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Dangote Sugar Refinery Plc announces board meeting and closed period

Dangote Sugar Refinery Plc has announced that its Board of Directors will hold its meeting on Friday May 22, 2020 to take decisions on the company’s audited financial statements for the period that ended December 31, 2019, and unaudited financial statements for Q1, 2020 results.

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Dangote Sugar Refinery to merge with Savannah Sugar, Dangote was $4.3 billion richer in 2019, Dangote Sugar announces closed period, ban insider shareholders from trading , Dangote Cement: Weak revenue performance, elevated OPEX weigh on earnings

Dangote Sugar Refinery Plc has announced that its Board of Directors will hold a meeting on Friday, May 22, 2020, to take decisions on the company’s audited financial statements for the period that ended December 31, 2019, and unaudited financial statements for Q1, 2020 results.

Meanwhile, the closed period, which began and was communicated on January 23, 2020, stays in force until 24 hours after the filing of the audited financial statement for the year ended December 31, 2019.

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In a notification issued by the company, it was disclosed that the announcement is in line with Rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that:

“The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange.

“The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.”

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Why this matters: The closed period will allow the company’s board to consider the FY 2019 audited financial statement; other company issues will also be discussed during the meeting.

What is a closed period? A closed period is a period before the release of a company’s result or financial statement when those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees, and consultants with sensitive information.

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READ ALSO: Dangote Sugar Refinery to merge with Savannah Sugar 

http://www.nse.com.ng/Financial_NewsDocs/29930_DANGOTE_SUGAR_REFINERY_PLC_CORPORATE_ACTIONS_MAY_2020.pdf

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Patricia

Olumide Adesina a French-born Nigerian, an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. He is a Certified Investment Trader, with more than a decade working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Stock Market

Investors lose N162 billion amidst buying pressure from ZENITH, GTBANK 

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SEPLAT, GUINNESS break Nigerian bourse support levels, investors lose N49 billion  , Nigerian Stock market records sixth consecutive loss, Investors lose N15.55 Billion,Nigerian Stock market records sixth consecutive loss, Investors lose N15.55 Billion

Nigerian bourse continued its bearish trend, taking no rest from previous week losses as the ASI dipped further by 1.27% to 24,026.05 index points on Monday.  

Market capitalization shed N161.59 billion to settle at N12.533 trillion. Accordingly, the Month-to-Date and Year-to-Date losses increased to -1.85% and -10.52%, respectively. 

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Activity levels closed strong, compared to the previous trading session, as total volume and value increased by 31.45% and 83.21% to 189.69million units and N2.78billion respectively. GUARANTY was the most traded by volume and value at 60.46million units and N1.27billion. 

Market sentiment, as measured by market breadth, was negative as 17 tickers declined, relative to 14 gainers. BETAGALSS and JBERGER were the top losers of the day with 9.95% and 9.81% price decline, while NAHCO and ZENITHBANK topped the gainers with 10.00% and 5.25% appreciation in share value. 

Performance across sectors mirrored the broad index as three out of the five major sub-indexes we cover posted losses. Price appreciation in ZENITH and GUARANTY spurred a +1.51% gain in the Banking Index, trailed by the Insurance Index, which appreciated by 1.05%, as CORNERSTONE & AIICO INSURANCE gained.  

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The Consumer goods index led the laggards with (-3.18%), on Nestle -6.51% decline.  The Industrial Index -2.35% followed, due to losses in BUACEMENT (-5.00%), while the Oil and Gas index declined distantly by- 0.04%, impelled by losses in OANDO. 

 READ MORE: Analysis: Seplat’s transfer of OMLs has us wary 

Top gainers 

NAHCO up 10.00% to close at N2.2, ZENITHBANK up 5.25% to close at N16.05, FLOURMILL up 5.11% to close at N18.5, UBN up  1.87% to close at N5.45, GUARANTY up 0.96% to close at N21. 

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Top losers 

BETAGLAS down 9.95% to close at N61.55, JBERGER down 9.81% to close at N16.55 NESTLE down 6.51%  to close at N1175, BUACEMENT down 5.00% to close at N39.9, CILEASING down 8.43% to close at N3.8,  

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Outlook 

Blue-chip heavyweights, BUACEMENT, NESTLE dragged the Nigerian bourse lower on Monday’s trading session, as market liquidity improved slightly. Nairametrics recommends cautious buying as economic uncertainty strengthens amidst Q2 earning result season. 

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Commodities

Gold rises near long-time high of $1,800 as U.S. dollar weakens  

The price of gold had experienced a level of pressure, temporarily losing its gains.

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Gold drops in two consecutive days as hope raises over Covid-19 vaccine, Gold Prices Retreat; Favorable Macros Dampen Investors’ Appetite

Gold futures rose even higher on Monday, led partly by a weakening U.S. dollar amidst rallies of global stocks.  As measured by the ICE U.S. dollar index DXY, -0.37%,the U.S. dollar was off 0.4%. The implication of a weaker U.S. dollar is that assets that are priced in the currency will become more attractive to buyers that employ other monetary units.  

Global stocks had rallied as a result of a surge in Chinese markets as Beijing’s state-run media put out a front-page editorial that encouraged investors to buy stocks towards supporting domestic markets. Yet, the increase in COVID-19 cases in the U.S has left investors unsure. 

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READ MORE: Tariff Hike postponed till first quarter of 2021

Adrian Ash, director of research at BullionVault explained that, “Bullion prices don’t typically jump because of social unrest or geopolitical strife. But if those stresses add to a financial crisis or economic slump, gold prices can spiral higher.” 

For these reasonsgold futures in August rose $2.90, or 0.2%, at $1,792.90 an ounce, following the end of the most-active contract on Thursday according to FactSet data.  

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READ MORE: Gold futures reach two-months high over rising COVID-19 cases  

The price of gold had experienced a level of pressure, temporarily losing its gains which had risen as high as $1,799 a little after the economic data released Monday showed that the Institute for Supply Management’s index of nonmanufacturing companies increased to 57.1% in the month of June from the 45.4% attained in May. This was the single largest increase since the commencement of the survey as far back as 1997.  

Ash noted that “It’s hard to see what stops gold reaching new highs from here.”  

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Patricia
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Cryptocurrency

Within 72 hours USDC Treasury transfers over 50,000,000 USDC to wallets

Crypto lovers continued to troop to stablecoins, as USDC market cap broke the $1 billion market capitalization.

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In less than 72 hours USDC Treasury Transfers over 50,000,000 USDC to wallets

In just three days, fast-growing cryptocurrency, USDC, a stable coin project founded by Circle and Coinbase, just released 50 million digital coins from its treasury to various wallets in less than 72 hours. Data compiled from Whale Alert, an advanced blockchain tracker, and analytics system showed the time these transactions took place.

According to Coinbase a leading American based crypto exchange, the consortium that mints USDC, collectively holds US$1.00 for every single USDC. These funds are held in a special bank account that is constantly monitored and audited.

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Crypto lovers continued to troop to stablecoins, as USD Coin’s (USDC) market cap broke the $1 billion market capitalization threshold for the first time since the stablecoin was launched in October 2018.

Quick Fact: USDC is a fully collateralized US dollar stablecoin. It is an Ethereum powered coin and is the brainchild of CENTRE, an open-source project bootstrapped by contributions from Circle and Coinbase. USDCs are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency in a 1 USDC:1 USD ratio.

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READ MORE: Coinbase, Binance, and Kraken Lead in Blockchain Merger & Acquisition Deals

Things you must know: Investors of stablecoins make money by earning dividends from the newly created digital coins being given to them for holding such stablecoin stock.

 

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Patricia
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