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Stanbic Bank CEO acquires 970,000 additional shares

Stanbic IBTC notified NSE that its Chief Executive acquired 970,000 additional units.



Stanbic IBTC has notified the Nigerian Stock Exchange that its Chief Executive, Dr. Demola Sogunle, has acquired 970,000 additional units of Stanbic IBTC Holdings Plc shares.

In line with the Nigerian Stock Exchange policy on insider dealing, the formal disclosure was made by the Company Secretary of the bank, Mr. Chidi Okezie.

READ: Stanbic IBTC Plc: Decrease in interest income depletes revenues

According to the disclosure, Demola Sogunle purchased 970,000 additional units of the company’s shares at N46 per units today, the 6th of November, 2020.

This put the consideration for the additional shares bought by Dr. Sogunle at ₦44.62 million.

In a similar disclosure by the Company Secretary, Stanbic Bank’s Head of Clients Coverage, Mr. Olu Delano, acquired 1,000,000 additional units of shares of the bank in a single transaction worth ₦46 million yesterday, the 5th of November.

READ: Airtel Africa to sell its 4,500 tower assets to cut down $3.5 billion debts

The total consideration for the additional shares purchased by Dr. Demola Sogunle and Mr. Olu Delano is put at ₦90.6 million.


Stanbic IBTC’s shares currently trade at N46 per share, which is 95.74% higher than its 52-week low of N23.50.

Shares of banks are on a bullish run as investors channel billions of naira into acquiring shares in significantly undervalued stocks. This has edged the shares of the bank to a 52-week high of N46.50.

READ: Standard Alliance Insurance plc: What happened to the most capitalized insurance company of 2010?

READ: NASD OTC investors lose N4.56 billion in a week, NSI return declines by -0.86%

Why this matters

Dealings by insiders of listed companies are corporate actions to be disclosed, as required by the Nigerian Stock Exchange.

Reporting the trade is part of the transparency required by the Exchange and compliance of the bank.

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Trade by insiders, particularly purchases, often demonstrates confidence in the financial performance of the companies that they run.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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US economic performance bolster Wall Street surge 

U.S. stocks made a late-session turnaround on Thursday, closing at session highs.



U.S stocks futures rebound , cryptocurrency, ExxonMobil, JP Morgan Chase, MasterCard Up by over 10%

Following upbeat corporate earnings and signs of continuing progress in the labour market, U.S. stocks made a late-session turnaround on Thursday, closing at session highs.

After jumping around the flatline earlier in the day, the S&P 500 ended just short of a new high, while the Dow Jones Industrial Average jumped more than 300 points, setting a new high. The Nasdaq Composite gained ground as well, ending the day in the black and breaking a four-day losing streak. Earnings were a factor in the stock market’s biggest gainers, as Kellogg led the S&P 500 higher after outperforming analysts’ expectations.

Treasuries remained stable, with the 10-year yield remaining about 1.57%, a far cry from recent peaks. The Fed said in its semi-annual financial stability report that a growing appetite for risk across a variety of asset markets is stretching valuations and creating vulnerabilities in the US financial system. Meanwhile, applications for state unemployment benefits in the United States hit a new pandemic low, and separate data revealed a productivity rebound. Traders are now looking forward to Friday’s payroll figures.

Economists expect Friday’s report to show that the US economy added 1 million jobs in April, as the economy recovers from losses suffered during the coronavirus shutdowns. The non-farm payrolls report will be closely scrutinized by investors for information about the Federal Reserve’s next steps, as the central bank has said that it will continue to buy $120 billion in bonds every month until the labour market improves.

Although markets are benefiting from stronger growth in the world’s largest economy, investors are worried that a faster-than-expected recovery from unprecedented government and central bank stimulus would result in excessive inflation. The Federal Reserve remains committed to near-zero interest rates in order to achieve a complete recovery, but in the second half of this year, an announcement of a reduction in its large monthly bond purchases seems increasingly imminent.

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Stock Market

Dangote Cement loses N92 billion on NGX, as investors digest Q1 2021 financial results

The NGX All-Share Index and market capitalization declined by 0.92%, as shares of Dangote Cement and MTN declined.



Dangote powers cement plant in Tanzania with gas turbines, Dangote Cement Plc records 34.20% increase in 2020 Q3 revenues, Dangote Cement market capitalization increased by 28% to cross N3 trillion mark in November

The stocks of top cement companies on Wednesday closed in the downline as investors sold off stakes in the shares of Dangote Cement despite impressive Q1 2021 results.

Data tracked on the Nigerian Stock Exchange revealed that the shares of Nigeria’s most capitalized company lost a whopping N92 billion in market value, at the back of a 2.49% decline in the share price of the leading cement producer.

On the flip side, shares of BUA Cement, another key producer in the Nigerian cement industry closed flat on the exchange today, while Lafarge Africa lost a meagre N1.6 billion of its market capitalization, triggered by a 0.47% decline in its share price.

The impact of this decline on the NSE Industrial Index

The 2.49% decline in the shares of Dangote Cement weighed heavily on the Industrial index, an index that tracks the performance of industrial companies listed on the Nigerian Stock Exchange.

At the end of the market today, the industrial index closed lower at 1918.94 index points, driven by the N92 billion market value loss which Dangote Cement suffered today on the exchange.

The index depreciated by 1.19% to print its biggest loss in a day since the 3oth of March when it depreciated by 1.90%.

Decline in Dangote Cement and MTN Nigeria shares weighed on the Nigerian Stock Exchange

The Nigerian Stock Exchange NGX, closed on a negative note today largely occasioned by the decline in the shares of MTN Nigeria and Dangote Cement.

The shares of MTN Nigeria suffered a market value decline of 4.65%, to close the day lower at N162 per share as investors continue to price in the impact of regulatory restrictions on new SIM sales and activations on the revenue and earning power of the company. Mobile subscribers on the MTN’s network declined by 5 million to 71.5 million in the first quarter of 2021.


This bearish sentiments in the shares of MTN and Dangote Cement both led to the NGX All-Share Index and market capitalization decline of 0.92%, to close lower at 39,111.30 index points and N20.468 trillion respectively.

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