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Markets

Weekly stock market brief – August 18 2018

Corporate actions are decisions taken by companies’ boards of directors or management.

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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.

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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.

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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.

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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.

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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.

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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]

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Spotlight Stories

Bears take a grip on Nigerian stocks, investors lose N92 billion

The market breadth closed negative as SEPLAT led 16 Gainers as against 29 Losers topped by JAPAULOIL at the end of today’s session

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market's, Bears clawing down on the naira, hits N425 to $1

Nigerian bourse ended the mid-week trading session on a bearish note. The All Share Index plunged by 0.44% to close at 39,697.62 index points as against the -0.59% drop observed on Tuesday its Year-to-Date (YTD) returns currently stands at -1.86%.

Investors’ losses on Wednesday stood at N91.86 billion. The Nigerian Stock Exchange market capitalization stood at N20.7 billion

The market turnover closed positive as volume moved up by +9.78% as against the -59.08% downtick recorded in the previous session. ZENITHBANK, GUARANTY, and UCAP were the most active to boost market turnover.

The market breadth closed negative as SEPLAT led 16 Gainers as against 29 Losers topped by JAPAULOIL at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

  1. SEPLAT up 10.00% to close at N583
  2. AIICO up 5.22% to close at N1.21
  3. CORNERST up 5.17% to close at N0.61
  4. UAC-PROP up 5.00% to close at N0.84
  5. CUTIX up 4.21% to close at N2.23

Top losers

  1. JAPAULGOLD down 10.00% to close at N0.54
  2. NEM down 9.91% to close at N1.91
  3. CHAMPION down 9.76% to close at N1.85
  4. NPFMCRFBK down 9.47% to close at N1.72
  5. LINKASSURE down 8.93% to close at N0.51

Outlook

Nigerian stocks ended the mid-week trading session of the week on a negative note amid soaring oil prices prevailing at the U.S trading session.

  • Downtrend was driven by price depreciation medium and small capitalized stocks amongst which are; NEM, JAPAUL GOLD, CHAMPION.
  • Nairametrics expects intending buyers to seek the advice of certified stockbrokers.

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Stock Market

Royal Exchange delays submission of 2020 audited financial statements to NSE, risk financial sanction

Royal Exchange Plc has notified stakeholders of its inability to meet the deadline for the submission of its financial statement.

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Royal Exchange completes acquisition deal between German Fund and subsidiary , Royal Exchange subsidiary receives investment from German Government

The Management of Royal Exchange Plc has notified stakeholders of its inability to meet up with the time frame earmarked for the submission of its Audited Financial Statements for the year ended December 31, 2020, as well as the Unaudited Financial Statements for the period ending March 31, 2021.

This is according to a disclosure dated 3rd of March 2021, signed by the company’s secretary, Sheila Ezeuko, and sent to the Nigerian Stock Exchange.

Royal Exchange explained that the reason for the delay was due to the inability of its subsidiaries to collate their financial results on time. It went further to state that some of the subsidiaries are yet to submit their individual accounts to various primary regulators for approval. This has resulted in a delay in the audit process for the group, which is still ongoing.

Buttressing this, a part of the press release reads: ‘’As a holding company with five (5) different subsidiaries, the audit exercise for the group is yet to be concluded, as our subsidiaries are yet to submit their accounts to their various primary regulators for approval.

‘’Once, all the subsidiaries have obtained approval for their respective Financial Statements, consolidation of the Group’s accounts for the year ended December 31, 2020 will be concluded and approved by the Board of Directors for submission to the NSE.’’

In addition, the firm expressed optimism that, Audited Financial Statements for the year ended December 31, 2020 will be submitted on or before June 29, 2021, while the Unaudited Financial Statements will be submitted on or before July 29, 2021.

It is pertinent to note that, this is not the first time the firm would be delaying the submission of its financial statements to the NSE. Nevertheless, according to the NSE Listing Rules, companies are expected to submit their financial year-end results latest by 90 days after the end of each year. Failure to comply with this directive attracts a daily fine of N100,000 for the first 90 days of non-compliance, another N200,000 per day for the next 90 days and a fine of N400,000 per day thereafter until the date of submission.

What you should know

  • Royal Exchange had in 2020 delayed the submission of 2019 Audited Financial Statements to NSE.
  • The Nigerian Stock Exchange in 2020 extended the time frame for the submission of the financial year-end result of 2019 by 60 days, due to the impact of the COVID 19 pandemic. Therefore, it is not yet clear if the regulator will extend such measures this year.

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