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Stock Market

Seplat reveals new shareholder with over 5% equity 

Sustainable Capital Africa Alpha Fund acquired a direct shareholding of 30,071,128 units from Seplat Petroleum

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Seplat, stakeholders call for collaboration on Customer Protection Act, Seplat Petroleum announces closed period, as directors meet on March 19th, Seplat Petroleum announces a final dividend of at $0.05 per ordinary share, Seplat Petroleum donates items for management of COVID-19 to Edo, Defiant Seplat books N49.b loss as crude oil prices forces new strategy 

Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company, has announced a new shareholder with over 5% equity investment.

The oil firm informed the market that one of its shareholders, Sustainable Capital Africa Alpha Fund, has acquired a direct shareholding of 30,071,128 units based on the issued share capital of 588,444,561 units of shares, giving the company a 5.11% ownership stake in Seplat.

This was disclosed in a notification that was sent to the Nigerian Stock Exchange on June 16, 2020, and signed by the oil firm’s Company Secretary/Chief Governance Compliance Officer, Mrs. Edith Onwuchekwa, and also made available to the investing public.

Here is an excerpt from the press release seen by Nairametrics.

In the notification that was sent to the NSE, Seplat stated, ‘’The company received notification that a shareholder on the London platform, in the name of Sustainable Capital Africa Alpha Fund, dealt in shares and now holds a direct interest of 30,071,128 units of shares (5.11%) based on the issued share capital of 588,444,561 units of shares.’’

‘’In line with the company’s commitment to updating the Exchange of its activities, we hereby notify the Exchange that the shareholder has now attained and crossed the threshold of 5% and above. Further details of the transaction are set out in the attached standard form for notification of major holdings (TR-1).’’

READ MORE: NSE promotes Digitisation of Governance, Risk Management & Compliance with launch of SentryGRC

The statement from the oil company also noted that this notification is made in accordance with Rule 12 of the amendments to the listing rule of the Nigerian Stock Exchange and Article 19 of the EU Market Abuse Regulations.

Hotflex

The acquisition by Sustainable Capital Africa Alpha Fund now takes it to number 5 on the largest shareholders list. The top 4 are, MPI – 20.3%, Petrolin 13.69%, Allan Gray -6.84%, and Professional Support 6.62%.

During the week, Nairametrics reported an announcement from Seplat that it was transferring its OMLs 4, 38 from Seplat Plc to Seplat West Limited a subsidiary company. This basically turns Seplat into a holding company.

 

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Markets

PRESCO and MEYER upsurges as FCMB and CHIPLC plunge

The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

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Best performing mining, industrial and consumer goods stocks from last week

The Nigerian Stock Exchange market maintained a bullish recovery as the trading session begins this week. This surge was bolstered by gains made by PRESCO and MANSARD amongst others. The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

  • Nigerian Stock Exchange market value currently stands at N20.5 Trillion. Its Year-to-Date (YTD) returns currently stand at -2.17%.
  • The market closed positive with the bulls as MEYER led 17 Gainers, and 18 Losers topped by CHIPLC showing a hint of consolation.

Top gainers

  1. MEYER up +9.62% to close at N0.57
  2. PRESCO up +9.58% to close at N78.90
  3. UNITYBNK up +9.09% to close at N0.60
  4. UAC-PROP up +7.89% to close at N0.82
  5. COURTVILLE up +5.00% to close at N0.21

Top losers

  1. CHIPLC down -9.52% to close at N0.38
  2. ROYALEX down -7.69% to close at N0.60
  3. HONYFLOUR down -5.83% to close at N1.13
  4. CUTIX down -4.98% to close at N2.10
  5. FCMB down -3.97% to close at N2.90

Outlook

The Nigerian Stock Market maintained the recovery as MEYER and PRESCO made an appearance for the second consecutive time pushing the NGX ASI upwards at the end of the trading session today.

  • Market sentiments tend toward a bullish momentum as the NGX ASI closed with 17 Gainers and 18 Losers.
  • Nairametrics advises cautious buying in this era of growing uncertainties.

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Markets

Wall Street drops from record high amid inflationary concerns

Concerns about inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.

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Concerns over accelerating inflation weighed on stocks on Monday, with the Dow Jones Industrial Average snapping back from a record peak, while the dollar struggled at a 10-week low. Concerns regarding inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.

The rise in raw materials prices is fueling debate ahead of a U.S. CPI study due on Wednesday, which is expected to show a strong increase in April. The pandemic shocks a year ago will amplify the year-on-year reading, but it feeds into a wider market fear that the Federal Reserve will be forced to lift interest rates faster than current guidance suggests to keep inflation in check.

Since rising to 1.60 percent earlier this week, the benchmark 10-year Treasury yield has dropped once again. The yield on 10-year Treasuries dipped about one basis point to 1.59%. Investors punished Big Tech equities during the daily session, pushing both the Dow Jones Industrial Average and the S&P 500 off record highs, sending Nasdaq futures lower on Monday evening.

On Monday, investors sold Apple and Microsoft stocks, causing the Dow Jones Industrial Average and the S&P 500 to fall below their all-time highs. To begin the week, each of those stocks had lost at least 2% of their value.

S&P 500 futures were down 0.6 percent while Dow futures were down 67 points. Nasdaq 100 futures were hit by selling pressure and fell 1%. The Nasdaq Composite took the brunt of the selling, falling 2.5 percent to close at its session low. Facebook is down more than 4%, while Amazon and Netflix are also down more than 3%. After Citigroup downgraded Alphabet, the stock fell more than 2%.

After a ransomware attack forced Colonial Pipeline to shut down the country’s largest fuel pipeline over the weekend, gasoline futures swung back and forth in choppy trading on Monday. Sections of the company’s 5,500-mile grid are being brought back online Monday afternoon, and service is expected to be restored by the end of the week, according to the company.

Gasoline futures were 0.31 percent higher at $2.1334 per gallon at the end of the day. Gasoline futures soared as much as $2.217 during the overnight session, the highest amount since May 2018.

Concerns about rising inflation could prompt the Federal Reserve to alter its interest rate policy. As a result, a rise in interest rates decreases market liquidity, resulting in a drop in stock performance.

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