shedding 0.8% to HK$71 after rising 10.4% Thursday on strong results. The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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