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Tekedia Broad Industrial Average (TBIA) is a stock market index created by Tekedia Intelligence, a division of Fasmicro. It is an index that shows how twenty large, publicly owned companies, based in Nigeria have traded during a standard trading session in the stock market.
Preamble
The Nigerian Stock Exchange (NSE), established in 1960, has about 300 listed companies (283 companies as at March 9, 2007) with all listings included in only one index, the Nigerian Stock Exchange All Shares Index. The goal of TBIA is to use twenty stocks to represent the market dynamics and simplify things for analysts, economists, policy makers, investors, among others.
Introduction
Tekedia Broad Industrial Average (TBIA) is a stock market index created by Tekedia Intelligence, a division of Fasmicro. It is an index that shows how twenty large, publicly owned companies, based in Nigeria have traded during a standard trading session in the stock market. To emphasis that this index is not restricted to any particular industry such as technology, transportation or banking, we included the word “Broad”. The word, “industrial”, was used within the constructs of different markets. For example, we have the banking industry, hotel and tourism industry, and so one with no implied connotation to the industrial era. We understand that many of the companies in the index are knowledge driven, yet, they operate in an industry.
TBIA is not a mean or actual average of the prices of the component stocks. The average is price-weighted and tested over a period of six months to ascertain its correlation with the All Share Index of the Nigerian Stock Exchange. We also included a scaled average model in case there are stock splits, stock dividends or similar adjustments in the future; we acknowledge that these are not common in the Nigerian Stock Exchange. The scaled average will re-calibrate the index and ensure no historical distortion is introduced. Accordingly, we will update for any adjustment immediately the NSE makes that information public.
Our goal is to generate a reliable and consistent value of TBIA or TBIA 20 for investors, economists and the general public. Possibly, TBIA could become a benchmark index to track the Nigerian Stock Exchange (and futuristically Nigeria’s economy if it begins to correlate with the exchange performance) using 20 stocks instead of nearly 300 companies in the exchange’s All Share Index.
Because this index is price-weighed, it was very hard to choose the components since most of the large caps in the exchange, especially banks, are price-depressed. For instance, the total sum of all (individual) bank prices is about N85 while Nestle trades at N400, yet, most of the banks have solid capitalizations. Take UBA, for an example, it trades at N4.45. Any average with UBA and Nestle will be skewed. So, we had to more some statistical modeling to ensure we zero-out the skew. In other words, UBA will be inconsequential in an Index with a stock more than 90 times its value. To overcome this problem, we introduced a divisor, cap devisor, which helps us to capture the large caps, though price-depressed and statistically adjusted the index for relevance. A total of two divisors were used.
(On July 1 2011, originally planned debut day, the decision was to remove any stock with value of N200 or more in TBIA. But after more statistical data analyses, it was decided to find a novel way to accommodate the top market caps despite the depressed prices in the exchange. The extra time gave rise to using two divisors).
We understand that economies change and markets are disrupted with new players emerging and old ones dislodged. When we notice that any of the components in the index has lost relevance, we will replace it. When that is done, we will adjust the scale factor which we have used in the calculation to ensure the value of the Index remains the same. That scale factor is the second divisor.
TBIA Calculation
As noted above, there are two divisors for TBIA calculation and it is by no means a simple mathematical average. To obtain the daily value of TBIA, the sum of the prices of all 30 stocks is divided by two divisors. The divisors are adjusted in case of stock adjustments like splits, spinoffs, etc. The goal is to ensure that none of such events distort or alter the numerical value of TBIA. We categorized the stocks into two groups: A and B (more on the classification later). All chosen stocks in the index have fair market cap in the exchange. The equation for TBIA calculation is as follows:
In the equation above, p represents the prices of the component stocks and d is the divisor. Any stock with price of N85 was included in Category B. The value of da is 0.1343330 while db is 0.5064900. With these numbers, the Index will not be overly affected by one stock movement. It is also important to emphasis that for Category A, one Naira stock movement contributes N7.50 while for Category B, it will have an effect of about N2. Heavy hitters like Nestle and Guinness are in Category B and we have statistically adjusted for their influence in the index.
For TBIA to remain undistorted despite structural changes like splits, spinoffs, etc which ideally can change the sum of the component prices, it will be updated whenever Nigerian Stock Exchange announces a change. The optimization goal is for value of TBIA before and after the event to coincide:
Components Stocks
There are many standards we put in place before a stock could make it into TBIA. It must have an appreciable market capitalization, at least N10 price, among other factors. By the close of business on Friday, August 12, 2011, we cutoff and qualified those with above N10 and respectable cap. We now apportioned so that most of the industries could be included. So, there are some industries you will not see in the Index and what that means those industries may not be having huge impacts in the stock exchange All Share Index. Insurance has no representative and only three banks made it. To ensure a technology company is included, we qualified NCR despite not meeting our price criterion, an exception.
Now with the selection of the stocks, we moved any stock that is more than N85 into the high price Category B. Others went into Category B. Using the formula explained above, we automated the process. Daily updates will be done.
| Symbol | Company Name |
| Category A | |
| ZenithBank | Zenith Bank Plc |
| Guaranty | GTBank Plc |
| FirstBank | First Bank of Nigeria Plc |
| UAC-Prop | UACN Property Dev Co Plc |
| Glaxosmith | Glaxosmithline Con Nig Plc |
| NCR | NCR Nigeria Plcq |
| Betaglas | Beta Glass Co. Plc |
| WAPCO | Lafarge WAPCO PLC |
| CAP | Chemical & Allied Products Plc |
| PZ | PZ Cussons Nigeria Plc |
| Unilever | Unilever Nigeria Plc |
| JBerger | Julius Berger Nigeria Plc |
| 7UP | 7UP Bottling Co Plc |
| Category B | |
| NB | Nigerian Breweries Plc |
| FlourMill | Flour Mills Nigeria Plc |
| Nestle | Nestle Nigeria Plc |
| Mobil | Mobil Oil Nigeria Plc |
| Guinness | Guinness Nigeria Plc |
| Total | Total Nigeria Plc |
| DANGCEM | Dangote Cement Plc |
Review and Listing Update
We hope to review the list in six months. If you have an idea, please email tekedia@fasmicro.com (Attn: Bode). We will include any suggestion and criticism as we improve on this project. If you use the equation we have presented above and the value of the stocks at the close of business in the NSE, you will get exactly what we have. If you have any problem, please email us. Whenever NSE does a structural change, check TBIA page, we will activate the magic number to balance the equation as presented above. We have excluded it in this discussion to avoid unnecessary complexity when there is no need for it. But it is simple, we are engineers, and it is easy to optimize two things given some constraints.
TBIA Web Page for Daily Update
https://www.tekedia.com/tekedia-broad-industrial-average-tbia-daily-records/
http://fasmicro.com/TBIA.aspx (INDEX PLOT)
Ndubuisi Ekekwe
TBIA Creator
August 14, 2011
Disclaimer: We have presented TBIA “as it is”. You are free to share and distribute; NO rights reserved.
Digital Video Broadcasting – Handheld or more commonly known as DVB-H gets a new disciple with the launch of the Nokia 5330 Mobile TV Edition slider handset. The handset joins an elite team of mobile phones that support the TV broadcasting technology designed for handheld mobile gadgets. They include Samsung, LG, Sagem and a Motorola mobile phone with Nokia already releasing a few under the N-series smartphones.
It’s not entirely surprising that Nokia would be in the forefront of supporting DVB-H TV technology. It goes beyond mere handset feature differentiation in its portfolio. It has affiliate Nokia Siemens Network making DVB-H equipments used in deploying DVB-H networks.
Features at a Glance
The Nokia 5330 MTVE is a quad band GSM/GPRS/EDGE radio on 2G with two versions on the 3G network. It will have a tri band 3g on the 850, 1900 and 2100 MHz bands while another gets 3G on the 900, 1700 and 2100 MHz bands on WCDMA for US networks.
The handset sports an elegantly stylish slider body measuring just 101.2 x 48.5 x 12.25mm and weighing a pocket-friendly 114 grams that is sure to appeal to the young trendy crowd. It has a 2.4-inch QVGA TFT screen with 16 million colors typical of most mid-prices Nokia candybar and slider phones and users will have to get used to that when watching their favorite TV programs even on its landscape viewing orientation.
You also get competent 3.2 megapixel camera with LED flash and 4x digital zoom with. 70 MB is all you get for its internal storage but a microSD slot can expand that up to 16 GB. You get the usual Bluetooth 2.1 plus EDR, full micro USB 2.0 support and the industry standard 3.5mm headphone jack. Its BL-4U 1000 mAh lithium ion battery delivers 7 hours of talk time and 16 days of standby time on 2g. Music playback gets 30.5 hours and TV playback is 5.2 hours.
DVB-H TV Features
Its TV features gets a dedicated channel search and volume buttons on the handset with a software a program guide (OMA BCASR ESG) that updates, scans and discover channel stations instantly and commits them into memory for retrieval. It features a 30-second replay for moments you missed as well as a recording function so you can watch your awaited programs later. You also get alerts on the programs you’ve selected. There are various DVB-H subscription choices and enter your choice on a payment method channel like pay TV, free-to-air and pay per view.
Eco-Friendly Besides
Nokia has made its 5330 MTVE an environmentally green handset as well. It uses a nickel-free body and comes with a high energy-efficient battery charger. Its packaging uses recycled paper pulp for its box.
Availability
The Nokia 5330 Mobile TV Edition handset is certainly not for the entire Nokia fan base on this planet. DVB-H technology is deployed in a few countries with a handful rolling it out next years. But no matter, it is a competent mobile phone even without bothering with its TV features. You can expect the Nokia 5330 to be widely available in the countries deploying the DVB-H TV during the first quarter of 2010. At a SIM-free price of €155 and a package that comes with a free 1GB microSD slot it’s certainly a good deal for a mobile phone with a DVB-H TV receiver.
You can visit Moby1 to compare all the best mobile phone contracts. You can find the best Nokia 5330 Mobile TV Edition contracts being offered. You can also search through the best deals available for PAYG phones.
Leading telecommunications service provider, Airtel Nigeria and mobile phone giant, Nokia have joined hands to introduce the first ever Nokia dual SIM device, the X1-01, bundled exclusively with Airtel SIM cards for the Nigerian market.
· Customers to get N250 bonus airtime for every N400 monthly cumulative airtime recharge
· Buyers of Nokia X1-01 Device to receive 20 free SMS every month from Airtel
· Handset Bundle offer exclusive for Airtel customers
The Airtel and Nokia offer will enable consumers in the country enjoy one of Nokia’s latest phones, the X1-01 dual SIM model and Airtel Nigeria’s innovative, affordable, and value–rich telecom solutions.
In line with the terms of the Airtel/Nokia bundle offer, customers who purchase Nokia X1-01 handset will get N250 bonus airtime for every N400 cumulative airtime recharge monthly for six months. The customers will also get as many as 20 free SMS monthly.
The subscribers will enjoy the 20 free SMS for life so long as they recharge with a minimum of N100 every month.
Speaking on the latest collaboration with Nokia, the Chief Operating Officer and Executive Director of Airtel Nigeria, Deepak Srivastava, said “the partnership between Airtel and Nokia offers Nigerians the perfect opportunity to enjoy the benefits/value that comes with such an innovative collaboration between two of the powerful brands that impact the lives of many people daily.
He explained that to qualify for the free N250 monthly airtime bonus, those who purchase the bundle offer will need to recharge up to N400 monthly either via the physical scratch cards or electronically through its unique Easy recharge service. The N250 airtime he added, may be used for voice calls on the Airtel network and is valid for 30 days. The 20 free SMS is also valid for 30 days and can be used for sending messages to other airtel customers anytime, anywhere.
Customers are rewarded with the free N250 airtime within 48hours when they achieve the N400 recharge threshold. The beneficiaries are automatically notified of the bonus via SMS.
According to Srivastava, the bundled Airtel SIMs is provisioned on the Airtel Big Family package, implying that customers will enjoy a call rate of 15kobo/second to Airtel lines and 30kobo/second when calling other networks after the first minute of the day at 60kobo/second.
Additionally, customers will have the benefit of making calls at 20k/second to the US, UK (landline), China, Canada and India after the first call of the day to any of these international destinations at 60 Kobo per second
The benefits of the innovative Airtel 2SIM package are also available on the bundle, offering customers great value at 10kobo/second all day between the paired SIMs and 1kobo/second from 12 midnight to 4.30am. Call rates between the paired SIMs apply from the very first second of the call.
The aesthetically built Nokia X1-01 comes in exciting colours, with built-in music player and FM radio, offering the user the opportunity to listen to music and news on the go
It is also equipped with up to 16GB memory card support, easy SIM manager customized settings, flashlight, clear sound output and MP3 players with one touch music keys The phone boasts of long battery power that supports up to 36 hours of music playback .
The Nokia X1-01 Airtel bundle is available exclusively in all Airtel shops nation-wide and in all Nokia dealer and retailers outlets.
About Bharti Airtel Limited
Bharti Airtel Limited is a leading global telecommunications company with operations in 19 countries across Asia and Africa. The company offers mobile voice & data services, fixed line, high speed broadband, IPTV, DTH, turnkey telecom solutions for enterprises and national & international long distance services to carriers. Bharti Airtel has been ranked among the six best performing technology companies in the world by BusinessWeek. Bharti Airtel had over 228 million customers across its operations at the end of June 2011. To know more please visit, www.airtel.com.