Global Investors Flock Japanese Shares

Japanese shares are getting cheaper faster than any developed market as global investors regain faith in the world’s third-largest economy, with valuations declining even as the benchmark Topix index rallies.

The price-earnings ratio for the nation’s companies dropped to 14.3 times estimated profits from 17.1 at the start of 2013 because the Topix’s 34 per cent surge, the biggest among 24 developed countries tracked by Bloomberg, has failed to keep up with analyst forecasts for 60 per cent income growth.

AMCON Denies Taking Over Wema Bank

The Asset management Corporation of Nigeria (AMCON) on Wednesday denied claims that the corporation had taken over the ownership of Wema Bank.

According to Kayode Lambo, the Head of Corporate Communications at AMCON, the agency does not interfere with the running of the bank. “AMCON does not have any impact on Wema Bank’s normal business. AMCON was established to help revive and stabilise the Nigerian economy by effectively resolving the non-performing loan assets in the Nigerian banking sector,” Mr. Lambo said.

NASD OTC –The New Contender

It is a new day for companies whose shares are not listed on the Nigerian Stock Exchange (NSE) as they now get the spotlight. On the 1st of July, 2013, the National Association of Stock Dealers (NASD) launched its Over-the-Counter (OTC) market with trading of unlisted shares of 200 companies. Six banks are to act as settlement banks as the trading of the unlisted companies would be carried out over their counters. With this development, the OTC trading in the Nigerian market should subsequently see a boost.