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Found 21 results

  1. Michael Olafusi

    Why I Invest In Stocks

    I invest in stocks because I thoroughly understand them. I do my own stock analysis (I even built this tool and this one too to help others with their own stock analysis); I teach financial modelling; I do projects for investment houses (currently working on a VaR, value at risk, model for a foreign investment corporate client); I have made enough mistakes over the last ten years that I now recognize the common pitfalls and what works. Most importantly, investing in stocks is a vital component of any very sound personal financial investment plan. Many of us work hard daily. Even after spending the first two decades of our lives in school and are now working full-time, many of us still do Masters, Ph.D and professional courses. We are constantly developing ourselves in order to increase our earning power. And some of us succeed very well. You now earn enough to cater for all your needs and those of your dependants with still some money left. And this is where many of us fail to do things right. When you don't have a sound financial investment plan, other people's plans look good to you. You will easily fall for the real estate salesman's talk about buying properties. You will feel left out when your friends are doubling their money in the latest investment scheme. Even the FGN savings bond will look heaven-sent to you. No matter how strong-willed you are, you will always be facing immense pressure as no financial investment plan is like a vacuum and difficult to keep that way. One day, you will break and go for one of the investment schemes you see your friends doing. And more often than not, you will get burnt and swear off any form of investment. Then the vacuum-struggle cycle restarts. I would advice that you rather fix the issue properly and permanently. Learn about proper financial investment. Take baby steps to practice doing the right thing. You will make mistakes but when you start the right way your mistakes won't be of the sorts that bring you down. I started with mutual funds, having professional investment managers do the bulk of my financial investment for me. Then I slowly started investing directly in stocks myself, the proper way. Before then, I got burned in the 2008 crash when there were radio jingles, billboards and TV adverts on buying stocks and every listed company was doing a public offer. I still remember the First Bank advert of their public offer at N31/share. My dad got charcoals from it, everything he put in completely burnt. I lost all I put in Mutual Benefits Assurance (minus the dividends they gave me in 2008) and Finbank. So I was much more careful to do things right and learn the proper way of investing. From 2011 to now, I have gained a lot of practical experience in managing my own financial investments. I have seen my money go up and down over the years. At first, I used to feel sick when I see it go down (especially just after I put in my money) but now I am very much used to it and see buying opportunities during market downs. I am following the get rich slowly mantra. I have my own investment plan and it excludes any get rich quickly scheme. All the double your money in two months or in one year schemes have no appeal to me. No amount of real world evidence of how well your real estate or bitcoin or XYZ scheme is doing can entice me. Not that I don't believe they work but because I have my own solid plans that I am executing religiously. If they work for you, great. Mine also works for me, though less impressively but I am contented. I simply work hard at my profession (data analysis) and invest the excess funds I have in the stock and bonds market. I also keep enough to cover my four months living expense in a high yield cash account (savings account) for emergency needs. I do both Nigerian stocks and US stocks. Same with bonds. I totally understand them. I don't panic. I have more peace of mind seeing my money work for me in those investments than having them lay temptingly in my bank account.
  2. You can access the Excel file here: NSE Daily Trade Data The Market Highlights: The market was bullish today. The NSE rose by a whooping 2.10% (it has risen this high only five times this year and three of which were this month!). The market capitalization rose to N10.05 trillion and the index rose to 2,9064.52 The last time it got this high was on 1st of July, 2016 (almost a year ago!). Many stocks got to their 52 weeks high today: First Bank, Guaranty Trust Bank, Nestle, Pharma Deko, Presco, Tourist and Zenith Bank. The top gainers were: First Bank (10.14%), Oando (7.66%), Guaranty Trust Bank (5.00%), Ecobank (5.00%), Zenith Bank (4.99%), Flour Mills (4.98%), AXA Mansard (4.97%), Airservice (4.48%), Eterna (4.87%), PZ (4.76%), Jaiz Bank (4.40%), Fidelity Bank (4.12%) and Okomu Oil (4.11%). The top losers were: Mobil (-5.00%), Learn Africa formerly Longman Nigeria (-4.94%), NAHCO (-4.93%), Vitafoam (-4.92%), AFRPAINTS (-4.86%), Cadbury (-4.85%), NEM (-4.67%) and NPF Microfinance Bank (-3.82%). What do I think? I think this is just the beginning. Over the last 10 years, the economy has roared on and inflation has been double digits and company profits have been growing impressively but the stock market has been doing the opposite. Most companies are selling at huge discounts.
  3. You can access the Excel file here: NSE Daily Trade Data
  4. You can access the Excel file here: NSE Daily Trade Data
  5. I have problem with saving money. If I have more than N300,000 in my regular savings account, in 24 hours I will have a dozen different ideas of what to do with the money. Trying to permanently solve this problem was what motivated me to become a professional stocks investor some years ago. The only account I allow more than N300,000 in is my emergency account which I don't touch except there is an emergency. And my regular savings account? One good side of being a data geek is that I am excellent at budgeting. I have my expenses perfectly modeled and I always keep just what is sufficient for three weeks in my savings account. My income cycle is two to three weeks, being an entrepreneur in the consulting space. From what is due me, every extra above what is sufficient for four weeks, I put in my investment accounts which house a mix of Nigerian stocks, Nigerian bonds, US stocks, US bonds, Gold and two Nigerian equity mutual funds. So what stocks am I invested in? Nestle Nigeria: Over my investing years, I have analysed intensely the financial records of all the investment worthy companies on the Nigerian Stock Exchange from as far back as 2005 and none has an impressive one as Nestle Nigeria. Excellent cash flow management, lovely mix of debt and equity funding, satisfactory revenue growth rates and strategic positioning in their industry. Every year, I go through their annual reports and as long as the story has not changed for bad, I close my eyes to all the price fluctuations it is forced through on the stock market. Total Nigeria: Last month I sold Mobil and bought Total. I had made a good profit off the price surge in Mobil shares after the NIPCO acquisition and Total looked like a bargain in comparison. Total is the largest downstream oil company by revenue in Nigeria. Now they are trading at a deep discount compared to Mobil. So I saw more potential returns in deploying to Total the money tied in Mobil. Dangote Cement: It can be very difficult to love Aliko Dangote after hearing all the special perks he got from government to build the Dangote empire but one thing I can't deny is that he is a result-generating business man. I read the annual reports of many listed companies but none is as interesting and less generic as Dangote Cement's. I have learned some business strategies from reading the chairman's report while other companies' tend to have the usual soul-less talk about the macro economy and vague talk of their impressive performance (even when they make a loss). Reading last year's and the intelligent analysis of the African cement market with the company's detailed big strategy, it was like Dangote Cement is just getting started. He is the quintessential owner-manager who goes all length to make his business successful. Zenith Bank: I bought it after I panicked and sold my First Bank shares when they were taking too long to publish their last year annual reports. Now I am planning to buy First Bank shares again and try not to panic anymore. But I don't intend selling my Zenith shares either. Zenith Bank is doing impressively well, like GTBank but without the terrible customer experience GTBank is sharing. One almost sure way of ruining my day is having to do anything in a GTBank branch and if you ever need to get an issue resolved you can be sure that you'll get more inhuman policies thrown at you than the feeling of having another human being helping you. They've got solid walls between the employees and customers. See how easily I veer into giving damaging remarks about GTBank. That's how powerful the negative effect their lack of good customer relations leave on me. So I won't touch their stocks even with free money. My non-stock owning US Bonds: I sold off my S&P 500 ETF last year December and put half the fund into US Bonds. I believe the US stocks are close to experiencing a market correction. Vanguard Total International Bond Index Fund ETF: This is where I put the other half. It is a collection of non-U.S. dollar-denominated investment-grade bonds. Gold ETF: Two months ago I panicked and sold my Emerging Market Stocks ETF, putting the fund into Gold ETF. The Emerging Market Stocks were getting too positively correlated with the US equities market this year. So I decided to put it in the negatively correlated (to US equities) Gold ETF. Nigerian Bonds: Through Stanbic IBTC Bond mutual fund, I have some money invested in Nigerian bonds. I avoid the Money Market funds as I believe I will get better long term returns elsewhere. And how is my strategy of not saving but investing working out? I think very well. At least, I am more prudent in managing my income and immune to binge spending. Also, I have made some good gains in the stock market. What tools do I use in my Stocks analysis? Well, the annual reports of thelisted companies which I have nicely archived here; this lovely Power BI stocks analysis dashboard and the Nigerian Market Data office app.
  6. You can access the Excel file here: NSE Daily Trade Data
  7. You can access the Excel file here: NSE Daily Trade Data
  8. You can access the Excel file here: NSE Daily Trade Data
  9. You can access the Excel file here: NSE Daily Trade Data
  10. You can access the Excel file here: NSE Daily Trade Data
  11. You can access the Excel file here: NSE Daily Trade Data
  12. You can access the Excel file here: NSE Daily Trade Data Board Security Day's Volume Open Price Close Price Price Change Change % 52 Week Low 52 Week High EQTY 7UP 12,445 99.75 99.75 -5.25 -5 74 159.9 EQTY ABBEYBDS 1.19 1.19 -0.06 -4.8 EQTY ABCTRANS 0.5 0.5 0.5 0.5 EQTY ACADEMY 100 0.5 0.5 0.5 0.69 EQTY ACCESS 25,728,054 7.58 7.21 -0.37 -4.88 4.3 7.69 EQTY AFRINSURE 0.5 0.5 0.5 0.5 EQTY AFRIPRUD 1,356,718 2.8 2.76 -0.14 -4.83 2.2 3.31 EQTY AFROIL 20.71 20.71 EQTY AFROMEDIA 0.5 0.5 0.5 0.5 EQTY AFRPAINTS 2.47 2.47 2.47 2.47 EQTY AGLEVENT 60,000 0.69 0.69 -0.03 -4.17 0.68 1.17 EQTY AIICO 898,150 0.56 0.54 -0.02 -3.57 0.5 0.85 EQTY AIRSERVICE 101,751 4.46 4.46 -0.23 -4.9 1.7 4.97 EQTY ALEX 9.27 9.27 -0.48 -4.92 EQTY ARBICO 4.56 4.56 -0.23 -4.8 4.79 4.79 EQTY ASHAKACEM 110,020 11.4 11.4 0.44 4.01 9.03 21.03 EQTY ASOSAVINGS 2,000,000 0.5 0.5 0.5 0.5 EQTY AUSTINLAZ 2.19 2.19 0.1 4.78 EQTY AVONCROWN 4,330 1.09 1.09 0.05 4.81 1.04 1.38 EQTY BECOPETRO 0.5 0.5 0.5 0.5 EQTY BERGER 3,426 6.17 6.17 0.29 4.93 6.08 8.3 EQTY BETAGLAS 5,200 45.88 45.88 -2.41 -4.99 28.88 48.29 EQTY BIGTREAT 0.5 0.5 EQTY BOCGAS 2,000 3.35 3.35 3.35 3.89 EQTY CADBURY 1,949,797 11.09 10.65 -0.44 -3.97 7.04 20.5 EQTY CAP 32,070 34.7 34.7 1.65 4.99 27.3 40 EQTY CAPALBETO 95.49 95.49 EQTY CAPHOTEL 3.65 3.65 3.31 3.7 EQTY CAVERTON 0.92 0.92 0.64 1.65 EQTY CCNN 886,450 5.02 5.01 -0.11 -2.15 4.04 8 EQTY CHAMPION 855,405 2.11 2.15 0.04 1.9 1.94 5.13 EQTY CHAMS 2,000 0.5 0.5 0.5 0.5 EQTY CHELLARAM 3.5 3.5 0.09 2.64 EQTY CILEASING 10,000 0.73 0.73 -0.03 -3.95 0.5 0.76 EQTY CONOIL 22,860 31.59 31.59 -1.66 -4.99 18.1 42.6 EQTY CONTINSURE 892,690 1.21 1.2 -0.04 -3.23 0.9 1.34 EQTY CORNERST 150 0.5 0.5 0.5 0.52 EQTY COURTVILLE 0.5 0.5 0.5 0.5 EQTY CUSTODYINS 263,818 3.41 3.41 0.16 4.92 3 4.11 EQTY CUTIX 59,367 2 2 -0.04 -1.96 1.35 2.13 EQTY CWG 2.54 2.54 2.54 2.54 EQTY DAARCOMM 0.5 0.5 0.5 0.5 EQTY DANGCEM 2,097,390 173.3 165.01 -8.29 -4.78 149.26 203.96 EQTY DANGFLOUR 2,678,495 4.3 4.19 -0.22 -4.99 3.38 6.12 EQTY DANGSUGAR 1,047,225 7 6.76 -0.35 -4.92 5.71 7.2 EQTY DEAPCAP 0.5 0.5 0.5 0.52 EQTY DIAMONDBNK 59,198,975 1.05 1 -0.05 -4.76 0.78 2.47 EQTY DNMEYER 0.87 0.87 -0.04 -4.4 0.67 0.99 EQTY DUNLOP 0.5 0.5 0.5 0.5 EQTY EKOCORP 2,000 3.05 3.05 -0.16 -4.98 3.21 3.37 EQTY ELLAHLAKES 4.26 4.26 EQTY ENAMELWA 27.87 27.87 -1.46 -4.98 EQTY EQUITYASUR 0.5 0.5 0.5 0.5 EQTY ETERNA 493,238 4.09 3.89 -0.2 -4.89 2.13 4.09 EQTY ETI 15,318,219 9.78 9.5 -0.28 -2.86 7.02 18.42 EQTY ETRANZACT 5 5 4 6 EQTY EVANSMED 0.5 0.5 0.5 0.5 EQTY FBNH 538,320,869 4.15 4.01 -0.14 -3.37 2.95 4.69 EQTY FCMB 45,459,401 1.11 1.1 -0.01 -0.9 0.92 1.87 EQTY FIDELITYBK 38,099,853 1.03 0.98 -0.05 -4.85 0.76 1.47 EQTY FIDSON 2,194,918 1.92 1.92 -0.1 -4.95 0.89 2.67 EQTY FIRSTALUM 2,100 0.5 0.5 0.5 0.5 EQTY FLOURMILL 3,655,384 20.34 19.33 -1.01 -4.97 16.2 24.54 EQTY FO 1,622,252 52.93 50.29 -2.64 -4.99 42.66 231.51 EQTY FORTISMFB 2.7 2.7 0.12 4.65 EQTY FTNCOCOA 0.5 0.5 0.5 0.5 EQTY GLAXOSMITH 260,355 14.7 16.03 0.76 4.98 13.54 23.22 EQTY GNI 0.5 0.5 0.5 0.5 EQTY GOLDBREW 0.81 0.81 -0.04 -4.71 0.85 0.85 EQTY GOLDINSURE 0.53 0.53 -0.53 -100 EQTY GUARANTY 75,154,022 31.02 30 -1.02 -3.29 16.91 32 EQTY GUINEAINS 5,000 0.5 0.5 0.5 0.5 EQTY GUINNESS 176,490 69 69 2.94 4.45 59.51 115.58 EQTY HMARKINS 0.5 0.5 0.5 0.5 EQTY HONYFLOUR 845,118 1.28 1.27 -0.01 -0.78 0.91 2.15 EQTY IHS 3.8 3.8 3.8 3.8 EQTY IHSNGPREF 2.25 2.25 EQTY IHSPREF 3.08 3.08 EQTY IKEJAHOTEL 1.8 1.8 0.02 1.12 1.63 2.69 EQTY INFINITY 1.47 1.47 0.03 2.08 1.47 1.47 EQTY INTBKPREF 13.5 13.5 EQTY INTBREW 2,695,444 20 20 14.92 20.25 EQTY INTENEGINS 0.5 0.5 0.5 0.5 EQTY INTERLINK 3.61 3.61 -0.19 -5 3.8 3.8 EQTY JAIZBANK 110,900 1 1 -0.05 -4.76 1 1.47 EQTY JAPAULOIL 0.5 0.5 0.5 0.5 EQTY JBERGER 13,038 37.87 37.87 -1.99 -4.99 34.83 50.93 EQTY JOHNHOLT 0.6 0.6 -0.03 -4.76 0.61 0.82 EQTY LASACO 10,000 0.5 0.5 0.5 0.5 EQTY LAWUNION 166,941 0.8 0.8 0.01 1.27 0.5 0.8 EQTY LEARNAFRCA 0.88 0.88 0.03 3.53 0.58 0.89 EQTY LINKASSURE 1,468,100 0.52 0.52 0.5 0.54 EQTY LIVESTOCK 503,550 0.89 0.89 -0.04 -4.3 0.58 1.26 EQTY MANSARD 20,431,156 1.64 1.55 -0.02 -1.27 1.45 2.6 EQTY MAYBAKER 1,358,056 1.34 1.28 -0.06 -4.48 0.8 1.34 EQTY MBENEFIT 0.5 0.5 0.5 0.5 EQTY MEDVIEWAIR 59,600 1.54 1.54 0.07 4.76 1.43 1.57 EQTY MOBIL 340 315.4 315.4 -16.6 -5 155.96 385 EQTY MORISON 1.65 1.65 EQTY MRS 865 37.08 37.08 -1.95 -5 31.93 45.51 EQTY MTECH 0.91 0.91 EQTY MTI 0.5 0.5 0.5 0.5 EQTY MULTITREX 5,000 0.5 0.5 EQTY MULTIVERSE 3,100 0.5 0.5 0.5 0.5 EQTY NAHCO 994,152 3.1 3.09 -0.16 -4.92 2 5.95 EQTY NASCON 779,604 8.4 8.3 -0.1 -1.19 6.33 8.7 EQTY NB 6,494,405 149.95 145.03 -4.92 -3.28 112 164 EQTY NCR 7.89 7.89 0.18 2.33 7.71 9.46 EQTY NEIMETH 1,041,024 0.55 0.53 -0.02 -3.64 0.53 1.13 EQTY NEM 2,204,366 1.02 1.03 0.01 0.98 0.7 1.26 EQTY NESF 524.59 524.59 -27.61 -5 EQTY NESTLE 62,514 834.99 834.99 34.99 4.37 570 855 EQTY NIG-GERMAN 3.44 3.44 -0.18 -4.97 EQTY NIGERINS 0.5 0.5 0.5 0.5 EQTY NIWICABLE 100 100 99.5 19,900.00 0.5 0.5 EQTY NNFM 5.8 5.8 -0.21 -3.49 6.01 6.32 EQTY NPFMCRFBK 5,500 1.37 1.37 0.89 1.44 EQTY NSEASEM 1,195.56 1,195.56 1,136.56 1,218.38 EQTY NSECNSMRGDS 23,344,495 696.97 719.26 22.29 3.2 560.83 774.04 EQTY NSEI EQTY NSEINDUSTR 6,775,559 1,739.79 1,696.76 -43.03 -2.47 1,430.17 2,228.54 EQTY NSELOTUSISLM 10,732,895 1,832.17 1,820.93 -11.24 -0.61 1,561.86 1,988.33 EQTY NSLTECH 0.5 0.5 0.5 0.5 EQTY OANDO 8,942,933 9.07 8.62 -0.45 -4.96 3.54 10.5 EQTY OASISINS 0.5 0.5 0.5 0.71 EQTY OKOMUOIL 273,081 51.9 50.05 -1.85 -3.56 29 52.51 EQTY OMATEK 0.5 0.5 0.5 0.5 EQTY PAINTCOM 0.62 0.62 -0.03 -4.62 0.62 0.99 EQTY PHARMDEKO 9,245 2.05 2.05 -0.03 -1.44 1.62 2.08 EQTY PNG 7.28 7.28 EQTY PORTPAINT 2.01 2.01 0.01 0.5 1.38 2.5 EQTY PREMPAINTS 9.88 9.88 -0.51 -4.91 EQTY PRESCO 711,001 47 47.25 0.25 0.53 35.02 48 EQTY PRESTIGE 0.5 0.5 0.5 0.5 EQTY PZ 920,160 17.3 18.16 0.86 4.97 11.04 23 EQTY REDSTAREX 5,000 4.41 4.41 0.21 5 3.9 4.8 EQTY REGALINS 0.5 0.5 0.5 0.5 EQTY RESORTSAL 0.5 0.5 0.5 0.5 EQTY ROADS 6.93 6.93 0.33 5 6.6 6.6 EQTY ROYALEX 100 0.5 0.5 0.5 0.5 EQTY RTBRISCOE 8,208 0.5 0.5 0.5 0.5 EQTY SCOA 3.59 3.59 -0.18 -4.77 3.77 3.77 EQTY SEPLAT 42,195 402.74 400 -2.74 -0.68 240 425 EQTY SIMCAPVAL 103.24 103.24 -103.24 -100 EQTY SKYEBANK 9,150,838 0.51 0.51 -0.01 -1.92 0.5 1.42 EQTY SKYESHELT 100 100 EQTY SOVRENINS 0.5 0.5 0.5 0.5 EQTY STACO 0.5 0.5 0.5 0.5 EQTY STANBIC 1,905,542 26 25.65 -1.35 -5 12.82 27.56 EQTY STARCOMMS 0.5 0.5 EQTY STDINSURE 0.5 0.5 0.5 0.5 EQTY STERLNBANK 3,177,032 0.71 0.75 0.02 2.74 0.67 1.75 EQTY STERLNRIGHT 57.49 57.49 EQTY STOKVIS 0.14 0.14 EQTY STUDPRESS 2.09 2.09 -0.1 -4.57 EQTY TANTALIZER 100 0.5 0.5 0.5 0.5 EQTY TEXACO 0.5 0.5 EQTY THOMASWY 0.52 0.52 -0.02 -3.7 0.54 0.58 EQTY TOTAL 40,155 269.98 268.9 5.9 2.24 150.41 345 EQTY TOURIST 3.8 3.8 0.15 4.11 3.5 3.68 EQTY TRANSCOHOT 800 5.29 5.29 0.25 4.96 4.77 5.56 EQTY TRANSCORP 29,708,840 1.19 1.14 -0.05 -4.2 0.66 2.13 EQTY TRANSEXPR 100,950 0.79 0.83 0.79 1.82 EQTY TRIPPLEG 1.18 1.18 -0.06 -4.84 1.24 1.53 EQTY UAC-PROP 741,359 1.84 1.84 -0.05 -2.65 1.62 4.51 EQTY UACN 2,209,018 15.51 15.05 -0.46 -2.97 12.02 22 EQTY UBA 10,825,400 7 6.65 -0.35 -5 3.4 7.5 EQTY UBCAPRIGHTS 0.01 0.01 EQTY UBN 60,873 5.19 5.19 0.04 0.78 3.7 5.78 EQTY UCAP 3,128,358 3 2.92 -0.08 -2.67 1.74 4.06 EQTY UHOMREIT 42.96 42.96 -2.26 -5 EQTY UNHOMES 2.87 2.87 -0.15 -4.97 3.02 3.17 EQTY UNIC 0.5 0.5 0.5 0.52 EQTY UNILEVER 334,554 36.21 36 -1.45 -3.87 27.81 50.01 EQTY UNIONDAC 0.5 0.5 0.5 0.5 EQTY UNIONDICON 13.45 13.45 -0.7 -4.95 11.31 17.35 EQTY UNITYBNK 13,355,767 0.58 0.6 0.02 3.45 0.5 1.26 EQTY UNITYKAP 0.5 0.5 0.5 0.5 EQTY UNIVINSURE 0.5 0.5 0.5 0.5 EQTY UPDCREIT 10 10 10 10 EQTY UPL 3.83 3.83 -0.2 -4.96 3.61 5.15 EQTY UTC 0.5 0.5 0.5 0.5 EQTY VANLEER 9 9 -0.09 -0.99 9.69 9.69 EQTY VITAFOAM 1,157,890 2.34 2.3 -0.04 -1.71 1.64 4.9 EQTY WAPCO 3,969,578 49.49 48.1 -1.39 -2.81 34.47 77.96 EQTY WAPIC 6,272,120 0.5 0.5 -0.02 -3.85 0.5 0.56 EQTY WEMABANK 3,559,818 0.51 0.5 0.5 0.88 EQTY ZENITHBANK 106,355,062 19.08 18.13 -0.95 -4.98 13.1 19.08
  13. image: nigeriamessageboard.com Currently, there are seven ETFs on the Nigerian Stock Exchange. Unlike the foreign ETFs, they don't make easily available the details of the underlying companies -- percentage holding, number of stocks, value of each stock position and other useful details I easily get for the foreign ETFs. And I don't know why. 1. Vetiva Banking ETF Fund Value: NGN 398,898,000.00 Holdings: ACCESS DIAMONDBNK ETI FIDELITYBK GUARANTY STERLNBANK UBA UBN WEMABANK ZENITHBANK 2. STANBIC IBTC ETF 30 (Couldn't find website link for the fund) Fund Value: Couldn't find Top 10 Holdings (as at December 2014): DANGCEM 19.49% NB 16.68% GUARANTY 9.74% NESTLE 8.57% ZENITHBANK 6.82% WAPCO 3.59% FO 3.01% ETI 2.91% SEPLAT 2.73% STANBIC 2.40% 3. Lotus Halal Equity Exchange Traded Fund (LHE ETF) Fund Value: NGN 425,124,000.00 Holdings: NASCON NESTLE OKOMU OIL PZ PRESCO UNILEVER MOBIL 7UP DANGSUGAR CADBURY CAP GSK CCNN DANGCEM LAFARGE AFRICA 4. NEWGOLD ETF (Tracks the Rand price of gold and originally an SA ETF before listing also on NSE in 2011) Fund Value: NGN 408,275,941,378.33 Holding: Gold bullion 5. Vetiva Consumer Goods ETF Fund Value: NGN 1,044,306,000.00 Holding: 7UP CADBURY CHAMPION DANGFLOUR DANGSUGAR FLOURMILL GUINNESS HONYFLOUR INTBREW NASCON NB NESTLE PZ UNILEVER VITAFOAM 6. Vetiva Griffin 30 ETF Fund Value: NGN 1,807,740,000.00 Holding: 7UP ACCESS DANGCEM DANGSUGAR DIAMOND ETI FBNH FIDELITY FLOURMILLS FO GUARANTY GUINNESS INTBREW JBERGER MOBIL NB NESTLE OANDO PZ SEPLAT STANBIC STERLING TOTAL TRANSCORP UACN UBA UBN UNILEVER WAPCO ZENITH 7. Vetiva Industrial ETF Fund Value: NGN 2,379,942,000.00 Holding: BERGER BETAGLAS CAP CCNN CUTIX DANGCEM MEYER PAINTCO PORTPAINT WAPCO
  14. Michael Olafusi

    Investment 101

    image: quizzle.com This post is a summary of what I would tell anyone new to the world of investment, from a practical standpoint. So let's start from what we all know and hear a lot. "Anyone who bought land in Lekki 25 years ago when the world's eyes hadn't opened to it are now multi-millionaires". "Those who bought land in Ikorodu in as little as six years ago are now making over 10 times return." We all know how lucrative and wealth building buying land cheap and selling after a few years can be if one chooses reasonably. What most of us don't pay attention to is that it is not only land (real estate) that generate such generous long-term returns. There are many other types of genuine investments with proven excellent returns other than flipping land and houses. Investment should be looked at through two lenses of the same spectacle. One is long-term investment and the other is short-term investment. Short-term investments are the ones that guaranty the original capital invested. More like a better alternative to putting your money in the bank. Long-term investments are like building a house to rent out. You first have to spend the money, tying it down for years, before thinking of getting back the capital. The trouble I see most people make is that they want what is not realistic. Like expecting a short-term investment to yield returns only possible in a long-term investment. In the real world, the guy who puts his N50 million in a fixed deposit account should not expect to make as much gains as the guy who used his to build a house in Ikeja for rent and ultimately sell. Why? The real estate guy had to tie his N50 million for the number of years it took him to buy a land, build the house and patiently collect yearly rent before he could get back the N50 million naira while the other guy could walk into the bank any day to demand his N50 million. In 20 years time, the real estate guy's property would have fetched him his original capital, an income flow of N2 million per year and the property would be worth N200 million; while the fixed deposit guy would be permanently hooked to a 10% interest rate. Whenever I see someone who is looking for an amazing return on his investment without wanting anything to happen to the capital, I shake my head. We all know that setting up your own business is the ultimate investment, the one with the highest potential returns. But have you seen someone who wants to start a business without first burying the capital? Who wants to be able withdraw the startup capital any day, anytime from the day one? If you are serious about building real wealth then you have to think long-term investment. You have to be comfortable with burying the original capital invested for months and years. If real estate is your thing, then good luck. If you are wanting to start small then consider long-term focused mutual funds. But if you understand stocks and can put in the due diligence, then we are comrades. I do stocks. I understand it and have almost all my investment money in it. I do it for the long-term. Not that I buy a company's stock and go sleep for 5 years but that I am okay with leaving my money there without the intention of cashing out for the next 5, 10 years. I buy and sell shares like a thorough real estate investor will sell low potential properties to fund buying of higher potential properties with an eye for a bumper harvest 10 years down the road. And that's my Investment 101 for anyone just starting out.
  15. I have been reading up on the frontier markets, which Nigeria falls under, and came across a worrying fact. There are three categories of equity market to the global investor: Developed Markets, Emerging Markets and Frontier Markets. According to S&P Dow Jones Indexes Country Classification System: Developed markets are the most accessible to and supportive of foreign investors. Generally, there is high degree of consistency across these markets. Emerging markets generally have less accessibility relative to developed markets, but demonstrate some level of openness. Frontier markets are typically much less accessible to foreign investors, exhibit notable limitations in their regulatory and operational environments, and support a smaller investment landscape. Markets tend to be much less robust and in the earlier stages of development. According to CNBC Africa, there are about $500 million foreign investors money in our stock market and a large portion of them are from index funds like the MSCI Frontier Markets ETF, Guggenheim Frontier Markets ETF and Global X Next Emerging & Frontier ETF. And the non-index ones often rely on the market classifications in allocating their investment funds. The bad news is that many of the global bodies that create these market classifications are reviewing Nigeria's inclusion in the Frontier Markets category. The most popular bodies are the MSCI, FTSE and S&P Dow Jones Indices. And one of them, MSCI, is set to make its final verdict in two months. MSCI and FTSE, last year, cited the foreign exchange market restriction as the main worry, making it difficult for investors to repatriate their capital. And as the situation hasn't improved since they placed Nigeria on the watchlist last year, there is a high likelihood that we will be evicted from the Frontier Markets into what they term a Standalone Market (the equivalent of no classification). If they kick us out then things are going to get worse for our stock market. The sell-off will cause a big drop in the market value/capitalization. Bank shares will probably be the hardest hit as most foreign investors target our financial sector first and then the consumer goods industry. If you are trying to get into the stock market you might want to wait out this period of uncertainty about our status in the global investment community.
  16. Today I decided to do an interesting analysis using R. I compiled actual/live data from as far as 1998 on Nigerian All Share Index and 48 of the most valuable stocks. You can access the raw data here: https://drive.google.com/open?id=0B4XKk-Dstn-eVjRMQ0hQR0hvQ3c Here is the R code text. # Load in necessary libraries require(ggplot2) require(lubridate) nse_asi nse_asi$Date # Uncomment the following lines to see the structure and preview of the raw data #str(nse_asi) #summary(nse_asi) #head(nse_asi) # This next lines of code are to generate the charts for each company in a separate window # It is not compulsory, and might be worth commenting out if it makes your computer freeze for (cmpy in unique(nse_asi$Company)){ dev.new() print(ggplot(data=nse_asi[nse_asi$Company==cmpy,], aes(x=Date, y=Last_Price))+ geom_line() + ggtitle(cmpy) + labs(x="Date",y="Price") ) } # This is the most important chart code. Generates the charts in a neatly grouped way ggplot(data=nse_asi, aes(x=Date, y=Last_Price, group=Ticker, color=Ticker))+ geom_line() + facet_wrap(~Ticker,scales="free") + labs(x="Date",y="Price") + theme(legend.position="none") And below are the results. Enjoy. Lots of screenshots. And make sure you notice the interesting insights: like how investors in Presco, Okomu Oil, United Capitals and Mobil would have been smiling to the bank despite the market depression and economic recession. I personally made some gain from Mobil. Also notice how not very long ago, 1 USD exchanged for 22 Naira. NSE ASI (pointed out with the red line) and 48 top stocks FGN 10 Year Bond Yield Nigeria Real GDP Growth from 1960 till Today US Dollar to Nigerian Naira Exchange rate
  17. Today's post will be a very short one. I am watching The Last Samurai and I have a training to prepare for tomorrow. Time is already 11:00pm. So I have to do a quick one today, more urgent than the training is the movie I have to get back to. Whenever I am under pressure, my way of coping is to walk away from it all. Today I have been under immense pressure. We have our Lagos class holding next week and not one single person has made payment. Upper week we have our Abuja training. I have booked both training room and hotel room and have to factor in that no direct flight to Abuja anymore, again not one person has paid. Also next week I have a training session for a mix of managers and operations team at Promasidor. So the pressure is really up my neck. Luckily, I love the thrill it brings. My heart pounds rather than beat and I have Excel/power BI dreams when I sleep. So back to today's post. I hope you remember the one I made not long ago about same Nigerian Stocks analysis but with R. Well, I have replicated the major one with Python. Below is the code and the analysis chart. I am also already working on the next phase -- building a predictive model from the time series data. I have started already with R, but I am having trouble with the time series function I am to use, it's not working well for stocks historical data because weekend dates are missing making the time portion irregular. It's a small bridge and I hope to cross it soon. Till then, enjoy this.
  18. Today, I woke up to a good news. Microsoft approved my "Nigerian Market Data" Excel App. So it is now globally available via the Office App store. If you use Excel 2016 or Excel Online, you can install and try out the app. Below are the installation steps for Excel 2016. And if you use Excel online: Upon successful installation, you will find the add-in under the Home menu as the last item on the right. It is the first version and I plan to radically improve its design and add to the functionality. You can help shape future updates by installing it, using it and letting me know your feedback. Thanks!
  19. You asked and I have delivered. And I want to say a big thanks to everyone who kept asking and nudging me do to this -- I am happy to say its done. It's accessible here: https://www.nigerianelite.com/shares/analysis Everyday, it automatically updates with the close of trading day price (for now set to 12 midnight, will adjust to late afternoon). It also shows the historical price from as far back as year 2002. That is something you won't get on any other platform for free. And the best part is that it is very interactive, I built it more like I do dashboards for very high paying clients. It also allows you to compare the important financial statement lines of the stocks you are interested in: from Revenue, Net Profit, Return on Equity, Return on Assets, Total Assets, Gross Margin, Cashflow from Operations, Cashflow from Financing, Cashflow from Investing, Net Cash Flow, Current Assets, Current Liabilities to Total Liabilities. And all very visual. It has a scroll bar that shows you the latest closing price of all the stocks. At the backend, I have a program that populates an Azure SQL database table with the closing prices for the stocks. I already have a stockpile of the annual reports of the companies from as far back as 2001 (you can check them out and download for free at https://www.slideshare.net/olafusimichael/presentations). Each year, I update the financial statement metrics from the Income Statement, Balance Sheet and Cash Flow. Important Notice Due to the hard work involved, I only cover the most active stocks on the Nigerian Stock Exchange. If there is any you would like to see that isn't there, do let me know and I may include it. Also there is an error in the Total Assets and Total Equities line for a couple of the bank stocks, I am working on making the correction. Other than that, all is working great (hopefully) and I use it for my own stock analysis. And that is the big edge, it is like I am sharing my quantitative stock analysis model with you all for free and in a very beautiful (to see and use) dashboard. There are no 2016 financial metrics in yet. I am still gathering all the 2016 annual reports. Some companies have made theirs available online in the last two weeks, some are yet to. Maybe I won't wait till I have them all before I start the financial metrics extraction. I have already gotten for GTBank, First Bank, Total Nigeria, Access Bank, Dangote Cement, Cadbury, PZ and a few other companies. The whole set-up (programming, hosting, virtual machine, SQL server etc) costs me money and I often pay freelance finance analysts to help share the work of extracting the data from the PDF annual reports into our standardized model. One day, I will put a door that opens only to paid subscription in front of it. So enjoy while its free!
  20. image: marvingermo.com One question I get asked a lot is: "Michael, that your stock investment, what is the rate of return?" They are always disappointed with my answer. I have been invested in the stocks market consistently for the last six years and I can't really say I have gained more than I put in, money-wise. My investment knowledge has skyrocketed but the money has stayed flat. I made some losses, made some gains; in the end they evened out. It is appropriate to compare one savings account to another by the interest rate they give you. It is even appropriate to compare bonds and money market investment account based on the monthly increase you see on top of your original investment amount. But with stocks, it is not appropriate. And in a country like Nigeria, things are even much worse for the person seeking a stable return rate for his stocks investment. For the last ten years the market has lost more than it had gained for investors. I remember in 2007 when I was an ardent reader of the stocks report page of Punch newspaper. I used to see market capitalization at 12 trillion naira. Today, Ten years later, it is less than 9 trillion naira. A whooping 3 trillion naira plus have been wiped off. A gigantic loss for investors; that's like 25% loss. That's the equivalent of putting 1 million naira in an investment account in 2007 and today you find that it has just 750,000 naira. 250,000 naira wiped off. And to make matters worse, every other thing has been rising in price. From price of house to price of car to price of bread and to price of coca-cola. In fact, I have been lucky to have evened out. On the contrary, if you had put your money in Federal Government T-Bills or a money market fund that accurately tracks it, you would have seen you money more than doubled within that same time period. Your 1 million naira in 2007 will now be more than 2 million naira. And that is some scary anomaly, T-Bills are called risk free and expected to deliver the lowest rate of return over a long time period especially compared to stocks. But in our dear Nigeria, logic is a laggard. Yet the reality is that stocks will always outperform the other investments -- real estate, savings and bonds. I know that not many people will agree with the real estate part. But here is the abridged logic behind it. The very land that is growing in value is also owned by the companies you buy on the stock exchange, and they don't just sit and wait for it to double in price. They make more productive use of it to generate ongoing income/profit than even the real estate guy. Imagine comparing the profits of an estate agent with that of a bank. For sure the banks make more from their land assets than the guy who rents house to people. The big trouble here is that the reality doesn't have a time tag. It is like the quote about a lie going round the world before the truth is able to get his trouser on. Here, reality can take, as we have seen, more than a decade to surface. In summary, the stock market is more for people who can have the patience to wait out the years of anomaly. And it starts with forgetting about a guaranteed rate of return or even yearly return. You just have to trust that logic will catch up and the reality we all read in the books will come to pass. If it is too much of a work, then please stay off the Nigerian Stock Market.
  21. image: stockinvestor.com These are the list of foreign Exchange Traded Funds with positions in the Nigerian Stock Exchange market. The list reflects their positions as at the last week in December 2016. I have put in bold the Nigerian companies/positions. 1. Global X MSCI Nigeria ETF (NGE) (All the companies are Nigerian listed) % of Net Assets Name Market Price ($) Shares Held Market Value ($) 22.711 NIGERIAN BREWERIES PLC 0.47 13,519,583.00 6,352,032.15 14.1 GUARANTY TRUST BANK 0.08 50,287,803.00 3,943,452.71 9.764 NESTLE NIGERIA PLC 2.57 1,061,982.00 2,730,984.25 4.655 DANGOTE CEMENT PLC 0.55 2,356,981.00 1,301,959.25 4.611 ACCESS BANK PLC 0.02 69,203,907.00 1,289,691.20 4.517 UNITED BANK FOR AFRICA PL 0.01 88,435,562.00 1,263,445.39 4.494 ZENITH BANK PLC 0.05 26,841,285.00 1,256,933.63 3.955 ECOBANK TRANSNATIONAL INC 0.03 33,894,532.00 1,106,215.60 3.697 STANBIC IBTC HOLDINGS PLC 0.05 21,710,612.00 1,033,904.31 3.651 FBN HOLDINGS PLC 0.01 96,000,715.00 1,021,024.81 3.457 GUINNESS NIGERIA PLC 0.26 3,667,004.00 966,869.90 3.27 LAFARGE AFRICA PLC 0.13 7,034,574.00 914,552.69 3.147 UNILEVER NIGERIA PLC 0.11 7,922,301.00 880,311.56 2.605 FLOUR MILLS NIGERIA PLC 0.06 12,410,867.00 728,544.45 2.362 CASH 0 207,431,015.24 660,720.23 2.318 UAC OF NIGERIA PLC 0.05 12,150,185.00 648,436.76 2.274 OANDO PLC 0.01 42,614,977.00 635,882.89 1.952 TRANSNATIONAL CORP OF NIG 0 197,692,448.00 546,042.38 1.872 FORTE OIL PLC 0.27 1,953,151.00 523,539.71 1.644 PZ CUSSONS NIGER PLC 0.05 9,990,117.00 459,891.73 1.15 DIAMOND BANK PLC 0 115,141,795.00 321,686.39 2. VanEck Vectors Africa Index ETF Holding Name Ticker Shares Market Value (US$) % of Net Assets Commercial International Bank Egypt Sae CBKD LI 1,368,812 4,983,018 7.52 Naspers Ltd NPN SJ 31,300 4,589,171 6.92 Centamin Plc CEY LN 1,628,983 2,764,594 4.17 Tullow Oil Plc TLW LN 689,507 2,664,739 4.02 Guaranty Trust Bank Plc GUARANTY NL 32,110,954 2,520,359 3.8 Safaricom Ltd SAFCOM KN 12,948,200 2,419,811 3.65 Randgold Resources Ltd GOLD US 29,357 2,241,113 3.38 Attijariwafa Bank ATW MC 51,872 2,116,702 3.19 Maroc Telecom IAM MC 141,068 1,979,243 2.99 Nigerian Breweries Plc NB NL 4,152,511 1,948,867 2.94 Banque Centrale Populaire BCP MC 68,815 1,937,100 2.92 Global Telecom Holding Sae GLTD LI 988,928 1,838,180 2.77 Ivanhoe Mines Ltd IVN CN 915,178 1,733,382 2.61 Iamgold Corp IAG US 423,675 1,631,149 2.46 Zenith Bank Plc ZENITHBA NL 31,165,290 1,458,566 2.2 First Quantum Minerals Ltd FM CN 136,056 1,354,422 2.04 Steinhoff International Holdings Nv SNH SJ 240,806 1,253,544 1.89 Golden Agri-Resources Ltd GGR SP 4,149,500 1,231,503 1.86 Anglo American Plc AAL LN 84,262 1,193,664 1.8 Rockcastle Global Real Estate Co Ltd ROC SJ 466,077 1,175,843 1.77 Sasol Ltd SSL US 40,281 1,151,634 1.74 Egyptian Financial Group-Hermes Holding HRHO EY 782,662 1,101,627 1.66 Firstrand Ltd FSR SJ 273,599 1,060,303 1.6 Standard Bank Group Ltd SBK SJ 95,825 1,059,679 1.6 Mtn Group Ltd MTN SJ 107,074 984,872 1.49 Africa Oil Corp AOI SS 483,811 964,221 1.45 Bmce Bank BCE MC 40,657 895,812 1.35 Talaat Moustafa Group TMGH EY 1,699,554 855,870 1.29 Nestle Nigeria Plc NESTLE NL 319,987 823,429 1.24 Old Mutual Plc OML LN 322,032 823,337 1.24 Semafo Inc SMF CN 229,938 757,858 1.14 Kosmos Energy Ltd KOS US 107,142 751,065 1.13 Remgro Ltd REM SJ 38,257 623,425 0.94 Aspen Pharmacare Holdings Ltd APN SJ 28,225 583,955 0.88 Sanlam Ltd SLM SJ 124,537 572,109 0.86 B2gold Corp BTG US 240,260 569,416 0.86 Royal Caribbean Cruises Ltd RCL US 5,246 430,382 0.65 Shoprite Holdings Ltd SHP SJ 33,522 420,765 0.63 Bid Corp Ltd BID SJ 22,786 405,595 0.61 Barclays Africa Group Ltd BGA SJ 31,750 391,383 0.59 Growthpoint Properties Ltd GRT SJ 202,125 382,194 0.58 Woolworths Holdings Ltd/South Africa WHL SJ 72,063 374,460 0.56 Tiger Brands Ltd TBS SJ 12,547 364,273 0.55 Vodacom Group Ltd VOD SJ 28,511 317,215 0.48 Bidvest Group Ltd/The BVT SJ 22,786 301,321 0.45 Investec Plc INVP LN 45,166 297,007 0.45 Mediclinic International Plc MDC LN 30,179 287,423 0.43 Redefine Properties Ltd RDF SJ 347,312 284,023 0.43 Anglogold Ashanti Ltd AU US 25,600 269,056 0.41 Discovery Ltd DSY SJ 30,450 254,676 0.38 Rmb Holdings Ltd RMH SJ 51,641 250,668 0.38 Capitec Bank Holdings Ltd CPI SJ 4,633 234,837 0.35 Nedbank Group Ltd NED SJ 13,388 232,725 0.35 Mr Price Group Ltd MRP SJ 16,892 196,775 0.3 Spar Group Ltd/The SPP SJ 13,085 190,012 0.29 Rand Merchant Investment Holdings Ltd RMI SJ 60,817 176,303 0.27 Mondi Ltd MND SJ 8,553 174,800 0.26 Resilient Reit Ltd RES SJ 20,727 173,442 0.26 Pick N Pay Stores Ltd PIK SJ 36,161 168,437 0.25 Life Healthcare Group Holdings Ltd LHC SJ 69,098 164,320 0.25 Netcare Ltd NTC SJ 70,049 163,497 0.25 Hyprop Investments Ltd HYP SJ 17,527 149,893 0.23 Psg Group Ltd PSG SJ 9,246 147,145 0.22 Avi Ltd AVI SJ 21,369 142,762 0.22 Mmi Holdings Ltd/South Africa MMI SJ 82,286 141,129 0.21 Fortress Income Fund Ltd FFB SJ 59,415 140,574 0.21 Gold Fields Ltd GFI US 46,509 139,992 0.21 Imperial Holdings Ltd IPL SJ 10,468 139,085 0.21 Foschini Group Ltd/The TFG SJ 11,280 130,799 0.2 Sappi Ltd SAP SJ 19,865 130,148 0.2 Truworths International Ltd TRU SJ 22,331 130,100 0.2 Pioneer Foods Group Ltd PFG SJ 11,339 127,668 0.19 Eoh Holdings Ltd EOH SJ 10,499 125,635 0.19 Investec Ltd INL SJ 18,958 124,908 0.19 Telkom Sa Soc Ltd TKG SJ 22,489 121,094 0.18 Clicks Group Ltd CLS SJ 12,434 105,018 0.16 Coronation Fund Managers Ltd CML SJ 20,108 103,295 0.16 Barloworld Ltd BAW SJ 11,856 101,824 0.15 Anglo American Platinum Ltd AMS SJ 5,167 99,001 0.15 Impala Platinum Holdings Ltd IMP SJ 31,358 96,895 0.15 Sibanye Gold Ltd SBGL US 11,266 79,538 0.12 Exxaro Resources Ltd EXX SJ 11,852 76,857 0.12 Liberty Holdings Ltd LBH SJ 8,475 68,314 0.1 African Bank Investments Ltd ABL SJ 86,258 0 Other/Cash -- -- 155,300 0.23 3. Guggenheim Frontier Markets ETF Ticker Name Shares/Par Value Market Value % Weighting CPA COPA HOLDINGS SA-CLASS A 22538 $2047127 5.31% NBK NATIONAL BANK OF KUWAIT 915225 $1946969 5.05% GUARANT GUARANTY TRUST BANK 21291492 $1669629 4.33% KFIN KUWAIT FINANCE HOUSE 849599 $1501500 3.90% ATW ATTIJARIWAFA BANK 36449 $1487347 3.86% MELI MERCADOLIBRE INC 8762 $1368099 3.55% SAFCOM SAFARICOM LTD 7211681 $1347748 3.50% TLV BANCA TRANSILVANIA SA 2262362 $1252870 3.25% NB NIGERIAN BREWERIES PLC 2632434 $1236821 3.21% IAM MAROC TELECOM 83885 $1176926 3.05% ZAIN MOBILE TELECOMMUNICATIONS CO 855570 $1148040 2.98% BKMB BANKMUSCAT SAOG 929239 $1139075 2.96% ZENITHB ZENITH BANK PLC 21705395 $1016428 2.64% ALATP AROUNDTOWN PROPERTY HOLDINGS 223503 $1006609 2.61% KMG KAZMUNAIGAS EXPLORA-GDR REGS 130494 $1003499 2.60% BCP BANQUE CENTRALE POPULAIRE 33370 $939345 2.44% KAZ KAZ MINERALS PLC 200226 $883745 2.29% VIC VINGROUP JSC 416230 $767716 1.99% EABL EAST AFRICAN BREWERIES LTD 322130 $767051 1.99% YPF YPF S.A.-SPONSORED ADR 46191 $762152 1.98% VCB BANK FOR FOREIGN TRADE JSC 447434 $696567 1.81% PAM PAMPA ENERGIA SA-SPON ADR 17659 $614710 1.60% MSN MASAN GROUP CORP 205130 $583744 1.52% GGAL GRUPO FINANCIERO GALICIA-ADR 21618 $581957 1.51% EQBNK EQUITY GROUP HOLDINGS LTD 1949479 $570746 1.48% HBL HABIB BANK LTD 213582 $559150 1.45% MCB MCB Bank Ltd 228659 $521003 1.35% LUCK LUCKY CEMENT 62242 $516577 1.34% SNG SOCIETATEA NATIONALA DE GAZE 87842 $509915 1.32% AGLTY AGILITY 244493 $496108 1.29% KNCB KCB GROUP LTD 1723703 $483619 1.26% HPG HOA PHAT GROUP JSC 213952 $405429 1.05% FOOD KUWAIT FOOD CO (AMERICANA) 46112 $392378 1.02% NOG NOSTRUM OIL & GAS PLC 81452 $388494 1.01% OGDC Oil & Gas Development Co Ltd 213659 $338477 0.88% HUBC HUB POWER COMPANY 275925 $326431 0.85% BMA BANCO MACRO SA-ADR 4929 $317181 0.82% KPROJ KUWAIT PROJECTS CO HOLDINGS 189655 $310350 0.81% ADH DOUJA PROM ADDOHA 70489 $299340 0.78% PPL Pakistan Petroleum Ltd 163249 $294325 0.76% BOUBYAN BOUBYAN BANK K.S.C 226076 $292260 0.76% ENGRO ENGRO CORPORATION LTD 95408 $288934 0.75% BVH BAO VIET HOLDINGS 111710 $285518 0.74% PSO PAKISTAN STATE OIL CO LTD 66583 $276992 0.72% AGRO ADECOAGRO SA 25442 $264088 0.69% BID BANK FOR INVESTMENT AND DEVE 407700 $254242 0.66% FFC FAUJI FERTILIZER COMPANY LTD 235952 $235941 0.61% CTG VIETNAM JS COMMERCIAL BANK F 339290 $224246 0.58% BFR BBVA BANCO FRANCES SA-ADR 12489 $217683 0.56% MSA MARSA MAROC 17340 $200453 0.52% SSI SAIGON SECURITIES INC 229350 $197412 0.51% ARCO ARCOS DORADOS HOLDINGS INC-A 35728 $192931 0.50% BURG BURGAN BANK 192473 $192127 0.50% POL PAKISTAN OILFIELDS LTD 36036 $184580 0.48% VIETNAM DONG 4044944260 $177636 0.46% UBL UNITED BANK LTD 77031 $176313 0.46% PAKISTANI RUPEE 16221403 $155415 0.40% DGKC D.G. KHAN CEMENT 72549 $154120 0.40% CRESY CRESUD S.A.-SPONS ADR 8819 $139076 0.36% NBP NATIONAL BANK OF PAKISTAN 176149 $126388 0.33% KAPCO KOT ADDU POWER COMPANY LTD 157000 $118530 0.31% SEARL SEARLE COMPANY LTD/THE 17800 $111497 0.29% IRS IRSA -SP ADR 5890 $108612 0.28% TGS TRANSPORTADOR GAS SUR-SP B 12000 $108240 0.28% TEO TELECOM ARGENTINA SA-SP ADR 5134 $93285 0.24% SUPV GRUPO SUPERVIELLE SA-SP ADR 5238 $68827 0.18% NIGERIA NAIRA 2493845 $7917 0.02% NATIONAL GULF HOLDING 51616 $0 0.00% 4. EG Shares Beyond BRICs ETF Date Security Description Security Symbol Shares Weight % 20161230 NASPERS LTD-N SHS NPN 14986 3.15 20161230 AMERICA MOVIL SAB DE C-SE AMXL 2968142 2.68 20161230 FOMENTO ECONOMICO MEXICA- FEMSAUB 217528 2.38 20161230 TELEKOMUNIKASI INDONESIA TLKM 5457630 2.3 20161230 PTT PCL-NVDR PTT-R 154000 2.28 20161230 BANK CENTRAL ASIA TBK PT BBCA 1327261 2.18 20161230 PUBLIC BANK BERHAD PBK 336520 2.11 20161230 BANKMUSCAT SAOG BKMB 1172885 2.05 20161230 MAROC TELECOM IAM 100919 2.02 20161230 ATTIJARIWAFA BANK ATW 34675 2.02 20161230 GUARANTY TRUST BANK GUARANT 17905806 2 20161230 NIGERIAN BREWERIES PLC NB 2976374 2 20161230 SQUARE PHARMACEUTICALS LT SQUARE 436237 1.97 20161230 MTN GROUP LTD MTN 149691 1.97 20161230 SASOL LTD SOL 47124 1.96 20161230 ZENITH BANK PLC ZENITHB 29038959 1.94 20161230 VINGROUP JSC VIC 728692 1.92 20161230 ASTRA INTERNATIONAL TBK P ASII 2175773 1.91 20161230 BANCA TRANSILVANIA SA TLV 2387653 1.89 20161230 SAFARICOM LTD SAFCOM 6885329 1.84 20161230 VIETNAM DAIRY PRODUCTS JS VNM 226700 1.78 20161230 TENAGA NASIONAL BHD TNB 381800 1.69 20161230 STANDARD BANK GROUP LTD SBK 102646 1.63 20161230 GRUPO FINANCIERO BANORTE- GFNORTE 228930 1.62 20161230 MALAYAN BANKING BHD MAY 607100 1.58 20161230 SIAM COMMERCIAL BANK P-NV SCB-R 260000 1.58 20161230 GRUPO MEXICO SAB DE CV-SE GMEXICO 392769 1.54 20161230 GRUPO TELEVISA SAB-SER CP TLEVICP 250343 1.5 20161230 CEMEX SAB-CPO CEMEXCP 1285869 1.47 20161230 WALMART DE MEXICO SAB DE WALMEX* 565680 1.45 20161230 BANK RAKYAT INDONESIA PER BBRI 1164132 1.44 20161230 FIRSTRAND LTD FSR 258424 1.43 20161230 CP ALL PCL-NVDR CPALL-R 567000 1.41 20161230 EMIRATES TELECOM GROUP CO ETISALA 188377 1.38 20161230 BANK MANDIRI PERSERO TBK BMRI 1010697 1.24 20161230 HOA PHAT GROUP JSC HPG 410721 1.11 20161230 EMAAR PROPERTIES PJSC EMAAR 379957 1.05 20161230 REMGRO LTD REM 45116 1.05 20161230 POLSKI KONCERN NAFTOWY OR PKN 34736 1.01 20161230 SANLAM LTD SLM 149602 0.98 20161230 SM INVESTMENTS CORP SM 51714 0.97 20161230 SIME DARBY BERHAD SIME 374100 0.96 20161230 EQUITY GROUP HOLDINGS LTD EQBNK 2289353 0.96 20161230 ASPEN PHARMACARE HOLDINGS APN 30629 0.91 20161230 PKO BANK POLSKI SA PKO 93396 0.9 20161230 CIMB GROUP HOLDINGS BHD CIMB 614600 0.88 20161230 BANGKOK DUSIT MED SERVI-N BDMS-R 933400 0.86 20161230 SM PRIME HOLDINGS INC SMPH 1000700 0.81 20161230 ADVANCED INFO SERVICE-NVD ADVANC- 128600 0.75 20161230 AXIATA GROUP BERHAD AXIATA 492900 0.74 20161230 AIRPORTS OF THAILAND PC-N AOT-R 46400 0.74 20161230 BANK PEKAO SA PEO 16926 0.73 20161230 QATAR NATIONAL BANK QNBK 11368 0.73 20161230 TURKIYE GARANTI BANKASI GARAN 227401 0.7 20161230 AKBANK T.A.S. AKBNK 220896 0.7 20161230 PETRONAS CHEMICALS GROUP PCHEM 311900 0.69 20161230 VODACOM GROUP LTD VOD 43129 0.69 20161230 SHOPRITE HOLDINGS LTD SHP 36968 0.66 20161230 JG SUMMIT HOLDINGS INC JGS 333520 0.65 20161230 BARCLAYS AFRICA GROUP LTD BGA 36136 0.64 20161230 DIGI.COM BHD DIGI 404100 0.62 20161230 GRUPO BIMBO SAB- SERIES A BIMBOA 189370 0.62 20161230 IHH HEALTHCARE BHD IHH 302500 0.61 20161230 FIRST GULF BANK FGB 121836 0.61 20161230 S.A.C.I. FALABELLA FALAB 52723 0.6 20161230 PETRONAS GAS BHD PTG 85700 0.58 20161230 PTT EXPLOR & PROD PCL-NVD PTTEP-R 149300 0.57 20161230 AYALA CORPORATION AC 26160 0.55 20161230 UNILEVER INDONESIA TBK PT UNVR 123889 0.51 20161230 BDO UNIBANK INC BDO 157900 0.51 20161230 ALFA S.A.B.-A ALFAA 284683 0.51 20161230 CENCOSUD SA CENCOSU 122524 0.49 20161230 NEDBANK GROUP LTD NED 18302 0.45 20161230 GRUPO FINANCIERO INBURSA- GFINBUR 208026 0.45 20161230 UNIVERSAL ROBINA CORP URC 94490 0.44 20161230 BANGLADESH STEEL RE-ROLLI BASR 189699 0.44 20161230 SAIGON SECURITIES INC SSI 348520 0.43 20161230 CEZ AS CEZ 17321 0.42 20161230 KOC HOLDING AS KCHOL 68650 0.38 20161230 MISC BHD MISC 159500 0.37 20161230 POLSKIE GORNICTWO NAFTOWE PGN 188651 0.36 20161230 ECOPETROL SA ECOPETL 534280 0.35 20161230 INDUSTRIAS PENOLES SAB DE PE&OLES 12802 0.34 20161230 TURKCELL ILETISIM HIZMET TCELL 85762 0.34 20161230 GUDANG GARAM TBK PT GGRM 50042 0.34 20161230 TURKIYE IS BANKASI-C ISCTR 146157 0.31 20161230 AYALA LAND INC ALI 333700 0.31 20161230 ARCA CONTINENTAL SAB DE C AC* 28684 0.21 20161230 PLDT INC TEL 4875 0.19 20161230 TURK TELEKOMUNIKASYON AS TTKOM 56850 0.12 5. iShares MSCI Frontier 100 ETF Ticker Name Weight (%) Market Value Market Currency NBK NATIONAL BANK OF KUWAIT S.A.K. 6.1221 $30,913,272 KWD KFIN KUWAIT FINANCE HOUSE K.S.C. 4.7531 $24,000,797 KWD VNM VIET NAM DAIRY PRODUCTS ORD 4.2914 $21,669,213 VND ZAIN MOBILE TELECOMMUNICATIONS CO. (MTC 3.3509 $16,920,305 KWD YPF YPF S.A. ADS 3.0556 $15,429,150 USD IAM MAROC TELECOM 2.7149 $13,708,816 MAD SAFARC SAFARICOM LTD. 2.6672 $13,467,737 KES GGAL GRUPO FINANCIERO GALICIA S.A. ADS 2.5566 $12,909,648 USD BMA BANCO MACRO ADR REPRESENTING TEN S 2.5031 $12,639,370 USD PAM PAMPA ENERGIA ADR REPSG SA 2.2995 $11,611,398 USD ATW ATTIJARIWAFA BANK SA 2.0602 $10,402,736 MAD ROC ROCKCASTLE GLOBAL REAL ESTATE COMP 2.0501 $10,352,031 ZAR NB NIGERIAN BREWERIES 1.8643 $9,413,591 NGN HBL HABIB BANK LTD. 1.7862 $9,019,410 PKR TLV BANCA TRANSILVAN SA 1.7728 $8,951,540 RON LUCK LUCKY CEMENT LTD 1.6992 $8,580,003 PKR VIC VINGROUP JOINT STOCK COMPANY 1.6374 $8,267,845 VND OTEL OMAN TELEMMUNICATIONS 1.6142 $8,150,720 OMR TEO TELECOM ARGENTINA ADR REPRESENTING 1.6009 $8,083,524 USD KMG KAZMUNAIGAS EP JSC - GDR 1.5515 $7,834,072 USD MCB MCB BANK LTD. 1.5013 $7,580,770 PKR GFH GFH FINANCIAL GROUP ORD 1.4904 $7,525,770 AED BKMB BANK MUSCAT 1.4317 $7,229,133 OMR AGLTY THE PUBLIC WAREHOUSING (AGILITY) C 1.419 $7,165,134 KWD SQURPHARMA SQUARE PHARMACEUTICALS LTD 1.3551 $6,842,793 BDT MCBG MCB GROUP LTD LTD 1.3332 $6,731,858 MUR UBL UNITED BANK LTD 1.3323 $6,727,348 PKR MABANEE MABANEE CO. S.A.K.C. 1.2937 $6,532,607 KWD GTB GUARANTY TRUST BANK PLC 1.2497 $6,310,426 NGN OGDC OIL & GAS DEVELOPMENT LTD 1.189 $6,003,769 PKR EABL EAST AFR BREWERS LTD 1.1191 $5,650,651 KES JKH.N0000 JOHN KEELLS HOLDING PLC 1.0899 $5,503,186 LKR AGRO ADECOAGRO S.A. 1.077 $5,438,290 USD MSN MASAN GROUP CORP 1.0568 $5,336,275 VND ARBK ARAB BANK PLC 1.0093 $5,096,220 JOD ENGRO ENGRO CORP. LTD. 0.9288 $4,689,976 PKR GLOB GLOBANT SA 0.8997 $4,543,070 USD SNG SNGN ROMGAZ SA 0.8215 $4,148,176 RON BCP BANQUE CENTRALE POPULAIRE S.A. 0.8168 $4,124,477 MAD ZENITH ZENITH BANK PLC 0.7831 $3,954,028 NGN KPROJ KUWAIT PROJECTS CO. (HOLDING) (K.S 0.7705 $3,890,470 KWD BFR BBVA BANCO FRANCES S.A. ADS 0.7696 $3,885,984 USD KCBK KENYA COMER BANK 0.7526 $3,800,477 KES HPG HOA PHAT GROUP JSC 0.7462 $3,768,135 VND ARCO ARCOS DORADOS HOLDINGS INC CLASS A 0.7352 $3,712,262 USD TGS TRANSPORTADORA DE GAS DEL SUR S.A. 0.7321 $3,696,937 USD BURG BURGAN BANK S.A.K. 0.7308 $3,690,401 KWD BOUBYAN BOUBYAN BANK K.S.C. 0.7225 $3,648,440 KWD EBL EQUITY BANK LTD. 0.6833 $3,450,395 KES BRD BRD - GROUPE SG SA 0.6747 $3,406,926 RON HUBC HUB POWER LTD 0.6703 $3,384,600 PKR EDN EMPRESA DISTRIBUIDORA Y COMERCIALI 0.6613 $3,339,104 USD PSO PAKISTAN STATE OIL CO. LTD. 0.6587 $3,325,997 PKR ADH DOUJA PROMOTION GROUPE ADDOHA 0.6418 $3,240,796 MAD OLYMPIC OLYMPIC INDUSTRIES LTD 0.6382 $3,222,593 BDT GP GRAMEENPHONE LTD 0.6306 $3,183,991 BDT FFC FAUJI FERTILISER LTD 0.6202 $3,131,600 PKR LAFSURCEML LAFARGE SURMA CEMENT LTD 0.5919 $2,988,933 BDT EL ELECTRICA SA SA 0.5899 $2,978,874 RON ORDS OOREDOO 0.5881 $2,969,366 OMR VCB JOINT STOCK COMMERCIAL BANK FOR FO 0.5439 $2,746,476 VND VIVA KUWAIT TELECOMMUNICATIONS ORD 0.5431 $2,742,546 KWD CRESY CRESUD S.A.C.I.F. Y A. ADS 0.5351 $2,702,032 USD BKSB BANK SOHAR 0.5301 $2,676,798 OMR JOPT JOR PETROLM REF ORD 0.5216 $2,634,008 JOD COMB.N0000 COMMERCIAL BANK OF CEYLON PLC 0.5194 $2,622,800 LKR MEZZAN MEZZAN HOLDING CO ORD 0.5077 $2,563,677 KWD BXPHARMA BEXIMCO PHARMA LTD 0.497 $2,509,425 BDT HSBK JSC HALYK SAVINGS BK OF KAZAKHSTAN 0.4724 $2,385,272 USD CSR COSUMER SA 0.4677 $2,361,789 MAD NBP NATIONAL BANK OF PAKISTAN 0.4664 $2,355,314 PKR SUPV GRUPO SUPERVIELLE ADR REPRESENTING 0.4511 $2,277,845 USD POL PAK OIL FIELDS LTD 0.4078 $2,059,087 PKR NIND NATIONAL IND 0.3976 $2,007,913 KWD TGN SOCIETATEA NATIONALA DE TRANSPORT 0.3883 $1,960,728 RON IRS IRSA-INVERSIONES Y REPRESENTACIONE 0.3872 $1,954,917 USD WARBABANK WARBABANK 0.3866 $1,952,047 KWD FCCL FAUJI CEMENT LTD 0.3482 $1,758,066 PKR SNP PETROM SA 0.3329 $1,681,046 RON PPL PAK PETROLEUM LTD 0.3249 $1,640,389 PKR ACCESS ACCESS BANK OF NIGERIA 0.3145 $1,588,144 NGN UBA UNITED BANK FOR AFRICA PLC 0.2918 $1,473,607 NGN JAZEERA JAZEERA AIRWAYS 0.2853 $1,440,380 KWD CBK CO-OPERATIVE BANK OF KENYA LTD. 0.2667 $1,346,444 KES ZVTG ZAVAROVALNICA TRIGLAV D.D. 0.2576 $1,300,983 EUR LCWN LAFARGE CEMENT WAPCO NIGERIA PLC 0.2361 $1,192,283 NGN FBNH FBN HOLDINGS PLC 0.2187 $1,104,304 NGN ISLAMIBANK ISLAMI BANK LTD 0.1662 $839,359 BDT BRACBANK BRAC BANK LTD 0.0896 $452,262 BDT OAO OANDO PLC 0.0871 $439,850 NGN TRANSCORP TRANSNATIONAL CORP OF NIG PLC 0.0731 $368,928 NGN BKMBOM BANK MUSCAT SAOG 0.0512 $258,510 OMR BKMBOM BANK MUSCAT SAOG 0.032 $161,433 OMR STB SAIGON THUONG TIN COMMERCIAL JSB 0.0181 $91,196 VND EICO AL-EQBAL COMPANY FOR INVESTMENT OR 0.0136 $68,846 JOD 0102583D AFRILAND PROPERTIES PLC 0 $51 NGN If you know of any other ETF with positions in Nigeria that I am missing, do please share.
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