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Stock Market

GTBank, Total, MTN Nigeria, push investors to gain N119 billion

The overall market capitalization size gained N119 billion to close today at N14.027 trillion.

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Global stocks sell-off persists as resurgence of COVID-19 frighten investors 

Trading at the Nigerian Stock Exchange closed in bullish for the third consecutive trading session on Wednesday.  The All-Share Index (ASI) advanced further by 0.85% to close at 26,837.42 points.

Similarly, the overall market capitalization size gained N119 billion to close today at N14.027 trillion.

  • The upturn was impacted by gains recorded in large and medium capitalized stocks, including Total, MTN Nigeria, Guaranty Trust Bank, and Zenith Bank.
  • A total volume of 322 million units of shares, valued at N4.03billion exchanged hands in 4,046 deals
    STERLINGBANK was the most traded shares by volume at 83.6million units while ZENITHBANK topped by value at N443.3million.
  • Investor sentiment as measured by market breadth was positive as 21 stocks advanced against 9 decliners. TOTAL (+10.00%) led the gainer’s chart, while NB (-6.76%) finished the top loser.
  • Sector Performance was mainly positive as four of the five indices recorded gains.
  • NSE Banking Index: Advanced by 1.93%, lifted by FCMB (+4.29%), GUARANTY (+3.70%) and ZENITHBANK (+2.00%).
  • NSE Industrial Index: Gained 1.40%, on buy interest in DANGCEM (+2.81%).
  • NSE Oil & Gas Index: Improved by 0.94%, on TOTAL (+10.00%) price appreciation.
  • NSE Insurance Index: Up marginally by 31%, saved by WAPIC (+5.71%) and CUSTODIAN (+4.00%)
  • NSE Consumer Goods Index: Down by -1.66%, on sell-offs in NB (-6.76%), PZ (-5.88%) and DANGSUGAR (-0.80%

Top gainers

  • TOTAL up 10.00% to close at N96.8
  • UACN up 9.45% to close at N6.95
  • GUARANTY up 3.70% to close at N28.05
  • DANGCEM up 2.81% to close at N142.9
  • MTNN up 1.18% to close at N129

Top Losers

  • UPL down 6.77% to close at N1.24
  • NB down 6.76% to close at N49
  • PZ down 5.88% to close at N4
  • UBN down 2.91% to close at N5
  • DANGSUGAR down 0.80% to close at N12.4

Outlook

Nigerian bourse continued its bullish run for a 3-day running streak amid selling pressures in crude oil and global equities.

  • The recent affirmation by a global financial rating agency,(Fitch Ratings) has revised the Outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B’ showing the worse seems to be over, as crude oil prices, Nigeria’s major earning is selling at a profitable price margin, coupled with the Foreign exchange restrictions on certain goods, have kept the nations foreign reserve fairly relatively stable.
  • Also, significant buying pressures from blue-chip stocks which include Total, GTBank, MTN Nigeria, and Dangote cement kept the bullish momentum fired up on all cylinders
  • In spite of the gains recorded in the past few weeks, Nairametrics envisages caution when choosing stocks to buy as the COVID-19 pandemic remain on major headlines around the world coupled with the rising cost of goods and services, dampening the morale of retail investors relatively.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Stock Market

CBO Capital Partners, Blackman & Co. move to sell 25% of shares held in Ellah Lakes

Substantial shareholders of Ellah Lakes have resolved to sell 25% of their stakes in the company.

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CBO Capital Partners, Blackman & Co move to sell 25% of shares held in Ellah Lakes

Ellah Lakes Nigeria Plc has announced plans to sell down a fraction of its shares held by substantial shareholders of the company

The company made this announcement via a press statement published on the website of the Nigerian Stock Exchange.

The statement revealed that three major shareholders of the company have each undertaken to sell down 25% of their shares held in Ellah Lakes on or before the 15th of March, 2021.

In 2019, following the acquisition of Telluria, the free float of Ellah Lakes was reduced to 13% as the majority of the company’s shares were consolidated. However, the free float of the company currently stands at 14.55%, below the regulatory threshold of 20%.

READ: Ellah Lakes shareholders fund leaps from N497.8 million to N4.5 billion 

In a bid to bring the Company into compliance with the 20% free float requirements of the Nigerian Stock Exchange, CBO Capital Partners, Blackman & Co, Osaro Oyegun who are substantial shareholders of Ellah lakes have resolved to sell down 25% of their holdings in the company.

Noting that the decision will help to put more shares of the company in the hands of the public, and resolve the lack of liquidity in the shares of Ellah lakes.

What they are saying

While speaking on this development the CEO of Ellah Lakes Plc, Chuka Mordi explained that the company needs to have more of its shares in the hands of the public, which is one of the reasons why Ellah Lakes is a publicly listed company.

He said: “We are working towards compliance, and we fully expect that we can achieve this by the deadline of 15th March 2021, so as to galvanize and encourage liquidity in the shares of Ellah lakes Plc.”

READ: Akpata replaces Lekwot, as Ellah Lakes’ Board Chairman

What you should know

  • CBO Capital Partners Limited and Blackman & Co. Limited who are substantial shareholders with more than 15% stakes in Ellah Lakes Plc recently acquired additional shares of the company.
  • Ellah lakes maintain a free float rate of 14.55%.
  • According to figures contained in the Company’s 2020 Annual report, CBO Capital and Blackman & Co. Limited held 28.20% and 16.92% of the issued share capital of the company respectively, as of 31st July 2020.
  • While Enotie Ogbebor and Osaro Oyegun, who are both directors in the company held 18.8% and 4.7% of the company’s shares respectively.

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Stock Market

United Capital Executive Director acquires 2 million additional shares worth N12.4 million

An Executive Director of United Capital Plc has purchased additional units of its shares worth N12.4 million.

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Group Executive Director, others acquire over 3.5 million shares of United Capital Plc

United Capital Plc has notified the Nigerian Stock Exchange that one of its Executive Directors, Sunday Anene has acquired 2,000,000 additional units of its shares, worth N12.4 million.

In line with the Nigerian Stock Exchange policy on insider dealing, the formal disclosure was made by the company’s secretary, Leo Okafor.

According to the disclosure, the recent deal which took place on the 24th of February, 2021, saw Mr Anene purchase 2,000,000 additional units of the firm’s shares at N6.20 per unit, totalling N12.4 million.

Meanwhile, United Capital Plc share price currently trades at N6.24 on the floor of the Nigerian Stock Exchange.

Results from its recently released FY 2020 financials showed a 57% increase in Profit After Tax, from N4.97 billion to N7.81 billion.

Other key financial metrics recorded impressive growth, part of which played an underlying role in the declaration of a total dividend of N4.2 billion- a major improvement of about 40% when compared to 2019 figures.

What you should know

  • Mr Anene had in November 2020, spent the sum of N3.75 million on additional 915,574 units of the firm’s shares.
  • United Capital Plc is a Nigeria-based financial and investment services company, offering a wide array of services like investment banking, portfolio management, securities trading and trusteeship etc.

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