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Primrose Investment purchases additional 20 million units of FCMB stock worth N66.6m

FCMB has disclosed that Primrose Investment Limited has purchased additional 20 million units of the bank’s stock.



First City Monument Bank Ltd issues N20 billion commercial paper

Primrose Investment Limited, a real estate and property development company, has announced the purchase of additional 20 million units of FCMB Group Plc stock worth N66.6 million.

This is according to a recent disclosure, signed by the firm’s secretary, Olufunmilayo Adedibu, and forwarded to the Nigerian Stock Exchange.

READ: Honeywell seeks supreme court review over alleged N3.5 billion debt

According to the disclosure, the transaction took place on 31st of December, 2020, with about 20 million stock purchased at N3.33 per share.

READ: FCMB Pensions Limited enters into an agreement to acquire 96% of AIICO Pensions Limited


What you should know

  • Nairametrics reported earlier that FCMB founder, Otunba Olasubomi Balogun had splashed N15.35 million on the purchase of additional 5 million stocks of the company.
  • As at the time of writing this, Nairametrics gathered that FCMB Group Plc’s share price trades at N3.13, from a closing price of N3.33, indicating a decline of –6.01%.

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Spotlight Stories

Japaul Gold slumps by 30%, after rallying to 52-week high of N1.67 on Monday

Japaul Gold stocks slumped by as much as 30%, as investors sell off shares of the rebranded company.



Japaul Gold stocks slump by as much as 30% in three trading sessions, as investors on NSE continue to sell off shares of the rebranded Gold exploration and mining company, after rallying by 146% in 11 days.

It is important to note that the shares of the rebranded and restructured company with a new focus on Gold exploration as its new name suggests, rallied to a record 52-week high of N1.67 on Monday, as buying pressures moved year-to-date gains to 169.4% at mid-day.

However, profit-taking activities by investors saw the shares of the company dip by 15% from N1.67 to close the market on Monday 25 kobo lower at N1.42.

A preview of the performance of the shares of the company by Nairametrics at the close of trade on the exchange today revealed that Japaul shares slumped by 30.5% from its 52-week record high price of N1.67, which was recorded on Monday 18th January 2020, to N1.16 at the close of trade on the exchange today.

Read Also: Dangote Cement gains ₦273 billion on NSE since release of its 2020 Q3 report


What you should know

  • The drastic decline in the company’s share price was triggered by a huge sell-off by investors, as many consider the shares of the company to be overvalued at the current price.
  • In line with this, Japaul share price recorded significant decline for the third consecutive day, with the share price of the rebranded company closing at N1.16, after 4.51 million shares of the company exchanged hands in 60 deals worth over N5.2 million.

What to expect

A decline in the shares of the company is expected tomorrow as over N28.9 million units of the company’s shares, worth N33.5 million were offered today at N1.16 without a single bid.

Japaul stock

This suggests that investors will likely offer the shares of the company at a lower price tomorrow to avoid being trapped, as the shares of the company continue to shed value. 

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Stock Market

CEO, CFO purchase additional 1.28 million units of United Capital Plc shares

The CEO of United Capital Plc has purchased additional 3,154,295 units of the firm’s shares in the last three months.



The Chief Executive Officer of United Capital Plc, Mr Peter Ashade, alongside the Chief Finance Officer, Mr Shedrack Onakpoma have jointly purchased an additional 1.28 million units of the firm’s shares.

This is according to two separate disclosures (Ashade and Onakpoma), both signed by the firm’s secretary, Leo Okafor, sent to the Nigerian Stock Exchange platform and seen by Nairametrics.

From the disclosures, Nairametrics gathered that both transactions are worth a combined total of N6.81 million and were effected on 19th of January 2021.

READ: Peace Mass Transit acquires 55.82% ordinary shares of C&I Leasing Plc

Key highlights

The breakdown of the recent transactions showed that;

  • The CEO, Mr Peter Ashade purchased an additional 1,054,295 units (84% of the total units purchased) at N5.29 per share, totalling N5,577,220.55
  • In the same vein, Mr Shedrack Onakpoma (CFO) purchased an additional 230,000 units (18% of the total units purchased) at N5.35 per unit, totalling N1,230,500.
  • A combined N6, 807,720.55 was spent by both the CEO and CFO in the recent deal, for the purchase of an additional 1,284,295 units.

READ: Group Executive Director, others acquire over 3.5 million shares of United Capital Plc

What you should know

The CEO of United Capital Plc had purchased 1,000,000 units of the firm’s share 2 days ago, as reported by Nairametrics.

  • In lieu of this, the recent deal raises the total number of shares purchased by the CEO in the last three months to 3,154,295 units.
  • In addition, Nairametrics learnt that the CEO has spent a combined total of N19, 296,020.55 in all transactions for the period under review.
  • As at the time of writing this, the shares of United Capital Plc currently trades at N5.40, up by 0.93%.
  • The transactions might be a pointer to the fact that the management anticipates an optimistic outlook and strong believe in the firm potentials.

READ: United Capital Plc raises N15 billion through Commercial Paper

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Spotlight Stories

Bargain hunters propel Nigerian stocks up, investors gain N50 billion

The market breadth closed positive as NNFM led 55 Gainers as against 14 Losers topped by MANSARD at the end of today’s session



Closed Period, Investors' demand for Nigerian stocks climb, as portfolio investment gains N223.4 billion

Nigerian Stocks ended the mid-week trading session on a bullish note. The All Share Index gained by 0.23% to close at 41,051.63 index points as against the -0.07% drop recorded on Tuesday.

  • Nigerian Stock Exchange market value now stands at N21.5 trillion. Its Year-to-Date (YTD) returns currently stands at +2.18%. Investors gained N50.3 billion.
  • Nigerian bourse trading turnover ended positively as volume ticked up by 23.74% as against the 28.91% plunge recorded on Tuesday. MBENEFIT, TRANSCORP, and STERLNBANK were the most active to boost market turnover.
  • The market breadth closed positive as NNFM led 55 Gainers as against 14 Losers topped by MANSARD at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

  1. NNFM up 10.00% to close at N8.8
  2. BOCGAS up 9.80% to close at N15.12
  3. ARDOVA up 9.72% to close at N19.75
  4. WAPCO up 8.16% to close at N26.5
  5. FLOURMILL up 1.56% to close at N32.5

Top losers

  1. MANSARD down 10.00% to close at N1.53
  2. JAPAULGOLD down 9.38% to close at N1.16
  3. CUTIX down 5.50% to close at N2.06
  4. GUARANTY down 2.07% to close at N33.05
  5. AFRIPRUD down 1.41% to close at N7


Nigerian stocks recorded gains at the third trading session of the week, as investors increased their buying pressure, especially buying from dips across the market spectrum.

  • Nigerian’s crude, at the time of writing, sold at $56/barrel and helped in boosting the Nigerian central bank dollar cash inflows taking to account that crude oil remains Nigeria’s major cash cow.
  • However, Nairametrics, envisages cautious buying, amid stringent capital controls set in place by Nigeria’s Apex bank could trigger lower Foreign Portfolio participation in the long term.

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