Stocks to watch this week is selected from the gainers and losers of the previous week, as well as those having corporate actions. Corporate actions include dividend payments, closure of registers, and qualification dates.
Stocks with controversies surrounding them or results released after trading hours also make our stocks to watch list.
Unity Bank Plc
Unity Bank Plc was the biggest gainer last week, hence its place on our watchlist. The stock has traded in a volatile manner in the last few months. Rising upon the announcement of a proposed $1 billion investment by private equity firm, Milost Global, then falling after the agreement was aborted.
Unity Bank closed Friday at N0.97 and is trading at a PE ratio of 9.39 times earnings.
Japaul Oil and Maritime Plc
Japaul was the biggest loser last week shedding 23.40%. Japaul’s price has also traded in a zigzag manner, following an agreement with Milost Global to inject $350 million into the firm, and the termination of the said agreement.
Japaul closed at N0.36 on Friday’s trading session.
NEM Insurance Plc
NEM Insurance was in the news last week due to a proposed private placement. Shareholders gave the go-ahead for the company to raise N2.64 billion through a private placement. This will see the company issue about 1,056,000,000 ordinary shares of 50 kobo each, at N2.50
Some major shareholders have kicked against the private plac
NEM closed Friday’s trading session on the Nigerian Stock Exchange (NSE) at N3.04 and a PE ratio of 6 times earnings.
Flour Mills of Nigeria Plc
Flour Mills makes our watch list by virtue of its releasing its full-year 2018 results after trading hours.
Revenue increased from N524 billion in 2017 to N542 billion in 2018. Profit before tax jumped from N10.4 billion in 2017 to N16.5 billion in 2018. Profit after tax also increased from N8.8 billion in 2017 to N13.6 billion in 2018.
The company has also declared a dividend of N1.00 per share, same as the prior year.
Flour Mills closed Friday’s trading session at N32, and at a PE ratio of 6.68 times earnings.
Northern Nigeria Flour Mills (NNFM)
NNFM was incorporated as a private limited liability company on October 29, 1971. The company was converted to a public limited liability company in 1978 and its shares are quoted on the Nigerian Stock Exchange. It is a subsidiary of Flour Mills of Nigeria Plc, which holds 53.06% of the company’s equity.
NNFM is into the milling of maize, sorghum, and wheat.
NNFM gets a spot on our watchlist by virtue of releasing its results after trading hours. The company closed at N6.65 on Friday’s trading session.
Learn Africa Plc
Learn Africa has picked Friday, 6 July 2018 as its qualification date. The company will be paying a dividend of N0.14 per share for the 2017 financial year. Investors tend to key into a stock in a bid to qualify for the dividend.
Learn Africa closed at N1.58 on Friday’s trading session and is trading at a PE ratio of 4.51 times earnings.
NAHCO Aviance will be closing its register from July 3 to July 5, 2018. The company will be paying a dividend of N0.25 per share for the 2017 financial year. The stock could witness a slight selloff after the closure date, as some investors tend to hold a stock in order to qualify for dividends.
NAHCO closed at N4.00 on Friday’s trading session and at a PE ratio of 7.67 times earnings.
LASACO Assurance Plc
LASACO Assurance will be paying a dividend of N0.03 on July 5, 2018. This is for the 2017 financial year.
LASACO closed at N0.36 on Friday’s trading session and is trading at a PE ratio of 3.99 times earnings.
11 Plc (formerly Mobil Oil Plc)
11 (pronounced double one) Plc will be paying a dividend of N8 per share for the 2017 financial year. The stock closed at N183 on Friday’s trading session and at a PE ratio of 6.57 times earnings.
Ekocorp Plc started off as Mercy Specialist Hospital in 1977 and was incorporated on February 9, 1982, as a private limited company by shares. It became a Public Liability Company (Plc) in 1991 and by 1994, the name changed to Ekocorp Plc.
The EKO represents the first letter of the surname of each of the 3 founders Eneli, Kuku, and Obiora.
The company will be holding an Extra Ordinary General Meeting (EGM) on July 5, 2018. The agenda will be to ratify the conversion of debt owed the company ’s founders and a special placement of shares to Geoff Ohen Limited.
Beta Glass Plc
Beta Glass Plc began operations on June 26, 1974, and was listed on the NSE in 1986. The company is involved in the manufacturing and sales of hollow glassware. It operates two plants in Agbara, Ogun State and Ughelli, Delta State. In addition, it also exports its products to several African countries.
Beta Glass Plc will be holding its Annual General Meeting (AGM) on July 5, 2018. AGMs are an avenue for the board and management of a company to pass pertinent information which could have an effect on its share price.
Beta Glass closed at N86.30 on Friday’s trading session and is trading at 10.7 times earnings.
Conoil Plc declares dividend payment for FY 2019, announces AGM soon
The current share price of the oil marketing firm as of July 9, 2020, is N18.90 per share.
Oil marketing giant, Conoil Plc, has announced a final dividend payment of N2.00 per ordinary share of 50 kobo each for the period ended December 31, 2019.
The final dividend payment which will be paid to shareholders whose names appear in the Register of Members as at close of business on Monday, July 13, 2020, is, however, subject to the appropriate withholding tax deduction and the approval of the shareholders.
This information was contained in a notification that was sent by Conoil Plc to the Nigerian Stock Exchange (NSE) on Thursday, July 9, 2020, and signed by its Company Secretary/Legal Adviser, Conrad Eberemu after the release of the full-year audited financial statement for the year ended 2019.
The statement from Conoil says, ‘’A final dividend of 200 kobo per 50 kobo ordinary share, subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on the Monday, 13th day of July 2020.’’
‘’The Register of Shareholders will be closed from Tuesday, 14th to Friday, 17th July 2020.’’
The corporate actions announcement by the oil firm also states that while the payment date will be on a date to be announced shortly, the dividends will be paid electronically to shareholders whose names appear on the Register of Members as at Monday, July 13, 2020, and who have completed the e-dividend registration with a mandate to the Registrar to pay their dividends directly into their bank accounts.
The oil marketing company also noted that shareholders with dividend warrants and share certificates that have remained unclaimed, or yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar (Meristem Registrars and Probate Services Limited).
The company’s Annual General Meeting (AGM) will be held at a venue and date to be announced shortly.
Conoil PLC, in its recently released audited financial statement for full-year 2019 announced a Profit after tax of N1.99 billion as of December 31, 2019. This represented an increase of 11% when compared to the N1.8 billion that was recorded for the corresponding period in 2018.
The profit after tax was recorded on a Revenue of N139.76 billion as of December 31, 2019. This also represents an increase of 14% when compared to the N122.21 billion that was achieved for December 31, 2018.
The Profit before tax as of December 31, 2019, was N2.78 billion as against the N2.57 billion achieved for the corresponding period in 2018.
The current share price of the oil marketing firm as of July 9, 2020, is N18.90 per share and the earnings per share is N2.77.
Tether mints 80,000,000 USDT to unknown wallets within 24 hours
Tether Treasury minted a whopping 80 million USDT in less than 24 hours.
Tether, the world’s most valuable stable coin by market capitalization, has been gaining a lot of traction lately. The latest development is that Tether treasury minted a whopping 80 million USDT to unknown wallets in less than 24 hours, as seen on Whale Alert, an advanced blockchain tracker and analytics system.
Tether is ranked the 3rd largest cryptocurrency by market cap of $9.2 billion, with a daily volume of $22.8 billion as at the time this report was drafted.
Quick fact: Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.
Barely weeks ago, Bloomberg reports stated that the momentum with the help of the U.S dollar was expected to make Tether gain and move to the second spot.
“Absent an unlikely reversal in predominant crypto trends, it should be a matter of time until Tether passes Ethereum to take the No. 2 spot in total assets behind Bitcoin. Receiving help from widespread adoption with a workable case as a proxy for the world’s reserve currency, there seems little to stop the increasing adoption of the dollar-linked stable coin,” the report stated.
Oil falls, approaches weekly decline as COVID-19 cases hit daily record
It appears that Brent is heading towards a weekly decline of about 2%.
Oil prices fell on Friday, coupled with the major losses from the previous session. The trajectory seemed to have headed for a weekly decline as more investors panicked about the increasing coronavirus cases in the United States as well as more countries reverted to lockdowns, thereby suppressing fuel demand.
Brent crude (LCOc1) fell by 0.6%, at $42.10 a barrel by 0341 GMT after falling more than 2% on Thursday. U.S. oil (CLc1) also fell by 0.8%, at $39.29 a barrel after a drop of 3% in the previous session. It appears that Brent is heading towards a weekly decline of about 2% and U.S. crude generally, for a fall of over 3%.
Even though analysts are predominantly expecting that fuel demand will make a comeback from COVID-19, the increasing number of daily cases in the U.S. is raising concern over the possibility of fast recovery. Stephen Innes, chief global markets strategist at AxiCorp explained that:
“I do not suspect many oil traders will be looking to place significant bids in the market today, suggesting prices may continue to wallow into the weekend. More than 60,500 new COVID-19 cases were reported in the United States on Thursday, setting a daily record, with Americans being told to take new precautions. The tally was also the highest daily count yet for any country since the pathogen emerged in China late last year.”
Oil inventories are also still below par owing largely to the constrained demand for gasoline, diesel and other fuels as at the initial outbreak.