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Markets

CORPORATE ACTIONS: Rocky Results and Markdowns

@lawunionrock was the only firm that released its results on the @nsecontact last week

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Corporate Actions

Corporate actions are decisions taken by companies’ boards of directors or management teams, that could have impacts on the firms themselves or shareholders.

Examples of corporate actions include the release of quarterly and full year results, 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.

Rocky results: Law Union and Rock Insurance Plc was the only firm to release financial statements last week. The company released its results for the 2018 financial year and first quarter ended March 2019. The two showed a weakness in bottom line.

Profit after tax fell by 71% to N263 million in the 2018 financial year, due to a 117% spike in net benefits and claims. The company however declared a 2 kobo dividend. Qualification date for the dividend is the 31st of May.

The insurance firm also struggled in the first quarter of 2019 with profit after tax declining by 41.9% to N65.3 million in 2019.

GTBank 728 x 90

Appointments and resignations: AXA Mansard Plc announced the resignation of Mrs Karima Silvent a Non Executive Director, and the appointment of Sohail Ali as an Executive Director

Sohail will oversee the insurer’s actuary division.

Sterling Bank has appointed Femi Jaiyeola as Chief Compliance Officer. Prior to his appointment, Jaiyeola was the GM and Chief Compliance Officer at Diamond Bank.

African Alliance Plc appointed two Non Executive Directors Slyva Ogwemoh (SAN) and Ahmad Nahuche.

Annual General Meetings held: Unilever Nigeria Plc, AXA Mansard Plc, Champion Breweries Plc and Wema Bank Plc all held their AGMs this week.

AXA Mansard and Champion Breweries did not declare dividends.

Management of the insurance firm had stated that the move was in a bid to meet new NAICOM requirements, and assured shareholders that dividends would be paid next year.

Mark downs: Portland Paints Plc, Prestige Assurance Plc, CHI Plc, AIICO Insurance Plc, and Caverton Offshore Support Group (COSG) Plc were all marked down this week.

A mark down simply means that a dividend was subtracted from the stock’s share price.

Corporate Actions for next week

11 Plc (formerly known as Mobil Oil Nigeria), Infinity Trust Mortgage Bank, Seplat Petroleum, Nigerian Breweries  and Newrest ASL will be holding their Annual General Meeting

GTBank 728 x 90
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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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Stock Market

GTBank, Dangote Sugar stocks record gains, All Share Index gains 0.16%

CAVERTON led 20 Gainers as against 6 Losers topped by ABCTRANS at the end of today’s session

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Nigerian bourse ended the last trading day for the week on a positive note. The All Share Index gained 0.16% to close at 25,572.57 points as against a 0.07% drop recorded on Thursday.

  • Its Year-to-Date (YTD) returns currently stands at -4.73%. Nigerian Stock Exchange market capitalization presently stands at N13.365 trillion
  • Nigerian Stock Exchange trading turnover however dipped at Friday’strading session as volume dropped by 16.31% as against the 9.15% gain recorded on Thursday. FBNH, FCMB, and ZENITHBANK were the most active to boost market turnover.
  • Market breadth closed positive as CAVERTON led 20 Gainers as against 6 Losers topped by ABCTRANS at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

  • CAVERTON up 8.24% to close at N1.84
  • NEIMETH up 8.33% to close at N1.95
  • DANGSUGAR up 7.14% to close atN12
  • CUSTODIAN up 6.59% to close at N4.85
  • GUARANTY up 1.40% to close at N25.35

Top Losers

  • ABCTRANS down 9.09% to close at N0.3
  • CORNERST down 7.58% to close at N0.61
  • LASACO down 7.41% to close at N0.25
  • CUTIX down 2.86% to close at N1.7
  • JAIZBANK down 1.67% to close at N0.59

Outlook

Investors halted the 3-day losing streak Nigerian bourse at Friday’s trading session amid falling crude oil prices recorded at U.S trading session.

  • Nigerian bourse market liquidity for today’s trading session closed unimpressive, partly because institutional investors remained on the sidelines. Buying pressures from NSE30 Stocks like GTbank and Dangote Sugar, however, helped the All Share Index to finish Green.
  • Nairametrics envisage cautious buying as growing concerns on the surge in COVID-19 caseloads globally, approached 30 million

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Currencies

Daily Parallel Market Exchange Rate – ₦460/$1

The US dollar closed at ₦460/US$1 in the parallel market

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Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Friday, September 18th 2020), closed at 460/US$1 in the parallel market. The rate had closed at 460/US$1 on Thursday, September 17th 2020.

  • Naira:460
  • Dollar: $1
  • Date: September 18th, 2020

The exchange rate between the naira and the British pound sterling closed at ₦595/₤1 on Fridays, 18th September, as against ₦580/₤1 recorded on Thursday, September 17th 2020.

  • Naira: ₦580
  • Pounds Sterling: ₤1
  • Date: September 18th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro closed at ₦540/€1 on Friday, 18th September 2020. The exchange rate had closed at ₦540/€1 on , September 17th 2020.

  • Naira: ₦535
  • Euro: €1
  • Date: September 18th, 2020

Activity: US Dollar closed at 460/US$1 in the parallel market

GTBank 728 x 90

READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
9/18/2020Dollar450460450460Low
9/18/2020Pounds575595575595Low
9/18/2020Euro535540535540Low
9/17/2020Dollar455460455460Low
9/17/2020Pounds570580570580Low
9/17/2020Euro530535530535Low
9/16/2020Dollar450460450460Low
9/16/2020Pounds565570565570Low
9/16/2020Euro525530525530Low
9/15/2020Dollar450460450460Low
9/15/2020Pounds565570565570Low
9/15/2020Euro525530525530Low
9/14/2020Dollar445455445455Low
9/14/2020Pounds560575560575Low
9/14/2020Euro515525515525Low
9/11/2020Dollar450455450455Low
9/11/2020Pounds555565555565Low
9/11/2020Euro525530525530Low
9/10/2020Dollar455460455460Low
9/10/2020Pounds545560545560Low
9/10/2020Euro525530525530Low
9/9/2020Dollar430440430440Low
9/9/2020Pounds540555540555Low
9/9/2020Euro500510500510Low
9/8/2020Dollar435440435440Low
9/8/2020Pounds540550540550Low
9/8/2020Euro505515505515Low
9/7/2020Dollar435440435440Low
9/7/2020Pounds525530525530Low
9/7/2020Euro505515505515Low
9/4/2020Dollar425440425440Low
9/4/2020Pounds560580560580Low
9/4/2020Euro505515505515Low
9/3/2020Dollar425440425440Low
9/3/2020Pounds560580560580Low
9/3/2020Euro520535505515High
9/2/2020Dollar425440425440Low
9/2/2020Pounds570580560580Low
9/2/2020Euro535540520535Low
9/1/2020Dollar462465435440High
9/1/2020Pounds565575570580Low
9/1/2020Euro535540535540Low
8/31/2020Dollar463470460465High
8/31/2020Pounds585595580590Low
8/31/2020Euro540545540545Low
8/28/2020Dollar472477472477Low
8/28/2020Pounds580595580595Low
8/28/2020Euro545552545552Low
8/27/2020Dollar472477472477Low
8/27/2020Pounds580590580590Low
8/27/2020Euro542552542552Low
8/26/2020Dollar472477472477Low
8/26/2020Pounds580590580590Low
8/26/2020Euro542552542552Low
8/25/2020Dollar472477472477Low
8/25/2020Pounds575585575585Low
8/25/2020Euro542552542552Low
8/24/2020Dollar473477473477Low
8/24/2020Pounds580590580590Low
8/24/2020Euro542550542550Low
8/21/2020Dollar474477474477Low
8/21/2020Pounds575585575585Low
8/21/2020Euro545550545550Low
8/20/2020Dollar475478473477Low
8/20/2020Pounds575585575585Low
8/20/2020Euro540550540550Low
8/19/2020Dollar475480475480Low
8/19/2020Pounds575585575585Low
8/19/2020Euro540550540550Low
8/18/2020Dollar477480477480Low
8/18/2020Pounds575580575580Low
8/18/2020Euro545550545550Low
8/17/2020Dollar470475470475Low
8/17/2020Pounds580590580590Low
8/17/2020Euro525535525535Low
8/14/2020Dollar470475470475Low
8/14/2020Pounds570580570580Low
8/14/2020Euro525535520535Low
8/13/2020Dollar470475470475Low
8/13/2020Pounds570575565575Low
8/13/2020Euro525530520530Low
8/12/2020Dollar470475470475Low
8/12/2020Pounds570575570575Low
8/12/2020Euro520530520530Low
8/11/2020Dollar477485477485Low
8/11/2020Pounds572584572584Low
8/11/2020Euro510523520535Low
8/10/2020Dollar477485477485Low
8/10/2020Pounds572584572584Low
8/10/2020Euro510523520535High
8/7/2020Dollar475486475486Low
8/7/2020Pounds578585578585Low
8/7/2020Euro536550536550Low
8/6/2020Dollar470480475486Low
8/6/2020Pounds575587578585Low
8/6/2020Euro534545536550Low
8/5/2020Dollar465475473483Low
8/5/2020Pounds570580575587Low
8/5/2020Euro525540532545Low
8/4/2020Dollar470480470480Low
8/4/2020Pounds560570560570Low
8/4/2020Euro520530520530Low
8/3/2020Dollar470480470480Low
8/3/2020Pounds560570560570Low
8/3/2020Euro520530520530Low
7/31/2020Dollar470480470485High
7/31/2020Pounds570582575585Low
7/31/2020Euro500520505520Low
7/30/2020Dollar470490470485High
7/30/2020Pounds550570550580High
7/30/2020Euro495520500525High
7/29/2020Dollar468475467475Low
7/29/2020Pounds575585580590Low
7/29/2020Euro530540530545Low
7/28/2020Dollar469475467475Low
7/28/2020Pounds575593580595Low
7/28/2020Euro550560540550Low
7/27/2020Dollar465473466473Low
7/27/2020Pounds570580575583Low
7/27/2020Euro510520515530Low
7/24/2020Dollar465472464472Low
7/24/2020Pounds570580572582Low
7/24/2020Euro510520505520Low
7/23/2020Dollar460472465472Low
7/23/2020Pounds565575565580Low
7/23/2020Euro510520505520Low
7/22/2020Dollar465472465472Low
7/22/2020Pounds565575560578Low
7/22/2020Euro510525510528Low
7/21/2020Dollar461472462472Low
7/21/2020Pounds560573560575Low
7/21/2020Euro498515500520Low
7/20/2020Dollar460473462473Low
7/20/2020Pounds550570555575Low
7/20/2020Euro495505500510Low
7/17/2020Dollar462470460470Low
7/17/2020Pounds560570558570Low
7/17/2020Euro490500490500Low
7/16/2020Dollar460470460470Low
7/16/2020Pounds558565560570Low
7/16/2020Euro485495485499Low
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
7/10/2020Dollar453460458465Low
7/10/2020Pounds520525550555High
7/10/2020Euro465467510520High
7/9/2020Dollar455461455463Low
7/9/2020Pounds550558550562Low
7/9/2020Euro495504498505Low
7/8/2020Dollar455461455461Low
7/8/2020Pounds550558550558Low
7/8/2020Euro495504495504Low
7/7/2020Dollar455461455461Low
7/7/2020Pounds550558550558Low
7/7/2020Euro495502495502Low
7/6/2020Dollar455462455461Low
7/6/2020Pounds550562547555Low
7/6/2020Euro495502496502Low
7/3/2020Dollar455462454461Low
7/3/2020Pounds548560550560Low
7/3/2020Euro495505495502Low
7/2/2020Dollar455462454461Low
7/2/2020Pounds548560550560Low
7/2/2020Euro495505495502Low
7/1/2020Dollar455462455462Low
7/1/2020Pounds548560548560Low
7/1/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
6/26/2020Pounds547557547560Low
6/26/2020Euro490498490502Low
6/25/2020Dollar452457450455Low
6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
6/24/2020Dollar450460450455Low
6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
6/22/2020Dollar450455450455Low
6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
6/17/2020Dollar445452445452Low
6/17/2020Pounds540553537550Low
6/17/2020Euro475490475490Low
6/16/2020Dollar440450445452Low
6/16/2020Pounds540550540553Low
6/16/2020Euro475485475490Low
6/15/2020Dollar440450440450Low
6/15/2020Pounds540550540550Low
6/15/2020Euro475485475485Low
6/12/2020Dollar440450440450Low
6/12/2020Pounds538550538550Low
6/12/2020Euro470485470485Low
6/11/2020Pounds538550538550Low
6/11/2020Dollar440450440450Low
6/11/2020Euro470485470485Low
6/10/2020Pounds538550540553Low
6/10/2020Dollar440450445452Low
6/10/2020Euro470485475490Low
6/9/2020Pounds538550540550Low
6/9/2020Dollar440450440450Low
6/9/2020Euro470485475485Low
6/8/2020Pounds540550540550Low
6/8/2020Dollar440450440450Low
6/8/2020Euro475485475485Low
6/5/2020Pounds535545535545Low
6/5/2020Dollar440450440450Low
6/5/2020Euro460472460472Low
6/4/2020Pounds530543530543Low
6/4/2020Dollar440447440447Low
6/4/2020Euro460470460470Low
6/3/2020Pounds530540530540Low
6/3/2020Dollar440445440445Low
6/3/2020Euro460470460470Low
6/2/2020Pounds535545535545Low
6/2/2020Dollar440450440450Low
6/2/2020Euro460472460472Low
6/1/2020Pounds530543530543Low
6/1/2020Dollar440447440447Low
6/1/2020Euro460470460470Low
5/29/2020Pounds530540530540Low
5/29/2020Dollar440445440445Low
5/29/2020Euro460470460470Low
5/28/2020Pounds535545535545Low
5/28/2020Dollar440450440450Low
5/28/2020Euro460472460472Low
5/27/2020Pounds530543530543Low
5/27/2020Dollar440447440447Low
5/27/2020Euro460470460470Low
5/26/2020Pounds530540530540Low
5/26/2020Dollar440445440445Low
5/26/2020Euro460470460470Low
5/25/2020Pounds535545535545Low
5/25/2020Dollar440450440450Low
5/25/2020Euro460472460472Low
5/22/2020Pounds530543530543Low
5/22/2020Dollar440447440447Low
5/22/2020Euro460470460470Low
5/21/2020Pounds530545530545Low
5/21/2020Dollar450460450460Low
5/21/2020Euro460470460470Low
5/20/2020Pounds530550530550Low
5/20/2020Dollar445460445460Low
5/20/2020Euro450470450470Low
5/19/2020Pounds528540528540Low
5/19/2020Dollar445460445460Low
5/19/2020Euro450465450465Low
5/18/2020Pounds528540528540Low
5/18/2020Dollar445460445460Low
5/18/2020Euro450465450465Low
5/15/2020Pounds530540525535Low
5/15/2020Dollar435450440455Low
5/15/2020Euro450460450465Low
5/14/2020Pounds530540530540Low
5/14/2020Dollar435450435450Low
5/14/2020Euro450460450460Low
5/13/2020Pounds525535525535Low
5/13/2020Dollar430450430450Low
5/13/2020Euro440455440455Low
5/12/2020Pounds525535525535Low
5/12/2020Dollar435450435450Low
5/12/2020Euro445455445455Low
5/11/2020Pounds510530525535Low
5/11/2020Dollar430445435445Low
5/11/2020Euro440450445455Low
5/8/2020Pounds510530510530Low
5/8/2020Dollar425437430445Low
5/8/2020Euro425440440450Low
5/7/2020Pounds510530510530Low
5/7/2020Dollar425437425437Low
5/7/2020Euro425440425440Low
5/6/2020Pounds510520510520Low
5/6/2020Dollar425437425437Low
5/6/2020Euro430450430450Low
5/5/2020Pounds510525510525Low
5/5/2020Dollar410430420430Low
5/5/2020Euro425435425435Low
5/4/2020Pounds500510510525Low
5/4/2020Dollar435450410430Low
5/4/2020Euro430440425435Low
5/1/2020Pounds500510500510Low
5/1/2020Dollar435450435450Low
5/1/2020Euro430445430445Low
4/30/2020Pounds500510500510Low
4/30/2020Dollar435450435450Low
4/30/2020Euro430445430445Low
4/29/2020Pounds500520500520Low
4/29/2020Dollar440460440460Low
4/29/2020Euro450465450465Low
4/28/2020Pounds495510500520Low
4/28/2020Dollar430450440460Low
4/28/2020Euro435450435450Low
4/27/2020Pounds495510495510Low
4/27/2020Dollar430450430450Low
4/27/2020Euro435450435450Low
4/24/2020Pounds490500490500Low
4/24/2020Dollar428450428450Low
4/24/2020Euro430440430440Low
4/23/2020Pounds490500490500Low
4/23/2020Dollar420430420430Low
4/23/2020Euro425435425435Low
4/22/2020Pounds490500490500Low
4/22/2020Dollar420425420430Low
4/22/2020Euro425435425435Low
4/21/2020Pounds490500490500Low
4/21/2020Dollar420430420430Low
4/21/2020Euro425435425435Low
4/20/2020Pounds490500490500Low
4/20/2020Dollar420430420430Low
4/20/2020Euro425435425435Low
4/17/2020Pounds490500490500Low
4/17/2020Dollar420430420430Low
4/17/2020Euro425435425435Low
4/16/2020Pounds490500490500Low
4/16/2020Dollar420430420430Low
4/16/2020Euro425435425435Low
4/15/2020Pounds490500490500Low
4/15/2020Dollar420430420430Low
4/15/2020Euro425435425435Low
4/14/2020Pounds490500490500Low
4/14/2020Dollar420430420430Low
4/14/2020Euro425435425435Low
4/13/2020Pounds490500490500Low
4/13/2020Dollar420430420430Low
4/13/2020Euro425435425435Low
4/10/2020Pounds490505490505Low
4/10/2020Dollar420430420430Low
4/10/2020Euro425435425435Low
4/9/2020Pounds490505490505Low
4/9/2020Dollar420430420430Low
4/9/2020Euro425435425435Low
4/8/2020Pounds490500490500Low
4/8/2020Dollar420430420430Low
4/8/2020Euro425435425435Low
4/7/2020Pounds490500490500Low
4/7/2020Dollar420430420430Low
4/7/2020Euro425435425435Low
4/6/2020Pounds492497492497Low
4/6/2020Dollar402412402412Low
4/6/2020Euro410415410415Low
4/3/2020Pounds485490492497Low
4/3/2020Dollar400410402412Low
4/3/2020Euro410415410415Low
4/2/2020Pounds485490485490Low
4/2/2020Dollar400410400410Low
4/2/2020Euro410415410415Low
4/1/2020Pounds480485480485Low
4/1/2020Dollar395400395400Low
4/1/2020Euro407412407412Low
3/31/2020Pounds480485480485Low
3/31/2020Dollar395400395400Low
3/31/2020Euro407412407412Low
3/30/2020Pounds480485480485Low
3/30/2020Dollar390395395400Low
3/30/2020Euro407412407412Low
3/27/2020Pounds480485480485Low
3/27/2020Dollar385390390395Low
3/27/2020Euro405410407412Low
3/26/2020Pounds480485480485Low
3/26/2020Dollar385390385390Low
3/26/2020Euro405410405410Low
3/25/2020Pounds475480480485Low
3/25/2020Dollar380385385390Low
3/25/2020Euro400405405410Low
3/24/2020Pounds475480475480Low
3/24/2020Dollar380385380385Low
3/24/2020Euro400405400405Low
3/23/2020Pounds474478474478Low
3/23/2020Dollar380385380385Low
3/23/2020Euro400403400403Low
3/20/2020Pounds475480475480Low
3/20/2020Dollar370375365367Low
3/20/2020Euro395400395400Low
3/19/2020Pounds475480475480Low
3/19/2020Dollar370375370375Low
3/19/2020Euro395400395400Low
3/18/2020Pounds471475471475Low
3/18/2020Dollar370375370375Low
3/18/2020Euro390395390395Low
3/17/2020Pounds470475470475Low
3/17/2020Dollar375380375380Low
3/17/2020Euro400403400403Low
3/16/2020Pounds470475470475Low
3/16/2020Dollar370375370375Low
3/16/2020Euro400403400403Low
3/13/2020Pounds470475470475Low
3/13/2020Dollar372377372377Low
3/13/2020Euro400403400403Low
3/12/2020Pounds475485490495High
3/12/2020Dollar365380375404High
3/12/2020Euro405412410420Low
3/11/2020Pounds470475475485Low
3/11/2020Dollar360366365375Low
3/11/2020Euro387403405412Low
3/10/2020Pounds468472470475Low
3/10/2020Dollar358360360362Low
3/10/2020Euro390398387403Low
3/9/2020Pounds468472468472Low
3/9/2020Dollar358360358360Low
3/9/2020Euro392398392398Low
3/6/2020Pounds468472468472Low
3/6/2020Dollar358360358360Low
3/6/2020Euro390398390398Low
3/5/2020Pounds468472468472Low
3/5/2020Dollar358360358360Low
3/5/2020Euro390397390397Low
3/4/2020Pounds468473468473Low
3/4/2020Dollar358360358360Low
3/4/2020Euro387392387392Low
3/3/2020Pounds468472468472Low
3/3/2020Dollar358360358360Low
3/3/2020Euro387392387392Low
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3/6/2019Pounds468472468472Low
3/6/2019Dollar358360358361Low
3/6/2019Euro398402398402Low
31/05/2019Pounds465470470474Low
31/05/2019Dollar358360358360Low
31/05/2019Euro397402400403Low
30/05/2019Pounds470474470474Low
30/05/2019Dollar358360358360Low
30/05/2019Euro400403400403Low
28/05/2019Pounds470474470474Low
28/05/2019Dollar358360358360Low
28/05/2019Euro400403400403Low
27/05/2019Pounds470474470474Low
27/05/2019Dollar358360358360Low
27/05/2019Euro400403400404Low
24/05/2019Pounds470474470474Low
24/05/2019Dollar358360358360Low
24/05/2019Euro400405400405Low
23/05/2019Pounds470474472475Low
23/05/2019Dollar358360358360Low
23/05/2019Euro400405400405Low
22/05/2019Pounds472475472475Low
22/05/2019Dollar358350358360Low
22/05/2019Euro400405400405Low
21/05/2019Pounds472475472473Low
21/05/2019Dollar358360358360Low
21/05/2019Euro400405400405Low
20/05/2019Pounds472475472475Low
20/05/2019Dollar358360358360Low
20/05/2019Euro400405400405Low
17/05/2019Pounds472475472475Low
17/05/2019Dollar358360358360Low
17/05/2019Euro400405400404Low
16/05/2019Pounds472475472475Low
16/05/2019Dollar358360358360Low
16/05/2018Euro400404400404Low
15/05/2019Pounds470475470475Low
15/05/2019Dollar358360358360Low
15/05/2019Euro400404400404Low
13/05/2019Pounds470475470475Low
13/05/2019Dollar358360358360Low
13/05/2019Euro400404400405Low
10/5/2019Pounds470475470475Low
10/5/2019Dollar358360358360Low
10/5/2019Euro400405400405Low
9/5/2019Pounds470475470475Low
9/5/2019Dollar358360358360Low
9/5/2019Euro400405400405Low
29/04/2019Pounds470475470475Low
29/04/2019Dollar358360358360Low
29/04/2019Euro400405400405Low
26/04/2019Pounds470475470475Low
26/04/2019Dollar358360358360Low
26/04/2019Euro400405400405Low
25/04/2019Pounds470475470475Low
25/04/2019Dollar358360358360Low
25/04/2019Euro400405400405Low
24/04/2019Pounds470475472476Low
24/04/2019Dollar358360358360Low
24/04/2019Euro400405400405Low
23/04/2019Pounds474478472476Low
23/04/2019Dollar355360358360Low
23/04/2019Euro390402400405Low
22/04/2019Pounds472476472476Low
22/04/2019Dollar357360358360Low
22/04/2019Euro400405400405Low
19/04/2019Pounds467471470475Low
19/04/2019Dollar355360357360Low
19/04/2019Euro395400402406Low
18/04/2019Pounds470475470475Low
18/04/2019Dollar357360357360Low
18/04/2019Euro402406402406Low
17/04/2019Pounds470475470475Low
17/04/2019Dollar357360357360Low
17/04/2019Euro402406402406Low
16/04/2019Pounds465470470475Low
16/04/2019Dollar360365357360Low
16/04/2019Euro400405402405Low

Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

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Companies

Zenith Bank notifies NSE of share dealings by insiders

In three separate transactions, major stakeholders purchased 5 million units of Zenith Bank’s shares.

Published

on

Executive Director buys 2 million additional Units of Zenith Bank Plc Shares.

Zenith Bank Plc, Group Managing Director, Mr Ebenezer Onyeagwu, and two Executive Directors, Messrs. Dennis Olisa and Ahmed Umar Shuaib, have purchased an aggregate of 5 million units of additional Zenith Bank Plc shares.

This was disclosed by the bank, in a notification sent to the Nigerian Stock Exchange, and seen by Nairametrics.

According to the notification, signed by the Company’s secretary, Michael Osilama Otu, the purchase was made in the bourse, over three transactions on the 16th and 17th of September, 2020.

As part of the regulatory requirements, the disclosure must be reported to the Nigerian Stock Exchange, especially when the trade is executed by a major shareholder or director of a listed firm.

Breakdown of the deal

GTBank 728 x 90

According to the details of the deal verified by Nairametrics, Mr. Dennis Olisa pulled the highest deal as he purchased 2,000,000 additional units of Zenith Bank Plc’s shares at an average of N17.18 per unit, totaling N34.36 million. Mr. Ahmed Umar Shuaib also purchased 2,000,000 additional units of the Bank’s share, at an average price of N16.99 worth N33.98 million. Completing the trio was, Mr. Ebenezer Onyeagwu who purchased 1,000,000 additional units at an average of N17.05 worth N17.05 million.

This major purchase boosted the total number of trade deals (Volume) posted by the Bank in the NSE market, as the deals contributed about 11.61% of the Bank’s total deals between 16th and 17th of September, 2020.

(READ MORE: Zenith Bank rewards customers with massive giveaways in the “Zenith Beta Life” weekly promo)

Deal book 300 x 250

What this means

Based on the recently released H1 2020 Financial Results of Zenith Bank, Mr. Ebenezer Onyeagwu had 45,500,000 direct shares as of June 30, 2020. Mr. Ahmed Umar Shuaib had 7,577,343 direct shares, while Mr. Dennis Olisa had 7,122,316 direct shares. All these remained unchanged from their reported shares in H1 2019.

With the addition of 1,000,000 shares, Mr. Ebenezer Onyeagwu’s stake increased to 46,500,000, indicating an increase of 2.19%. Mr. Ahmed Shuaib’s shares also leaped by 26.39% to 9,577,343, while Mr. Deniss Olisa’s shares increased by 28.08% to 9,122,316 direct shares.

This deal may signify that the Bank’s insiders expect an increase in share price. It is a positive signal to outsiders, coming from top insiders who are abreast with latest information on the Bank’s prospects.

This can play a vital role in stimulating a bullish trend. Zenith Bank’s share price is currently trading at N16.70 on the NSE.

Conclusion

GTBank 728 x 90
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Regardless of the impact of the pandemic on the income and revenue of banks, Zenith bank still remained one of the high-flying financial organizations in Nigeria. For example, the tier-1 bank’s gross earnings grew by 4.37% from N331.5 billion in H1 2019 to N346.1 billion in H1, 2020. Its Profit After Tax increased by 16.81% from N111.7 billion to N114.1 billion within the period under review. The aforementioned factors might have been the reason behind the recent bullish trend for its stock.

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