The last 3 trading sessions on the Nigerian Stock Exchange (NSE) have seen large trading volumes in the shares of Africa Prudential Plc and United Capital Plc. The two stocks trade in the financial sector.
177 million shares valued at N767 million have so far been traded this week. 56.2 million shares valued at N242 million were traded in 59 deals on Monday, 49.5 million shares valued at N213 million were traded in 42 deals on Tuesday, and 72.1 million shares valued at N312 million were traded in 67 deals on Wednesday.
983 million shares valued at N773 million have been traded so far this week. 79.1 million shares worth N253 million were traded in 70 deals on Monday, 82.6 million shares valued at N262 million were traded in 153 deals on Tuesday, and 78.6 million shares valued at N258 million were traded in 98 deals on Wednesday.
101 million shares valued at N325 million have been traded in 38 deals in today’s session as at the time of writing this report.
United Capital is currently trading at N3.25 up 1.27%. Year to date the stock is down 9.21%.
Africa Prudential is currently trading at N4.25. Year to date, the stock is down 1.64%. The two stocks are thus, underperforming the All Share Index (ASI) which is up 2.06%.
United Capital recently announced the appointment of Peter Ashade as its Group Chief Executive Officer (GCEO). Ashade was the Managing Director of African Prudential plc (formerly Afriprud registrars).
He replaces Oluwatoyin Sanni, who will be stepping down at the end of this month. Sanni revealed this last weekend in a post in her LinkedIn page. She was appointed Group CEO of United Capital in January 2014.
African Prudential is yet to announce Ashade’s replacement.
Q1 2018 results for the company show Gross Earnings increased from N641 million in 2017 to N957 million in 2018. Profit before tax increased from N402 million in 2017 to N541 million in 2018. Profit after tax also rose from N377 million in 2017 to N460 million in 2018.
What could be happening?
Feelers from the market indicate the movement may not be out of the ordinary, but simply portfolio realignment.
United Capital Plc
United Capital Plc was incorporated in Nigeria on the 3rd of August, 2012. The company was listed on the NSE on the 17th of January, 2013, after it was spun off from UBA Plc.
Principal activities of the firm are the provision of investment banking services, portfolio management services, securities trading and trusteeship.
United Capital’s Q1 2018 results show Gross Earnings increased from N2.1 billion in 2017 to N2.2 billion in 2018. Profit before tax inched up slightly from N1.3 billion in 2017 to N1.4 billion in 2018. Profit after tax increased from N1.1 billion in 2017 to N1.2 billion in 2018.
Africa Prudential Plc
Africa Prudential Plc was originally incorporated as UBA Registrars Limited in March, 2006. The Company subsequently changed its name to Africa Prudential Registrars Plc in August, 2011 and was listed on the NSE in January 2013. To expand its business portfolio, the Company acquired UAC Registrars Limited in June, 2013.
The company changed its name to Africa Prudential plc following a special resolution passed by shareholders reflecting the firm’s expansion beyond registrar services.
Covid-19: WHO approves China’s Sinopharm vaccine
WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.
The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.
This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.
“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.
The WHO added that the easy storage requirements make it highly suitable for low-resource settings.
“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.
“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.
The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.
The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.
In case you missed it
The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.
“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead
Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead
A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.
According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.
Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.
She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.
The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.
Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.
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