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Markets

CORPORATE ACTIONS: An Exit and a Yhello landing

@MTNNG listing on the @nsecontact premium board was the highlight of activities on the Nigerian bourse 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, payments of dividends, closing of shareholders’ registers, announcing qualification dates and Annual General Meeting (AGM) dates.

Corporate actions that took place last week

A Yhello landing: In perhaps the biggest event so far this year on the exchange, MTN Nigeria was listed on the Premium Board of the Nigerian Stock Exchange, last week. 20.3 billion shares valued at N90 per share, were listed.

The company has gained 20% since listing, amidst massive demand.

MTN Nigeria also announced that it had obtained a N200 billion loan from a consortium of local banks. The loan is denominated in naira, and with a two year moratorium.

International Breweries announced the appointment of Olutoyin Odulate as an Independent Non Executive Director. Odulate is the Founder and CEO of Olori Beauty Enterprise Limited.

Medview Airlines, in a notice sent in last week, announced that it was one of three carriers chosen by the Federal Government for Hajj operations.

CEO of the firm, Munir Bankole also disclosed that some of the airline’s aircraft would be back from scheduled maintenance soon.

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Greif Nigeria Plc (formerly known as Van Leer) announced a delay in the release of its Q2 2019 results. Apparently, a few of the company’s key staff had jumped ship, since the company announced a suspension of operations.

The firm however expects to file its results on or before the 14th of June 2019.

No laws broken: Chams Group sent in a notice clarifying issues around the payment of a  three kobo dividend. The dividend in question was paid from Chams Plc’s retained earnings of N385 million. Chams Group however has negative retained earnings of N1.5 billion.

The company also defended its action, relying on Section 380 A of the Corporate and Allied Matters Act (CAMA). In essence, a company can pay dividends from revenue reserves, realised profit on a fixed asset sold or profits arising from the use of the company’s property.

An Exit: On Monday last week, Newrest ASL shares were delisted from the Nigerian Stock Exchange.

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Going Going: First Aluminum Plc shares were placed on suspension last week in preparation of its voluntary delisting.

Markdowns: Nestle Nigeria Plc, Regency Alliance Insurance, Eterna Plc and Okomu Oil Nigeria Plc were marked down last week.

Corporate Actions taking place next week

AIICO Insurance will be holding its Annual General Meeting (AGM) on Monday, the 20th of May, 2019.

Caverton Offshore Support Group and Consolidated Hallmark Insurance Plc will hold their AGMs on the 21st of May, 2019.

NCR Nigeria Plc will hold its AGM on the 22nd of May, while Pharmadeko, GSK Consumer Nigeria and Berger Paints Plc will hold their AGMs on the 23rd of May, 2019.

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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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Currencies

Naira appreciates at NAFEX as Nigeria’s external reserve is set to get a boost

Naira gained against the US Dollar at the NAFEX window on Friday to close at N409/$1.

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Naira falls across forex markets as businesses resume after public holidays

Friday, 9th April 2021: The exchange rate between Naira and the US Dollar closed at N409/1$ in the Importers and Exporters window, where forex is traded officially.

Naira gained against the US Dollar at the NAFEX window on Friday to close at N409/$1. This represents a 0.16% gain when compared to N409.65/$1 recorded on Thursday, as the country’s external reserve is set to receive a boost with the planned issuance of $500 million Eurobonds.

Meanwhile, the naira maintained stability at the parallel market on Friday, 9th April, 2021 to close at N485 to a dollar, the same rate as maintained since last week.

Trading at the official NAFEX window

Naira appreciated against the US Dollar at the Investors and Exporters window on Friday to close at N409 to a dollar. This represents a 65 kobo gain when compared to N409.65/$1 recorded on Thursday, 8th April 2021.

  • The opening indicative rate closed at N409.79 to a dollar on Friday. This represents a 71 kobo gain when compared to N410.50/$1 recorded on Thursday.
  • Also, an exchange rate of N420 to a dollar was the highest rate recorded during intra-day trading before it closed at N409/$1. It also sold for as low as N395/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window dropped by 41.1% on Friday, 9th April 2021.
  • A cursory look at the data tracked by Nairametrics from FMDQ showed that forex turnover declined from $93.69 million recorded on Thursday, April 8, 2021, to $55.21 million on Friday, April 9, 2021.

Cryptocurrency watch

The world’s most popular digital currency, bitcoin recorded a 3.05% increase in value on Saturday evening, 10th April 2021.

  • Bitcoin went up by 3.05% to trade at $59,907 on Saturday evening, compared to $58,135 recorded at the close of trade on Friday.
  • This is coming after it had risen to $61,222.22 on Saturday, its highest in nearly a month, propelled by talks of constrained new supplies against evidence of wider adoption.
  • Bitcoin (BTC) is up 116% from the year’s low of $27,734 on January 4. It crossed the $60,000 mark for the first time on March 13, hitting a record $61,781.83 on Bitstamp exchange, just after U.S. President Joe Biden signed his $1.9 trillion fiscal stimulus package into law.
  • The digital currency has been widely adopted by many, replacing gold as the global digital-reserve asset.

Oil price gain

Brent crude oil price declined on Sunday evening as it closed at $63.02 per barrel, indicating a 0.28% drop compared to $63.2 recorded at the close of trade on Friday.

  • This is as the fall in oil prices especially towards the end of last week can be attributed to demand concerns and Covid-19 lockdowns in some major economies, due to a spike in infections.
  • The Russian government has said that the coronavirus pandemic could continue to impact on global oil demand until 2024.
  • Crude oil prices had recorded a marginal increase during the week despite the decision of the OPEC+ to ease production cuts in the coming months. However, US Shale Giant has commended the OPEC+ group for bringing supply and demand back to balance.
  • Brent Crude closed at $63.02 (+0.11%), WTI Crude closed at $59.39 indicating 0.12% gain, Bonny Light, $61.55 (+0.46%), OPEC Basket (+0.89%) to close at $61.22 while Natural gas gained 0.67% to close at $2.543.

External reserve

Nigeria’s external reserve gained $29 million on Thursday, 8th April 2021 to close at $35.006 billion, being the highest external reserve position recorded in over a month.

  • This indicates a 0.08% increase when compared to $34.977 billion recorded on Wednesday, 7th April 2021.
  • It also represents an increase in the country’s external reserve position for the 13th consecutive day, having endured a significant downturn earlier in the year. Nigeria’s reserve has added a total of about $590 million in 13 days.
  • This recent increase in Nigeria’s external reserve could however be attributed to the increase in crude oil prices recorded earlier in March before the recent bearish trade in the crude market.
  • It could be attributed to the possible increase in diaspora remittance as the CBN offers incentives for every unit of a dollar received in Nigeria from diaspora remittance.
  • The external reserve is likely to get further boost as the Federal Government recently announced plans to issue $500 million Eurobonds for 2021.

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Cryptocurrency

Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

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$700 million worth of Bitcoin moved by an unknown identity

Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

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Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

 

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