Corporate actions are decisions taken by a company’s board of directors or management, that could have an 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 took place last week and those expected to take place this week.
Corporate Actions that held last week
The week started on a tough note as the company was suspended for late submission of its Q1 2018 results. The company shortly after released the results, and the Nigerian Stock Exchange subsequently lifted the suspension. Conoil is notorious for releasing its results well after the statutory deadline.
Union Diagnostic and Clinical Services Plc
Union Diagnostic had its Annual General Meeting on Tuesday, the 6th of August 2018. The company is yet to issue a press release concerning the outcome of the AGM, but has appreciated significantly in recent times.
C&I Leasing Plc
C&I Leasing held a Facts Behind the Figures presentation at the NSE on Tuesday, August 7, 2018. Managing Director of the firm, Andrew Otike- Odibi assured shareholders, the company would resume dividend payment soon.
Guaranty Trust Bank Plc
Last week, Guaranty Trust Bank announced the appointment of Miriam Olusanya as an Executive Director. Prior to this, she was a General Manager/Head, Wholesale Banking Division. Olusanya fills one of the vacancies created by the retirement of two Executive Directors a few months ago.
The bank also shifted the qualification date and closure date of its dividend payment, due to a likely public holiday on the 22nd of August, 2018. Qualification date for the dividend is Wednesday 15th of August, 2018, while the company’s shareholders register will be closed on Thursday 16th of August, 2018.
It will be paying an interim dividend of N0.30 per share on Thursday August 30 2018.
Zenith Bank Plc
Zenith Bank, last week, held an investor conference call following the release of its H1 2018 results. The bank will be paying an interim dividend of N0.30 per share. During the call, management of the bank disclosed how it intends to grow its loan book and an outlook for the rest of the year.
Notore Plc released its results for the nine months ended June 2018 and subsequently held an investor conference call. Management discussed several issues including its price outlook for fertilizer, and when the company would decide on a dividend policy.
UAC Property Development Company Plc
Early in the week, UAC Property Development Company (UPDC) announced several board changes.
Larry Ettah, the company’s Chairman and immediate past Group Managing Director (GMD) of UAC of Nigeria Plc resigned, and was replaced by Babatunde Kasali. Kasali is currently Chairman of Wema Bank Plc. Awuneba Ajumogobia also joins him on the board. Ettah also resigned from the board of CAP Plc, another subsidiary of UACN.
Folasope Aiyesimoju, founder of Themis Capital which bought a stake in UPDC’s parent company sometime this year was appointed Chief Executive Officer (CEO). Acting Managing Director, Adeniun Taiwo, has been appointed Chief Operating Officer.
Cornerstone Insurance Plc
Cornerstone Insurance released its long overdue audited financial statements for the 2017 financial year, as well as Q1 2018 and Q2 2018 results.
Unity Kapital Assurance Plc
Unity Kapital Assurance also released a backlog of financial statements dating back to its 2017 financial year.
Flour Mills of Nigeria Plc
Flour Mills of Nigeria closed its shareholders’ register from 6th of August to the 10th of August. This was in preparation of the company paying a dividend of N1.00 for the 2017 financial year.
Corporate Actions for this week
RAK Unity Petroleum Plc
RAK Unity Petroleum will be holding its Annual General Meeting (AGM) on the 16th of August, 2018. The company will be paying a dividend of N0.10 per share for the 2017 financial year.
ABC Transport Plc
ABC Transport will be holding its Annual General Meeting on the 17th of August, 2018. Shareholders are likely to approve a proposed dividend of N0.03 per share.
Bullish dominance in the NGX Banking Index
The NGX Banking Index made a bullish recovery at the end of yesterday’s trading session with an increase of +1.11%, pushing the index points to 354.25.
The NGX Banking Index made a bullish recovery at the end of yesterday’s trading session with an increase of +1.11%, pushing the index points to 354.25. There were 5 profits opposing 5 losses, but the magnitude of the gainers pushed the Banking Index into the green.
Union Bank led the gainers with a profit of +0.45, pushing its price upwards from N4.95 to N5.40.
Zenith Bank came second amongst the gainers with a profit of +1.14%, posting N22.20 from the previous day’s close of N21.95.
Guaranty Trust Bank also closed in profits with an increase of +0.86%, leaving its price at N29.40 from its previous price of N29.00. Sterling Bank was also part of the gainers with a profit of +0.63% putting its price at N1.60 from its previous close of N1.58.
Access Bank made profits of 0.62%, pushing its prices to N8.15 from N8.10.
Wema Bank was the biggest loser at the end of yesterday’s trading session as it made losses of -4.92%, leaving its price at N0.58 from N0.61.
Jaiz Bank also made losses of -3.23%, pushing its closing price to N0.63 from N0.62 obtained the previous day.
Ecobank joined the losers, posting a loss of -1.89% which put its price at N5.20 from its previous price of N5.30.
Fidelity Bank followed with a loss of -0.90%, putting its price at N2.24 from N2.22. UBA also posted a loss of -0.69%, pushing its price from N7.25 to N7.20.
- Market sentiment tends bullish as the magnitude of gainers outweighed the losers despite the 5 gainers and 5 losers held at the end of the trading session.
- Nairametrics advises cautious buying amid growing uncertainties.
Union Bank, LINKASSURE push NGX ASI into recovery
The market breadth closed positive with the bulls as LINKASSURE led 25 Gainers, and 16 Losers topped by NEM.
Nigerian stock exchange market made a bullish recovery on the last day of the week’s trading session. This surge was bolstered by gains made by UBN and LINKASSURE amongst others. The All-Share Index increased by +0.21% to close at 39,198.75 from 39,114.73.
- Nigerian Stock Exchange market value currently stands at N20.48 trillion. Its Year-to-Date (YTD) returns currently stand at -2.66%.
- The market breadth closed positive with the bulls as LINKASSURE led 25 Gainers, and 16 Losers topped by NEM, showing a hint of consolation.
- LINKASSURE up +9.25% to close at N0.69
- JOHNHOLT up +9.26% to close at N59
- UBN up +9.09% to close at N5.40
- ROYALEX up +8.33% to close at N0.65
- CHIPLC up +8.33% to close at N0.39
- NEM down -9.50% to close at N1.81
- COURTVILLE down -9.09% to close at N0.20
- SUNUASSUR down -8.47% to close at N0.54
- INITSPLC down -6.98% to close at N0.40
- ETERNA down -6.89% to close at N5.81
The market recovered from a week-long loss as it posts profit at the end of the trading session.
- Market sentiments tend toward bullish momentum as the NGX ASI closes with 25 Gainers and 16 losers.
- Nairametrics however, advises cautious buying in this era of growing uncertainties.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.
- Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.
- Cadbury Nigeria Plc set to hold 56th Annual General Meeting (AGM) on June 16.
- FCMB Group Plc appoints Muibat Ijaiya as Director.
- Afromedia Plc reports a loss after tax of N27.3 million in Q1 2021.