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Markets

Corporate Actions: Half a billion ‘frozen’, retirements and a New ED

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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 expected this week.

Corporate Actions that held this week

Value Alliance Fund (a collective investment scheme) held its Annual General Meeting on the 13th of December, 2018. The company is yet to issue any resolution following the AGM.

C & I Leasing to undergo share reconstruction

C & I Leasing Plc sent a notice to the NSE, informing it of a planned share reconstruction of its issued and paid up share capital from N808,505,000 being 1,617,010,000 ordinary shares of 50 kobo each to N202,126,250 being 404,252,500 ordinary shares of 50 kobo each, by consolidating every four ordinary shares currently held into one 1 new share in the company.

The share capital so reduced will be added the company’s share premium account.

The firm also stated in the notice, that the proposed reconstruction would allow the company to have enough unissued shares to accommodate future plans to raise capital through the equity capital market.

The stock was subsequently placed on full suspension, pending the conclusion of the exercise.

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Stanbic IBTC Holdings lists additional shares

A total volume of 126,878,501 ordinary shares of Stanbic IBTC Holdings Plc were listed on the 11 December 2018.

The additional shares resulted from the scrip dividend offered to eligible shareholders of Stanbic IBTC who elected to receive new ordinary shares in lieu of cash dividends with respect to the N1.00 dividend declared for the half year ended 30 June 2018.

The total issued and fully paid up shares of the company has now increased from 10,113,674,444 to 10,240,552,945 ordinary shares.

Great Nigeria Insurance delisted 

The NSE this week approved the application filed by MBC Securities Limited on behalf of Great Nigeria Insurance Plc for the voluntary delisting of the entire share capital of the company.

Trans-Nationwide Express Plc

Trans-Nationwide Plc (TRANEX) announced the retirement of its Managing Director, Chidinma Iheme, effective December 12, 2018. Iheme joined the company in 1998 and became MD in 2005.

Stanbic 728 x 90

The company also announced that Theodore Chikelu would be succeeding Chidinma Iheme as Acting Chief Executive Officer (CEO).

Capital Hotels Plc

The company sent a notice to the NSE concerning a court case with one of its erstwhile guests, Musa Abdullahi. Abdullahi had obtained a garnishee order to the sum of N503.6 million over its account with Guaranty Trust Bank.

The company has since obtained a court order for the sum to be deposited in an account opened in the name of the registrar of the FCT High Court, pending the determination of its appeal.

Cement Company of Northern Nigeria Plc

Cement Company of Northern Nigeria released its results for the nine months ended September 30, 2018, after trading hours. The company had earlier notified the NSE of a delay in the results due to a change in senior management.

Zenith Bank Plc

Zenith Bank Plc announced the retirement of Alhaji Baba Tella, an Independent Non-Executive Director, following the expiration of his tenure. Tella had served for 12 years.

NPF Microfinance Bank Plc

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NPF Microfinance Bank released its results for the nine months ended September 20, 2018. While topline increased, profit dipped sharply due to an increase in administrative and general expenses.

The result was delayed due to challenges with a newly acquired banking software.

AXA Mansard Insurance

AXA Mansard Insurance Plc announced the resignation of Mr. Frederic Flejou, a Non-Executive from the board of the company with effect from November 30, 2018.

Continental Reinsurance Plc

Continental Reinsurance Plc released a revised notice of its court ordered meeting. The key amendment is a phrase which states

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 representatives of C-Re Holding Limited and all interested persons (the Board of directors of Continental Reinsurance Plc) shall abstain from exercising any voting rights at the court ordered
Meeting.

This is line with NSE’s rules governing transactions with related parties and interested persons.

Linkage Assurance Plc

Linkage Assurance Plc has announced the appointment of Okanlawon Adelagun as Executive Director, Technical. Adelagun’s appointment is however subject to NAICOM and shareholders approval.

Corporate Actions taking place this week

Unity Bank Plc

Unity Bank will be holding its Annual General Meeting on the 17th of December, 2018.

Continental Reinsurance Plc

Continental Reinsurance Plc will be holding a court-ordered meeting this week. Minority shareholders have to decide whether to accept an offer from the key investors, CRe Holdings, to either buy out their shares or exchange them for CRe Africa shares.

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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Manufacturing

Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list

The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.

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Manufacturing: Activity levels pick up albeit readings still below water

The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.

At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.

When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.

READ: COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says

What you should know

The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.

The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.

The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.

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MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.

GAINER

  • MEYER up by19.51% to close at N0.49.

LOSER

  • WAPCO down by -3.00% to close at N21.00.
  • BUACEMENT down by -1.09% to close at N72.70.

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Consumer Goods

Consumer goods index gains 6.16 points, driven by gains in Nestle, Flourmills and Honeywell shares

The NSE Consumer goods index gained 6.16 index points following gains in the share prices of Nestle, Flourmills and Honeywell.

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EFG Hermes, Impact of COVID-19 pandemic on consumer packaged goods in Nigeria

The Nigerian Stock Exchange Consumer Goods Index (CGI), a market index that tracks the performance of consumer goods companies, gained a total of 6.16 index points, to close the first week of active trading in April at 556.03 index points following the gains in the shares of Nestle, Flour Mills of Nigeria and Honeywell Flour Mills.

A preview of the index performance for the week revealed that at the close of trading activities on Friday 9th of April 2021, the NSECG index appreciated by 1.12% to close the week higher at 556.03 index points, from 549.87 index points at the open of trade for the week.

In line with this, the index gained a total of 6.16 index points at the close of trade for the week.

READ: Three consumer goods stocks that beat Nigeria’s 17.33% inflation rate

The index performed better when compared to the market index, noting that the All-Share Index and the market capitalization depreciated by 0.13%, to close the week at 38,866.39 and N20.335 trillion respectively.

READ: Flour Mills shares surge by 6.9%, lifting the miller’s capitalization by N8.2 billion

What you should know

  • The NSE Consumer goods Index was designed to provide an investable benchmark to capture the performance of companies in the consumer goods sector. The index comprises the most capitalized and liquid companies in food, beverage, and tobacco.
  • The index is based on the market capitalization methodology, as it tracks the performance of fifteen consumer goods companies on the Nigerian Stock Exchange which includes, Nestle, Nigerian Breweries (NB), Dangote Sugar, and International Breweries.
  • The overall performance of the companies was relatively bullish, as the index closed on a positive note, 6.16 index points higher.
  • FLOURMILLS (6.90%) led the gainers’ chart, followed by HONYFLOUR (4.24%), while GUINNESS (-17.27%) topped the losers list, followed by CADBURY (-3.03%).

READ: PZ Cussons shares lose N3 billion in three sessions on NSE

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Top gainers

  • FLOURMILLS up by 6.90% to close at N31.00.
  • HONYFLOUR up by 4.24% to close at N1.23.
  • NESTLE up by 3.27% to close at N1420.

Top losers

  • GUINNESS down by -17.27% to close at N29.70.
  • CADBURY down by -3.03% to close at N8.00.
  • INTBREW down by -1.72% to close at N5.70.
  • CHAMPION down by -1.33% to close at N2.22.

Continue Reading

  





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