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CSCS shareholders approve N5.85bn dividend payout

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CSCS shareholders approve N5.85bn dividend payout

Shareholders of the Central Securities Clearing System (CSCS) Plc., at its 27th Annual General Meeting (AGM), approved N1.17 dividend per share payout to all qualified shareholders.

Mr Oscar Onyema, the Chairman of the Board of Directors, at the AGM held on May 18, hailed the company for its performance despite the challenges.

Onyema disclosed that following the approval of the shareholders on the N1.17 dividend per share proposed by the Board, CSCS would be paying out a total of N5.85billion to its shareholders.

He said that the company recorded some 36.0 per cent year-on-year growth in return to shareholders when compared to the N4.3 billion dividend paid in the previous year.

“Despite the challenges in 2020, CSCS emerged stronger, delivering outstanding growth in top and bottom-lines, and executing far-reaching initiatives that would sustainably strengthen the competitiveness and resilience of the business.

“Growing profit by over 41 per cent in such a challenging year to deliver 20.3 per cent return on average equity, the Board of Directors is more than ever upbeat on the value-accretive prospects of CSCS.

“More importantly, we are enthusiastic about the progress made thus far in repositioning the business, to efficiently play a more active and leading role in deepening the Nigerian capital market.

Also read: N2.343trn new borrowing request captured in 2021 budget – DMO

“With continuous investments in new technologies, talent and work environment, we expect productivity to grow, as the Board continues to work with the Management to exceed stakeholders’ expectations,” the Board Chairman said.

Managing Director/Chief Executive Officer, Mr Haruna Jalo-Waziri said: “These impressive results reflect our enhanced collaboration with different stakeholders and their unflinching support and loyalty to CSCS, as the core infrastructure for the Nigerian capital market.

“Hence, my colleagues and I are excited to dedicate this performance to our esteemed participants, regulator and the Board of Directors, whose support kept us strong through the pandemic.

“We would continue to invest in our collective objective of deepening the capital market and broader financial system, even as we seek new and efficient ways of enhancing our partnerships for mutual prosperity.

“Having laid a solid foundation over the past three years, we are more than ever-optimistic about the prospect of our business, especially as we diversify the business for enhanced resilience against macro and market volatilities.

“The years ahead look challenging, albeit more promising than ever, as we reinforce our commitment to leveraging best-in-class technologies and our continuous investments in human capital in delivering value to all stakeholders,” Jalo-Waziri added.

The shareholders, most of whom participated through proxies due to the extant COVID-19 precautions, were excited at the performance of the company and unanimously approved the dividend proposal of N1.17 per share, as presented by the Chairman, on behalf of the Board of Directors.

Mr Eric Idiahi, one of the proxy attendees and Managing Director, Verod Capital LLC; a core shareholder of CSCS Plc, lauded the Management for the unprecedented performance in such a challenging year.

He reiterated the support of shareholders for the company, especially as the diversification of the business and culture of innovation should enhance the sustainability of the business and ensure its capacity to deliver superior returns to shareholders over the long term.

Mr Obong Idiong, the Chief Executive Officer of Africa Prudential Plc., the Registrar to CSCS said: “This is a well-conducted General Meeting, with due observance of all relevant statutory requirements, including COVID-19 precautions.

“I congratulate the Board and shareholders of CSCS on the impressive performance during the 2020 financial year and more importantly for a successful General Meeting,” he said.

CSCS has a diversified shareholder base, including Nigerian Exchange Group Plc., some of the largest Nigerian banks, private equity firms, other institutional investors and retail investors.

The shares are traded over-the-counter through the NASD-OTC, the premier market for trading unquoted securities of public limited companies.

As at the close of market on May 17, the bid/ask quotes on the shares of CSCS indicated a price of N17.65 per share, having rallied 17.3 per cent year-to-date, consolidating the strong performance of the share price over the past few years.

 

 

 

 

 

Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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Economy

SIFAX Group Appoints Basil Agboarumi As Executive Director

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SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director of corporate and Intergovernmental Affairs.

Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

Basil Agboarumi, Executive Director, Corporate and Intergovernmental Affairs

After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange while many airlines, both local and foreign, signed business deals with the company due to its excellent and cutting-edge services which include passenger handling, ramp handling, and cargo handling.

Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.

He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

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Economy

NGX All-Share Index Crosses 100,000 Mark

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Guinness Nigeria and FTN Cocoa Processors lead the losers’ table

The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd.(NGX), on Thursday, crossed a 100,000 mark for the second time in the year.

Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 percent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.

Consequently, investors gained N420 billion or 0.75 percent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.

Also, the Year-To-Date (YTD)return rose to 33.19 percent.

Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, alongside other top gainers drove the equity market to a positive terrain.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 percent.

However, market breadth closed negative with 33 losers and 25 gainers.

On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 percent each to close at N50.60 and N201.30 per share, respectively.

Transcorp Power followed closely by 9.99 percent to close at N351.30, while Juli Plc added 9.96 percent to close at N4.97 per share.

National Salt Company of Nigeria (NSCN) rose by 9.92 percent to close at N47.65 per share.

On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers’ table by 10 percent each to close at N45.90 and N1.53 per share, respectively.

Transcorp also lost 9.95 percent to close at N17.10, Ikeja Hotel shed 9.93 percent to close at N6.08, while Redstarex declined by 9.87 percent to close at N3.38 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.

On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of  N5.65 billion.

Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.

Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.

Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors’ expectations from the current government’s policies.

Ibrahim stated in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.

He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.

“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.

“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.

“While the Nigerian economy may presently appear tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.”

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