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Markets

Corporate Actions: A change of Guard and sins forgiven

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

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Corporate Actions, NSE

Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have an impact 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 scheduled for this week.

Corporate Actions that took place this week

Change of guard at Transcorp Plc and Transcorp Hotel

Transcorp Plc announced a series of board changes. Kayode Fasola and Albdulqadir Bello resigned as Non Executive Directors effective October 30, 2018. Toyin Sanni and Obi Ibekwe will take their places on the board. Sanni is the immediate past Group CEO of United Capital Plc.

Adim Jibunoh, the company’s President/CEO will also retire effective December 31st, 2018. He will be replaced by Valentine Ozigbo, former MD/CEO of Transcorp Hotels Plc.

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Mrs. Owen Omogiafo has been appointed MD/CEO of Transcorp Hotels. Prior to this, she was an Executive Director of Transcorp Plc.

Emmanuel Nnorom has been appointed Chairman of Transcorp Hotels. He replaces Abudlqadir Bello who is stepping down from the parent company, Transcorp Plc. Nnorom is the President of Heirs Holdings which was founded by Tony Elumelu.

Three of the FUGAZ

Zenith Bank, UBA and Guaranty Trust Bank released their results for the third quarter ended September 30, 2018. UBA was the outlier, as it had an increase in topline, while Zenith and Guaranty Trust Bank had slight declines.

Zenith, however, led the trio with N144 billion as profit after tax, while Guaranty Trust Bank closely followed with N142 billion as profit after tax. Access Bank and FBN Holdings are yet to release their results.

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Wema Bank Plc

Wema Bank released its results for the third quarter ended September 30, 2018. Profit after tax jumped by 73%, driven largely by an increase in trading income.

CAP Plc

Chemical and Allied Products Plc (CAP Plc) released its results for the third quarter ended September 30, 2018. Profit after tax rose by 27%, an indication that shareholders could receive a larger dividend compared to the prior year.

Lafarge Africa Plc

Cement giant, Lafarge Africa Plc, released its results for the 9 months ended September 30, 2018. While revenue increased from N223 billion in 2017 to N234 billion in 2018, the company made a loss before tax of N14 billion in 2018, as against a profit before tax of N1 billion in 2017.

Sin no more  

The Nigerian Stock Exchange (NSE) lifted a suspension that it had placed on Thomas Wyatt Plc and Union Dicon Plc, following the release of their results.

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Seplat pulls a Shaggy

Seplat Petroleum Plc pulled a Shaggy, having released a press statement denying any involvement in a court judgment filed against its Chairman, ABC Orjiako. Orjiako was ordered to pay the sum of  $114 million by a UK High Court alongside Shebah Exploration & Production Company Ltd, and Allene Ltd.

Stanbic IBTC

The company stated that it is not a party to the litigation, but will monitor the progress of this suit and issue further communication on the matter as appropriate.

Conoil turns a new leaf

Conoil Plc seems to have turned a new leaf, as the company infamously known for late release of its results has published its results for the third quarter ended September 2018. Profit after tax grew by 16.9%.

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The company also announced the appointment of Hardip Kheterpetal as Acting Managing Director.

Redstar Express Plc opens new office

Redstar Express Plc opened a new office in the Republic of Benin. The office will be responsible for the timely pickup and delivery of items.

Africa Alliance moves shop

Africa Alliance Plc moved its head office from 61 Marina Lagos to 54 Awolowo Road, Ikoyi.

Corporate Actions taking place this week 

AGMS

Guinness Nigeria Plc will be holding its Annual General Meeting (AGM) on October 24, 2018. Shareholders are likely to approve its FY 2018 results and a dividend payment.

Nigerian Enamelware Plc will be holding its AGM on October 25, 2018.

Cutix Plc will be holding its AGM on October 26, 2018. The stock was  the worst performing last week,  by virtue of being marked down for a dividend payment and one for one bonus.

Board Meetings 

FBN Holdings will be holding a board meeting on October 24, 2018. Key agenda will be the approval of the group’s Q3 2018 results.

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Nigerian Breweries Plc will hold a board meeting scheduled for October 25, 2018. Key on the agenda is the consideration of an interim dividend.

Total Nigeria Plc will be holding a board meeting on October 25, 2018. Among the items on the agenda are the consideration of the company’s results for the third quarter ended September 30, 2018, and the consideration of the payment of an interim dividend.

Stanbic IBTC will be holding a board meeting on October 26, 2018. Items on the agenda include the company’s results for the quarter ended 30th of September 2018.

Julius Berger Plc will be holding a board meeting on October 25, 2018. Among the items to be considered are the company’s results for the third quarter ended September 30, 2018.

The Initiates Plc will be holding a board meeting on October 26, 2018. Key agenda include the consideration of the company’s results for the third quarter ended September 3,0, 2018 and the approval of the company’s 2019 annual budget.

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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Commodities

Oil prices drop amid fears on energy demand softening

West Texas Intermediate, lost 1.6%, at $52.27 per barrel. It was WTI’s worst daily plunge slide since last Friday when it fell 2.2%.

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Crude oil prices slump, as partial lockdowns resume

Oil prices fell their most in a week after the first U.S. crude build in six weeks on the fear that the world’s largest economy might distort energy demand/supply rebalancing.

What you must know: U.S based oil contract, West Texas Intermediate, lost 1.6%, at $52.27 per barrel. It was WTI’s worst daily plunge since last Friday when it fell 2.2%.

READ: Non-oil sector is critical to Nigeria’s economic recovery in 2021 – Cordros Capital

  • But for the week itself, the U.S. crude contract lost about 0.2%.
  • British based Brent, the global benchmark for crude, settled  1.4%, at $56.10.
  • The gain in crude oil inventories coincided with President Joe Biden’s recent statements calling on its citizens for tough days ahead from the Covid-19, which could kill up to about half a million Americans.

Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, gave valid insights on the effect COVID-19 and other macros have on oil prices.

READ: FIRS hits 98% of target as it collects N4.95 trillion for 2020 fiscal year

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“Oil prices look a tad vulnerable to potential profit-taking after US crude stockpile bearishly rose 2.56 million against consensus draw. Simultaneously, the near-term China crude demand forecast looks high and susceptible to revision lower as lockdown spread in the country ahead of the Lunar New Year

.“While oil traders see through longer lockdowns on the premise that vaccinations will quickly lead us out of the pandemic, COVID mobility clampdowns still hurt the very near-term view.

READ: Bitcoin, Gold, leading Stocks tumble on strong U.S dollar

“And since calls for a commodity supercycle have been many after the November vaccine turnaround, open interest in Brent and WTI has increased hugely, suggesting that the market remains very susceptible to any potential bearish headlines big or small, from a positioning perspective alone.”

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What to expect: OPEC production at the moment remains well below the level required to meet anticipated demand. It should continue to drive a reduction in oil inventories as the global economy gradually recovers.

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Cryptocurrency

Why Bitcoin could triple in value annually

Michael Saylor recently disclosed why he believes the flagship crypto-asset could triple in value

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Bitcoin

The leader of the biggest traded business intelligence firm, Michael Saylor recently disclosed why he believes the flagship crypto-asset, Bitcoin, could triple in value yearly.

In a Stansberry Research interview, Saylor explained Bitcoin is monetary energy that will attract lots of money;

“In a monetary expansion environment where I crank the monetary inflation rate up by 15%, that $300 trillion has got to find a store of value that’s not a fiat derivative.

READ: 94% of Bitcoin investors are making money

“That means that Bitcoin is going to keep growing and its monetary force is going to keep growing and it’s probably going to grow 200% a year until it has demonetized gold, silver, sovereign debt, bond indexes, stock indexes, every source of monetary energy which is just a store of value for someone that doesn’t want to lose their purchasing power and needs a scarce asset, ” Saylor said.

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Another key macro supporting the bullish bias of Micheal Saylor is data showing the number of addresses holding 1,000 BTC just reached a new all-time high of 2,446.

Over the last 21 days, 141 new whale addresses with over 1k BTC were created, suggesting large entities are expecting a significant price rise for Bitcoin in the near future.

READ: 100 Crypto wallets have at least 10,000 Bitcoins

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READ: CBN retains MPR at 11.5%, holds other parameters constant

Some days ago, MicroStrategy purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin, showing they hold approximately 70,784 Bitcoin, and thereby making the flagship crypto-asset scarce.

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Cryptocurrency

Crypto entity moves $227 million worth of Bitcoin

a large entity transferred 6,925 BTC worth $226,609,828, from Unknown wallet to Unknown wallet.

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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

Large entities in the Bitcoin market are transferring a significant amount of Bitcoin amid the prevailing market volatility in play.

Data retrieved from Whale Alert, an advanced crypto tracker, revealed a large entity transferred 6,925 BTC worth $226,609,828, from an unknown wallet to another unknown wallet.

READ: 273,000 Bitcoins taken away from crypto market within a month

  • At the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whale.
  • This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
  • As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

READ: 230 million XRP worth over $117 million moved by powerful investors

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Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million – the price of BTC will go up, with BTC’s present demand factored in.

  • leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
  • Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.

READ: Crypto: LEND gains more than 4000% in one year, set to rally higher  

Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the “Inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase, as retail starts entering in large numbers, attracted by the price rises.”

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