Markets
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.
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.
Billionaire Watch
Google founders earn $42 billion in 100 days
Impressive growth in the US economy boosted buying pressure on Google shares as its founders saw their wealth valuation surge.
Google founders Larry Page, 48 and Sergey Brin, 47 have earned more money collectively than the total foreign cash reserve holdings of Africa’s biggest economy.
Larry Page, currently worth $104 billion, has earned $21.2 billion in 100 days; while Sergey Brin, with a wealth valuation of $100 billion, earned $20.4 billion in the same period. Collectively, both men have earned $41.6 billion, dwarfing Nigeria’s foreign cash reserve which currently stands at a gross valuation of $35 billion.
The majority of Larry page’s wealth comes from his stake in Alphabet, the parent company of Google. The Standford trained entrepreneur currently holds $12.6 billion in cash.
Sergey Brin’s wealth valuation is also derived from his stake in the world’s most popular search engine and presently, his cash holding is valued at $12.7 billion.
Impressive growth from the world’s most powerful economy boosted buying pressure on Google shares and its founders saw their wealth valuation surge. Global investors are increasingly holding on the tech juggernaut’s shares as amazing economic data from America’s service industries coupled with an advance in the tech sector fueled the hike in Google shares seen in recent months.
Consequently, investors are piling significant amount of funds into Alphabet Inc., the parent company of Google, with reports saying it won its most recent supreme court case against Oracle, a case that has lingered for about 3 years.
Recent price action reveals the stock is presently trading at $2,285.88 nearing its 52-week high of $2,289.04 with a yearly return on investment currently pegged at 89%.
Stock pundits are surprised by such record gains in Google shares despite a swift move seen lately by some institutional investors into utility, energy-based stocks and of late U.S Treasury bonds.
The company currently has a market value of about $1.54 trillion.
Cryptocurrency
XRP surges by 150% in 7 days as Ripple posts early victories against SEC
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
