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NSE: Indices rebound by one per cent, amid interest in high capitalised stocks

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NSE: Indices rebound by one per cent, amid interest in high capitalised stocks

After two days loss, trading activities rebounded on the Nigerian Stock Exchange (NSE) on Thursday following investors’ interest in some highly capitalised equities.


Specifically, the market capitalisation of listed equities grew by N150 billion or one per cent to close at N15.142 trillion against N14.992 trillion posted on Wednesday.

In the same vein, the All-Share Index (ASI) inched 289.63 points, representing a growth of one per cent to close at 29,352.13 against 29,062.50 achieved on Wednesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, MTN Nigeria, Forte Oil, Lafarge Africa and Unilever Nigeria.

Speaking on market outlook, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that investors were taking advantage of price correction to increase their stake in the market.

Omordion said they were increasing their stake ahead of the release of the nation’s December inflation data, first Monetary Policy Committee meeting of the year as well as release of 2019 earnings reports.

He said that prevailing low-interest rate regime in the money market contributed to the uptrend experienced in the stock market.

Consequently, market breadth closed positive with 23 stocks gainers and 16 losers.

An analysis of the price movement table shows that Livestock Feeds led the gainers’ chart in percentage terms, growing by 10 per cent, to close at 55k per share.

Forte Oil trailed with a gain 8.42 per cent to close at N20.60, while Lafarge Africa rose by 6.33 per cent to close at N15.95 per share.

Jaiz Bank inched 6.25 per cent to close at 68k, while FBN Holdings appreciated by 5.71 per cent to close at N7.40 per share.

On the other hand, BOC Gases led the losers’ chart in percentage terms, dropping by 10 per cent to close at N4.95 per share.

Caverton followed with a decline of 9.97 per cent to close at N2.62, while Cornerstone Insurance lost 6.90 to close at 54k per share.

UACN dipped 6.54 per cent to close at N10, while BUA Cement shed 5.26 per cent to close at N36 per share.

Also, the total volume of shares transacted rose by 7.51 per cent with an exchange of 387.16 million shares worth N5.02 billion traded in 4,654 deals.

This was in contrast with a turnover of 360.08 million shares valued N2.83 billion sold in 4,345 deals on Wednesday.

Access Bank topped the activity chart with an exchange of 74.64 million shares worth N770.93 million.

Zenith Bank followed with a total of 71.83 million shares worth N1.56 billion, while Lafarge Africa traded 40.73 million shares valued N629.9 million.

United Bank for Africa accounted for 37.25 million shares worth N327.99 million, while Morison Industries transacted 35 million shares valued at N15.76 million.

Edited by: Olawunmi Ashafa/Oluwole Sogunle

Chinyere Nwokeoma: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

General news

Buhari mourns Khalifa Tidiane Niass, Senegal-based Islamic leader

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President Muhammadu Buhari has expressed deep sadness over the demise of Sheikh Ahmed Tidiane Niass, Grand Khalifa (leader) of Tijjaniyya Islamic movement in Africa.


The President’s spokesman, Malam Garba Shehu, in a statement in Abuja on Monday, said Buhari’s condolence message was addressed to President Macky Sall, government and people of Senegal as well as millions of members of the sect in Nigeria.

President Buhari said: “It is really sad news for all of us to learn that our beloved Khalifa, Sheikh Ahmed Niass, has passed away in Senegal.

“Sheikh Ahmed Niass, who took over from his father, Sheikh Ibrahim Niass, did not at all disappoint the large followers of his greatly adored father.

”He will be remembered for his impeccable service to Islam and passion towards the sect’s followers, which has a large body in Nigeria.”

The Nigerian leader recalled that June, 2018, Sheikh Ahmed Niass visited the State House, Abuja, accompanied by some eminent Nigerians including President of BUA Group of Companies, Alhaji Abdulsamad Rabi’u.

President Buhari, on behalf of government and people of Nigeria, prayed “for the eternal repose of his departed soul.”

Edited By: Wale Ojetimi (NAN)

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Economy

Custodian Investment moves to purchase 51% equity stake in UPDC

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The Custodian Investment Plc has signed a binding agreement with UAC of Nigeria Plc to purchase 51 per cent equity interest in UACN Property Development Company (UPDC) Plc.


Mr Wole Oshin, Group Managing Director, Custodian Investment, made this known in a statement posted on the Nigerian Stock Exchange (NSE) on Monday in Lagos.

Oshin said the company had signed a binding agreement with UAC for Custodian to purchase a 51-per cent equity interest in UPDC from UAC.

He said the agreement marked the beginning of a partnership between Custodian and UAC that would achieve both companies’ respective objectives in the real estate industry.

“It also marks a significant milestone aligned with UAC’s strategy to focus on its core businesses,” he stated.

Oshin said a total of 9,465,584,668 UPDC Ordinary shares (Sale Shares) held by UAC, representing 51 per cent of UPDC’s issued share capital, would be sold to Custodian.

He said the sale shares would be in two tranches initial sale of 946,558,467 shares, representing 5.10 per cent of the issued share capital of UPDC, on execution of binding transaction agreements.

Oshin added that there would be subsequent sale of 8,519,026,201 shares, representing 45.90 per cent of the issued share capital of UPDC upon receipt of requisite approvals.

According to him, completion of the sale is subject to regulatory approvals from the NSE and the Federal Competition and Consumer Protection Commission.

Commenting on the transaction, Oshin said the partnership would provide multiple levers for value creation.

“We, at Custodian, are excited about the possibilities arising from this partnership with UAC, which provides multiple levers for value creation.

“The rationale for the transaction is that Custodian and UAC share the view that their ambitions for capturing opportunity in the real estate industry will be better achieved working in partnership,” he said.

Oshin, however, advised the shareholders to exercise caution when dealing in the securities of Custodian, UAC, and UPDC until requisite approvals are obtained.

Also, Mr Folasope Aiyesimoju, the Group Managing Director of UAC, said the transaction was a significant step in achieving its objectives for UPDC.

“The transaction is a significant step in achieving our objectives for UPDC.

“In 2018, the Board and Management of UAC embarked on a strategic review to evaluate the performance of the company and its subsidiaries.

“The objective is to achieve sustainable positive financial performance from our existing operations and enable management to focus on businesses that align with our strategy.

“In reviewing UPDC, the board weighed the long-term opportunities in the Nigerian real estate sector against the fundamental differences between the cash flow profile and capital needs of UPDC and those of the other entities in UAC’s portfolio.

“Following its review, the board concluded that it would be in the best interest of UAC to exit its interest in the real estate sector.

” It allows UPDC to operate as a stand alone legal entity, free to source appropriately structured capital and to unlock value for its shareholders,” Aiyesimoju said.

Edited By: Olagoke Olatoye (NAN)

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Economy

Flour Mills announces AGM attendance by proxy Sept. 10

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Flour Mills of Nigeria Plc has announced that its 60th Annual General Meeting (AGM) scheduled for Sept. 10, would be by proxy and live streaming.


Mr Joseph Umolu, the Company Secretary, disclosed in a notice posted on the website of the Nigerian Stock Exchange (NSE) on Monday in Lagos.

Umolu said: “In view of the COVID-19 pandemic, the restrictions on mass gathering and in line with the guidelines issued by the Corporate Affairs Commission on holding AGMs using proxies, attendance at the AGM shall be by proxy.

“Consequently, a member entitled to attend and vote at the AGM is advised to select from the listed proposed proxies to attend in his stead,” he said.

The listed proxies are, Mr John Coumantaris; Dr Emmanuel Ukpabi; Mr Paul Gbedebo; Dr Salamatu Suleiman; Sir Sunny Nwosu; Mr Adesina Oladepo; Mr Boniface Okezie; Mrs Esther Augustine; Mr Nonah Awoh and Chief Timothy Adesiyan.

Umolu informed shareholders that the proxy form was attached to the annual report of the company and also available on url:shorturl.at/mp349.

He disclosed that dividends, if approved, would be paid on Sept. 14 to shareholders.

The secretary also informed shareholders that some dividend warrants had been returned to the registrar as unclaimed.

He urged shareholders to open bank accounts, stockbroking accounts and CSCS accounts for the purpose of e-dividend and bonus.

Edited By: Tayo Ikujuni/Oluwole Sogunle (NAN)

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Economy

Nigerian Breweries earns N152bn revenue in 6 months

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Nigerian Breweries Plc  says it earned a revenue of N152 billion for the half-year (H1) ended June 30, 2020.


Mrs Sade Morgan, Corporate Affairs Director said this in a financial report on the company’s unaudited and provisional results sent to the Nigerian Stock Exchange (NSE) on Monday in Lagos.

A breakdown of the results showed that the revenue of N152 billion was a drop, compared to the N170 billion recorded in the corresponding period of 2019.

According to the report, the Company also made a N5.70 billion Profit after tax in the period under review.

“The half-year results for the 2020 financial year show a strong balance sheet for the Company despite several factors that negatively impacted on the Company’s operations, such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5 to 7.5 per cent, as well as the impact of the coronavirus (Covid-19) pandemic on businesses worldwide.

“Despite these challenges, the Company’s financial position shows stability and sustained profitability.

“To support the fight against the Covid-19 pandemic, the Company, during the period under review, made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the Federal and State Governments’ Covid-19 Relief Funds,” the statement said.

The Board of Directors commended the company’s management for its efforts to mitigate the impact of the pandemic on the business.

It also lauded the prudent management of its resources as reflected in a seven per cent reduction in expenses incurred on marketing, distribution, and administration.

“The Board expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders.

According to the Board, the Company’s priority during this period “remains ensuring the health, safety and welfare of employees, customers and partners”.

Edited By: Edith Bolokor/Oluwole Sogunle (NAN)

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