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Stock Market

Nestlé S.A purchased 666,596 additional shares of Nestlé Nigeria Plc in 17 days

Nestlé S.A. has acquired 666,596 additional shares of its Nigerian subsidiary, worth ₦933 million in 17 days.

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Why Nestle Nigeria’s return remains strong - EFG Hermes, Nestle Nigeria Plc appoints new Director, Nestle Plc: FY 2019 Revenue beats estimate; but profit underperforms, GTB, Zenith Bank, & Nestle emerge as Renaissance Capital’s top stock picks, Nestlé’s parent company acquires additional shares worth ₦300 million

Nestlé S.A has purchased a total of 666,596 additional shares of its Nigerian subsidiary, Nestlé Nigeria Plc, in a deal worth N933.95 million.

According to the four different notifications issued between 11th to 27th of November by the Company’s Secretary, Mr. Bode Ayeku, and seen by Nairametrics, Nestlé S.A purchased the ordinary shares of Nestlé Nigeria Plc in this order:

  • On 10th November, 214,924 additional shares worth N300.89 million, at a price of N1,400.00 per share.
  • On the 17th and 18th November, 331,045 additional shares worth N463.46 million, at a price of N1,400.00 per share.
  • On 20th November, 102,690 additional shares worth N143.77 million, at a price of N1,400.00 per share.
  • On 25th and 27th November, 17,937 additional shares worth N24.82 million, at a price of N1,384.00 per share.

This brings the total shares of Nestlé Nigeria Plc purchased by Nestlé S.A to 666,596, and the total consideration for these shares is put at N932.95 million.

What this means

The purchase of the shares of Nestlé Nigeria further cements the position of Nestlé S.A’s as the majority shareholder of the company.

In line with the information contained in the financial statements of the company as of 30th September 2020, the company had exactly 792,656,252 shares outstanding, with Nestlé S.A being the majority shareholder (525,537,201 units) – 66.30% of the total shares of the company outstanding.

Hence, with the 666,596 additional units purchased, Nestlé S.A’s ownership percentage of Nestlé Nigeria is now put at 66.38%.

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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. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Markets

Tesla plunges as GameStop posts gains   

Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session.

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Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session. The S&P 500 decreased by (-0.53%) and the Dow made a gain of (-0.36%). After a Tesla vehicle suspected to be without a driver crashed into a tree north of Houston on Saturday, killing two passengers, the electric-car maker’s stock fell 3.4%.

The stock had the greatest negative impact on the S&P 500 and Nasdaq Composite Indexes. Tesla’s stock price was weighted down by an 8.4% plunge in bitcoin over the weekend, in which it has a stake.

The yield on 10-year Treasuries was at 1.58%, after falling six base points in the U.S. trading session.

  • The stock of GameStop Corp soared 6.3% after the announcement of its CEO’s resignation.
  • Nvidia’s stock fell 3.5% after the UK government announced it would investigate the national security ramifications of Nvidia’s $40 billion acquisition of British chip designer ARM Holdings, creating doubts about the transaction.

Top gainers  

  1. Harley-Davidson up 9.68% to close at $44.29
  2. Albemarle up 3.60% to close at $157.50
  3. Morgan Stanley up 1.83% to close at $80.03
  4. Charles Schwab up 1.76% to close at $65.88
  5. Bank of NY Mellon up 1.61% to close at $46.81

Top losers

  1. Altria down -6.17% to close at $49.08
  2. Arconic down -6.07% to close at $26.02
  3. Synopsys down -3.88% to close at $250.64
  4. Cadence Design down -3.61% to close at $141.94
  5. Broadcom down -3.51% to close at $462.00

Outlook

  • As bitcoin suffered a beating over the weekend, crypto stocks like Riot Blockchain and Marathon Digital both fell more than 8%. Bitcoin was down 0.7% at the time of writing.
  • Speculators are expecting a recovery as the market opens today.
  • Nairametrics, however, advises cautious buying in this era of growing uncertainties.

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Markets

UACN and FCMB advance as WAPIC drops

Predictions of the dominance of consumer goods and the banking sector were affirmed with the presence of UACN and FCMB in the top 5 gainers.

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Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion, DANGOTE CEMENT, OKOMUOIL and GUINNESS drag Nigerian Stock market down,  SEPLAT, GUINNESS, Breaks Nigerian Bourse Support Levels, Investors Lose N49 Billion  

The Nigerian Stock Exchange market posted gains at the end of the trading session today. The All-Share Index increased by +0.08% to close at 38,840.31 from 38,808.01 index points. UACN sits atop the Gainers list.

  • The Nigerian Stock Exchange market value currently stands at NGN 20.32Tr. Its Year-to-Date (YTD) returns currently stands at – 3.55%.
  • The market closed in profit as UACN led 15 Gainers, and WAPIC was top among 14 Losers with a noticeable bullish movement by the NSE ASI.

Top gainers

1. UACN up +10.00% to close at N11.00

2. FCMB up +9.77% to close at N2.92

3. UPL up +9.35% to close at N1.17

4. NNFM up +9.35% to close at N5.85

5. HONYFLOUR up +9.24% to close at N1.30

Top losers

1. WAPIC down -8.70% to close at N0.42

2. FTNCOCOA down -8.00% to close at N0.46

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3. UNITYBNK down -7.81% to close at N0.59

4. UAC-PROP down -5.06% to close at N0.75

5. JAPAULGOLD down -4.76% to close at N0.60

Stanbic 728 x 90

Outlook

The NSE ASI saw a bullish move supporting last Friday’s gains. Predictions of the dominance of consumer goods and the banking sector were affirmed with the presence of UACN and FCMB in the top 5 gainers. However, the following stocks are on our watchlist: Zenith Bank Plc, Guaranty, Access bank, STANBIC, HONYFLOUR, GUINNESS and Flourmills.

  • Nairametric, however, advises cautious participation in the stock market in this era of growing uncertainties.

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