Weekly stock market brief – August 18 2018

Corporate actions are decisions taken by companies’ boards of directors or management, that could have impacts on the firms themselves 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.

Aluminum Extrusion Industries Plc

Aluminum Extrusion Industries Plc closed its shareholders register from August 13, 2018, to August 17, 2018. The company will be paying a dividend of 8.5 kobo per share on September 24, 2018. The stock was marked down by 8.5 kobo and the ex-dividend price was N8.22.

Linkage Assurance Plc

Linkage Assurance Plc was marked down by N0.07 during the week. Ex-dividend price was N0.67.

RAK Unity Petroleum

RAK Unity Petroleum held its Annual General Meeting (AGM) on August 16, 2018. Management of the company unveiled plans to expand its retail network, as well as refurbish existing petrol stations. Shareholders approved the payment of a dividend of N0.10 per share.

ABC Transport Plc

ABC Transport held its Annual General Meeting (AGM) on August 17, 2018. The company is yet to issue a press release concerning resolutions passed during the meeting.

Paints and Coatings Manufacturing Plc

Paints and Coatings Manufacturers Nigeria Plc was delisted from the Daily Official List of The Nigerian Stock Exchange, in compliance with the company’s request for voluntary delisting and the subsequent approval of the Exchange effective August 17, 2018.

Portland Paints and Products Nigeria Plc

Portland Paints and Products Nigeria Plc has announced the resignation of Mr. Larry Ettah from the company’s board. His resignation is effective July 20, 2018. Ettah is the immediate past Group Managing Director (GMD) of UACN Plc. He had in the last few weeks stepped down from the board of two sister companies CAP Plc and UPDC Plc.

Computer Warehouse Group (CWG) Plc 

Computer Warehouse Group Plc announced several board changes. Wale Abeyangi was appointed a Non- Executive Director. Agbeyangi is the Group Managing Director (GMD)/Chief Excecutive Officer (CEO) of Cordros Capital. Phillip Obioha was also appointed as Chairman, and Adewale Adeyipo as an Executive Director.

Kunle Ayodeji an Executive Director and Adedoyin Odunfa an Independent Non Executive Director also gave notice of their resignation from the board. The resignations were formally accepted at the board meeting held on the 16th of March 2018.

Stanbic IBTC Holdings

Stanbic Ibtc released its results for the six months ended June 2018. Gross Earnings increased from N97.1 billion in 2017 to N114 billion in 2018. Profit before tax jumped from N29 billion in 2017 to N50.7 billion in 2018. Profit after tax also rose from N24.1 billion in 2017 to N43 billion in 2018.

An interim dividend of N1 has been declared.

Linkage Assurance Plc

Linkage Assurance released its results for the period ended June 2018. Gross Premium Written increased from N2.6 billion in 2017 to N3.6 billion in 2018. Profit before tax fell sharply from N2.4 billion in 2017 to N750 million in 2018. Profit after tax also dropped from N2.2 billion in 2017 to N494 million in 2018.

Guaranty Trust Bank Plc

Qualification date was Wednesday, August 15, 2018, while closure of its shareholders’ register was Thursday, August 16, 2018. The bank will be paying an interim dividend of N0.30 per share on August 30, 2018.

The stock was marked down last week by N0.30, and the ex-dividend price was N37.75.

Corporate Actions holding this week

Zenith Bank Plc

Zenith Bank will be closing its shareholders register on August 20, 2018. The payment date for the dividend was shifted from August 24, 2018, to August 29, 2018, due to a two-day public holiday declared by the Federal Government to mark the Eid El Kabir holidays.

The bank will be paying an interim dividend of N0.30 on August 29, 2018.

Linkage Assurance Plc

Linkage Assurance will be closing its shareholders’ register from August 14, 2018, to August 21, 2018.

The company will be paying a dividend of N0.03 per share on September 3, 2018.

Custodian Investments Plc

Custodian Investments will be closing its shareholders’ register from August 20, 2018, to August 24, 2018.

The company will be paying an interim dividend of N0.10 per share.