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 Update in Nigeria
On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,062 confirmed cases.
On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 10,526 samples across the country.
To date, 58,062 cases have been confirmed, 49,606 cases have been discharged and 1,103 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 494,577 tests have been carried out as of September 25th, 2020 compared to 484,051 tests a day earlier.
COVID-19 Case Updates- 25th September 2020,
- Total Number of Cases – 58,062
- Total Number Discharged – 49,606
- Total Deaths – 1,103
- Total Tests Carried out – 494,577
According to the NCDC, the 213 new cases are reported from 17 states- Lagos (51), Plateau (51), FCT (29), Rivers (18), Ondo (12), Oyo (9), Osun (8), Gombe (7), Ogun (7), Kaduna (5), Enugu (4), Edo (3), Jigawa (3), Kano (3), Benue (1), Delta (1), Sokoto (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,174, followed by Abuja (5,644), Plateau (3,373), Oyo (3,248), Edo (2,620), Kaduna (2,389), Rivers (2,305), Delta (1,801), Ogun (1,796), Kano (1,737), Ondo (1,620), Enugu (1,289), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (864). Katsina (848), Osun (826), Borno (741), and Bauchi (692).
Imo State has recorded 566 cases, Benue (481), Nasarawa (449), Bayelsa (397), Jigawa (325), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (237), Anambra (234), Sokoto (162), Taraba (95), Kebbi (93), Cross River (87), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Lagos launches N5 billion support fund for 2,000 low-cost private schools
The Governor said the facility will benefit low-cost schools with amounts ranging from N500,000 to N5 million.
Lagos State government has launched a N5billion support fund to help reduce the impact of Coronavirus pandemic on low-cost private schools in the state.
This was disclosed by the Governor of the state, Babajide Sanwo-Olu via his Twitter handle on Friday.
According to him, the educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March.
He said, “With access to funding for privately owned schools and vocational training centres in the state, we are confident that this programme, under the partnership between First Bank Nigeria and Lagos State Education Trust Fund (LSETF) will help accelerate a sustainable return to learning and skills acquisition.”
Today, I launched a N5bn support fund to help reduce the impact of #COVID19 on low-cost private schools in Lagos. The educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March. #EducationMeetsFunding pic.twitter.com/PrKjLhxBXq
— Babajide Sanwo-Olu (@jidesanwoolu) September 25, 2020
He explained that the facility will benefit 2,000 low-cost schools with amounts ranging from N500,000 to N5 million.
“As a responsible Government, we are obligated to provide interventions that would enable learners in schools study in line with the new normal,” the Governor Sanwo-Olu added.
The Chief Executive Officer, First Bank Nigeria, Dr Adesola Adeduntan, said “With this partnership, we are sure that registered educational institutions in Lagos State will have access to funds at subsidised interest rates to meet their needs as they reopen at this auspicious time.”
Paga Group relocates to the UK
Oviosu announced that he is very excited about moving to and working with the UK government.
Paga Group has redomiciled from Mauritius to the United Kingdom (UK). The group is the holding company for its operations in Nigeria, México, Ethiopia, and the UK.
This was disclosed by the Chief Executive Officer and founder, Paga, Tayo Oviosu on Friday.
The Paga Group has redomiciled to the UK 🇬🇧!
The Paga Group is the holding company for our operations in all countries – Nigeria, México, Ethiopia, and the United Kingdom.
Very excited about this move and look forward to working with @tradegovuk to promote trade with the UK!
— Tayo Oviosu (@oviosu) September 25, 2020
Why it matters: The company took the decision due to bureaucratic challenges it faced last year.
He said, “The laws and courts of Mauritius are not very fast-moving, and the rules are difficult. I’ve had one court case that was eventually thrown out after a year.
“In the UK it would have been thrown out immediately, and the person would have had to pay us for our lawyer fees.
“Basically, not an easy place to do business. It is more painful than useful. I say stick to good ol’ America or UK or Netherlands or Luxemburg. Where you know there are professionals, and the legal system works.”
Oviosu said he is very excited about the move, looks forward to working with the UK government to promote trade with the UK.
The Paga Group has raised $34.7 million in funding so far, according to Crunchbase.