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Business News

Nigeria Breweries, Unilever, Unity Bank lead gainers’ chart on Friday 

The share value of Nigeria Breweries and others witnessed a boost on Friday as they made the top gainers list on the floor of the NSE. 

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Nigerian stock exchange, All share index, Nigerian bourse, Investors, Bulls gather momentum ASI up 0.48%, gained N55.3 billion, Dangote ,MTN & Gtbank hit a home run as Nigeria’s bourse continues bullish momentum

The share value of Nigeria Breweries, Unilever Nigeria, Unity Bank, FCMB and Cutix Plc witnessed a boost on Friday as they made the top gainers chart in the Nigerian Stock Exchange.

The major market indicators traded negatively as the All share index dropped by 0.22% to close at 26,526.35 index points and the Equity market capitalisation closed at N12.80 trillion.

Top gainers 

Nigeria Breweries led the gainers’ chart as its stock value rose by 9.96% to close at N57.95 followed by Unilever Nigeria Plc with 9.49% gain to close at N20.2. Unity bank plc made the list with 7.46% gain to close at N0.72, FCMB gained 5.56% to close at N1.9 while Cutix plc rounded off the list with 3.57% gain to close at N1.45.

Top losers 

On the flip side, PZ Cussons Nigeria lost the most after shedding 10% of its stock value to close at N5.4 followed by Guinness Nigeria plc and Dangote Sugar, which shed 9.97% each to close at N32.0 and N14.9 respectively. Cadbury Nigeria plc dipped 9.86% to close at N9.6 while BOC gases plc lost 9.84% to close at N5.5.

[READ MORE: Guinness, UBA, Access, two others lead top gainers on Monday]

Top trades by volume 

Union Diagnostic traded 166.1 million shares valued at N33.22 million across 9 deals followed by FCMB, which traded 29.64 million shares valued at N53.99 million across 130 deals. Zenith bank Plc traded 23.85 million shares valued at N440.39 million across 401 deals.

Guaranty Trust Bank traded in 22.99 million shares at N680.03 million across 157 deals while Fidelity bank plc closed the chart with trades in 14.55 million shares valued at N31.79 million across 91 deals.

 

1 Comment

1 Comment

  1. Stanley

    December 23, 2019 at 2:32 am

    Just like with MTN, major foreign players in the Nigerian food industry like Olam Nigeria and Dufil prima should be encouraged by the NGSE to list some of their shares on the Nigerian stock exchange. These companies have gradually taken over the business of many old and floundering quoted companies which are currently struggling. The NGSE seriously needs the membership of these new giants of the Nigerian economy in order to boost its declining size.

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Corporate Press Releases

NIFIAN elects JAIZ Bank MD, Hassan Usman as first President

…Inaugurates pioneer EXCO members.

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The Non-Interest Financial Institutions Association of Nigeria (NIFIAN), yesterday in Abuja elected the Managing Director of Jaiz Bank Plc. Hassan Usman as its pioneer President.

Usman was inaugurated alongside other six EXCO members to steer the affairs of the umbrella body of all corporate organisations offering non-interest financial and related services in the country for a first term of 2 years.

Those elected includes Hajara Adeola, Managing Director/CEO, Lotus Capital Limited as Vice-President; Norfadelizan Abdulrahman, Managing Director/CEO of TAJBank Limited as Treasurer; and Fatai Ola Bakare, an astute in-house legal counsel and Islamic Finance expert of SunTrust Bank Nigeria Limited as the Secretary-General.

Other EXCO members inaugurated yesterday include Thaibat Adeniran, Managing Director/CEO, Cornerstone Takaful Nigeria Limited; Aminu Tukur, Managing Director/CEO, Noor Takaful Limited and Dr. Basheer Oshodi, CEO, TrustBank Arthur Limited.

In his opening address, Babayo Saidu, Chairman of NIFIAN’s Board of Trustees said the Association was registered on 28th August 2020, and duly incorporated at the Corporate Affairs Commission under Part C of the Companies and Allied Matters Act.

Parts of the objectives of NIFIAN is to promote common interest of member-organisations towards developing the non-interest financial services industry in Nigeria, creating an enabling regulatory environment through advocacy as well as deepening financial inclusion through market engagements and financial literacy. In addition, the Association aims to improve market resilience by fostering collaboration across the industry, promoting policies and programmes on Financial Inclusion, and sensitization of the populace for the economic development of the country through non-interest financial services offering.

The Executive Council is expected to steer the affairs of the Association towards the realisation of its objectives for the advancement of financial inclusion through non-interest finance in Nigeria.

In his inaugural address, Hassan Usman said the journey started more than a decade ago with Nigeria Islamic Finance Working Group, a multi-institutional platform under the auspice of EFInA (Enhancing Financial Innovation and Access.)

Usman said: “As today marks a new chapter in our pursuit, I would like to reiterate the fact that we are not there yet. This course is a journey and not a destination. While the overarching objective remains constant, the detailed operational and strategic initiatives of the Association shall continue to evolve to meet the requirements of the day.

“To this end, I pledge that over the course of my tenure, I will work with my colleagues in the Council to push some prominent initiative including promotion of sound Islamic banking and financial system and practise in Nigeria; growth and development of requisite market infrastructures such as an efficient non-interest inter-bank system.

“Pursuit of harmony in Shariah pronouncements (fatwas); represent the interest of members locally and internationally; provide advice and assistance to members pertinent to the development of their institution and deepen public awareness. I look forward to working with members to make Nigeria the Islamic Finance Hub of Africa.”

In addition, the President singled-out EFInA for the role played as the founder of what becomes NIFIAN today through its concerted support for the propagation of financial inclusion initiates through the non-interest finance industry. With the inauguration of persons of track records into the Executive Council of the Association, NIFIAN is therefore set to take on the charge towards developing the Nigerian financial markets.

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Consumer Goods

Unilever to spin off Tea business such as Lipton, Brooke Bond in major restructuring

Unilever wants to split its Tea business as a separate entity.

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Unilever Overseas increases stake in Unilever Nigeria Plc

Leading personal care and consumer goods company, Unilever announced plans to spin off its tea business into a separate legal entity.

The company announced this via a press release published on the website of the Nigerian Stock Exchange. The announcement is coming at least 6 months after its parent company, Unilever Global announced plans of a spin-off of its Tea business.

According to a press release seen by Nairametrics, by the company’s management through Abidemi Ademola, the Company Secretary, the strategic review which includes leading brands such as Lipton, Brooke Bond and PG Tip will go through the normal approval process, adding that the process is expected to be concluded by the end of 2021.

The planned separation will take full effect on all the balance of Unilever’s tea brands and geographies and all tea estates outside India and Indonesia, as the company will be retaining the tea businesses in India and Indonesia.

What they are saying

Prior to the recent disclosure, Unilever made the planned separation of the company’s tea business known on the 5th of August 2020.

The Global Chief Executive Officer of the leading consumer goods brand, Alan Jope, explained that it is – “important to strengthen the strategic future of the company by announcing proposals to unify its dual-headed legal structure.”

He noted that the strategic review of the company’s global tea business would help the company to make new commitments that are expected to drive efforts to help protect the climate and regenerate nature.

What you should know

  • The tea and savoury segment (food products) of Unilever Nigeria Plc made a total of N34.71 billion in 2020.
  • This, however, is higher than the revenue of N31.91 billion the company made in 2019 through the sales of tea and savoury.
  • In total, the tea business which will be separated, generated revenues of €2 billion globally in 2019 for the company.

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