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Markets

CORPORATE ACTIONS: New bosses and 2 become 1

Here is a rundown of corporate actions that took place on the Nigerian Stock Exchange (NSE) last week and those expected to take place in the coming trading week.

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Corporate Actions

Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have 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.  

Corporate Actions that took place last week  

CRe FY 2018 results

Continental Reinsurance Plc released its audited results for the 2018 financial year. 

Gross premium written increased from N29.6 billion in 2017 to N34.1 billion in 2018. Profit before tax increased from N3.9 billion in 2017 to N4.3 billion in 2018. Profit after tax also rose from N3.1 billion in 2017 to N3.3 billion in 2018.    

Sweet results  

Cadbury Nigeria Plc released its full year 2018 results. While revenue rose marginally, profit after tax jumped by 176% to N823 million. The company declared a dividend of N0.25 per share. 

Salty results 

NASCON Allied Industries Plc released its results for the 2018 financial year. There was a decline in all indices: revenue, profit before tax and after tax. This affected dividend paymentas it dropped from N1.50 in 2017 to N1.00 in 2018.  

Oily results

11 Plc (formerly Mobil Oil Nigeria) released its full year 2018 results. Revenue rose by 30%, while profit after tax rose by 24%. The company also raised its dividend slightly to N8.25, up from N8 in 2017.  

Julius Berger Plc

The construction giant released its full-year 2018 results. Topline and the bottom line showed significant improvement. Revenue increased by 37% while profit after tax jumped 142% to N6.1 billion in 2018.

Sigma Pensions

This also filtered to shareholders as the company has declared a dividend of N2 per share.

A losing lottery 

Secure Electronic Technology Plc released its full year 2018 results. Revenue declined and the firm made a N152 million loss after tax. The company is into lottery and gaming products.  

A beerish loss  

Champion Breweries Plc also released its full year 2018 results. The firm made a loss after tax of N263 million which it attributed to the increase in excise duties and a challenging operating environment.  

A new boss at Cadbury  

Cadbury  Nigeria Plc also announced several key management changes. 

Mrs Olayimika Adeboye was appointed as Managing Director effective 1st of April2019. Adeboye is the first female MD in Cadbury Niggeria;s over five decades of existence . Prior to her appointment, she was Finance and Strategy Director, West Africa.  

Stanbic 728 x 90

Amir Shamsi,  the outgoing MD will be moving on to a new role within Mondelēz International, the parent company of Cadbury Nigeria.

Ogaga Ologe, who is the Company’s Financial Controller, has been appointed as the new Finance Director effective 1st April, 2019. 

Meyer has a new boss 

Meyer Plc also announced the appointment of Devashish Nath as its new Managing Director effective 1st of February 2019. Prior to this, Nath was the General Manager of Berger Paints, India.  

2 become 1 

Access Bank and Diamond Bank Plc officially became one institution, following the final regulatory approval from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC), and a court sanction (approval). Trading in Diamond Bank shares have since been suspended.  

The merger process began last year, and will create Nigeria’s biggest bank by assets.

A solar brewery  

Nigerian Breweries Plc (NB) and CrossBoundary Energy Limited have signed a Solar Power Purchase Agreement for the installation and operation of a 650 kW solar plant located at our Ibadan brewery. The solar energy plant will become operational this year.

Coronation ads

A court case  

In other news, the company confirmed that it was defending a court action filed by the Nigerian Copyright Commission, at a Federal High Court in Abuja.

The case which originated in October 2017, was instituted by Paul Oche who is laying claims to the copyright in a book he wrote. The book has as its title, the Amstel Malta trademark. Amstel is one of the brands in the company’s portfolio.

Board meetings held  

The board of Livestock Feeds Plc met last Friday to consider the company’s full year audited results.  

Custodian Investment Plc held a board meeting where the company’s results were approved, as well as a proposed dividend.

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Corporate Actions taking place next week 

Board meetings  

Pharmadeko Plc 

Pharmadeko Plc will be holding a board meeting on Tuesday March 26, 2019 to consider the company’s audited 2018 results and other items.  

Mutual Benefits Assurance Plc  

Mutual Benefits Assurance Plc will be holding a board meeting on Wednesday, March 26, 2019 to consider and approve the group’s audited full year 2018 results and other matters.  

Eterna Plc 

Eterna Plc will also hold a board meeting on the 26th of March, 2019 to consider its 2018 full year results and other items.

ABC Transport Plc 

ABC Transport Plc will also be holding a board meeting on the same day to consider the company’s draft 2018 results and other items.  

The Initiates Plc 

The Initiates Plc will be holding a board meeting on the 29th of March2019. The main thing on the agenda will be the consideration of the company’s full year 2018 results and other items.  

Annual General Meetings 

Africa Prudential Plc will hold its AGM on the 26th of March, 2019, at the Balmoral Hall, Federal Palace Hotel.  

United Capital will hold its AGM on the 28th of March, 2019 at Civic Center, Ozumba Mbadiwe Street, VI, Lagos 

 

 

 

 

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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Markets

Tesla gains as the Dow plunges; investors shun inflation concerns  

The S&P 500 increased by (+0.33%) as the Dow made a loss of (-0.20%).

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NASDAQ

Investors bet that a higher-than-anticipated increase in inflation would not be enough to slow economic stimulus policies, as equities hit new highs and bond yields dropped. Consumer prices grew faster than expected last month, but investors speculated that the pace was not quick enough to justify any Federal Reserve policy reform. Bank stocks were hurt by the decline in yields. Nasdaq took a hit of (-1.05%) during the session.

The S&P 500 increased by (+0.33%) also. The Dow made a loss of (-0.20%).

Tesla delivered 184,800 new cars in the three months ending in March, up more than 100% from the same span last year and well ahead of Wall Street expectations of about 177,000 vehicles. Hence, Tesla shares soared on Monday after Canaccord Genuity upgraded the clean-tech carmaker’s ranking as it steps toward an “Apple-esque ecosystem” of energy goods.

  • On Thursday, the US will release details on initial jobless claims, factory productivity, and retail sales.
  • The government’s sale of 30-year bonds was met with high interest, extending Treasuries’ profits.
  • Bitcoin hit an all-time high as the cryptocurrency market turned positive ahead of Coinbase Global Inc.’s IPO.
  • GameStop and AMC, which fell 11% and 8.5% on Monday, respectively, failed to recoup losses on Tuesday, with Morgan Stanley predicting heightened uncertainty in the market’s speculative pockets in the months ahead.

Top gainers  

  1. Tesla up 8.60% to close at $762.32.
  2. Danaher up 3.41% to close at $243.84.
  3. NVIDIA up 3.09% to close at $627.18.
  4. Newmont Goldcorp up 2.71% to close at $62.25
  5. Diamondback up 2.54% to close at $75.76.

Top losers

  1. Alliance Data System down 5.35% to close at $105.72
  2. Franklin Resource down 5.25% to close at $27.75
  3. PVH down 4.25% to close at $108.29
  4. Synchrony Financial down 3.92% to close at $41.46.
  5. Micron down 3.60% to close at $92.15

Outlook

  • The first-quarter earnings of banks and financial companies such as JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, and Goldman Sachs Group Inc are expected to have an impact on the market performance.
  • Consumer prices increased a higher-than-expected 2.6% in March, according to data released on Tuesday by the US Bureau of Labor Statistics, with fuel prices spiking 9.1% accounting for nearly half of the index’s price rise.
  • Nairametrics, however, advises cautious buying in this era of growing uncertainties.

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Cryptocurrency

Bitcoin ETF in North America has reached $1 billion in assets

The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.

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According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.

Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.

More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.

Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.

On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.

There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.

One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.

Sigma Pensions
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