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Bye-bye Frenzy, Back to the Familiar

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By Han Tan, Market Analyst at FXTM

 

Global markets are now revisiting a familiar script, with investors pushing broad asset classes higher on more signs pointing to the US economic recovery.

Stock markets Stateside posted new record highs and the futures contracts are holding steady at the time of writing. The S&P 500 is boasting a year-to-date gain once more, led by energy and financial stocks this week. Tech companies remain favoured by investors amidst a string of better-than-expected earnings, pushing the Nasdaq 100 to its highest-ever close.

Oil prices are also getting in on the act, with WTI futures set for a fifth consecutive daily gain to reach its best levels in over a year. This return to the way things were is also marked by signs of subdued day-trader mania, with GameStop having plummeted almost 90 percent from its 2021 peak amid the WallStreetBets-fueled frenzy. However, the stock is still showing gains of 184 percent so far this year.

Stronger jobs recovery to set base for more gains in risk-asset

Risk sentiment has been buoyed by Thursday’s lower-than-expected US jobless claims data, which marked its third weekly decline and lowest reading since late November.

This positive surprise has already prompted economists to make upward revisions to their forecasts for the January non-farm payrolls data due later today. Markets are expecting the headline print to increase by around 105,000 jobs, which would be an about-turn from the 140,000 positions lost in December.

But, the unemployment rate is set to remain unchanged at 6.7 percent, which is still some three percentage points higher compared to pre-pandemic levels. This elevated figure still underscores the need for more government support, even though President Biden’s $1.9 trillion proposal risks being diluted if we see evidence today that the job market recovery is truly underway.

With more states easing their respective virus-curbing measures as the Covid-19 vaccine continues to make its way through the US population, the labour market may find itself on firmer ground in the weeks and months ahead. On top of that, economic conditions are expected to be restored at a faster clip once more fiscal stimulus is unleashed upon households and businesses.

Such a risk-on narrative is what’s prompting market participants to push risk assets higher and this momentum in the markets could gain more impetus with a better-than-expected NFP print.

Gold declines on Dollar resilience

However, the US dollar and gold are apparently not singing the same tune as the rest of the choir.

The greenback has defied consensus calls for weakness this year, which in turn has sent bullion to its lowest levels since early December. The precious metal has also struggled against the steepening US yield curve. The idea that the US economic recovery would lead to faster inflationary pressures has not played out in gold’s favour, to the chagrin of the precious metal’s bulls.

With spot prices now trying to claw their way back to the psychologically important $1800 level, gold is set to have a battle on its hands over the near-term in trying to get on the market’s good side. A technical death cross, when the 50-day moving average crosses below the 200-day moving average, looks imminent which indicates the potential for a major selloff.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Polaris Bank Wins Sectoral Award at the 2024 NEC A Employers’ Excellence Awards

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Polaris Bank has achieved yet another milestone by emerging as the Sectoral Winner in the Banking and Other Financial Institutions Sector category at the 2024 NECA Annual Employers’ Excellence Awards.

Polaris Bank

Polaris Bank

The Bank received the sectoral recognition for its innovative HR practice at the NECA’s Excellence Awards, (the 4th edition) which held recently at the Balmoral Convention Centre, Ikeja.

The recognition is particularly significant as it marks the first award the Bank has received for its efforts in Human Resources Management, reaffirming Polaris Bank’s commitment to creating a people-oriented workplace culture.

The NECA Annual Employers’ Excellence Awards celebrate organizations that excel in key areas such as leadership and people management practices, sound human resource systems, effective corporate governance, responsible business conduct, technological innovation, Environmental, Social, and Governance (ESG) practices, and the elimination of child labour.

Speaking on the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal, stated: ” Winning this prestigious award accentuates our deliberate approach to promoting an environment where employees can thrive, innovate, and contribute meaningfully to the Bank’s success.

“It also highlights Polaris Bank’s leadership commitment to evolving into an employer of choice and a great place to work. Congratulations to the entire Polaris Bank family for this outstanding achievement on a sectoral scale! This win is a testament to the hard work, dedication, and innovative spirit of every member of our team. It could not have been any BIGGER! ”

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024, 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.


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Ina Alogwu Joins 9mobile as Chief Digital and Innovation Officer

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9mobile has appointed Ina Alogwu as its new Chief Digital and Innovation Officer (CDIO), marking another significant step in the company’s business transformation agenda.

In his new role, Alogwu will be responsible for guiding the development and execution of 9mobile’s long-term strategy across the entire digital and technology ecosystem, including new technologies, digital platforms, and business models while nurturing a culture of innovation within the organization.

His appointment demonstrates 9mobile’s firm commitment to driving digital transformation and enhancing its innovative capabilities to better serve customers and stay ahead of market trends.

Alogwu is a visionary leader and seasoned strategist with nearly two decades of transformative experience in digital commerce, mobile payments, and technology ecosystems, making him an invaluable addition to 9mobile’s leadership team.

He has a proven ability to identify emerging trends and harness them to develop and execute groundbreaking digital products and strategies. His expertise spans product innovation, data strategy implementation, and agile business transformations, all of which have delivered significant and sustainable results across diverse industries and regions.

He joins 9mobile from ARM Holding Company, Nigeria, where he was the Group Director, Digital Transformation and spearheaded innovation initiatives, implemented a robust data strategy, and managed venture-building programmes that supported numerous African tech startups.

His very distinguished and diverse professional journey also includes an impactful tenure at Interswitch Limited, where he held roles such as Group Head, Verve Digital, and Group Head, Payment Processing. In these roles, he led the creation of groundbreaking payment platforms and digital solutions across West and East Africa.

Earlier in his career, Alogwu held roles at the Economic and Financial Crimes Commission (EFCC) as a Training Specialist and worked at Integrated Business Strategies as a Business Analyst.

Speaking about the appointment, 9mobile CEO Obafemi Banigbe expressed confidence in Alogwu’s ability to lead the company’s innovation efforts, saying, “Alogwu’s broad professional background makes him the perfect fit for our innovative and business transformation journey as he joins a team of recently appointed senior business leaders to drive this process and the next phase of our growth.

“His role is crucial for navigating today’s fast-paced digital environment. And he has been entrusted to lead the charge in harnessing new technologies, driving digital transformation, and ensuring the company remains adaptable to change, which is integral to fostering innovation and positioning 9mobile as a forward-thinking leader in its industry.”

The New CDIO said, “I’m delighted to join 9mobile and collaborate with the CEO and the leadership team on the innovative initiatives already in progress.

As we navigate the rapidly evolving digital landscape, I’m eager to leverage my expertise in digital strategy, technology, and innovation to drive 9mobile’s mission to deliver exceptional customer experiences and achieve our strategic objectives.”

Alogwu’s academic credentials further underline his readiness for this role. He holds an Executive Master’s in Digital Transformation and Innovation Leadership from IE Business School, Madrid, and a Postgraduate Diploma in Digital Business from Emeritus Institute, in collaboration with MIT and Columbia Business School.

He also completed the Senior Management Program at Lagos Business School, Pan-Atlantic University, and earned a BSc. in Geology & Mining from the University of Jos, Nigeria.

His education is further enriched by certifications in Product Management, Lean Six Sigma, and Strategic Innovation, equipping him with a robust foundation to drive innovation, lead digital transformation, and achieve business excellence in competitive landscapes.

His ability to combine academic knowledge with practical expertise has positioned him as a trailblazer in the digital commerce and technology sectors.

Beyond his technical expertise, Alogwu is adept at cultivating and managing strategic relationships with global multilateral organizations and financial institutions, leveraging these partnerships to unlock profitable opportunities. He has consistently demonstrated excellence in leading multicultural teams and navigating complex, multi-stakeholder environments to deliver transformative outcomes.


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NAICOM Signs Agreement with NDPC on Data Protection in Insurance Sector

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The National Insurance Commission (NAICOM), has signed agreement with the Nigerian Data Protection Commission (NDPC) with the aim of enhancing data protection within the insurance sector.

According to NAICOM, the Memorandum of Understanding (MoU) has as its objectives training and capacity building in the area of providing training to enhance awareness and skills in data protection, establishing privacy clinics by setting up specialised clinics to address data protection concerns and provide guidance.

NAICOM said other objectives of the agreement include conducting compliance activities, regularly monitoring and enforcing compliance with data protection regulations, promoting awareness in the area of educating insurance companies on the importance of data protection and the benefits of adhering to best practices.

Developing data protection guidelines through creation of specialized guidelines for insurance institutions to ensure they are equipped to handle data protection responsibilities effectively.

NAICOM said the collaboration marked a significant milestone in safeguarding the personal data of insurance policyholders and promoting trust in the insurance sector.

The commission said to ensure the effective implementation of the agreement, an implementation committee would be established. The committee, the commission said, would comprise of representatives from the two agencies, as well as other key industry associations, including the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB).

 


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