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Economy

NSE resumes trading for September with N19bn growth

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NSE: Investors lose N8 billion, as Market capitalisation slides to N12.878trn

…As SEC urges defunct Afribank shareholders to claim dividends***

Trading resumed for the month of September on the Nigerian Stock Exchange (NSE) with a marginal growth of 0.14 per cent, watering investors’ appetite with N19 billion gains.

Specifically, the market capitalisation inched N19 billion to close higher at N13.410 trillion against N13.391 trillion on Friday.

Also, the All-Share Index (ASI) rose by 39.28 points or 0.14 per cent to 27,565.09 compared with 27,525.81 posted on Friday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, among which are; Nestle Nigeria, Cement Company of Northern Nigeria (CCNN), Unilever Nigeria, United Bank for Africa (UBA) and Zenith Bank.

In spite of the marginal growth, analysts at Afrinvest Limited expected the bearish run in the equities market to resurface as the weak macro-economic environment continues to cast a shadow on investor sentiment.

Also, analysts at Imperial Assets Manager said “this week, we expect bargain hunting on stocks that have witnessed significant price depreciation in recent past to still be at fore.

“Overall, we expect developments in the fiscal space to weigh in on sentiments, as investors assess the direction of recent policy pronouncements.”

Market breadth closed positive with 22 stocks recorded gains against 14 losers.

Cement Company of Northern Nigeria recorded the highest price gain of 9.78 per cent to close at N17.40 per share.

Cornerstone Insurance came second with a gain of 9.52 per cent to close at 23k, while UBA appreciated by 5.98 per cent to close at N6.20 per share.

Nestle Nigeria went up by 5.94 per cent to close at N1,319, while GlaxoSmithKline Consumer appreciated by 3.47 per cent to close at N7.45 per share.

Conversely, UACN led the losers’ chart with a loss of 10 per cent, to close at N4.50 per share.

Champion Breweries followed with a decline of 9.80 per cent to close at N1.38, while Africa Prudential shed 9.25 per cent to close at N3.63 per share.

Also read:  NSE: Investors forfeit N88bn, Market indicators record 0.66% on Thursday

Chams dipped 7.69 per cent to close at 24k, while University Press dropped 7.38 per cent to close at N1.13 per share.

However, the volume of shares traded closed lower at 10.63 per cent to 111.52 million shares valued at N1.56 billion exchanged in 3,122 deals.

This was in contrast with a turnover of 124.78 million shares worth N1.82 billion transacted in 3,089 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 16.15 million shares valued at N283.9 million.

UBA followed with 13.95 million shares worth N86.04 billion, while FBN Holdings traded 13.64 million shares valued at N64.8 million.

UACN accounted for 7.8 million shares valued at N35.91 million, while Guaranty Trust Bank transacted 5.15 million shares worth N141.08 million.

In the meantime, the Securities and Exchange Commission (SEC) on Monday called on shareholders of the defunct Afribank Plc to claim their dividends, saying it was part of its investor protection programme and mandate to ensure that shareholders get the benefits of investing in the capital market.

Ms Mary Uduk, SEC acting Director-General, was quoted by the statement as saying the Commission was making concrete efforts to ensure that investors get their dividends to reduce the high profile of unclaimed dividends in the market.

She said: “We have informed shareholders of the defunct AfriBank Plc that unclaimed dividends declared by the bank are being held in trust on their behalf.

“This will further help reduce the volume of unclaimed dividends in the market and boost investor confidence.

“Investors that have unclaimed dividends are therefore advised to contact Carnation Registrars to process their dividend payments,” she said.

Uduk said the commission had also directed Carnation Registrars and Meristem Trustees to ensure that all genuine claims of beneficiary shareholders be addressed forthwith.

“Since the company is no longer in operation, these unclaimed dividends have to be made available to the rightful owners that are the shareholders.

“That will go a long way in boosting investor confidence in the market. That is why we are calling on them to take advantage of this opportunity and claim their dividends,” Uduk said.

Recall that recently, the SEC had directed investors in the defunct Skye bank Plc to claim all outstanding dividends declared by the bank which were being held in trust on their behalf.

The SEC also went further to direct Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders were addressed forthwith.

This, the SEC said was part of its investors’ protection programme to ensure that shareholders got the benefits of investing in the capital market.

 

Economy

Selloffs In MTN, Others Drag Market N25bn Down

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Selloffs In MTN, Others Drag Market N25bn Down

…RT.BRISCOE, Tantalizer lead the losers’ table 

 The equity market on Wednesday lost N25 billion due to selloffs in MTN Nigeria, Dangote Sugar and Guaranty Trust Holding Company (GTCO), among other stocks.

Specifically, the market capitalisation, which opened at N56.670 trillion, shed N25 billion or 0.04 per cent to close at N56.645 trillion.

The All-Share Index also dropped 0.04 per cent, or 43.3 points, to close at 100,032.32, as against 100,075.59 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return slipped to 33.78 per cent.

United Capital led 10 per cent to close at N36.30, Africa Prudential followed by 9.88 per cent to close at N8.90, and Cutix gained 9.86 per cent to close at N6.13 per share.

Oando rose by 5.63 per cent to close at N16.90, and Julius Berger advanced by 4.79 per cent to close at N87.50 per share.

Conversely, RTBRISCOE led the losers’ log with 5.71 per cent to close at 66k, and FTN Cocoa Processors trailed by 4.44 per cent to close at N1.72 per share.

Tantalizer declined by 4.26 per cent to close at 45K, Neimeth International Pharmaceuticals shed 3.53 per cent to close at N1.64 and Consolidated Hallmark Plc lost N3.45 to close at N1.40 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 35.71 per cent.

A total of 1.10 million shares valued at N10.08 billion were exchanged in 8,720 deals, compared to 368.39 million shares valued at N7.42 billion exchanged in 8,151 deals posted previously.

Jaiz Bank led the activity log-in volume with 528.49 million shares worth N1.15 billion, Cutix followed by 194.64 million shares worth N1.19 billion.

Zenith traded 77.75 million shares valued at N3.11 billion to lead the log-in value, Universal Insurance transacted 36.26 million shares worth N12.35 million and FCMB sold 33.88 million shares worth N257.09 million. 

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Economy

Stock Market Maintains Positive Trends, Up 0.11%

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Stock market maintains positive trends, up 0.11%

…Redstarex, Deap Capital lead the losers’ table 

 The Nigerian stock market maintained its positive trends on Tuesday, increasing the overall market index by 0.11 per cent.

Investors gained N62 billion or 0.11 per cent as the market capitalisation, which opened at N56.608 trillion closed at N56.670 trillion.

The All-Share Index also advanced by 0.11 per cent or 109.3 points to close at 100,075.59, compared to 99,966.28 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 33.84 per cent.

Sustained by interest in Tier-one banking tickers such as Zenith Bank, FBN Holdings, United Bank For Africa (UBA), and Access Corporation, alongside United Capital, UACN and other advanced equities drove the market’s positive performance.

Meanwhile, market breadth closed positive with 19 gainers and 15 losers on the floor of the Exchange.

On the gainers’ table, United Capital led by 10 per cent to close at N33, Cutix Plc followed by 9.84 per cent to close at N5.58 and Sunu Assurances gained 7.75 per cent to close at N1.39 per share.

Cornerstone Insurance rose by 7.69 per cent to close at N2.10 and UACN went up by 7.42 per cent to close at N15.20 per share.

On the other hand,  Redstarex led the losers’ table by 9.82 per cent to close at N3, and McNichols Plc trailed by 9.01 per cent to close at N1.01 per cent.

Deap Capital Management and Trust Plc lost 5.77 per cent to close at 49k, Eterna Plc declined by 4.44 per cent to close at N17.20 and Universal Insurance shed 2.78 per cent to close at 35k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 0.78 per cent.

A total of 368.39 million shares valued at N7.42 billion were exchanged in 8,151 deals, compared with 362.43 million shares valued at N7.37 billion exchanged in 8,405 deals posted previously.

Zenith Bank led the activity table in volume and value with 57.42 million shares worth N2.25 billion, and Access Corporation followed with 36.75 million shares valued at N707.17 million.

Guaranty Trust Holding Company(GTCO) also sold 29.16 million shares valued at N1.33 billion, Jaiz Bank traded 28.34 million shares worth N60.94 million and UBA transacted 20.31 million shares valued at N466.16 million.

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Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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