United Capital Plc has notified the Nigerian Stock Exchange that its Group Executive Director, Sunday Anene, and other shareholders of the company have acquired over 3.5 million units of United Capital Plc shares, worth ₦14.4 million.
The formal disclosure was made by the Company Secretary, Leo Okafor, which is in line with the Nigerian Stock Exchange’s policy on insider dealing.
According to the disclosure, Sunday Anene purchased 915,574 additional units of United Capital shares, worth ₦3,746,246.52 in two transactions.
In similar disclosures signed by the company’s Secretary, the following shareholders purchased the shares of the company:
- Mr Peter Ashade of Artol Investment Company Limited purchased 2,100,000 units worth ₦8,548,800.00, spread over two deals.
- Emanuel Nnorom of Vine foods Limited bought 500,000 units of United Capital shares at N4.12 per share.
- However, the purchase consideration for the 3,515,574 units of United Capital shares purchased by the Group Executive Officer and other related parties is put at ₦14,355,046.52. This further cements their position as major shareholders in the company.
Why this matters
Dealings by insiders of listed companies is a regulatory disclosure required by the Nigerian Stock Exchange, which enhances transparency.
Coinbase debuts on Nasdaq at around $100 billion valuation
Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN”.
Coinbase, a Cryptocurrency exchange made its highly anticipated debut on Nasdaq on Wednesday, April 14, 2021, becoming the first company devoted entirely to cryptocurrency to enter the US stock exchange.
The IPO of Coinbase Global today was a big turning point for the cryptocurrency business. It had a rousing debut on Wall Street with the digital currency exchange’s stock growing as high as $429, giving it a market cap of $100 billion for a brief period of time.
According to analysts, retail trading accounts for 90% of Coinbase’s income, with the majority of trading taking place in the United States and focusing mainly on the two main cryptos: Bitcoin and ETHUSD. Dubbed the most talked-about IPO on Wall Street, Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN.”
What this means
Given Coinbase’s reception, Crypto optimists insist Bitcoin will not go anywhere in the near future, but will instead become more mainstream. They see the Bitcoin craze as the “start of a new era” in the digital currency world, rather than a passing phase.
Due to Bitcoin’s young and unpredictable existence, investors and public corporations are also wary of investing in it. However, as long as the currency’s popularity is sustained, the bubble hypothesis can be debunked as control and acceptance of the currency spreads further down the line, according to analysts.
It is important to note that Coinbase has a strong correlation with Bitcoin and as it benefits from its bullish run, it can also be hit by a downturn in the market.
What you should know
- Coinbase has become popular amongst cryptocurrency optimists since being founded in 2012, for providing an easier way to exchange shares of digital currencies.
- Coinbase announced last week that its first-quarter sales jumped 847% to $1.8 billion and that it currently has 56 million confirmed customers.
- Coinbase is now one of the largest publicly traded firms in the United States, with a market cap of more than $100 billion.
- Only 83 companies in the S&P 500 index have a market value greater than $100 billion.
- The combined market value of Nasdaq Inc., which operates the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange, is greater than Coinbase’s.
Jaiz, Wema surge as NSE Banking Index drops
At the end of the trading session today, the NSE banking index dropped by (-0.71%) to settle at 348.20 from 348.28 index points.
At the end of the trading session today, the NSE banking index dropped by (-0.71%) to settle at 348.20 from 348.28 index points. This profit was less than the previous days (+2.19%). The NSE banking index started today’s trading session on a bearish trend. The market saw 3 gains, 3 stalemates, and 4 losses.
Jaiz Bank left the claws of the bears with a profit (+5.00%) settling its price at N0.63 as it eyed the N1 mark. Analysts speculate that this milestone may be surpassed by the end of the year. Wema banks topped the gainers with a significant (+5.26%), putting it on the top 5 list on the NSE-ASI.
Wema Banks share price stood at N0.58 at the end of the trading session.
Zenith Bank was saved from sell-off by posting a profit of (+0.46%) pushing the price to N22.00 from N21.90.
Sterling Bank led the losers as they made a significant loss of (-8.33%) dropping the price to N1.68 from N1.80 held the previous day.
Union Bank also dropped by (-3.06%) dropping the price at N4.75 from the previous close of N4.90.
Fidelity Bank saw a loss of (-0.80%) dropping the price to N2.47 from the previous day’s close of N 2.49. Technical analysis trended bearish from the beginning to the end of the trading session. GTB was not left out of the loss in the NSE Banking Index starting the day at N28.95 to close at N28.80 showing a -0.52% decrease.
UBA posted zero profit to hold the price at N6.95 which was exactly the same price as the previous days close.
Access Bank held another stalemate to hold the price at N8.10. Finally, EcoBank also saw a stalemate putting the market price at N4.80.
- Market sentiment still shows major consolidation as NSE Index companies have 3 gains, 3 Stalemates and 4 losses.
- Analysts project recovery from the NSE Banking Index before the end of the week.
- Nairametrics advises cautious participation in the market amid growing uncertainties.
Nairametrics | Company Earnings
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- Tantalizers Plc reports a loss after tax of N422.05 million in FY 2020.
- NASD Plc announces admission of newly demutualized NGX shares.
- Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.