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Stock Market

Dangote Cement shares lose N339 billion following completion of share buyback

Following the completion of its first tranche of Share buyback programme, Dangote Cement shares lost N339 billion.

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Dangote Cement Plc. appoints Ms. Berlina Moroole as non-Executive Director

The Shares of Dangote Cement Plc lost N339 billion, following the completion of the first tranche of the Cement behemoth’s share buyback programme.

This was uncovered by Nairametrics, after tracking the performance of the shares of the cement manufacturer during the week.

  • The checks revealed that the market capitalization of the company, in just a week, declined from N4,173,220,263,484.50 at the open of trade on Monday 4th of January to N3,834,114,166,125.00 at the close of trade today the 8th of January 2021.
  • This suggests that despite the completion of the first tranche of the Company’s Share Buy Programme, the shares of the largest cement manufacturer in Nigeria, with a total installed production capacity of 48.6 million tonnes per annum, decreased by 8.15%, from N244.90 at the open of trade on Monday 4th January 2021 to N225.00 at the close of trade on Friday 8th January 2021.
  • It is important to note that shares of the company traded flat from the open of trade this year till the open of trade this morning when sell-offs of the shares of the company, on the floor of the Nigerian Stock Exchange, led to a decline of N19.90 per share.
  • This in total gives a decline of ₦397,047,700.00 on the shares of the company listed on the floor of the Nigerian Stock exchange.

What you should know

  • Nairametrics reported 2 weeks ago that Dangote Cement Plc shares gained N605 billion in just a week amid positive sentiment on the floor of the Nigerian Stock Exchange, following the news of the company’s share buyback plans.
  • It is important to note that in line with the announcement made by the company, the company’s stockbrokers at their discretion purchased DCP shares in the open market between 30th and 31st December, subject to prevailing market conditions and under the current daily trading rules of the NSE.
  • The approved brokers of the company under the Share Buy-Back Programme purchased up to 85,202,537 fully paid-up ordinary shares of 50 Kobo each, representing 0.5% of the entire current issued shares of 17,040,507,404 ordinary shares.

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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Stock Market

Bearish grip as S&P 500 and the Dow plunges 

The Dow Jones Industrial Average had its worst day since February.

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After a record high on Friday, the S&P 500 fell for a second day, tech stocks dropped on Tuesday but gradually recovered, causing the wider market to sell-off. Home Depot, Chevron, and Goldman Sachs all fell 1.4 percent, dragging down the Dow Jones Industrial Average. The Dow Jones Industrial Average had its worst day since February.

After Monday’s decline, the S&P 500 fell 0.9 percent, but avoided a second consecutive 1 percent loss. The Nasdaq Composite was the relative outperformer of the day, closing just 0.1 percent after falling more than 2% at its session low.

Treasury yields increased, and the dollar fell to its lowest point of the year. Investors are looking for hints about the business outlook in the form of an inflation report and government bond auctions in the United States.

According to Dow Jones forecasts, the consumer price index in April will rise 0.2 percent from the previous month, reflecting a 3.6 percent increase over the previous year. This will be the biggest increase in the headline consumer price index since September 2011.

In April, the consumer price index except food and energy is forecasted to increase 0.3 percent, bringing the 12-month total to 2.3 percent. According to the Department of Labor, the consumer price index increased 0.6 percent from the previous month and 2.6 percent from a year earlier in March.

Investors are concerned about the possibility of inflation, but Federal Reserve Chair, Jerome Powell has stated that any increase in inflation is temporary.

Strategists encouraged investors to stay the course amid this week’s wild market swings. Following two days of losses, the S&P 500 is still up 10.5 percent for the year, though the tech-heavy Nasdaq’s gain has been reduced to 3.9 percent.

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Markets

PRESCO and MEYER upsurges as FCMB and CHIPLC plunge

The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

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Best performing mining, industrial and consumer goods stocks from last week

The Nigerian Stock Exchange market maintained a bullish recovery as the trading session begins this week. This surge was bolstered by gains made by PRESCO and MANSARD amongst others. The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

  • Nigerian Stock Exchange market value currently stands at N20.5 Trillion. Its Year-to-Date (YTD) returns currently stand at -2.17%.
  • The market closed positive with the bulls as MEYER led 17 Gainers, and 18 Losers topped by CHIPLC showing a hint of consolation.

Top gainers

  1. MEYER up +9.62% to close at N0.57
  2. PRESCO up +9.58% to close at N78.90
  3. UNITYBNK up +9.09% to close at N0.60
  4. UAC-PROP up +7.89% to close at N0.82
  5. COURTVILLE up +5.00% to close at N0.21

Top losers

  1. CHIPLC down -9.52% to close at N0.38
  2. ROYALEX down -7.69% to close at N0.60
  3. HONYFLOUR down -5.83% to close at N1.13
  4. CUTIX down -4.98% to close at N2.10
  5. FCMB down -3.97% to close at N2.90

Outlook

The Nigerian Stock Market maintained the recovery as MEYER and PRESCO made an appearance for the second consecutive time pushing the NGX ASI upwards at the end of the trading session today.

  • Market sentiments tend toward a bullish momentum as the NGX ASI closed with 17 Gainers and 18 Losers.
  • Nairametrics advises cautious buying in this era of growing uncertainties.

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