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Funds Management

THE WEEK AHEAD: Dividends, marked downs, results

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This is a recap of stocks that were marked down the previous week, and an outlook on stocks to be marked down this week.

The following companies were marked down for dividend payments last week.

Julius Berger Plc

Julius Berger Plc was marked down by N1 following a dividend payment. Previous dividend payment price was N26.55.   

LASACO Assurance Plc

LASACO Assurance was marked down by N0.04. Ex-dividend price was N0.34.

 NPF Microfinance Bank Plc

Nigerian Police Force Microfinance Plc was marked down by N0.17. Ex-dividend price was N1.76.

B.O.C. Gases Plc

B.O.C Gases was marked down by N0.20. Ex-dividend price was N4.43.

N.E.M Insurance Plc

N.E.M Insurance was marked down by N0.10 following a dividend payment. Ex-dividend price was N2.46.

Companies having corporate actions this week

Cadbury Plc

Cadbury Nigeria Plc will be closing its register from Monday, the 11th of June to Friday, the 15th of June, 2018.

The stock may not witness much traffic, despite a proposed dividend of N0.16 per share. 74% of the company’s issued share capital is held by Cadbury Schweppes Overseas Limited, which is ultimately controlled by Mondelez International.

CAP Plc

Paint maker, CAP Plc, which is a subsidiary of UAC of Nigeria Plc, will be holding its Annual General Meeting (AGM) on the 13th of June, 2018. Dividend payment, if approved by shareholders, will take place on the 14th of June, 2018.

AGMs provide an opportunity for management to inform investors of the company’s outlook for the rest of the year and any other pertinent information.

50% of CAP’s issued share capital, amounting to 350,652,700 shares, is held by the parent company, UACN.

The stock is a favourite for PFAs and other institutional investors, hence, not much volatility in trading is expected. The stock is up 8.24% year-to-date, showing little price appreciation. 

Beta Glass Plc

Beta Glass Plc has its qualification date on the 15th of June, 2018. Investors who buy the stock 3 days before the specified date will qualify for dividends. The company is up 70.24% year-to-date. Significant upside at current market sentiments are unlikely.

Jaiz bank

Beta Glass is on Nairametrics’ list of stocks to watch in June.

Okomu Oil Palm Company Plc

Okomu Oil will be holding its Annual General Meeting (AGM) on the 13th of June, 2018. Payment, if approved, will take place on the 25th of June.

Capital Hotels Plc

Capital Hotels Plc will be closing its shareholders register from Monday, the 11th to Friday, the 15th of June, 2018.

Mutual Benefit Assurance Plc

Mutual Benefits Assurance has Wednesday, the 13th of June, 2018, as its qualification date. Closure of its register will take place between, Thursday, the 14th of June to Wednesday, the 20th of June, 2018.

The stock has topped the gainers’ chart in the past few weeks on the back of the dividend being its first in nearly a decade. Gains have since tapered down.

Conoil Plc

Conoil Plc has the 14th of June, 2018, as its qualification date. Investors holding the stock on this date will qualify for dividends.

The stock tends to witness significant appreciation once dividends are declared. Year-to-date, the stock is up 14.29%.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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    Funds Management

    Nigeria’s pension asset dips N51.3 billion in February 2021

    Nigeria’s pension asset fell to its lowest position in four months, lost N51.3 billion in February 2021

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    Nigerian Pension funds, 2019 pension fund performance ranking

    Nigeria’s total pension assets lost a total of N51.3 billion to stand at N12.25 trillion in the month of February 2021. This is according to the monthly pension report released by the Nigerian Pension Commission.

    According to data compiled by Nairametrics Research, Nigeria’s pension assets fell to their lowest position in four months, characterized by the decline in bond prices, and profit-taking activities in the Nigerian equity market.

    READ: Best Pension Funds in Nigeria for the month of February 2021

    Highlights

    • The total pension asset declined by 0.42% from N12.29 trillion recorded as of January 2021 to N12.25 trillion in February 2021.
    • Federal Government bonds stood at N7.34 trillion, accounting for 59.6% of the total pension asset under management.
    • Also, local money market securities, which stood at N1.62 trillion as of February 2021, accounted for 13.4% of the gross asset for the period under review.
    • Mutual funds recorded a decline of 1.3% to stand at N158.96 billion from N162.1 billion recorded in the previous month.
    • However, treasury bills increased by 5.5% from N670.34 billion recorded as of the last day of January 2021 to N676.91 billion at the end of February 2021.

    READ: How foreign exchange risks and others affect the Nigerian pension industry 

    A cursory look at the data revealed that the pension asset had reduced by N6.93 billion in the previous month, before losing N51.28 billion in the period under review.

    As of February 2021, RSA Fund II accounted for 43.82% of the total pension asset, as it stood at N5.37 trillion, followed by Fund III with N3.16 trillion (25.79%), and CPFAs at N1.47 trillion (11.98%).

    Why the decline?

    While responding to questions regarding the recent decline in pension fund assets, Oguche Agudah, the CEO of Pension Fund Operators Association of Nigeria (PenOp), stated that it was due to the decline in prices of fixed securities.

    • He, however, called on pension contributors to increase their contributions as that would guaranty more funds. He also called on employers in the private and government sector to remit due pension contributions.
    • Commenting on the reasons for the loss, Mrs Amaka Andy-Azike, the head of branding and communication of PenOp, stated that the losses are however unrealized losses and would have recovered in the month of March as the yield of government securities continues to trend upward.
    • She, therefore, called on pension contributors to be calm as there was no cause for worry. Mrs Amaka also reiterated that the pension scheme prioritises secured investments rather than riskier instruments that could yield higher returns.
    • Nairametrics had reported that Nigerian Pension Fund Administrators across the different fund types, dipped significantly in the month of February 2021 as only 22% of the funds recorded positive growth in the month.

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    Funds Management

    Nigeria’s Best performing Mutual Funds in Q1 2021

    The Net Asset Value of the listed Nigerian Mutual Funds dipped by 4.01% in Q1 2021

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    Best Mutual Funds in Nigeria

    Mutual Funds in Nigeria recorded a bearish performance in the first quarter of 2021 as only 25 funds posted positive growth in the review month against 59 declines while 34 funds remained flat in March.

    Mutual funds have been considered as a good alternative investment opportunity, particularly for retail investors because it gives them access to diversified and professionally managed portfolios at a low price.

    However, data obtained from the Security and Exchange Commission revealed that on average, the 118 listed funds as of 31st March 2021, dipped by 1.91%, having recorded a similar decline in the month of February.

    • Also, the net asset value declined by 4.01% from N1.57 trillion as of 31st December 2020 to N1.51 trillion as of 1st April 2021.
    • This is could be partly attributed to the bearish performance recorded in the Nigerian Stock Exchange market as data from the NSE showed that the All-Share Index dipped by 3.63% year to date as of April 1, 2021.
    • A comparison of the performance of the fund types indicated that despite the fall in total net asset value in Q1 2021, Bond funds grew by +14.82%, Ethical funds by +12.95%, Fixed income funds by +12.91%.
    • Real estate funds and infrastructure funds grew marginally by +0.69% and +0.43% respectively. Other funds recorded losses with the money market funds recording the highest loss of -20.68%.

    Nairametrics tracked the performance of these mutual funds by comparing the fund prices as of 31st December 2020 with the fund prices as of 1st of April 2021.

    Below were the top-performing mutual funds in Q1 2021. We also highlighted their performance in terms of changes in net asset value and included profiles of the funds as described on their websites.


    ARM Ethical Fund – Asset & Resources Mgt. Company Ltd. (Ethical Funds)

    The ARM Ethical Fund is suitable for Islamic investors who want long-term capital growth by investing strictly according to the principles of Islamic finance and ethical values. The Fund invests only in investments screened by a Shari’ah Advisory Board.

    It invests in equities, real estates, and other investments that do not involve interest-bearing transactions.

    December 31st, 2020

    Fund Price – N35.46

    April 1st, 2021

    Fund Price – N36.55

    Return – 3.06%

    Ranking – Fifth

    Commentary: The ARM Ethical Fund was the fifth-best performing fund in the first quarter of the year. The unit price appreciated by 3.06% while the net assets value increased by 3.15% from N358.96 million as of 31st December 2020 to N370.27 million as of 1st April 2021.

    Jaiz bank

    Vantage Dollar Fund – Investment One Funds Management (Fixed Income Fund)

    Vantage Dollar Fund is an open-ended Unit Trust Scheme by Investment One Funds. The Fund seeks to provide investors with a bias for Dollar-denominated securities and access to such securities, which ordinarily would be inaccessible to them by virtue of the minimum amount typically required to make such investments.

    December 31st, 2020

    Fund PriceN502.90

    April 1st, 2021

    Fund PriceN518.95

    Return – 3.19%

    Ranking – Fourth

    Commentary: The Ventage Dollar fund performed as the fourth-best performing fund in the first quarter of the year. The unit price appreciated by 3.19% while the net assets value declined by -2.97% from N1.85 billion as of December 31st, 2020 to N1.79 billion as of April 1st 2021.

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    FSDH Dollar Fund – FSDH Asset Management Ltd. (Fixed Income Funds)

    This is an open-ended mutual fund that invests in US Dollar denominated Fixed Income Securities issued by Nigerian Sovereign and Corporate Entities. The objective of the fund is to provide customers with the opportunity to invest in dollar-denominated instruments.

    The minimum amount required to invest in the fund is $1,000.

    December 31st, 2020

    Fund Price – N415.10

    April 1st, 2021

    Fund Price – N431.44

    Return – 3.94%

    Ranking – Third

    Commentary: The FSDH Dollar Fund was the third best performing fund in the first quarter of the year. The unit price appreciated by 3.94% while the net assets value increased by 41.99% from N846.27 million as of December 31st, 2020 to N1.2 billion as of April 1st 2021.


    FBNQuest Asset Management Limited – Institutional (Bond Funds)

    The FBN Nigeria Eurobond (USD) designed for institutional investors is also invested in US Dollar-denominated debt instruments issued by the Nigerian government and reputable corporate institutions and managed by FBNQuest Asset Management Limited.

    To begin investment as an institutional investor, a minimum of $100,000 is required for a minimum tenor of 180 days.

    December 31st, 2020

    Fund Price – N49,283.56

    April 1st, 2021

    Fund Price – N51,682.31

    Return – 4.86%

    Ranking – Second

    Commentary: The FBNQuest Asset Management Limited bond funds created for institutional investors was the second best performing fund in the first quarter of the year. The unit price appreciated by 4.86% while the net assets value increased by 5.69% from N571.01 million as of December 31st, 2020 to N603.51 million as of April 1st 2021.


    FBNQuest Asset Management Limited – Retail (Bond Funds)

    The FBN Nigeria Eurobond is a fixed income mutual fund that invests in the US Dollar-denominated debt instruments issued by the Nigerian government and reputable corporate institutions. Investments can be made into this fund by both retail and institutional investors.

    To get started as a retail investor, a minimum investment of $2,500 is required and the minimum holding period is 180 days.

    December 31st, 2020

    Fund Price – N49,346.65

    April 1st, 2021

    Fund Price – N51,751.89

    Return – 4.87%

    Ranking – First

    Commentary: The FBNQuest Asset Management Limited bond funds created for retail investors was the First best performing fund in the first quarter of the year. The unit price appreciated by 4.87% while the net assets value increased by 18.29% from N4.57 billion as of December 31st, 2020 to N5.41 billion as of April 1st 2021.


    Bubbling under

    • Legacy Equity Fund – 1.95%
    • PACAM Equity Fund – 1.81%
    • Stanbic IBTC Shariah Fixed Income Fund – 1.66%
    • AVA GAM Fixed income Dollar Fund – 1.65%
    • United Capital Fixed – 1.51%

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