Stocks to watch: Aurobindo Pharma, Bharti Airtel, Infratel, Vodafone Idea

At 08:47 am, Nifty futures on the Singapore Exchange (SGX) were trading 102 points or 0.85 per cent lower at 11,932.50, indicating a negative start for the domestic market on Monday. Here’s a look at the top stocks that may remain in focus today – Aurobindo Pharma: In a surprise development, the US drug regulator FDA revoked the ‘Voluntary Action Initiated’ status issued to Aurobindo Pharma’s plant in Hyderabad, days after indicating it might not pursue further regulatory action. Tobacco companies: According…

Buhari risks legacy as poverty pit swallows more Nigerians

Some three years to the end of his second term at the helm of affairs in Africa’s largest economy, Nigerian President Muhammadu Buhari doesn’t have the numbers on his side if he hopes to be remembered as either an anti-corruption hero, the one who finally diversified an ailing oil economy, or as an economic messiah… This content is for Standard Bi-Annual, Premium Bi-Annual, Standard Yearly, Premium Yearly, Staff, 2 Weeks FREE plan, Standard Bi-Annual USD, Standard Yearly USD, Premium Bi-Annual USD, Premium Yearly USD, BusinessDay/Ready Set Work Premium Yearly (FREE),…

Markets should take note of Zenith Bank’s stellar results

Zenith Bank Plc has traded in a range between N16 per share and N26.2 per share in the past year. Its one year stock return stands at -11.4 percent, even as after-tax profits rose by 8 percent according to its 2019 results released on Friday. The stock still trades at a discount to book value with price-to-book (P/B) ratio of 0.71, all the while sporting a juicy dividend yield of 15.4 percent as at Friday. Zenith Banks P/B ratio compares to Guaranty Trust Bank (GTB) which trades at 1.31 and…

CBN declares OMO ‘poison’ for banks

The Central Bank of Nigeria (CBN) has again wielded its big stick on some erring banks in the country just as it sends out a clear indication that it may reduce the savings account deposit rate to 1 percent as yields crash. Highlights of the Bankers’ Committee Feedback seen by BusinessDay show that six banks… This content is for Standard Bi-Annual, Premium Bi-Annual, Standard Yearly, Premium Yearly, Staff, 2 Weeks FREE plan, Standard Bi-Annual USD, Standard Yearly USD, Premium Bi-Annual USD, Premium Yearly USD, BusinessDay/Ready Set Work Premium Yearly (FREE),…

Zenith Bank reaffirms market leadership as after-tax profits cross N200bn

In a clear show of its resilience and market leadership, Zenith Bank has announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, becoming the first Nigerian bank to cross the N200 billion mark. According to the bank’s audited financial results for the 2019 financial year… This content is for Standard Bi-Annual, Premium Bi-Annual, Standard Yearly, Premium Yearly, Staff, 2 Weeks FREE plan, Standard Bi-Annual USD, Standard Yearly USD, Premium Bi-Annual USD, Premium Yearly USD, BusinessDay/Ready Set Work Premium Yearly (FREE),…

Coronavirus live updates: China, South Korea cases

A nurse working in the isolation ward communicates with a co-worker on the talkie-walkie in Jinyintan Hospital, designated for COVID-19 patients, in Wuhan in central China’s Hubei province Monday, Feb. 17, 2020. Feature China | Barcroft Media via Getty Images This is a live blog. Please check back for updates. All times below are in Beijing time. 9:24 am: South Korea cases surpass 760, fatalities rise to seven The Korea Centers for Disease Control and Prevention reported an additional 161 cases on Monday morning, bringing the total to 763 nationwide. Most…

Judicialisation of elections erodes democratic legitimacy in Nigeria

Judicial activism in electoral matters is now prevalent in Nigeria. Abraham Lincoln famously defined democracy as “the government of the people, by the people, for the people”. But instead of “government by the people”, we are seeing “government by judges”, with the growing phenomenon of judge-made governors. The recent Supreme Court rulings overturning the results of the Imo State and Bayelsa State governorship elections are latest instances of such judicial overreach. In the case of Imo State, the Supreme Court, on 14 January 2020, controversially removed Emeka Ihedioha, of the…

Coronavirus could spark a 20% technology pullback, Paul Meeks warns

Investor Paul Meeks is bracing for a bear market in technology. Meeks, who’s known for running the world’s largest tech fund during the dot-com boom, sees 20% pullback risks growing as the coronavirus outbreak spreads. “There is some comeuppance due, and unfortunately I think the coronavirus is that exogenous variable that is a catalyst to take some of these stocks down,” the portfolio manager at Independent Solutions Wealth Management told CNBC’s “Trading Nation” on Friday. The major indexes ended the week meaningfully lower after a series of new coronavirus cases…

‘Tesla killers’ aren’t killing Tesla at all

At least a few executives at major automakers have indicated that electric cars are the way of the future, and several of them are making big bets on battery-powered vehicles. But at least in the United States, the market seems to belong almost entirely to Tesla. The California carmaker’s Model 3 midsize sedan far outstripped sales of any other competitor in 2019. The next best-selling model that year was the Chevrolet Bolt, which sold a mere 16,000. The success of both Tesla cars, and Tesla shares, have baffled many in…