Joe Biden appoints Nigerian-born Funmi Olorunnipa Badejo as Counsel
Global Credit Rating reaffirms Sovereign Trust Insurance Plc ‘A-‘rating
Notore chemicals shuts down 500,000 MTPA fertiliser plant for turn around maintenance
Daily Parallel Market Exchange Rate – ₦470/$1
CBN issues framework for QR payments
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦470/$1
Japaul stocks show no sign of slowing down, increase by 104% in 2021
Prices of local rice, onions, tomatoes, others crash as foreign rice continues to ease off
Football: Southampton announces £76.1m loss for 2019/20 financial results
Stock Market
MTN CEO Designate, Karl Toriola acquires shares worth over N41 million
Karl Toriola acquired 253,982 ordinary shares of MTN Nigeria Plc, worth over N41 million.
The CEO designate of Nigeria’s telecommunication behemoth, Karl Toriola , has acquired 253,982 ordinary shares of MTN Nigeria Plc, worth over N41 million.
This information was made available today, 4 January 2021 in a Notification of Share Dealing by Insiders, issued and signed by the Company Secretary, Mrs Uto Ukpanah.
READ: MTN leads with market share of 40.14% in telephony subscription
According to the information disclosed by Mrs. Ukpanah, the CEO designate of MTN Nigeria PLC acquired 253,982 ordinary shares of the largest telecommunication company in Africa on 31 December 2020.
The purchase of the shares was made over a spread of three deals/transactions on the floor of the Nigerian Stock Exchange, at an average price pegged at N162.96, over the course of the transactions.
At this price, the total consideration for the 253,982 shares purchased by Mr. Toriola is put at N41,388,906.72
READ: MTN shareholders have made approximately N1 trillion since April 2020
Why this matters
Dealings by insiders of listed companies are corporate actions to be disclosed, as required by the Nigerian Stock Exchange.
This is in compliance with the exchange policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.
READ: MTN Nigeria revenues rises to over N100 billion monthly in 2020
What this means
The purchase of the shares of MTN Nigeria Plc by Mr. Toriola shows the confidence the incoming CEO has in the fundamental strengths of the company, as well as the valuation of the company in 2021 and beyond, despite the stemming regulatory tensions spiked by the Federal Government, as the FG moves to profile all active mobile phone subscribers, which may affect the profit of the company which was pressured in 2020.
READ: Increase in data, voice revenue in 2020 9M failed to impact profit of MTN Nigeria
What you should know
- Nairametrics reported that the Management of MTN Nigeria Communications Plc announced the appointment of Mr Karl Toriola as the CEO designate.
- His appointment as the CEO will become effective 19 March 2021, providing enough time for an orderly handover by Mr Ferdinand Moolman, the current CEO.
READ: Is MTN getting too big?
Stock Market
Livestock Feeds shares have gained N1.6 billion since January 4
Livestock Feeds has gained N1.6 billion since the open of trade on the Nigerian Stock Exchange this year.
Spotlight Stories
MTN, SEPLAT, ARDOVA, rally Nigerian stocks up
NSE30 stocks including, SEPLAT, ARDOVA, MTN triggered the upward run at Thursday’s trading session.
Nigerian Stocks ended Thursday’s trading session on an impressive note.
The All Share Index gained by 1.54% to close at 40,963.14 index points as against +0.11% upsides recorded on Wednesday.
- Its Year-to-Date (YTD) returns currently stands at +1.72%. Nigerian Stock Exchange market value now stands at N21.4 trillion
- Nigerian bourse trading volume also surged higher, on the account volume ticked up by 72.89% as against the 59.86% plunge recorded yesterday. TRANSCORP, MBENEFIT and GUARANTY were the most active to boost market turnover.
- The market breadth closed positive as CHAMPION led 49 Gainers as against 7 Losers topped by COURTVILLE at the end of today’s session – an improved performance when compared with the previous outlook.
Top Gainers
- NASCON up 9.72% to close at N17.5
- ARDOVA up 9.25% to close at N21.85
- SEPLAT up 8.76% to close N540
- DANGCEM up 3.04% to close at N237
- MTNN up 1.82% to close at N168
Top Losers
- NEIMETH down 6.36% to close at N2.06
- COURTVILLEdown 8.33% to close at N0.22
- JAIZBANK down 2.78% to close at N0.7
- NAHCO down 1.75% to close at N2.25
- GUINNESS down 0.26% to close at N18.85
Outlook
Nigerian Bourse recorded an impressive winning streak this week as some NSE30 stocks including, SEPLAT, ARDOVA, MTN triggered the upward run at Thursday’s trading session.
- The Nigerian Stock market advance to close in positive territory as buying interest was seen on stocks across the board.
- Nairametrics however, envisage cautious buying, amid improved market conditions in Nigeria’s financial market.
Stock Market
Japaul stocks show no sign of slowing down, increase by 104% in 2021
Japaul stocks have gained 104% so far this year, as investors continue to bid the shares of the company higher.
Japaul Gold stocks have continued with its streak of gains today with no sign of slowing down, as the shares of the company gain 9.45% at mid-day on the floor of the Nigerian Stock Exchange, taking its year-till-date gains to 104%.
Source: Meristem
Checks by Nairametrics at today’s trading session revealed that the company which has become investors’ delight on the exchange, yet again gained an additional 12 kobo, which translates to 9.45%, as the share price of the rebranded company clears at N1.39, with 10 million shares of the company exchanged in 43 deals worth over N14 million.
Source: Meristem
As of 12:55 WAT, during active trading on the floor of the Nigerian Stock Exchange, the bid books of the company revealed that almost 100 million bids have been placed at today’s price of N1.39 in 70 orders for the shares of the company, without a single offer.
Read Also: U.S. approves New York Stock Exchange listing plan to cut off investment banks
This suggests that the share price of the company will close at N1.39 today, and the momentum of the recent increase in the shares is expected to extend over to tomorrow.
What you should know
- Mr. Ahmed Jinad, Head, Investment Research, Meristem Securities Limited, who spoke at today’s webinar organized by Meristem, revealed that the key driver behind the recent gains in the shares of the company on NSE remains the recent restructuring process of the former oil servicing company into its new business of mining natural resources.
- As investors are optimistic about the performance of the company in this new line of business, it is important to note that the Management of Japaul has taken avid steps by rebranding and changing its logo and name from Japaul Oil & Maritime Services to Japaul Gold & Ventures Plc.
Read Also: Dangote Cement market capitalization increased by 28% to cross N3 trillion mark in November
- The company has also partnered H&H Mines Limited to mine gold, it is also set to receive approval in principle from representatives of H&H Mines Ltd for Japaul to invest in or acquire some shares of the company.
