Vanguard Markets, October 20, 2014 edition

Africa’s largest economy, what next?

IGERIA AS AN investment desti-nation is on the as-

cendant. The country’s rising prominence is reflected by

international money’s calen-dar commitments to invest-ment-themed events. The re-basing of the country’s gross domestic product sharpened its selling point. In April, the National Bureau of Statis-

tics announced that Nigeria’s recalculated GDP had cata-pulted from N42.4 trillion or $269.5 billion to N80.2 tril-lion, or $509.9 billion, mak-ing it the largest economy in Africa ahead of South Af-

rica, and the 26th biggest in the world. The applause for this leapfrogging feat is dy-ing down. Economists, and analysts are preoccupied with what follows. How will its new status affect the cost and ease of doing business as well as investment by private capital? Being the continent’s biggest economy cannot be an end in itself.

They finally get itAfter years of bashing for

corruption, poor infrastruc-ture, epileptic power supply, and an over-dependence on petroleum, Nigeria is enter-ing the good books. Of course, this did not suddenly happen the morning after rebasing. Reforms have been going on in spurts and bursts since the country’s return to civil rule in 1999.

Nigeria can no longer be ignored by serious investors seeking exposure to the con-tinent. Companies and port-folio investors’ ears perk up when Nigeria is mentioned. Size can be its own reward. For instance, in May, Morgan Stanley increased the coun-try’s weighting in its MSCI Frontier Index by 600 basis points to better represent the reality.

In the past, roadshows were more the norm when minis-ters and top-shots went round New York, London, and Tokyo

cap in hand to ask for invest-ment. What is different is that this time the world is coming to Nigeria to listen to its story. Instead of waiting in their cap-itals for Nigeria to come to sell its story as in former times, the world is not beating a path to Nigeria to buy its story.

A thread runs through

Investment conferences are commonly used as a platform for the presentation of an in-vestment case. They pull feed-back from audiences, who act as objective sounding boards outlining steps to be taken to bring in the money. Since these events gather attendees from every point on the in-vestment pipeline they are a good way to take the tempera-ture on market sentiment.

This year, Nigeria has host-ed two major investor-themed conferences. The observant spectator will find a topical unity ties the discussions at both to Nigeria’s economic transition and the issues it has thrown up.

Over three days in May, Abuja played host to the World Economic Forum on Africa earning the coun-try’s policy-makers and lead-ers acclaim for the quality of A-list speakers and audience it drew.

Nigeria’s rebased GDP has earned it the top spot as Africa’s biggest economy. This is good, but it is not enough. Translating its size and potential to jobs for its teeming youth population and tangi-ble development are a few of the challenges facing decision-makers if they are to avoid the blown chances of the 70s and 80s, when Nigeria frittered away its oil wealth. Investment conference or-ganizers have zeroed in on what needs to be done.

Vanguard Markets | Monday, October 20, 2014 | Issue 015

FIXED INCOME & FOREX

Investment conferences chart way forward

Source: FMDQ

N

Currency Central Rate

SWISS FRANC 165.0122

YEN 1.4593

CFA 0.2918

WAUA 230.7496

RIYAL 41.3872

DANISH KRONE 26.7625

SDR 232.0205

MoFr25.00

25.10

25.30

25.20

25.40

Tu We Th Fr

CNY/N

MoFr195.7

196.7

198.7

197.7

199.7199.2917

Tu We Th Fr

Euro/N

MoFr246.5

247.5

249.5

248.5

250.5250.3257

Tu We Th Fr

£/N

MoFr155.0

155.1

155.3

155.2

155.4155.26

Tu We Th Fr

$/N

FOREX RATES

InsideArt patrons impatiently await Kavita Chellaram’s Arthouse Contemporary’s November sales

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INVESTMENT CONFERENCES

25.3518

Chinelo Anohu-Amazu, director-general, National Pension Commission at the 2013 edition of the FBN Capital Investor Conference. The country’s pensions czarina is returning as an invited speaker at this

year’s conference. The audience will expect her to answer questions on the new Pension Law and guidelines for pension fiduciaries, who hold more than $23 billion under management, desirous of

plugging funding gaps in areas like infrastructure and housing.

JAYWALKER

Paywalls return-ing to Nigerian media sites

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AYWALLS, THE restriction of con-tent on media sites

to paying subscribers, are a sensitive innovation. They are unpopular with faithful readers, who feel alienated, and confusing for publishers faced with the riddle of get-ting value for the investment they made in newsgathering and maintaining their online operations.

In the search for alterna-tive revenue streams to sup-port dwindling print rev-enues, publishers want to monetize the popularity of

their websites. Understand-ably, visitors used to access-ing news for free kick against these tolls. Often, the specific price point is not the issue for visitors. Readers resist the idea in its entirety. They won-der why media houses would charge for content that other media sites give out for free. The commoditization of news and proliferation of qual-ity analyses on the web make publishers cautious about billing for access.

To date, only two news sites among major media ti-tles, the Wall Street Jour-nal, and Financial Times, have made a success of pay-walls. Their subscription numbers keep growing each year. Importantly, their sub-scription revenues exceed online ad income. The FT is held up as the poster boy for successful paywall adoption. In 2013 its global print circu-lation was 224,372 a day. Of that amount 70,000 copies were sold per day in the UK. Digital subscriptions surpass those figures at 455,000. Commenting on the success

of the FT’s digital subscrip-tion model, John Ridding, the salmon-coloured paper’s chief executive asserted that ‘we are no longer fixated by print circulation volumes.’

Back in May 2009, two months after it launched Mobile Punch, the man-agement of Nigeria’s Punch newspaper took the radical step of introducing a paid subscription model on its

website, the first of its kind in Nigeria. Access to full news stories on its dedicated web address at Punchontheweb.com cost N1,500 per month. This was N900 more expen-sive than the Mobile Punch service.

The backlash from readers was ferocious. Recognizing the overwhelming negative feedback, the paper reversed its decision. With hindsight,

it could well have been that the strategy should have been better thought through. For example, more home-work could have been done on the best premium access model to adopt (hard wall, freemium, metered). Greater attention should have been devoted to understanding the prevalent preference for the print edition by a large seg-ment of those who could af-ford the online subscription. Finer accuracy should have been insisted on in locating the saddle point between rev-enues lost from advertisers focused on site traffic num-bers, and the new subscrip-tion fees from paying readers. For the record, online ad rev-enues at most media houses fall well short of levels re-quired to sustain operations. Hence, claims of upsetting advertisers should be taken with a pinch of salt.

There is nothing inherently suicidal about charging for online content. This is an end determined by the business rationale of paying for high quality reporting and running

a high grade online media op-eration.

In fact, the trend at many media houses is to separate digital publishing as a sepa-rate division from the print business. Gone are the days when all that was needed was a webmaster and one assis-tant to manage all online as-sets.

Therefore, it was interest-ing to see BusinessDayOn-line.com, the website of Busi-nessDay, briefly introduce a hard wall early last week. When readers clicked on a story, they were taken to a log-in page. Its innovative tiered subscription model binds online access with print delivery for its middle or Premium Plan (N4,250) and Premium Plus Plan (N5,950). The entry or Basic Plan (N1,700) provides only on-line access. A comparison of each plan’s offering is avail-able at BusinessDayOnline.com/subscription. The bar-rier lasted for only a day.

Li Keqiang, Premier of the People’s Republic of China, Dominic Barton, Global Managing Director, McKin-sey & Company, Donald Kaberuka, President, Afri-can Development Bank, and Luiz Inácio Lula da Sil-va, former President of Brazil (2003-2010) are some of the distinguished personalities names that graced the event.

The theme of the meet-ing was Forging Inclusive Growth, Creating Jobs, a critical subject for a continent projected to achieve a growth rates above 5 per cent in 2014. This good news could be dampened if its leaders do not find productive means to en-gage what experts now refer to as sub-Saharan Africa’s ‘youth bulge’. United Nations’ figures estimate that SSA has 200 mil-lion people aged between 15 and 24, making Africa the con-tinent with the youngest popu-lation in the world.

Then in September, Eu-romoney held its Nigeria Banking and Capital Mar-kets Conference 2014. The one-day event attracted more than 350 policymakers, bank-ers, investors, and corporates to discuss and exchange ideas on the future of the continent’s biggest economy. Its theme was The New Era of Capi-

tal Access: Solutions for the New Reality. The reality referred to was what the or-ganizers aptly described as the overdue, but dramatic, rebas-ing of Nigeria’s economy. Dur-ing Q&A sessions questions like ‘how has the rebasing af-fected the access to capital for prospective issuers?’, ‘would a more diversified economy translate to less vulnerabil-ity to oil prices’ fluctuations?’ and ‘how should policymakers respond in the wake of the re-basing of GDP?’ solicited active responses across the hall.

FBN Capital’s Investor Conference to proffer actionable solutions

Situating itself right at the epicentre of the discourse on the best ways to pull in the complete benefits of being Af-rica’s biggest economy is the forthcoming FBN Capital Investor Conference. It is scheduled to hold on Novem-ber 11 – 12, 2014. This is the fourth in a series of annual events organized by the award-wining investment bank. Started in 2011 under its late maverick chief executive, Osa-zee Osifo, the maiden confer-ence had as its theme, From BRICS to BRINCS - A Real Conversation. The following year, the organizers picked the theme Catalysts for growth

- A Pragmatic Approach. Last year, the FBN Capital chose Tomorrow’s Nigeria through Economic Em-

powerment as the theme. This year’s theme is Lifting

the Lid on Emerging Nige-ria. A statement put out by the

organizers explains that the fo-cus of the event will be on how Nigeria can capitalize on the recent GDP rebasing, which has propelled it to the posi-tion of the largest economy in Africa and also shine the spotlight on previously under-represented fast growing sec-tors of the economy which the recent rebasing has brought into focus.

Too large to ignoreIn a paper, The invest-

ment case for Nigeria, writ-ten to coincide with the run-up to the conference, the author, Gregory Kronsten, head, macro-economic and fixed in-come research at FBN Capital, argues that Nigeria has envi-able growth prospects that outshine its peers on the con-tinent, and even those in the Goldman Sachs-coined MINT group (Mexico, Indonesia, Ni-geria, and Turkey). Its outlook is underpinned by ‘rising con-sumption, favourable demo-graphics, urbanisation and a reform programme in process.’

But as every school boy knows, outlooks do not mate-rialize on autopilot. This point was eloquently noted by Albert Essien, group CEO, at Eco-bank, the pan-African lender when he said on the side lines of WEF on Africa that ‘Africa has been rising for a long time. I hope we will eventually

get to a point where we have risen.’

The conference organisers have assembled a brains trust of discussants to map the way to that point. Joining God-win Emefiele, the governor of the Central Bank of Nigeria, Olusegun Aganga, minis-ter for trade and investment, Omobola Johnson, minister of communication technology, and Chinelo Anohu-Ama-zu, director-general, Nigerian Pension Commission, will be Anil K. Gupta. He is the Mi-chael Dingman Chair in Global Strategy & Entrepreneurship at the Smith School of Busi-ness, The University of Mary-land at College Park, and is regarded as one of the 50 most influential management think-ers in the world today.

More than glossy brochures and refreshments

Nigeria stands to gain a lot from investment confer-ences. These events are about more than meet, greet, and speak. They provide answers to the long lists of whys, hows, wheres that investors have scribbled on their iPads. What remains is the recall quotient policymakers and executives need to take home the lessons after the presentation slides flicker off. ;

BUSINESSVM2

JAYWALKER

INVESTMENT CONFERENCES

VM | Monday, October 20, 2014 | Issue 015

Investment conferences chart way forward

Paywalls returning to Nigerian media sites

W Continued from Page VM1

Obiora [email protected]

P

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TRENDS IN WORLD OUTPUT GROWTH (%)2012 2013 2014E 2015E

World 3.20 3.00 3.60 3.90US 2.80 1.90 2.80 3.00

Japan 1.40 1.50 1.40 1.00Eurozone -0.70 -0.50 1.20 1.50

Brazil 1.20 2.30 1.80 2.70Russia 3.40 1.30 1.30 2.30India 4.70 4.40 5.40 6.40China 7.70 7.70 7.50 7.30

South Africa 2.50 1.90 2.30 2.70Mexico 3.90 1.10 3.00 3.50

Indonesia 6.30 5.80 5.40 5.80Nigeria 6.60 6.30 7.10 7.00Turkey 2.20 4.30 2.30 3.10

Source: IMF, World Economic Update, April 2014, FBN capital Research

Source: abc.org.uk

LEGEND

15-week trading bar:This bar shows the volume of the company’s shares traded during the 5 most recent weeks. Each alternate colour bar represents a consecutive week. The bar is to be read from left to right. The first bar on the left (light blue) represents the traded volume five weeks ago. The next bar (grey) represents the volume 4 weeks ago. The 5th and last bar (light blue) signifies the volume of shares exchanged last week. The purpose of the Weekly Trading bar is to give readers an instant view of trading volumes as they compare on a week-by-week basis.

2Liquidity Rating: This indicates the level of demand for a company’s shares based on the number of deals rather than volume done over the past week. Stocks are graded accord-ing 5 categories. Blue spheres are used to represent liquidity. • Category 5: This is the highest liquidity rating shown by 5 blue spheres.

Stocks that have traded more than 20 deals per day on at least 4 days in the past week are awarded this score

• Category 4: This is shown by 4 blue spheres. It indicates that the stock has

traded between 12 to 19 deals per day on at least 4 days in the past week• Category 3: Shown with 3 spheres, this liquidity classification represents

those stocks that have traded 8 to 11 deals per day on at least 4 days in the past week

• Category 2: Shown with 2 spheres it identifies those stocks that traded 4 to 7 deals per day on at least 4 days in the past week

• Category 1: This is shown by one blue sphere to represent stocks on which 3 deals and/or below were traded per day on at least 4 days in the week.

SECTOR PRICE CHANGES – OCTOBER13–17, 2014MARKET REVIEW – OCTOBER 13–17, 2014

TRADING UPDATE

DASHBOARD

TickerFriday 5-day 4-Week

5-Week trading1

52-Week price rangeYtD PE EPS Liquidity

Rating2Close Change, % Volume Open Week Hi Week Lo Change,

% Volume Open Change, % Volume Low Close ( ) High

7UP 179.55 10.25% 917 162.86 179.55 155.11 10.25% 11,872 140.70 27.61% 22,644 68.00 179.55 151.36% 36.52 4.46 ABCTRANS 0.65 -2.99% 12,786 0.69 0.70 0.65 -5.80% 37,587 0.69 -5.80% 183,554 0.65 0.97 -16.86% 3.10 0.21

ACCESS 8.40 0.60% 717,796 8.77 8.98 8.20 -4.22% 1,937,880 9.59 -12.41% 4,150,166 7.22 10.65 -12.50% 5.28 1.57 AGLEVENT 1.39 0.00% 269 1.33 1.40 1.33 4.51% 4,944 1.32 5.30% 27,110 1.25 1.86 -14.72% 5.91 0.23

AIICO 0.80 0.00% 65,323 0.80 0.81 0.78 0.00% 322,533 0.85 -5.88% 1,343,578 0.74 1.00 -13.04% 5.13 0.15 AIRSERVICE 1.91 0.00% 715 1.91 2.01 1.91 0.00% 2,421 2.00 -4.50% 10,103 1.91 3.97 -42.99% 3.82 0.50ASHAKACEM 30.68 -0.07% 8,999 32.00 32.68 29.22 -4.13% 45,848 32.40 -5.31% 133,494 13.87 34.60 40.22% 38.35 0.80 BETAGLAS 19.62 -6.57% 14 19.00 21.00 19.00 3.26% 693 18.40 6.63% 39,157 12.00 22.10 35.97% 5.92 3.38CADBURY 52.49 -0.04% 333 54.52 54.52 52.49 -3.72% 13,206 52.50 -0.02% 56,528 49.90 110.00 -45.99% 33.45 1.57

CAP 39.00 0.36% 2,168 39.00 40.90 38.50 0.00% 11,012 38.21 2.07% 39,184 35.96 51.66 -18.72% 23.30 1.67 CCNN 13.80 -2.20% 2,509 15.00 15.63 13.80 -8.00% 17,703 14.01 -1.50% 85,837 8.00 15.98 15.10% 12.50 1.12

CONOIL 44.44 -9.73% 454 52.00 52.00 44.44 -14.54% 2,900 47.01 -5.47% 19,228 33.33 79.80 -27.53% 14.75 3.34 CONTINSURE 0.91 -4.21% 7,050 1.00 1.02 0.91 -9.00% 168,562 0.96 -5.21% 338,445 0.91 1.29 -24.17% 5.69 0.16COURTVILLE 0.54 1.89% 1,491 0.53 0.57 0.52 1.89% 27,251 0.53 1.89% 151,314 0.50 0.89 -16.92% 4.82 0.11 CUSTODYINS 4.00 0.00% 5,756 3.98 4.20 3.86 0.50% 306,334 3.95 1.27% 440,950 1.67 4.30 83.49% 16.29 0.24

CUTIX 1.88 -4.57% 2,316 1.98 1.98 1.80 -5.05% 21,890 1.84 2.17% 67,724 1.59 2.27 -3.59% 9.89 0.19 DANGCEM 212.00 -0.93% 1,523 217.01 219.94 204.25 -2.31% 17,859 224.00 -5.36% 377,214 185.00 250.02 -1.92% 17.97 11.80

DANGFLOUR 6.23 0.00% 199 6.23 6.23 5.92 0.00% 4,008 6.89 -9.58% 15,616 5.92 10.76 -39.10% DANGSUGAR 7.15 -1.38% 34,172 8.10 8.15 7.00 -11.73% 100,629 8.10 -11.73% 252,854 7.00 12.49 -36.73% 8.70 0.81 DIAMONDBNK 5.76 3.41% 132,675 6.20 6.20 5.31 -7.10% 421,020 6.20 -7.10% 1,539,846 5.31 8.20 -23.20% 3.53 1.65

ETERNA 3.57 0.00% 1,324 3.80 3.88 3.57 -6.05% 10,763 3.79 -5.80% 99,612 2.48 5.73 -24.52% 6.15 0.61 ETI 18.06 -0.22% 283,037 18.85 19.19 18.05 -4.19% 1,264,392 19.00 -4.95% 2,163,748 12.40 20.28 10.19% 4.97 3.67

FBNH 11.80 7.27% 240,373 12.91 13.39 10.93 -8.60% 2,207,248 14.22 -17.02% 5,225,000 10.93 17.29 -27.61% 5.46 2.16 FCMB 4.20 0.72% 3,853 4.30 4.30 4.00 -2.33% 475,482 4.14 1.45% 1,436,617 3.01 4.64 9.38% 4.78 0.88

FIDELITYBK 1.94 -2.51% 523,158 2.02 2.05 1.86 -3.96% 1,529,469 1.96 -1.02% 2,578,997 1.85 2.95 -28.15% 2.85 0.68 FIDSON 3.33 0.00% 5,227 3.33 3.52 3.33 0.00% 29,523 3.53 -5.67% 130,349 1.91 3.72 21.09% 13.88 0.24

FLOURMILL 60.00 2.27% 4,449 62.16 64.99 58.67 -3.47% 69,046 59.94 0.10% 135,215 58.10 83.64 -26.67% 18.17 3.38 FO 205.11 -0.96% 1,261 220.50 223.00 205.11 -6.98% 9,046 223.99 -8.43% 26,356 61.24 259.94 120.86% 46.61 4.63

GLAXOSMITH 53.20 -3.80% 16 58.06 60.00 53.20 -8.37% 53,660 62.52 -14.91% 99,092 53.20 74.97 -24.00% 18.68 3.00 GUARANTY 26.60 1.29% 168,630 29.57 30.00 25.79 -10.04% 1,057,184 28.95 -8.12% 3,534,258 22.67 31.80 -4.14% 8.14 3.27 GUINNESS 179.61 -0.22% 1,036 193.98 193.98 179.61 -7.41% 8,554 175.50 2.34% 66,930 162.00 262.00 -23.90% 22.84 7.88

HONYFLOUR 3.80 7.04% 938 3.83 4.00 3.51 -0.78% 56,398 4.04 -5.94% 164,963 2.80 4.50 -1.30% 11.32 0.34 INTBREW 31.50 0.00% 1,964 31.00 32.20 29.53 1.61% 52,419 29.00 8.62% 534,199 20.64 32.20 11.23% 49.98 0.63 JBERGER 63.84 0.00% 40 60.65 63.84 60.65 5.26% 279 67.00 -4.72% 7,805 59.18 76.45 1.22% 9.97 6.74

LINKASSURE 0.50 0 0.50 0.50 0.50 0.00% 0 0.50 0.00% 1,025 0.50 0.50 0.00% 12.57 0.04MANSARD 2.98 4.56% 625 3.00 3.13 2.77 -0.67% 77,491 2.60 14.62% 515,739 1.96 3.15 19.20% 19.55 0.15MAYBAKER 1.79 -1.65% 7,080 1.83 2.01 1.67 -2.19% 70,244 1.44 24.31% 197,509 1.33 2.64 -29.80% 20.00 0.09

MOBIL 165.80 -0.31% 425 174.00 176.00 165.80 -4.71% 4,726 174.00 -4.71% 12,560 111.01 182.00 42.93% 15.88 10.44 MRS 53.20 0.00% 121 53.20 53.20 53.20 0.00% 143 53.20 0.00% 690 32.63 70.00 2.86% 53.85 1.04

NAHCO 5.00 0.00% 12,394 4.91 5.18 4.80 1.83% 68,130 5.05 -0.99% 172,503 4.56 6.46 -21.26% 15.39 0.32 NASCON 8.20 -4.09% 20,804 9.26 9.74 8.15 -11.45% 39,720 8.85 -7.34% 141,845 8.15 15.10 -44.78% 7.77 1.05

NB 165.00 -2.94% 22,415 180.00 181.00 165.00 -8.33% 141,137 179.00 -7.82% 444,538 140.00 189.00 -0.01% 31.59 5.24 NEIMETH 1.02 3.03% 1,738 1.05 1.05 0.98 -2.86% 9,287 1.05 -2.86% 62,156 0.79 2.08 -7.27%

NEM 0.69 -4.17% 23,723 0.77 0.78 0.69 -10.39% 95,794 0.79 -12.66% 595,893 0.55 0.97 -14.81% NESTLE 969.99 -0.01% 911 1,022.00 1,050.00 969.99 -5.09% 9,792 1,050.00 -7.62% 38,382 950.00 1,250.01 -17.94% 34.00 28.82

NIGERINS 0.50 0.00% 8 0.50 0.50 0.50 0.00% 942 0.50 0.00% 123,171 0.50 0.54 0.00%NNFM 20.90 0 20.90 20.90 20.90 0.00% 2 21.90 -4.57% 139 18.00 25.57 -5.04%OANDO 21.40 -3.25% 72,970 25.20 25.50 20.71 -15.08% 255,421 24.00 -10.83% 1,311,711 10.60 36.89 -19.94% 19.20 1.11

OKOMUOIL 31.35 -2.70% 74 33.00 34.00 31.35 -5.00% 12,958 33.21 -5.60% 38,952 31.35 45.99 -30.07% 14.41 2.29 PAINTCOM 1.68 0 0 1.52 10.53% 989 1.33 2.23 -13.85% 4.57 0.35PORTPAINT 4.84 0.00% 49 5.23 5.23 4.84 -7.46% 13,161 5.08 -4.72% 26,927 4.00 6.25 -7.81% 8.09 0.60

PRESCO 33.73 -0.79% 140 35.36 35.50 33.73 -4.61% 5,809 39.37 -14.33% 15,709 33.73 49.00 -13.51% 4.24 8.38PRESTIGE 0.50 0.00% 500 0.50 0.50 0.50 0.00% 512 0.50 0.00% 2,775 0.50 0.81 -20.63%

PZ 28.82 0.00% 728 31.92 33.60 28.82 -9.71% 8,747 34.00 -15.24% 86,375 28.82 41.46 -22.10% 22.63 1.34 REDSTAREX 4.00 -4.76% 2,534 4.40 4.40 4.00 -9.09% 47,400 4.53 -11.70% 139,605 4.00 5.35 -5.88% 6.54 0.61ROYALEX 0.51 0.00% 7,436 0.57 0.57 0.51 -10.53% 120,909 0.52 -1.92% 156,138 0.50 0.69 -5.56% 5.09 0.10

RTBRISCOE 0.89 2.30% 1,103 0.89 0.93 0.87 0.00% 8,816 0.94 -5.32% 29,380 0.84 1.49 -36.88%SEPLAT 548.31 -4.76% 911 610.00 610.00 548.31 -10.11% 2,167 640.00 -14.33% 77,537 548.31 735.00 -9.34%

SKYEBANK 2.66 0.38% 51,707 2.77 2.92 2.52 -3.97% 560,186 2.65 0.38% 6,556,040 2.52 4.67 -41.02% 3.18 0.84 SOVRENINS 0.50 0 0.50 0.50 0.50 0.00% 100,312 0.50 0.00% 104,335 0.50 0.50 0.00% 3.36 0.15STANBIC 31.11 3.63% 8,553 32.02 32.50 30.00 -2.84% 61,374 30.02 3.63% 205,999 19.00 35.00 39.26% 16.13 1.92

STERLNBANK 2.35 0.86% 47,917 2.32 2.43 2.28 1.29% 494,800 2.17 8.29% 1,469,246 2.09 2.74 -6.00% 3.73 0.63 TOTAL 171.01 0.01% 911 176.00 177.00 171.00 -2.84% 2,422 172.53 -0.88% 5,626 146.26 195.50 -1.32% 13.25 12.91

TRANSCORP 4.69 -3.30% 484,103 5.49 5.70 4.39 -14.57% 1,668,921 5.87 -20.10% 5,403,020 1.63 7.08 8.06% 53.45 0.09 UAC-PROP 14.00 -1.89% 496 14.50 14.50 13.80 -3.45% 6,693 14.50 -3.45% 37,666 12.80 21.31 -8.95% 6.59 2.20

UACN 53.02 -0.34% 3,834 58.00 58.00 51.23 -8.59% 47,121 57.49 -7.78% 223,144 42.58 67.85 -5.31% 23.91 2.14 UBA 5.29 -0.56% 117,688 6.31 6.64 5.23 -16.16% 638,067 6.92 -23.55% 2,185,819 5.23 9.60 -42.19% 3.11 1.70

UBCAP 1.92 -1.03% 47,435 2.05 2.05 1.90 -6.34% 146,961 2.05 -6.34% 2,179,279 1.24 3.04 -15.42% 6.62 0.29 UBN 8.97 2.75% 2,475 9.06 9.14 8.57 -0.99% 53,582 9.70 -7.53% 121,352 8.00 10.89 -6.66% 46.00 0.19

UNILEVER 43.56 5.24% 285 45.65 45.85 41.39 -4.58% 88,846 50.00 -12.88% 132,226 41.39 64.00 -17.81% 33.46 1.37 UNITYBNK 0.50 0.00% 16,886 0.50 0.50 0.50 0.00% 160,351 0.50 0.00% 758,834 0.50 0.69 0.00% 4.65 0.11 VITAFOAM 4.10 0.00% 1,948 4.27 4.29 4.06 -3.98% 10,891 4.06 0.99% 43,640 3.87 5.70 -14.76% 6.04 0.71

WAPCO 111.06 -4.96% 16,799 128.00 129.35 111.01 -13.23% 39,121 127.90 -13.17% 105,234 95.01 136.73 -3.43% WAPIC 0.63 -3.08% 35,179 0.71 0.73 0.61 -11.27% 282,799 0.72 -12.50% 1,332,477 0.61 1.48 -44.25% 9.00 0.07

WEMABANK 0.95 1.06% 27,545 0.99 0.99 0.90 -4.04% 204,150 0.91 4.40% 362,226 0.85 1.40 -25.78% ZENITHBANK 21.40 1.52% 142,857 22.80 23.88 20.70 -6.14% 1,553,126 24.65 -13.18% 4,666,937 19.50 27.40 -14.40% 6.18 3.46

Agriculture 3 2 0Conglomerates 1 3 1

Construction/Real Estate 2 6 1Consumer Goods 13 14 4

Financial Services 22 33 2Healthcare 3 5 2

ICT 1 9 1Industrial Goods 8 13 0

Natural Resources 0 5 0Oil & Gas 7 4 0Services 7 9 2

MARKET DATA VM3VM | Monday, October 20, 2014 | Issue 015

Declined Unchanged Advanced

TOP DECLINERS WTD

United Bank for Africa -16.69

Transnational Corporation of Nig. -14.57

Oando -14.40

Seplat Petroleum Develop-ment Co. -14.26

Caverton Offshore Support Group -13.64

TOP GAINERS WTD

UPDC Real Estate Invest-ment Trust 3.69

R. T. Briscoe (Nig.) 3.49

May & Baker (Nig.) 3.45

International Breweries 3.28

Courteville Investments 1.92

TOP DECLINERS WTD

Royal Exchange Assurance -13.56

Lafarge Africa -13.23

Dangote Sugar Refinery -12.96

Livestock Feeds -12.34

Portland Paints and Prod-ucts Nig. -12.00

TOP GAINERS WTD

7-UP Bottling Company 10.24

Ikeja Hotel 8.65

Mansard Insurance 8.33

Golden Guinea Breweries 5.00

Academy Press 4.55

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 8.4010.657.22

YtD -1.20-12.50%

-1.55-15.58%

-0.37-4.22%3M 1W

PE 5.280.37

July August September13/10

M T W T F

17/10

ASHAKACEM 30.6834.6013.87

YtD 8.8040.22%

-2.32-7.03%

-1.32-4.13%3M 1W

PE 38.351.32


M T W T F

17/10

CADBURY 52.49110.0049.90

YtD -44.69-45.99%

-19.01-26.59%

-2.03-3.72%3M 1W

PE 33.452.03


M T W T F

17/10

CAP 39.0051.6635.96

YtD -8.98-18.72%

-0.20-0.51%

0.000.00%3M 1W

PE 23.300.00


M T W T F

17/10

CCNN 13.8015.988.00

YtD 1.8115.10%

2.5422.56%

-1.20-8.00%3M 1W

PE 12.501.20


M T W T F

17/10

CONTINSURE 0.911.290.91

YtD -0.29-24.17%

-0.24-20.87%

-0.09-9.00%3M 1W

PE 5.690.09


M T W T F

17/10

FCMB 4.204.643.01

YtD 0.369.38%

0.010.24%

-0.10-2.33%3M 1W

PE 4.780.10


M T W T F

17/10

GUARANTY 26.6031.8022.67

YtD -1.15-4.14%

-3.42-11.39%

-2.97-10.04%3M 1W

PE 8.142.97


M T W T F

17/10

MANSARD 2.983.151.96

YtD 0.4819.20%

0.4216.41%

-0.02-0.67%3M 1W

PE 19.550.02


M T W T F

17/10

OANDO 21.4036.8910.60

YtD -5.33-19.94%

-4.24-16.54%

-3.80-15.08%3M 1W

PE 19.203.80


M T W T F

17/10

STANBIC 31.1135.0019.00

YtD 8.7739.26%

3.8914.29%

-0.91-2.84%3M 1W

PE 16.130.91


M T W T F

17/10

UBA 5.299.605.23

YtD -3.86-42.19%

-2.71-33.88%

-1.02-16.16%3M 1W

PE 3.111.02


M T W T F

17/10

DANGCEM 212.00250.02185.00

YtD -4.16-1.92%

-28.00-11.67%

-5.01-2.31%3M 1W

PE 17.975.01


M T W T F

17/10

FIDELITYBK 1.942.951.85

YtD -0.76-28.15%

-0.04-2.02%

-0.08-3.96%3M 1W

PE 2.850.08


M T W T F

17/10

GUINNESS 179.61262.00162.00

YtD -56.40-23.90%

-17.50-8.88%

-14.37-7.41%3M 1W

PE 22.8414.37


M T W T F

17/10

MOBIL 165.80182.00111.01

YtD 49.8042.93%

11.307.31%

-8.20-4.71%3M 1W

PE 15.888.20


M T W T F

17/10

OKOMUOIL 31.3545.9931.35

YtD -13.48-30.07%

-1.70-5.14%

-1.65-5.00%3M 1W

PE 14.411.65


M T W T F

17/10

TOTAL 171.01195.50146.26

YtD -2.29-1.32%

-17.57-9.32%

-4.99-2.84%3M 1W

PE 13.254.99


M T W T F

17/10

UNILEVER 43.5664.0041.39

YtD -9.44-17.81%

-9.04-17.19%

-2.09-4.58%3M 1W

PE 33.462.09


M T W T F

17/10

DIAMONDBNK 5.768.205.31

YtD -1.74-23.20%

-0.54-8.57%

-0.44-7.10%3M 1W

PE 3.530.44


M T W T F

17/10

FLOURMILL 60.0083.6458.10

YtD -21.82-26.67%

-8.51-12.42%

-2.16-3.47%3M 1W

PE 18.172.16


M T W T F

17/10

HONYFLOUR 3.804.502.80

YtD -0.05-1.30%

-0.56-12.84%

-0.03-0.78%3M 1W

PE 11.320.03


M T W T F

17/10

NASCON 8.2015.108.15

YtD -6.65-44.78%

-2.39-22.57%

-1.06-11.45%3M 1W

PE 7.771.06


M T W T F

17/10

PRESCO 33.7349.0033.73

YtD -5.27-13.51%

-3.30-8.91%

-1.63-4.61%3M 1W

PE 4.241.63


M T W T F

17/10

UACN 53.0267.8542.58

YtD -2.97-5.31%

-9.03-14.55%

-4.98-8.59%3M 1W

PE 23.914.98


M T W T F

17/10

WAPCO 111.06136.7395.01

YtD -3.94-3.43%

-7.94-6.67%

-16.94-13.23%3M 1W

PE --16.94


M T W T F

17/10

ETI 18.0620.2812.40

YtD 1.6710.19%

0.865.00%

-0.79-4.19%3M 1W

PE 4.970.79


M T W T F

17/10

FO 205.11259.9461.24

YtD 112.24120.86%

-24.89-10.82%

-15.39-6.98%3M 1W

PE 46.6115.39


M T W T F

17/10

INTBREW 31.5032.2020.64

YtD 3.1811.23%

2.006.78%

0.501.61%3M 1W

PE 49.980.50


M T W T F

17/10

NB 165.00189.00140.00

YtD -0.01-0.01%

-11.25-6.38%

-15.00-8.33%3M 1W

PE 31.5915.00


M T W T F

17/10

PZ 28.8241.4628.82

YtD -8.18-22.10%

-9.18-24.16%

-3.10-9.71%3M 1W

PE 22.633.10


M T W T F

17/10

UAC-PROP 14.0021.3112.80

YtD -1.38-8.95%

-3.61-20.50%

-0.50-3.45%3M 1W

PE 6.590.50


M T W T F

17/10

ZENITHBANK 21.4027.4019.50

YtD -3.60-14.40%

-3.80 -15.08%

-1.40-6.14%3M 1W

PE 6.181.40


M T W T F

17/10

TICKER 25.2327.4019.23

1YtD 0.230.92%

2.9012.99%

0.010.04%3M 1W

PE 7.290.01

May June July21/07

M T W T F

25/07

FBNH 11.8017.2910.93

YtD -4.50-27.61%

-4.10-25.79%

-1.11-8.60%3M 1W

PE 5.461.11


M T W T F

17/10

GLAXOSMITH 53.2074.9753.20

YtD -16.80-24.00%

-13.16-19.83%

-4.86-8.37%3M 1W

PE 18.684.86


M T W T F

17/10

JBERGER 63.8476.4559.18

YtD 0.771.22%

-0.26-0.41%

3.195.26%3M 1W

PE 9.973.19


M T W T F

17/10

NESTLE 969.991250.01950.00

YtD -212.01-17.94%

-155.02-13.78%

-52.01-5.09%3M 1W

PE 34.0052.01


M T W T F

17/10

SEPLAT 548.31735.00548.31

YtD -56.49-9.34%

-151.69-21.67%

-61.69-10.11%3M 1W

PE --61.69


M T W T F

17/10

3 4 5

9

13

10 11

12

6

8

14

7

21

1. 52-week low price2. Year low price3. Current price4. Year high price5. 52-week high price6. Current price7. 5-day price change8. PE ratio9. 1-year price change10. 3-months price change11. 1-week price change12. Daily price movement over 3 months.13. 30-day moving average14. Daily price movement over last week

MARKET DATAVM4 VM | Monday, October 20, 2014 | Issue 015

MARKET DATA VM5VM | Monday, October 20, 2014 | Issue 015

MARKET SNAPSHOT

# TICKER WTD YTD

1 DANGCEM -2.31 -1.92

2 NB -8.33 -0.01

3 GUARANTY -10.04 -4.14

4 NESTLE -5.09 -17.94

5 ZENITHBANK -6.14 -14.40

6 FBNH -8.60 -27.61

7 WAPCO -13.23 -3.43

8 STANBIC -2.84 39.26

9 ETI -4.19 10.19

10 GUINNESS -7.41 -23.90

11 FO -6.98 120.86

12 ACCESS -4.22 -12.50

13 OANDO -15.08 -19.94

14 TRANSCORP -14.57 8.06

15 UBA -16.16 -42.19

16 UNILEVER -4.58 -17.81

17 FLOURMILL -3.47 -26.67

18 UBN -0.99 -6.66

19 7UP 10.25 151.36

20 PZ -9.71 -22.10

21 INTBREW 1.61 11.23

22 UACN -8.59 -5.31

23 CADBURY -3.72 -45.99

24 DANGSUGAR -11.73 -36.73

25 JBERGER 5.26 1.22

26 DIAMONDBNK -7.10 -23.20

27 FCMB -2.33 9.38

28 ASHAKACEM -4.13 40.22

29 MOBIL -4.71 42.93

30 TOTAL -2.84 -1.32

31 FIDELITYBK -3.96 -28.15

32 GLAXOSMITH -8.37 -24.00

33 STERLNBANK 1.29 -6.00

34 SKYEBANK -3.97 -41.02

35 PRESCO -4.61 -13.51

36 CONOIL -14.54 -27.53

37 OKOMUOIL -5.00 -30.07

38 CAP 0.00 -18.72

39 MAYBAKER -2.19 -29.80

40 NEIMETH -2.86 -7.27

WEEK-TO-DATE RETURN-20%

-50%

-20%

-30%

-40%

-10%

0%

+10%

+20%

+30%

+40%

+50%

+60%

+70%

+80%

+100%

+90%

+120%

+130%

+150%

+140%

+110%

+160%

0%-15% 10% -5% 10%5% 15%

YEA

R-TO

-DAT

E RE

TURN

LAGGING

SLIPPING LEADING

IMPROVING

12

3

45

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28229

30

3132

33

343536 3337

38

39

40

Bubble size = Market Cap

TRADING BREAKDOWN BY SECTOR

Sector %

Financial Services 77 \ 50

Conglomerates 9

Services 5 \ 5

Others 9 \ 6

13/10 17/1015/1010.0

10.8

11.6

12.4

13.2

3000

3025

3050

3075

3100

FGN Bond Index Market Value YTD Return

INDEX PERFORMANCE

Index Week Opening

Week Close Change WtD MtD QtD YtD

1 All Shares Index 40,444.39 38,197.73 2,246.66 -5.55 -7.31 -7.31 -7.58

2 NSE 30 Index 1,844.59 1,728.41 -116.18 -6.30 -8.17 -8.17 -9.37

3 NSE Banking Index 415.96 384.31 -31.65 -7.61 -9.61 -9.61 -14.19

4 NSE Insurance Index 145.75 145.33 -0.42 -0.29 -2.59 -2.59 -4.93

5 NSE Consumer Goods Index 1,019.20 960.20 -59.00 -5.79 -7.00 -7.00 -12.73

6 NSE Oil/Gas Index 450.87 420.28 -30.59 -6.78 -8.80 -8.80 0.00

7 NSE Lotus Islamic Index 2,677.45 2,533.81 -143.64 -5.36 -7.05 -7.05 -11.50

8 NSE Industrial Index 2,723.85 2,535.90 -187.95 -6.90 -7.34 -7.34 -0.42

MARKET SNAPSHOT

Date Deals Turnover Volume Turnover Value Traded Stocks Advanced

StocksDeclined Stocks

Unchanged Stocks

All Shares Index Value

1 13.10.14 4,483 191,703,953 2,801,763,660.01 110 \ 105 16 \ 20 35 \ 26 59 \ 59 40,051.29

2 14.10.14 5,100 386,477,200 4,794,741,791.38 111 \ 110 14 \ 18 39 \ 35 58 \ 57 39,681.71

3 15.10.14 5,497 420,010,971 4,612,296,272.60 112 \ 112 8 \ 15 41 \ 30 63 \ 67 39,278.47

4 16.10.14 4,779 524,220,985 7,659,640,963.87 102 10 41 51 38,490.67

5 17.10.14 4,846 362,564,273 3,864,047,095.59 106 13 39 54 38,197.73

The \ arrow signifies week-on-week change in value. This week’s value is shown on the left of the \ sign, and last week’s value on the right.

GLOBAL INTEREST RATES & INFLATION TARGETSCentral Bank Rate Last Date

Change%

Change Inflation

TargetChina 6.00% 05.07.2012 -0.31 4.00%Japan 0-0.10% 05.10.2010 -0.20 2.00%

UK 0.50% 05.03.2009 -0.50 2.00%USA 0-0.25% 16.12.2008 -0.1 2.00%

Eurozone 0.05% 04.09.2014 -0.10 <2.00%Brazil 11.00% 02.04.201 +0.25 4.5% +/-2.0%Canada 1.00% 20.07.2010 +0.25 2.0% +/-1.0%Egypt 8.25% 05.12.2013 -0.50

India 8.00% 28.01.2014 +0.25Indonesia 7.50% 12.11.2013 +0.25 4.5% +/-1.0%Malaysia 3.25% 10.06.2014 +0.25Mexico 3.00% 06.06.2014 -0.50 3.00% +/-1.0%Morocco 3.00% 28.03.2012 -0.25Nigeria 12.00% 10.10.2011 +2.75 6.00% - 9.00%Qatar 4.50% 10.08.2011 -0.50Russia 8.00% 28.07.2014 +0.50 5%*

Thailand 2.00% 12.03.2014 -0.25 0.5% - 3.0%Turkey 8.75% 24.06.2014 -0.75 5.00%

* +/- 1.5 pct point uncertainty band

Indices

ASI

NSE30

NSEBNK

NSEINS

NSECNSMRGDS

NSEOILGAS

NSELOTUSISLM

NSEINDUSTR

-5.55%-0.76%

-6.30%-0.51%

-7.61%0.19%

-0.29%-0.96%

-5.79%-1.23%

-6.78%0.03%

-5.36%-1.08%

-6.90%-2.61%

-7.58%

YtD, % WtD, % DtD, %

-9.37%

-14.19%

-4.93%

-12.73%

23.66%

-11.50%

-0.42%

-15% -12% -6%-9% 1%-3%

MoFr46,00

46,50

47,50

47,00

48,0047,836.69

Tu We Th Fr

JSE FTSE

MoFr6,180

6,240

6,360

6,300

6,4206,310.29

Tu We Th Fr

FTSE 100

ThWe38,00

38,70

40,10

39,40

40,8038,197.73

Fr We Th Fr

NSEASI

MoFr1,850

1,865

1,895

1,880

1,9101,886.75

Tu We Th Fr

S&P 500

ART AS AN ALTERNATIVE INVESTMENT

EDITOR: MIDENO BAYAGBON

GROUP BUSINESS EDITOR: OMOH GABRIEL

CONTENT DIRECTION: OBIORA TABANSI ONYEASO

DESIGN & ILLUSTRATION: PUBLICAN MEDIA

Vanguard Markets features unbiased, in-depth coverage of corporate and market developments across a wide range of business sectors.Every week, Vanguard Markets delivers essential business analysis and commentary on Nigerian companies, regional economies, and global markets. Vanguard Markets is published by Vanguard Media Limited in associa-tion with Customs Street Advisors Limited, a specialist communications consultancy.

Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa.

Website: www.vanguardngr.com

ISSN 0794-652X

Published by

In Association With

ARENAVM6 VM | Monday, October 20, 2014 | Issue 015

The website is back to pro-viding all content for free, at least, for the time being. There is a high probability that paid subscriptions would be rein-troduced at a later date. The site’s About Us page provides a pointer to that. ‘Business-Day is currently working on a partial pay-wall which will be launched for its website in the near term but at the mo-ment access to the site and the content remains free of charge.

The backtracking by Punch’s management in 2009 did not foreclose the debate. The recent takedown

of Lindaikeji.blogspot.com by Google, the owner of the blogging platform, for plagiarism and unauthorized distribution presents an op-portunity for media houses to put a lie to the circular rea-soning that their content can, and by extension, should be read for free elsewhere if they do not provide free access on their own sites.

By policing sites notorious for stealing content and pur-suing them by legal means, they can restore a measure of control over where their con-tent is accessed. This is not to imply that paywalls will work for all. Even after adoption, it requires regular tinkering

and monitoring to adapt to reader behaviour. Publishers also need to give readers an incentive to pay for access. There has got to be a goodie-bag component.

Paywalls are a trade-off that each paper should weigh with careful consideration. What works for Paper A, may not work for Paper B. If and when the BusinessDayOnline.com paywall trial balloon goes up again, it would be instructive for other newspapers to study their strategy and execution to draw lessons on the future of news distribution business models. ;

JAYWALKER

Paywalls returning to Nigerian media sites

AST WEEK, WE brought you a pre-view of emerging

auction house, Sogal’s forth-coming sales. As the Lagos art auctions’ season gets hot-ter, this week we will preview the 13th sales of modern and contemporary art held twice a year by leading Lagos-based auction house, Arthouse Con-temporary Limited. This No-vember 3 sales will feature 111 lots drawn from artists across Africa including Nigeria, Gha-na, and the Republic of Benin.

The highlights of the even-ing include Ben Enwonwu’s Elongated Female Figure, wood, 1978, 160cm, estimat-

ed between N12,000,000-N15,000,000 ($75,000-$93,750). The female figure stands erect and graceful with her arms outstretched above her head, her hands held to-gether in a clasp. A complex network of flattened geomet-rical shapes and forms, lead the eye from the chest of the figure to the base and are evi-dence of the celebrated art-ist’s long exploration of clas-sical African sculpture. The work is probably a precursor of two bronze female figures at the departure lounge of the Murtala Mohammed Inter-national Airport, Lagos, both standing over 15ft tall.

Also expected to fetch a princely sum is Yusuf Gril-lo’s Hawker in Blue, oil on board, 1964, 58x70cm esti-mated between N10,000,000-N12,000,000 ($62,500-$75,000). Grillo, an iconic figure in narratives of modern Nigerian art, is well-known for his distinctive style which adopts the geometric planes of classical African sculpture and the rich blue hues of tra-ditional Yoruba textiles.

Renowned Ghanaian sculp-tor, El-Anatsui also has a work featured among the top lots. Mask, manganese body and clay, 1978, 30.5cm is val-

ued between N10,500,000-N12,000,000 ($65,630-$75,000).

Other established names featuring in the auction in-clude celebrated sculptors

Ben Osawe, Sokari Douglas-Camp, Owusu-Ankomah, Ab-lade Glover, and Gani Odu-tokun.

This November, Arthouse is expected to achieve over

$1,150,000, a steep increase from its May 5 sales held ear-lier this year, which achieved a total of N39,288,000 ($530,785), a 57% reduction from its presale estimate of N200,000,000 ($1,250,000).

Of the lots featured, the highest selling work of the evening was Anatsui’s Nsuk-ka Shrine, clay, 57x44.5cm, at N8,580,000 ($53,625) against its previous es-timate of N7, 000,000– N9,000,000,000 ($43,750-$56,250). In second place was Enwonwu’s Felling Trees, 1943, wood plaque 32x105cm, N7,700,000 ($48,125) with a presales estimate between N 7 , 0 0 0 , 0 0 0 - 9 , 0 0 0 , 0 0 0 ($43,750-56,250).

Again, photography does not feature strongly in this November auction, with a combined estimate of N3,850,000-N4,850,000 ($24,070-$30,320). Only four photographers are included in sales: George Osodi, Yetunde Ayeni-Babaeko, Kelechi Amadi-Obi and Ade Adekola, whose 1914-The Amalgamation of Identity and the Creation of…?, C-print mounted on Plexiglas, edition 2 of 5, 100x100cm has a presale estimate of N 1 , 8 0 0 , 0 0 0 - 2 , 0 0 0 , 0 0 0 ($ 11,250-12,500). ;

Anatsui, Enwonwu, and Grillo top Arthouse’s November presales

Oliver Enwonwuis the director of leading Lagos gallery, Omenka and president of the Society of Nigerian [email protected]

L

W Continued from Page VM2

January 1997

April 1998

July 1998

August 2003

May 2005

October 2007

May 2007

March 2009

May 2009

November 2009

January 2010

June 2010

October 2014

TIMELINE OF PAYWALLS

One year after launching WSJ.com, the Wall Street Journal becomes one

of the first national papers to install a paywall, charging $50 a year for access

The New York Times lifts a $35 monthly fee for overseas readers to

boost online advertising revenue.

The L.A. Times dismantles its paywall after a 97% decline in readership of

restricted content

WSJ.com celebrates its millionth online subscriber.

Punch puts up a paywall requiring visitors to pay N1,500 per month for

access to content

The New York Times announces it will begin charging for online content from January 2011, using a ‘metered model’ similar to that of the Financial Times.

BusinessDayOnline.com briefly experi-ments with a paywall. It is removed

within 48 hours.

WSJ.com surpasses 200,000 online subscribers.

The Los Angeles Times starts charging $4.95 a month for access to its online entertainment section.

The Financial Times, which began charging for content in 2001 six years after launching FT.com, adopts the first ‘metered model’ paywall.

Punch, the Nigerian daily, introduces Punch Mobile at mobile.punchng.com charging N600 for the monthly subscription.

Punch tears down its paywall

The Times of London, which like WSJ.com is owned by Rupert Murdoch, puts its content behind a $3-a-week pay-wall. It promptly loses a large share of its online readership estimated at 90%.

Ben Enwonwu, Elongated Female Figure, 1978, 160cm (63in), N12,000,000-N15,000,000 ($75,000-$93,750)

Yusuf Grillo, Hawker in Blue, Oil on Board, 1964, 58 X 70cm (23x 27.5in) Est. N10,000,000-N12,000,000 ($62,500-$75,000)

Documents

Vanguard Markets, October 20, 2014 edition