Market Beat in partnership with Data Bank Securities Ltd  wish to bring to our readership this section on Africa’s Finances and Markets and we do hope the material embedded therein will be of some use to you.

Nigeria: Access Bank declares N10.5 billion dividend

Access Bank Plc, in its financial result has reported a triple digit growth across key performance indices. The bank has thus declared a N10.5bn dividend pay - out. The Bank by this performance has surpassed its revised forecast for the year.

 According to the bank result the shareholders fund now stand at N172 billion representing a 508 per cent growth over the period. The result recently approved by the Central Bank and released on the floor of the Stock Exchange, showed that the Bank's total assets and contingents continued on the upward trend as it grew by 194 per cent from N408.7 billion in 2007 to N1.2 trillion in 2008.

The outstanding growth in balance sheet size is demonstrative of the underlying growth of public confidence in the Access Bank franchise aided by effective deposit mobilisation strategies and the development and introduction of innovative and solution - based financial products.

 According to the bank financial report the Bank recorded an increase of 137 per cent in profit before tax, rising from N8 billion in 2007 to N19 billion coupled with a 107 per cent growth in gross earnings, from N28 billion to N57.6 billion.

The reassuring quality of the result is strongly indicative of the Bank's commitment to its strategic goal of becoming one of the top 3 financial services groups in Nigeria by 2012.

As a rapidly emerging African financial power house, the Access Bank franchise is increasingly an investor's delight owing to its significantly enhanced shareholder value creation and immense returns potential.

Kenya: Safari COM investors still waiting for refunds a month later

Over a month after the results of the Safari COM Initial Public Offering (IPO) were unveiled, some investors have not received their refunds. In Eldoret, some investors are still waiting for refunds from various stock brokers' to invest the money elsewhere.

They say that some of the brokers are reluctant to refund their money. Investors had applied for shares worth Sh50, 000 only to receive 2,200 shares, the equivalent of Sh11, 000 at the issue price of Sh5 per share.

The shares reached a high of Sh8 at the Nairobi Stock Exchange and are now trading at Sh6.80 cents. Some especially those who depended on business are unable to repay their loans due to the post-election violence that affected their operations.

 The investors appealed to the government to intervene and ensure that the refunds are processed.

The selling agents issuing the cheques have maintained that the delay was because they must ensure there was sufficient proof from the investors before payment.

The Safari COM IPO attracted the highest number of prospective buyers- 860,000 in Kenya's IPO history.

The 10 billion shares that were put on sale were oversubscribed by a massive 453 per cent forcing a reduction in the number of minimum shares allocated to individual applicants.

Zimbabwe: Government says inflation now 2.2 million percent
The country's official inflation rate hit 2.2 million percent on Wednesday.

Reserve Bank revealed the new figures in Harare but a respected economist believes the rate could be as high as 15 million percent. Zimbabwe's annual rate of inflation is the highest in the world.

This week the Dalasi has regained some lost grounds it surrendered in the past three consecutive weeks against the Pound Sterling, the Us Dollar and other major world currencies.

However, these gains are only minor and they would not influence any major changes in our local currency markets.

I must at this juncture say that it is indeed very minor gains but if we are able to go on a run of four weeks constantly making minor gains against these world major currencies then it will be something very good for the Dalasi and the Gambia.

I am always trembling when the Dalasi edges closer to the 50 Dalais to a Pound Sterling Mark as then it is high prices and inflation about to take a bite into our poor financial situations.

Market Beat has the privilege to bring to you the currency tables as we buy and sell in our major banks as dictated by the Central Bank of the Gambia (CBG), thus:

CURRENCY SCB SCB TBL TBL ICBG ICGB FIB FIB ECOB ECOB
 BUY SELL BUY SELL BUY SELL BUY SELL BUY SELL
USD (1)  21.00 22.20 19.50 21.20 21.00 22.50 20.80 22.15 20.75 21.50
EURO(1)  31.30 33.20 30.10 33.10 32.80 34.70 31.00 33.00 31.90 33.61
GBP(1)  39.25 41.65 38.00 42.00 41.60 43.60 39.00 41.50 40.5 42.08
CHF (1)  19.30 20.60 18.50 20.00 0.00 0.00 0.00 0.00 19.29 20.67
SEK (100) 330.00 360.00 300.00 330.00 0.00 0.00 0.00 0.00 313.25 355.05
CFA(5000) 235.00 255.00 220.00 245.00 235.00 260.00 0.00 0.00 239.00 257.00
NOK(100) 380.00 430.00 360.00 420.00 0.00 0.00 0.00 0.00 370.31 419.10
DKK (100) 410.00 460.00 380.00 440.00 0.00 0.00 0.00 0.00 399.36 447.28
SAR(1)  0.00 0.00 6.84 7.25 0.00 0.00 0.00 0.00 0.00 0.00
CAD(1)  19.75 21.00 19.00 21.50 0.00 0.00 0.00 0.00 0.00 0.00
JPY(100)  19.00 20.50 19.30 21.20 0.00 0.00 0.00 0.00 0.00 0.00
AUD(1)  0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
          
CURRENCY ACCES ACCES BSIC BSIC IBC IBC AGIB AGIB GTB GTB
 BUY SELL BUY SELL BUY SELL BUY SELL BUY SELL
USD (1)  20.60 21.90 20.80 22.00 20.00 21.40 21.00 22.25 21.25 22.30
EURO(1)  32.50 34.25 31.50 33.40 31.10 33.20 31.30 33.70 31.50 34.00
GBP(1)  40.00 43.25 39.55 42.40 39.50 42.20 39.90 42.50 40.25 43.00
CHF (1)  0.00 0.00 18.75 19.80 18.50 21.00 19.34 20.75 18.70 21.00
SEK (100) 0.00 0.00 345.00 360.00 320.00 375.00 330.00 375.00 300.00 375.00
CFA(5000) 240.00 257.00 237.00 255.00 220.00 250.00 245.00 265.00 220.00 260.00
NOK(100) 0.00 0.00 406.00 430.00 365.00 445.00 390.00 445.00 0.00 0.00
DKK (100) 0.00 0.00 425.00 460.00 380.00 430.00 420.00 457.00 0.00 0.00
SAR(1)  0.00 0.00 0.00 0.00 0.00 0.00 6.50 7.5 0.00 0.00
CAD(1)  0.00 0.00 19.10 20.10 19.00 21.50 19.60 20.90 0.00 0.00
JPY(100)  0.00 0.00 19.00 20.00 0.00 0.00 0.00 0.00 0.00 0.00
AUD(1)  0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

The Brikama Area Council (BAC) and Old Yundum Village Development Committee (OYVDC), on Wednesday, signed a Memorandum of Understanding (MoU), for the management and maintenance of the recently completed community market built by the people of Old Yundum.

According to the MoU , the BAC will take charge of the management, collection of taxes and the maintenance of the market.

The market has a total of 696 shops, 269 stalls, a mosque and toilets. Momodou Jallow, chief executive officer (CEO) of the Brikama Area Council and Mamudou Faye, chairman of the Old Yundum VDC inked the MoU on behalf of their respect ive institutions.

According to Sereign Modou Joof, public relations officer of the Brikama Area Council, BAC played a vital role during the construction of the market.
PRO Joof expressed appreciation of the pragmatic efforts made by the people of Old Yundum and urged other villages to emulate them.

Market Beat in partnership with Data Bank Securities Ltd  wish to bring to our readership this section on Africa’s Finances and Markets and we do hope the material embedded therein will be of some use to you.

Africa: Ecobank Group, Bank of Industry Sign MOU on SMEs across Africa
Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group and, Bank of Industry (BOI) have signed a Memorandum of Understanding (MoU) to jointly Support Micro, Small & Medium Businesses across Africa (MSMEs

partnership would provide a unique framework for mobilizing resources within and outside the continent in support of entrepreneurship and private sector development in Africa which according to her are indispensable prerequisites for attaining the Millennium Development Goals.

With this partnership, Ecobank, the leading pan African banking group in Africa with a presence in 24 African countries and the Bank of Industry, a leading development bank in Africa, seek to cooperate together in supporting entrepreneurs and working together as partners in their efforts to contribute to the economic and financial development of Africa. To be continued

Market Beat would like to continue as usual where we left off weeks ago with our tax tables. Please stick with us as we try and get every working person covered and so that you are in no illusion as to how much tax you should be paying.

As the weeks roll by we will eventually get to your scale. This week we have the privilege to comb the following tax brands and figures.
Jolly good week from market beat to all of you. Cheers!

24700.00 2053.01 2058.00  173.33
24760.00 2058.01 2063.00  174.08
24820.00 2063.01 2068.00  174.83
24880.00 2068.01 2073.00  175.58
24940.00 2073.01 2078.00  176.33
25000.00 2078.01 2083.00  177.08
25060.00 2083.01 2088.00  177.83
25120.00 2088.01 2093.00  178.58
25180.00 2093.01 2098.00  179.33
25240.00 2098.01 2103.00  180.08
25300.00 2103.01 2108.00  180.83
25360.00 2108.01 2113.00  181.58
25420.00 2113.01 2118.00  182.33
25480.00 2118.01 2123.00  183.08
25540.00 2123.01 2128.00  183.83
25600.00 2128.01 2133.00  184.58
25660.00 2133.01 2138.00  185.33
25720.00 2138.01 2143.00  186.08
25780.00 2143.01 2148.00  186.83
25840.00 2148.01 2153.00  187.58
25900.00 2153.01 2158.00  188.33
25960.00 2158.01 2163.00  189.08
26020.00 2163.01 2168.00  189.83
26080.00 2168.01 2173.00  190.58
26140.00 2173.01 2178.00  191.33
26200.00 2178.01 2183.00  192.08
26260.00 2183.01 2188.00  192.83
26320.00 2188.01 2193.00  193.58
26380.00 2193.01 2198.00  194.33
26440.00 2198.01 2203.00  195.08
26500.00 2203.01 2208.00  195.83
26560.00 2208.01 2213.00  196.58
26620.00 2213.01 2218.00  197.33
26680.00 2218.01 2223.00  198.08
26740.00 2223.01 2228.00  198.83
26800.00 2228.01 2233.00  199.58
26860.00 2233.01 2238.00  200.33
26920.00 2238.01 2243.00  201.08
26980.00 2243.01 2248.00  201.83
27040.00 2248.01 2253.00  202.58

One Momodou Lamin Jallow was on Monday convicted and sentenced to a fine of D4000 in default to serve six months imprisonment for the offence of shop breaking and stealing.

According to the facts of the case, the convict on the 1st July this year at Latri-Kunda market broke into the shop of one Naffie Camara and therein stole 12 kilos of blue powder, 2 packets of soap, 17 packets of China green tea, 9 boxes of matches and 12 stock of starch.

The newly constructed market at Sanyang in Kombo South is completed and awaiting an official opening.

The market was sponsored by Brikama Area Council and has three stores, a special meat market, fish market and a vegetable market. All are separate from each other.

Speaking to The Point at the development, the Councilor of Sanyang Ward, Mr. Sarja Gibba, expressed his delight to Brikama Area Council for its support in completing the project.

He thanked the women of Sanyang who were the only people at the ‘tesito’ development work of the market at the time of the interview.

Paul Alex Mendy, who oversaw the project for the development officer, expressed his satisfaction with the work.

The Alkalo of Sanyang, Turuba Bojang, said it has all come true at last. He thanked the President and Brikama Area Council for “their concern for us in building this market. I look forward to witnessing the official opening of the market,” he concluded.

Located at Fatou Camara’s compound near the Ebo town market, Alhagie Sidibeh is a specialist in traditional healing and has for many years cured a good number of people.

Speaking in an exclusive interview with The Point, Mr. Sidibeh noted that he cures eye problems of any kind, blindness, cataracts, yellow fever, impotency, piles, stomach-ache, back ache and frequent urinating among other diseases.

According to Mr. Sidibeh, impotency can be treated in three days and cataracts can be cured in not less ten minutes. Stomach-ache can be treated in one or not more than three days. Piles can be treated in less than one week. Frequent urinating can be treated in a period of one week.

Having engaged in the traditional healing business for a long period now, Mr. Sidibeh is described by many as one of the best traditional healers in the country today whose treatments last for a very short period of time.

For more information about his treatment procedures, Alhagie Sidibeh can be reached on the following numbers: Tel: 9874044, 7741557 or 6415730