Business News
Stock Market: Forte Oil leads losers’ chart on Thursday
Forte Oil Plc, was the worst performing stock in Thursday’s trading session on the floor of the Nigerian Stock Exchange (NSE).
Published
1 year agoon

Forte Oil Plc was the worst performing stock in Thursday’s trading session on the floor of the Nigerian Stock Exchange (NSE). The oil firm was followed by Honeywell Flour Mill Plc, Custodian and Allied Insurance Plc, Guaranty Trust Bank Plc, and Dangote Flour Mills Plc.
While the value of Forte Oil stock declined by 6.78% to close at N15.8, Honeywell Flour Mill Plc fell by 5.94% to close at N0.95, Custodian and Allied Insurance Plc, Guaranty Trust Bank Plc, and Dangote Flour Mills Plc, all fell by 4.76% to close at N6, 1.06% to close at N27.95, and 0.45% to close at N22.2 respectively.
Meanwhile, trading at the bourse ended Thursday in positive territory as the All-Share Index closed at 27,579.85 basis points, up by 1.09%.
Top Gainers: Nestle Nigeria Plc earned the best-performing stock, as it gained 10% to close at N1336.5, followed by Seplat Petroleum Development Co Plc gained 10% to close at N506. Total Nigeria Plc gained 10% to close at N110, Access Bank Plc gained 6.94% to close at N7.7. Dangote Sugar Refinery Plc rounded off the top five gainers for the day. The stock gained 1.87% to close at N10.9.
[READ MORE: Stock Market: Custodian, IB, Access, others lead gainers’ chart]
Top Trades by Volume: Access Bank Plc was most actively-traded stock today. 67.31 million shares valued at N509.82 million were traded in 389 deals. Guaranty Trust Bank Plc was next with 23.15 million shares valued at N651.69 million were traded in 278 deals, followed by Transnational Corporation of Nigeria Plc with 14 million shares valued at N14.28 million traded in 53 deals.
Lafarge Africa Plc was next with 10.43 million shares valued at N156.62 million traded in 44 deals. FBN Holdings Plc rounded off the top five most actively traded stocks today with 8.73 million shares valued at N47.93 million traded in 147 deals.
Corporate Actions
Anino International Plc released its audited financial statements for the year 31st December 2016, on the NSE site.
Its Profit/(loss) after tax declined from N3.87 million in 2015, to N1.43 million in 2016. Reducing by 63%. Also, Earnings per share decreased from 7.57 kobo in 2015 to 2.80 kobo in 2016.
The company also released its audited financial statements for the year ended 31st December 2017 and 31st December 2018 respectively.
[READ MORE: The Stock Market has started off the week on a rather sad note]
Corporate Press Releases
Finishing 2020 strong, United Capital records double digit growth with profit rising by 61%
Delights shareholders with a proposed dividend of N0.70k per share.
Published
2 hours agoon
February 25, 2021By
NM Press
Foremost Pan-African financial and investment services group, United Capital Plc has announced its audited results for the full year ended December 31, 2020, recording double-digit growth across all its major income lines.
Despite the Covid-19 pandemic and the resultant challenging operating environment, the investment institution leveraged on increased efficiency to deliver an impressive 61 per cent year-on-year growth in profit before tax to N7.95 billion compared with N4.95 billion at the end of 2019; while profit after tax stood at N7.81 billion, showing an increase of 57 per cent above the N4.97 billion it closed in 2019.
United Capital also recorded a 50 percent year-on-year growth in gross earnings to close at N12.87 billion in December 2020, compared to N8.59 billion recorded in the similar period of 2019.
On account of a significant 54 per cent increase in investment in financial assets, United capital’s total assets also rose by 48 per cent to N224.75 billion in the period under review, compared to N150.46 billion recorded at the end of the 2019 financial year; while shareholders’ funds grew to N24.43 billion rising by 25 per cent from 19.59 billion a year earlier.
On the back of the strong performance, the Directors of United Capital have proposed a dividend of 70k per share, amounting to a total of N4.2 billion dividend to be paid upon ratification by shareholders at its forthcoming AGM. The 70k dividend per share, which is higher than the 50k per share declared in 2019, is payable to shareholders whose names appear on the Register of Members at the close of business on March 5, 2021.
The Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, expressed delight on the performance, which according to him is cheering news despite the challenges that most companies faced in the year 2020.
He said, “I am pleased to inform all stakeholders that United Capital delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in Revenue, PBT and PAT and solid performance across key business parameters.
“This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges,” Ashade noted.
Speaking on its plan for the 2021 financial year, Ashade said, “Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021.”
United Capital Plc is a leading Pan-African financial and investment services group, with a mission to provide bespoke and innovative value-added services to its client. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals
Corporate deals
DEAL: Tangerine Life completes take-over of ARM Life Insurance Plc
Tangerine Life Insurance has concluded the acquisition of ARM Life Plc.

Published
2 hours agoon
February 25, 2021
Tangerine Life Insurance, a subsidiary of Verod Capital Limited has concluded the acquisition of ARM Life Plc.
This is according to a press release issued by the firm’s Head, Brand and Communications, Olabisi Adesokan, seen by Nairametrics.
The merger is expected to consolidate and optimize the unique strengths of both sides, both in the corporate and retail markets, creating a stronger and broader insurance and financial services platform that will be of immense benefits to all.
READ: Buhari reappoints Bala Usman as MD of NPA, reconstitutes the Board
Background of the deal
A decision to complete the acquisition of ARM Life Insurance Plc was reached at Tangerine’s Board Meeting held on 4th of March, 2020, where the provisions of section 131 of the Investment and Securities Act (ISA) 2007 was triggered.
Provisions in section 131 of ISA 2007 had empowered Tangerine Life Insurance to takeover ARM Life, following its 77.72% equity stake held in the latter, which translates to 7,392,953,710 ordinary shares.
In lieu of this, a decision to buy-out the remaining stake of 2,180,967,082 ordinary shares at N0.63 was ratified at the Board meeting and subsequently implemented.
READ: Report any employer without Group Life Insurance for employees – PenCom
What they are saying
Commenting on the rationale behind the deal, the Managing Director of Tangerine Life, Livingstone Magorimbo said: “Integrating the businesses has presented us a tremendous opportunity to enhance our capabilities, improve operating efficiencies and grow our businesses.
“At Tangerine Life, we will continue to innovate, drive positive change within the insurance industry and create tremendous value for our customers towards effectively positioning our business to stay ahead of the next wave of industry evolution.”
On the other hand, a former Managing Director at ARM Life, Stephen Alangbo added that: “Innovation is paramount in ensuring customer satisfaction in today’s business landscape. We believe that the combination of both entities will ensure exceptional value creation for existing and new customers and partner.”
What you should know
- According to the press release, the merger places Tangerine Life as the 4th largest life insurer in Nigeria and position it for future growth.
- Tangerine Life Insurance Limited, formerly known as Metropolitan Life Insurance Nigeria Limited was incorporated on 19 August 2004 and licensed by NAICOM on 14 February 2007. It is principally engaged in the provision of group life, credit life and individual life products to over 12,000 blue-chip corporate and retail clients.
- The Company is majorly owned by Oreon LMS Limited, a subsidiary of Verod Capital Growth Fund II, a US$115 Million private equity fund managed by Verod Capital Management Limited.
Nairametrics | Company Earnings
- 2020 FY: Zenith Bank post N230.6 billion profit after tax
Zenith Bank Plc released its […]
- Mutual Benefits Assurance Plc boosts post tax profits by 25.9%
Mutual Benefits Assurance Plc released […]
- 2020 FY Results: Prestige Assurance Plc reports a 50.44% increase in profit.
Prestige Assurance Plc released its […]
- John Holt falls deeper into losses
John Holt Plc released its […]
- Sales volumes crash for Northern Nigeria Flour Mills Plc
Northern Nigeria Flour Mills Plc […]
-
Get the scoops and market intelligence that can help
you make better investment decisions right in your
mailbox.