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Stock Market

MTN Nigeria, International Breweries drop, Profit-taking ticks up

Market breadth index was negative with 16 losers against 13 gainers.



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

The Nigerian bourse as anticipated started the first trading session of the week on a negative note. The All-Share Index and Market Capitalization finished the day lower, losing 0.27% to close at 28,337.49 points and N14.81 trillion respectively.

  • A total volume of 369.1 million units of shares, valued at N5.06billion exchanged hands in 4,750 deals, as UBA finished as the most traded shares by volume of 95.0million units, while GUARANTY and ZENITH bank topped the market value list at N1.98billion and N944 million respectively.
  • NSE Insurance Index: Down by -1.78%, on price decline in MANSARD (-5.67) and REGALINS (-4.35%).
  • NSE Consumer Goods Index: Dipped by -0.91%, on INTBREW (-9.11%) and Flourmill (-4.55%) decrease.
  • NSE Industrial Index: Fell by -0.54%, due to sell-offs in BUACEMENT (-1.45%).
  • NSE Banking Index: slide -0.05%, on price decline in GUARANTY (-0.33%), and ZENITHBANK (-0.25%).
  • NSE Oil & Gas Index: Up +1.36%, on the back of the gains recorded in ETERNA (+9.92%) and SEPLAT (+2.44%)

Similarly, in today’s trade, the market breadth index was negative with 16 losers against 13 gainers. INTBREW (-9.11%) & FLOUR MILL (-4.55%) led the losers’ chart for the day, while ETERNA (+9.92%) and CUTIX (+4.65%) finished top gainers.

Top gainers

ETERNA up 9.92% to close at N3.99
CUTIX up4.65% to close at N1.8
SEPLAT up 2.44% to close at N420
FCMB up 2.21% to close at N2.31
ACCESS up 1.28% to close at N7.9

Top losers

INTBREW down 9.11% to close at N4.29
FLOURMILL down 4.55% to close at N21
AFRIPRUD down 2.27% to close at N5.6
BUACEMENT down 1.45% to close at N40.9
MTNN down 0.36% to close at N140


Nigerian bourse started the week trading south, amid falling crude oil prices. Significant selling pressure was seen in NSE30 stocks that include MTN Nigeria, International Breweries, and Flour mills.

Michael Nwakalor, Macroeconomist at CardinalStone Research, in a phone chat interview with Nairametrics explained the bias most traders are having now

  • We expect to see mixed sentiments in the ASI this week.
  • Bargain hunting activities on continued expectations of suppressed fixed-income yields are likely to be punctuated by profit-taking over the week.

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.



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%.

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.”

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.



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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