Jaiz Bank Plc has proposed that a dividend payment of N0.03 kobo per 50 kobo ordinary share, subject to withholding tax and approval, will be paid to shareholders whose names appear on the Register of Members on Friday, 26th June, 2020.
Date of payment: On 16th July 2020, dividends will be paid electronically to shareholders whose names appear in the Register of Members as at 26th June 2020, that have completed the e-dividend registration, and mandated the registrar to pay their dividends directly into their bank accounts.
Date of the Meeting: The company’s Annual General Meeting will be held at Transcorp Hilton, 1 Aguiyi Ironsi Street, Maitama-FCT Abuja on Thursday 16th July, 2020, 11am.
Closure of Register: The register of shareholders shall be closed from Monday, 29th June to Friday, 3rd July, 2020.
Jaiz Bank Plc, a Nigerian-based non-interest (Islamic) bank, declared a Profit after Tax of N2.4 billion in its audited financial results for the year 2019.
This shows a surge of 193% from N834.4 million recorded in the corresponding period of 2018.
The bank also declared a 135% surge in Profit before Tax for the period under review from N879.7million recorded in FY ’18 to N2.1 billion as at FY ’19.
Highlights of the audited financial statement also showed that Gross Income grew by 80% to N13.5billion in FY 2019, from N7.5billion recorded in FY 2018, while Total Assets gained 54% to N167.27 billion in FY 2019 from N108.46 billion recorded in FY 2018.
U.S Stocks post record gains across markets spectrum
The Dow DJIA gained 0.8% to close near 30,218 points, while the S&P 500 SPX +0.88% advanced 0.9%, to finish near 3,699 points,
Investors are trooping in large numbers at U.S equity markets as buying pressure escalates at the world’s biggest and most liquid equity market.
What you should know
Major U.S stock benchmarks were all fired up at the last trading session of the week, recording another week of gains for U.S stocks, as global investors looked past a softer-than-expected U.S jobs report.
- The Dow Jones Industrial Average, S&P 500, Nasdaq Composite, and Russell 2000 RUT, +2.37% each ended at an all-time high – the first simultaneous record finishes for the quartet since Jan. 22, 2018.
- The Dow DJIA gained 0.8% to close near 30,218 points, while the S&P 500 SPX +0.88% advanced 0.9%, to finish near 3,699 points, and the Nasdaq Composite COMP surged by 0.7% to 12,464 points.
What they are saying
Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, spoke on the prevailing fundamentals global investors would be gazing at amid the COVID-19 era:
“Investors continue to knock their Yule logs that a pre-holiday Christmas stimulus bill will provide the ultimate holiday stocking stuffer this year, and continue to look on the sunny side of the eventual vaccine rollout.
“But before we can make new gains, there is the usual sentiment tug of war between medium-term optimism and near-term COVID-19 despair.
“I do not know how many times we have been down this road before. Still, all roads lead to prosperity eventually as the post-pandemic market rally has moved seamlessly from policy-driven to mobility-driven to vaccine-driven and should continue so even if some investors are sitting on the fence waiting for a new stimulus deal.”
What to expect
In the near term, leading stock experts are predicting an even stronger 2021 bullish outlook possibly for the U.S Stock markets, coupled with a quick inoculation-driven economic recovery.
Nigerian stocks up amid gains from Mobil, Airtel, Zenith Bank
The market breadth ended negative as MOBIL led 13 Gainers as against 19 Losers topped by DANGCEM at the end of today’s session
Nigerian Stocks ended the last trading session of the week on a positive note.
- The All Share Index gained 0.48% to close at 35,137.99 points as against -0.25% recorded on Thursday.
- Its Year-to-Date (YTD) returns currently stands at +30.91%.
Nigerian Stocks trading turnover at Friday’s trading session ticked up as volume gained +1.20%, as against the 21.57% plunge recorded on Thursday.
- FBNH, UBA, and ACCESS were the most active to boost market turnover.
- The market breadth ended negative as MOBIL led 13 Gainers as against 19 Losers topped by DANGCEM at the end of today’s session – an unimproved performance when compared with the previous outlook.
- ETI leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.
- MOBIL up 9.20% to close at N228
- AIRTELAFRI up 8.75% to close at N640
- CILEASING up 7.17% to close at N4.78
- ARDOVA up 3.21% to close at N14.45
- ZENITHBANK up 1.70% to close at N23.95
- DANGCEM down 2.93% to close at N199
- DANGSUGAR down 2.56% to close at N19
- UACN down 2.05% to close at N7.15
- FBNH down 1.39% to close at N7.1
- GUARANTY down 1.04% to close at N33.25
Nigerian stocks got fired up amid soaring oil prices at the last trading session of the week.
- Buying pressure was significantly seen across leading NSE 30 Stocks like Mobil, Airtel, and Zenith Bank, which helped the bullish momentum all fired up.
- Nairametrics, however, envisages cautious buying as the COVID-19 crisis seems to be getting out of hand in Nigeria’s key international markets, which includes Western Europe and the United States.
Mutual Benefits Assurance Plc to raise N4.8 billion through private placement
Mutual Benefits Assurance Plc. has secured permission to raise the sum of N4.8 billion through private placement.
The Board of Directors of Mutual Benefits Assurance Plc. has secured permission to raise the sum of N4.8 billion through private placement.
This is according to a disclosure signed by the company’s Secretary, Jide Ibitayo and seen by Nairametrics.
The disclosure is part of the resolutions reached at the Extra-Ordinary General Meeting of the firm and sent to the Nigerian Stock Exchange, dated December 3, 2020.
According to the information contained in the notification, the private placement worth N4.8 billion is to be raised through the sale of 8,888,888,889 ordinary shares of 50 kobo each of the company, at the rate of 54 kobo per share, in a distribution succinctly captured below:
- 5,331,004,445 units (approximately 60% of the total allotted units) is to be sold to Charles Enterprises LLC for about N2.88 billion.
- The remaining 3,557,844,444 (approximately 40% of the total allotted units) is to be sold to Arubiewe Farms Ltd for about N1.92 billion.
What this means
- According to Investopedia, a private placement is a sale of stock shares or bonds to pre-selected investors and institutions rather than on the open market. It is an alternative to an initial public offering (IPO) for a company seeking to raise capital for expansion.
- In this light, it is pertinent to note that private sales are now common for start-ups, as they allow the company to obtain the money they need to grow while delaying or foregoing an IPO.
What you should know
Other key resolutions reached at the Extra-Ordinary General Meeting include:
- Raising the company’s authorized share capital from N10 billion to N10.05 billion.
- To raise additional capital via the issue of debt or equity or a combination of both including convertible bonds, loans, stock, bonds with options etc.
- Amendment of clause 6 of the Memorandum and clause 5 of the Articles of Association of the company respectively.