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These companies will be having their Corporate Actions this week

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Corporate actions are decisions taken by a company’s board of directors or management, that could have impact on the firm itself or shareholders.

Examples of corporate actions include the payment of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.

Here is a review of corporate actions that held last week, and those expected this week.

Last week’s Corporate Actions

Cement Company of Northern Nigeria Plc

Cement Company of Northern Nigeria held its Annual General Meeting on the 26th of July, 2018. The company paid a dividend of N1.25 for the 2017 financial year.

RAK Unity Petroleum Co Plc

RAK Unity Petroleum closed its shareholders register from the 23rd to 27th of July, 2018. The closing of a shareholders register is in preparation for payment of a dividend. The company will be paying a dividend of 10 kobo per share for the 2017 financial year.

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Conoil Plc

Conoil paid a dividend of N2.00 on the 23rd of July, 2018

NPF Microfinance Bank Plc

NPF Microfinance Bank appointed three non-Executive Directors:  Abdulrahman Satumari, Rakiya Edota Shehu, and Salihu Hashimu.

FBN Holdings

FBN Holdings released its results on Friday after trading hours. Interest income decreased from N232 billion in 2017 to N225 billion in 2018. Profit before tax, however, rose from N35.6 billion in 2017 to N38.8 billion in 2018.  Profit after tax also increased from N29.4 billion in 2017 to N33.5 billion in 2018.

AXA Mansard Insurance Plc

AXA Mansard released its H1 2018 results after trading. Gross premium written increased from N17.9 billion in 2017 to N23.5 billion in 2018. Profit before tax fell from N2.3 billion in 2017 to N1.8 billion in 2018. Profit after tax also dropped from N2.1 billion in 2017 to N1.5 billion in 2018.

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First City Monument Bank Plc

FCMB released its results for the period ended June 2019. Gross earnings increased from N77.5 billion in 2017 to N83.9 billion in 2018. Profit before tax jumped from N3.8 billion in 2017 to N7.1 billion in 2018. Profit after tax also surged from N3.0 billion in 2017 to N5.7 billion in 2018.

Continental Reinsurance Plc

Continental Reinsurance this week released its results for the period ended June 2018. Gross written premium increased from N6.5 billion in 2017 to N7.7 billion in 2018. Profit before tax rose from N705 million in 2017 to N928 million in 2018. Profit after tax also increased from N515 million in 2017 to N712 million in 2018.

Caverton Offshore Support Group Plc 

The company this week released its results for the period ended June 2018. Revenue increased from N10.1 billion in 2017 to N14.2 billion in 2018. Profit before tax jumped from N938 million in 2017 to N1.5 billion in 2018. Profit after tax also rose from N594 million in 2017 to N962 million in 2018.

Vitafoam Plc

The company this week released its results for the 9 months ended June 2018. Revenue grew from N14.7 billion in 2017 to N16 billion in 2018. Profit before tax jumped from N258 million in 2017 to N788 million in 2018. Profit after tax also increased from N133 million in 2017 to N515 million in 2018

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Lafarge Africa Plc

The company this week released its results for the half year ended June 2018. Revenue rose by 5% from ₦154.84 billion in H1 2017 to ₦162.29 billion in H1 2018.

Stanbic IBTC

Loss before tax dropped to ₦6.35 billion for the period ended June 2018 as against ₦18.16 billion recorded in the comparative period in 2017. It recorded a loss after tax of ₦3.9 billion in H1 2018 as against a profit after tax of ₦19.7 billion recorded in H1 2017.

It also disclosed that it was planning a N90 billion rights issue, and appointed Rossen Papazov as a Non-Executive Director. He replaces Mr. Jean-Carlos Angulo who resigned effective 20th of July 2018.

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Dangote Sugar Refinery

Dangote Sugar Refinery released its results for the period ended June 2018. Revenue dropped from N114 billion in 2017 to N84 billion in 2018. Profit before tax also fell from N25.2 billion in 2017 to N19.9 billion in 2018. Profit after tax also fell from N17.1 billion in 2017 to N12.7 billion in 2018.

Union Bank

Union Bank released its financial statements for the period ended June 2018. Gross earnings increased from N72 billion in 2017 to N83 billion in 2018. Profit before tax increased from N9.4 billion in 2017 to N11.6 billion in 2018. Profit after tax also rose from N9.2 billion in 2017 to N11.4 billion in 2018.

NEM Insurance Plc

NEM Insurance released its financial statements for the period ended June 2018. Gross premium written increased from N8.1 billion in 2017 to N9.1 billion in 2018. Profit before tax rose from N1.4 billion in 2017 to N1.7 billion in 2018. Profit after tax also jumped from N1.2 billion in 2017 to N1.5 billion in 2018.

Julius Berger Plc

Julius Berger Plc released its financial statements for the period ended in June 2018. Revenue increased from N69 billion in 2017 to N73 billion in 2018. Profit before tax jumped from N55 million in 2017 to N3.0 billion in 2018. The company made a profit after tax of N2.5 billion in 2018 as against a loss after tax of N364 million in 2018.

MRS Oil Plc 

MRS Oil released its results for the period ended June 2018. Revenue decreased from N62.4 billion in 2017 to N62.3 billion in 2018. Profit before tax fell from N1.1 billion in 2017 to N773 million in 2018. Profit after tax fell from N703 million in 2017 to N505 million in 2018.

Okomu Oil Palm Company Plc

Okomu Oil released its results for the period ended June 2018. Turnover increased from N12.4 billion in 2017 to N12.9 billion in 2018. Profit before tax, however, fell from N7.8 billion in 2017 to N6.9 billion in 2018. Profit after tax also dropped from N6.2 billion in 2017 to N5.9 billion in 2018.

AIICO Insurance Plc

AIICO released its results for the period ended June 2018. Gross premium written increased from N8.1 billion in 2017 to N9.1 billion in 2018. Profit before tax rose from N1.4 billion in 2017 to N1.8 billion in 2018. Profit after tax also increased from N1.2 billion in 2017 to N1.5 billion in 2018.

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Corporate Actions for this week

Seplat Plc

Seplat Plc will be releasing its financial statements for the period ended June 2018 on Monday, 29th of July, 2018. The company will also hold an investor conference call following the release of the results.

MRS Oil Plc

MRS Oil Plc will be holding its Annual General Meeting (AGM) on the 1st of August, 2018. AGMs are usually opportunities for management to brief investors on plans for the year ahead.

John Holt Plc

John Holt Plc will be holding its Annual General Meeting (AGM) on the 2nd of August, 2018.

Ikeja Hotel Plc

Ikeja Hotel will be holding its Annual General Meeting (AGM) on the 2nd of August, 2018.

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]

1 Comment

1 Comment

  1. Donald Onuoha

    July 30, 2018 at 10:16 am

    Conoil Plc hasn’t paid the N2.00 per share dividend yet. I have shares in Conoil and haven’t received any dividend payment for 2017 financial year. You can investigate further.

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Cryptocurrency

Breaking: Ethereum within striking distance of $1,400

The leading altcoin was trading at $1,377 thus within striking distance of $1,400.

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Ethereum, cryptocurrency, Crypto: Large investors transfer over 700,000 Ethers

The world’s utility crypto is fired up on all cylinders on the basis it just ascended to a new yearly high after breaking its previous high seen in early January.

The leading altcoin was trading at $1,377 thus within striking distance of $1,400.

At the time of drafting this report, Ethereum traded at $1,377.06 with a daily trading volume of $35.3 billion. Ethereum is up 13.13% for the day.

What you should know: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

  • Ethereum 2.0 is an upgrade to the Ethereum network that helps in improving the network’s scalability.
    Through the implementation of several, efficiency, enhancements, scalability, and speed the Ethereum network becomes better without compromising its decentralization and security.

What this means: Key reasons attributed to the remarkable rise of Ethereum include the rise of many #DeFi projects running on the #Ethereum network as seen in 2020, #Ethereum flipped Bitcoin in terms of network fees.

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  • Users spent almost $600M in fees on the Ethereum network last year – 83% more than on Bitcoin.

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Commodities

Oil traders weigh if COVID-19 support programs will buoy economic growth

Brent oil crude futures gained 0.40% to trade at $54.95 while WTI futures were dropped 0.23% to trade at $52.30 a barrel.

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FG battles 6 oil firms for failure to remit N20 trillion , ExxonMobil, Shell, Chevron delay $58.4 billion oil and gas investment in Nigeria, Crude Oil: Nigeria’s oil production slips for the third consecutive month , Tax reform, policy uncertainty to cause oil drop as foreign firms look outside Nigeria, Nigeria plans to support oil price with lower production cost per barrel, Oil price slumps further to $30 pb, as Nigeria grapples with high production cost, Reduction in PMS: A nod to the deregulation of the downstream sector?

Oil prices were mixed at the second trading session of the week. Oil traders are cautiously optimistic that further COVID-19 stimulus programs will buoy economic growth against the increasing COVID-19-induced lockdowns sighted in key international markets.

What you should know

At press time, Brent oil crude futures gained 0.40% to trade at $54.95, while West Texas Intermediate futures dropped by 0.23% to trade at $52.30 a barrel. There was no oil settlement transaction on Monday at the world’s largest economy, due to public holiday.

  • Both global oil benchmarks remained above the $50 mark.
  • In addition, oil traders are treading cautiously on reports that the third-largest crude oil importer, India, recorded poor fuel sales in 2020, as well as rising numbers of COVID-19 cases in Japan and China.

What they are saying

Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, dropped valuable points as regards macros weighing the black liquid hydrocarbon, taking to account the U.S dollar recorded losses at Tuesday trading session, thereby arbitrarily supporting crude oil prices.

  • “Many COVID-19 jitters out here, but oil prices continue to hold and looks to nudge higher eyeing support from the weaker US dollar as oil sensitive currencies are showing the way. The US data has been less encouraging lately. However, yesterday’s Q4 China GDP data provided a festive reminder that China’s economy continues to fire on all cylinders and brought with it dip-buying support.
  • “Overall, the policy mixes between OPEC+ current supply discipline coalescing with the Biden’s administration’s overarching focus on public health and economic responses to the COVID-19 pandemic, suggest oil prices can go much higher.”

What to expect

Oil traders anticipate that oil prices will stabilize near the current level, as progress is made on the COVID-19 vaccine roll-out. As the black liquid hydrocarbon moves closer on the path to a typical demand environment, oil prices will then soar.

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Cryptocurrency

2,450 investors own 1000 BTC, not willing to sell their Bitcoin

Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from the exchange

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Crypto millionaire carts away with $224 million worth of Bitcoin, Whales transfer Bitcoins at an alarming rate, BTC whale moves 10,250 BTC valued at $95,000,000

The number of investors owning at least 1,000 BTC is growing at a record pace. Data retrieved from Glassnode show that the number of addresses holding at least 1000 BTC has skyrocketed lately.

  • The growth from January to December last year: 6.7%
  • The growth from December until today: 7.2%

On the chart pattern, the number of addresses owning such amount of cryptos was about 2,450.

What this means

Large crypto entities could be envisaging a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.

  • Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from the exchange. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
  • At the time of drafting this report, Bitcoin traded at $36,534.77 with a daily trading volume of $53.2 Billion. Bitcoin is up 4.20% for the day.

In addition, another key point helping Bitcoin prices to remain supported between the $34,000-$37,000 price levels in recent days, is that a significant amount of long-term investors in Bitcoin are not nervous amid the prevailing volatility in play as revealed by Glassnode.

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Bitcoin reserve risk is still very low. This means that there is high confidence in long-term HODLers relative to the current price. In red, the price is high and the confidence is low. Yes, a $37k Bitcoin is…cheap.

Bottom Line

Nairametrics is of the opinion that the increased buying pressures by such crypto investors are significantly responsible for Bitcoin staying supported above $35,000.

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