Zenith Bank trades heavy volumes as NSE closes in the green

The bulls regained control in today’s trading session on the Nigerian Stock Exchange (NSE). The All-Share Index closed at 30,822.33 basis points, up 0.71%. Year to date, the index is down 19.40%

Top Gainers and Losers

Neimeth International Pharmaceuticals was the best performing stock today. The stock gained 10% to close at N0.66. The uptick in price may be due to the positive full-year result released by the firm today. Cement Company of Northern Nigeria was next with a 9.91 gain to close at N18.85. Forte Oil also gained 9.91% to close at N23.85

On the flip side, Access Bank was the worst performing stock today. The stock shed 5.52% to close at N7.70. Mutual Benefits Assurance was next with a 4.76% decline to close at N0.20. Nigerian Breweries shed 3.40% to close at N76.70.

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Top Trades by Volume

Zenith Bank was the most actively traded stock today. 102 million shares valued at N2.3 billion were traded in 286 deals. AXA Mansard insurance was next with 40 million shares valued at N80 million traded in 13 deals. Lafarge Wapco rounds the top three most traded with 25.9 million shares valued at N309 million traded in 193 deals.

Corporate Actions

Morrison Industries Plc

Morrison Industries Plc has announced the resignation of its Managing Director Mr Nwabueze Oputa, effective November 30, 2018.

The board has also appointed Mr Deji Mustapha as Acting Managing Director, effective 10th of December, 2018

Lafarge Africa opens rights issue 

Lafarge Africa has commenced an N89.2 billion rights issue. The issue opened yesterday and will be closing on the 23rd of January 2019.

The company is offering 7,434,367,256 shares at the rate of 6 new shares for every 7 already held at N12 per share.

Neimeth declares bonus

Neimeth International Pharmaceuticals Plc released its results for the financial year ended September 30, 2018. Turnover increased from N1.5 billion in 2017 to N2.2 billion in 2018. The firm made a profit before tax of N202 million in 2018 as against a loss before tax of N411 million recorded in 2017.

The company also declared a bonus of 1 new share for every 10 shares held. Qualification date is Thursday 17th of January 2019.