The NSE All-Share Index closed sharply in the positive in this week’s trading session, gaining 2.33% this week, and closing at 27,779 basis points. Year to date, the index is still in the red, down 11.62%.
UACN Property Development Company was the best performing stock this week, appreciating by 51.52% to close at N1.50. Thomas Wyatt Plc was the worst-performing stock this week, declining by 9.52% to close at N0.38.
UBA Plc was marked down by N0.20, and the ex-dividend price was N6.10. A markdown means that a bonus or dividend is subtracted from a stock’s share price.
- Universal Insurance Plc has appointed Barrister Jasper Nduagwuike as a non-Executive Director.
- Afromedia Plc announced the appointment of Kabir Usman, and Lateef Bakare as non-Executive Directors effective 22nd of July, 2019.
- AIICO Insurance Plc has appointed Olusola Ajayi as an Executive Director. Ajayi will oversee the group retail division.
- The board of CAP Plc has approved the appointment of Miss Ayomipo Wey as Company Secretary/Legal Adviser effective September 9, 2019.
- Ms. Wey will also serve as the Company Secretary/Legal Adviser of sister company, Portland Paints and Products Nigeria Plc.
- Sterling Bank Plc announced the retirement of Ms. Justina Lewa as Company Secretary/Chief legal adviser after 28 years. Mrs. Temitayo Adegoke has been appointed as her replacement.
- Ellah Lakes Plc announced the resignation of Wole Onasanya as the Chief Financial Officer of the company. Onasanya has resigned to pursue other opportunities within the Nigerian financial services sector.
- Kenneth Edore Egbaran was appointed Managing Director/CEO of Veritas Kapital Assurance Plc, following the approval of NAICOM, effective 6th September 2019. Prior to this, he was the CEO of Goldlink Insurance Plc, a position he had taken up a few months ago.
Rights issue in the works
NPF Microfinance Bank Plc, through its stockbroker, Regency Asset Management Limited, applied to the NSE for the approval and listing of a rights issue of 2,286,657,766 ordinary shares N0.50 each at N1.50 per share, on the basis of one new ordinary share for every one ordinary share held. The qualification date for the rights issue was Thursday, 12 September 2019. The stock was on a full bid following the news and gained 9.91%.
A likely dividend
- On Friday after trading hours, Global Spectrum Energy Services Plc announced a final decision on interim dividend payment, alongside the release of its third-quarter results.
- Additional Stanbic IBTC shares listed 232,899,013 ordinary shares of Stanbic IBTC Holdings Plc were listed on the Daily Official List of the Nigerian Stock Exchange on 12 September 2019.
- The additional shares resulted from the scrip dividend offered to eligible shareholders of Stanbic IBTC who elected to receive new ordinary shares in lieu of cash dividends with respect to the N1.50 final dividend declared for the financial year ended 31 December 2018.
- Following the listing, the total issued and fully paid-up shares of the company has now increased from 10,240,552,945 to 10,473,451,958 ordinary shares.
A Leapfrog into AIICO
- Leapfrog moved one step closer to taking a stake in insurance giant, AIICO. The company will hold an extraordinary general meeting on October 14, 2019.
- The company will be seeking the approval of shareholders to increase its authorized share capital from N10 billion to N18 billion by the creation of 16 billion ordinary shares.
- The board of the company will also be seeking approval to enter into a technical agreement for a period of one year or less.
- The motions were to be tabled during the company’s AGM held earlier in the year, but were stepped down.
- LeapFrog Investments is an emerging market (EM), focused private equity fund. In June last year, it acquired a stake in ARM pension managers.
Zenith Bank announces results of the tender offer
Zenith Bank Plc announced the results of the tender offer for its $500 million bond due 2022. Investors holding $392,506,000 in Zenith Bank bonds, took up the bank’s tender offer to redeem them before maturity.
LASACO shifts AGM
LASACO Assurance announced the postponement of its Annual General Meeting (AGM) earlier scheduled for this week, to Tuesday, 8th of October 2019. This is to enable the company to meet the required delivery period of audited financials.
Meetings in October
Royal Exchange Plc will hold its 50th AGM on Wednesday, 9th October, 2019.
Dangote Flour Mills will hold its court-ordered meeting on Monday, 14th of October, 2018. Shareholders will consider a buyout offer from Crown Flour Mills Limited (a subsidiary of Olam International Limited) at N24 per share.
RT Briscoe still in the red
RT Briscoe released its full year 2018 results after trading hours. The company is still in the red, as it made a N2.1 billion loss.
What’s happening next week?
The NSE will hold a special closing the bell ceremony to mark the 100th birthday of Akintola Williams. Williams is the only surviving individual of those who signed the original charter establishing the Nigerian Stock Exchange.
Infinity Trust Mortgage Bank will hold a Facts Behind the Figures session at the NSE same day.
Stocks to watch next week
The U stocks of the moment, UAC of Nigeria and UPDC, have a joint first place in next week’s watchlist.
Tripple Gee takes second place, as the company will be holding its Annual General Meeting on Monday the 16th of September, 2019.
On a price basis, Livestock Feeds, University Press, and Guinness Nigeria are worth watching, as they are trading at multi-year lows.
Covid-19: WHO approves China’s Sinopharm vaccine
WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.
The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.
This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.
“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.
The WHO added that the easy storage requirements make it highly suitable for low-resource settings.
“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.
“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.
The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.
The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.
In case you missed it
The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.
“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead
Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead
A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.
According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.
Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.
She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.
The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.
Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.
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- Okomu Oil proposes dividend worth N6.7 billion for shareholders.
- Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.
- Cadbury Nigeria Plc set to hold 56th Annual General Meeting (AGM) on June 16.
- FCMB Group Plc appoints Muibat Ijaiya as Director.
- Afromedia Plc reports a loss after tax of N27.3 million in Q1 2021.