Concerns as Herbert Wigwe sells 28.8 million Access Bank shares

Concerns as Herbert Wigwe sells 28.8 million Access Bank shares

Access Bank’s Chief Executive Officer, Herbert Wigwe, has sold 28.86 million shares worth N297.82 million, which represents 2.33% of his stakes in the bank. The transaction, which was done through Trust Capital Limited, was disclosed in a notice filed at the Nigerian Stock Exchange.

This means Wigwe had sold 6.81% of his stake in the financial institution, as he had sold a 4.48% stake on Friday. The bank disclosed in a notification of insider dealing, which was filed at the NSE on Friday, that its CEO sold 55.6 million shares ordinary shares, which he held indirectly.

Details: Access Bank said Wigwe held a total of 1.24 billion indirect shares as of April 2019. The indirect shares were made up of 537.73 million shares owned by United Alliance Company of Nigeria Limited and 702.56 million shares owned by Trust and Capital Limited.

It said the 55.6 million shares sold were from Wigwe’s indirect holding through Trust and Capital Limited

It added that the number of shares sold was an aggregation of sales made on four different instances ― 3.61 million shares on January 10, 20.14 million shares on January 13, 9.24 million shares on January 14 and 22.63 million shares on January 15.

Wigwe sold the shares at a price of N10.80 on January 10, N10.70 on January 13, N10.56 on January 14 and N10.22 on January 15.

Out of the 15 members of Access Bank’s board of directors, Wigwe has the highest stake in the bank, directly owning 201.23 million shares and 1.24 billion shares indirectly.

The additional 28.86 million shares were sold at N10.32 on January 16.

Investors raise concerns: In what is looking like a major concern to investors, the bank CEO’s is selling down his shares just after the bank announced that it had suspended its closed period. Earlier in the year, January 8th the bank announced that it had suspended its closed period which it had earlier communicated on December 30th. The closed period was supposed to last until January 29th, 2020.

Some investors who spoke to Nairametrics on the condition of anonymity are now wondering if there is a connection between the back to back sale of shares and the abrupt suspension of the announcement of the closed period.

While there is no proof, it is likely that as a leading member of the management of the bank he may have seen the results of the company giving him an undue advantage over other shareholders of the company who are not privy to results.

EFCC Invite: Herbert Wigwe was recently reported to have been arrested by officials of the EFCC even though the bank denied it issuing a statement on the website of the Stock Exchange. The bank claimed he was merely invited by the EFCC for talks on how to resolve the issue between Abia State governor, Orji Uzor Kalu, and his company Slok Nigeria Limited and Access Bank.

“Given the differing interests of the Commission and the Bank on the assets of Slok deriving from the court’s recent judgment on Slok, the Commission had invited for interrogation officials of Access Bank who were handling the Bank’s recovery efforts on Slok credit including its Group Managing Director.

The share price of Access Bank Plc closed at N10 on December 31, and recorded a sustained appreciation up till January 8, where it closed a N11.80. Access Bank closed trading on Tuesday at N10.05 having opened at N10.75.

Canadian Dollar Outlook Deteriorates after January BOC Rate Decision

USD/CAD Rate Forecast Overview:

Canadian Dollar Outlook Deteriorates after January BOC Rate Decision

A stark change in tone from the BOC from just earlier this month caught traders by surprise, sending the Canadian Dollar tumbling across the board.

USD/CAD rates have entered a short-term reversal scenario, although the longer-term outlook remains clouded thanks to a key technical development at the end of 2019.

According to the IG Client Sentiment Index, USD/CAD rates have a bearish trading bias.

Canadian Dollar Falls After BOC Meeting

The Canadian Dollar endured a meaningful setback following surprise commentary at the January Bank of Canada rate decision. After striking an optimistic tone at the start of the year, noting that the Canadian economy had weathered the US-China trade war, BOC Governor Stephen Poloz effectively took a sentiment U-turn in noting that policymakers were uncertain if the recent slowdown in Canadian economic data was temporary or due to global factors.

Rate Cut Expectations Rise After Poloz Comments

Traders were caught off guard, largely expecting an anodyne BOC rate decision in light of the fact that interest rate markets were subdued: ahead of the January BOC meeting, traders were pricing in one 25-bps interest rate cut in 2020, due for October. Dour commentary coupled with a revision to the 2020 and 2021 GDP forecasts – the BOC sees the Canadian economy growing by 1.6% from 1.7% in 2020, and at 2% from 1.8% in 2021 – has provoked a material repricing of BOC rate cut odds.

Bank of Canada Interest Rate Expectations (January 22, 2020) (Table 1)

According to Canada overnight index swaps, rates markets are now pricing in an implied probability of 64% for the a 25-bps rate cut to come at the July BOC meeting – two months earlier than previously anticipated. Similarly, there is now a 35% chance that a second 25-bps rate cut comes at the October BOC meeting. At the start of 2020, rates markets did not have any interest rate cuts priced-in for 2020; this has been a dramatic escalation in a few weeks time.

USD/CAD Rate Technical Analysis: Daily Chart (January 2019 to January 2020) (Chart 1)

USD/CAD rates are working on a bullish outside engulfing bar today, suggesting further gains in the days ahead. Having cleared out the former monthly high set on January 9 at 1.3103, USD/CAD rates have a near-term bullish bias as a reversal within the congestion dating back to July transpires. A full-scale reversal within the sideways range would call for USD/CAD rates to climb back towards the mid-1.3300s over the coming sessions.

However, there are longer-term technical considerations in play that may curtail a significant reversal. The weekly chart offers important insight for traders, short-term and long-term alike.

USD/CAD Rate Technical Analysis: Weekly Chart (September 2012 to January 2020) (Chart 2)

USD/CAD rates recently rebounded from the 61.8% retracement of the 2016 high to 2018 low range at 1.3065. While the return to the consolidation in place since July suggests a reversal towards 1.3350 is possible, traders may want to curb their enthusiasm for the time being: USD/CAD remains below the rising trendline dating back to the 2012 low.

This trendline comes into play closer towards 1.3225 through the rest of this week; failure here would signify that USD/CAD’s longer-term topping efforts may still be valid. To this end, however, if USD/CAD rates are able to clear 1.3225, we would begin to consider price action in recent months a “false breakout” scenario, ultimately calling for not only a return to 1.3350, but the beginning stages of a longer-term march higher towards the 2016 high at 1.4690.

IG Client Sentiment Index: USD/CAD Rate Forecast (January 22, 2020) (Chart 3)

USD/CAD: Retail trader data shows 58.81% of traders are net-long with the ratio of traders long to short at 1.43 to 1. The number of traders net-long is 8.39% higher than yesterday and 1.82% higher from last week, while the number of traders net-short is 12.62% lower than yesterday and 3.02% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CAD prices may continue to fall.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bearish contrarian trading bias.

Ridiculous: Peter Schiff Lost Access To His Bitcoin Holdings

Ridiculous: Peter Schiff Lost Access To His Bitcoin Holdings

The popular economist and well-known nocoiner, Peter Schiff, has said that he’s lost all of his bitcoins because of a forgotten software. He took his rant to Twitter, outlining that the lost bitcoin has no market value, on top of having no intrinsic value as well.

Peter Schiff Loses His Bitcoins

Peter Schiff is a well-known economist, as well as a frequent guest on national news and an author. However, he has also chosen to take a very definitive stance on Bitcoin. He’s said on multiple occasions that he doesn’t believe it to have any intrinsic value and that it is worthless.

Today, Schiff took it to Twitter to share that he lost access to his bitcoin holdings. He revealed that his wallet “got corrupted somehow” and that his password is “no longer valid.”

Now, if the entire thing sounds particularly ridiculous, it’s probably because it is. Schiff claims that he didn’t forget his password but that his wallet somehow malfunctioned and doesn’t accept it anymore.

Naturally, he doesn’t disclose which wallet service he has been using nor any other information on the matter.

Lost Passwords And The Lack Of Value

There has been a serious debate within the cryptocurrency community for a long time on the matter of security. Losing your private keys means you lose your bitcoins. It’s that simple. There is no way to recover them and there’s no central authority that can bring them back for you or give new ones.

That’s the trade-off that decentralization comes with. But there are plenty of things that one can do to guarantee that his private keys remain safe.

In any case, there is absolutely no correlation between the way bitcoins are stored and whether or not the cryptocurrency has any intrinsic value. That much is clear.

On the matter of Schiff’s case, the entire thing sounds rather strange, to say the least. For once, it’s probably a good idea to contact the customer support of the wallet and see what the problem may be.

It’s also possible that the wallet provider got hacked, but that’s something completely unrelated to Bitcoin and it’s overall decentralized nature.

Update: Schiff Claims He Never Had The Wallet’s Private Key

Two days after, Schiff replies to Eric Voorhees, CEO of ShapeShift, as the last is said to be the one who opened Schoff’s un-accessed Bitcoin wallet.

“Eric that is not what happened. You created the wallet, and the only thing you asked me to do was to select a password to unlock it. I did. That same password worked every time I used it until Saturday. You never told me about the seed phrase. I can’t lose what I never had!,” According to Schiff.

Monthly foreign exchange inflow rose to $9.84bn –CBN

Monthly foreign exchange inflow rose to $9.84bn –CBN

Aggregate foreignexchange inflow into the economy amounted to $9.84bn in November 2019, showing an increase of 7.5 per cent above the level at the end of the preceding month.

The Central Bank of Nigeria disclosed in its 2019 November economic report on foreign exchange flows that it however, showed a decrease of 21.1 per cent relative to the level at the end of the corresponding period of 2018.

The increase was as a result of 5.8 per cent and 8.5 per cent rise in inflow through the bank and autonomous sources, respectively.

Aggregate foreign exchange outflow from the economy, at $4.70bn, fell by 12.2 per cent and 21.3 per cent, below the levels in the preceding month and the corresponding period of 2018, respectively.

The development was attributed, mainly, to the 12.9 per cent decline in outflow through the Bank.

Inflow through autonomous sources rose by 8.5 per cent to $6.12bn in November 2019, above the level at end-October 2019.

Outflow from autonomous sources, on month-on-month basis, fell by 3.9 per cent to $0.39bn, reflecting a decline in invisible and visible imports.

According to the CBN, foreign exchange flows through the economy, resulted in a net inflow of $5.14bn in the review period, compared with $3.81bn and $6.51bn at end-October 2019 and end-November 2018, respectively.

The external sector performance improved in the review month, due to increase in the international price of crude oil by 7.5 per cent to $63.56 per barrel.

Consequently, aggregate foreign exchange inflow into the Central Bank of Nigeria, at $3.72bn, rose by 5.8 per cent, above the level in the preceding month.

It, however, showed a decrease of 53.0 per cent below the level at the end of the corresponding period of 2018.

The rise in aggregate foreign exchange inflow, into the CBN, relative to the preceding month’s level, was attributed, largely, to the rise in both oil and non-oil receipts.

It stated that aggregate outflow of foreign exchange from the bank fell by 12.9 per cent and 17.3 per cent to $4.31bn, below the levels at the end of the preceding month and the corresponding period of 2018, respectively.

The development, relative to the preceding month’s level, was attributed, mainly, to 10.4 per cent and 18.4 per cent decline in interbank utilisation and other official payments, respectively.

Overall, foreign exchange flows, through the bank at end-November 2019, resulted in a net outflow of $0.59bn, compared with a net outflow of $1.43bn in the preceeding month.

It, however, recorded a net inflow of $2.71bn, when compared with the level in the corresponding period of 2018.

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