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Stock Market

DF Holdings spends N555.3 million on additional AIICO shares

DF Holdings has spent a cumulative sum of N555.3 million on 474.6 million shares of AIICO Insurance Plc.

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FCMB Pensions, AIICO Insurance Plc to Offer Right Issue Of ordinary shares worth N3.5 billion

DF Holdings, a majority shareholder has spent the sum of N555.3 million on the purchase of additional 474.6 million shares of AIICO Insurance Plc at N1.17k per share.

This is according to a notification signed by AIICO’s Secretary, Donald Kanu, and sent to the Nigerian Stock Exchange market today.

READ: U.S. approves New York Stock Exchange listing plan to cut off investment banks

Nairametrics gathered that the transaction took place at the Nigerian Stock Exchange house in Lagos on the 31 December, 2020. The deal saw an aggregate of 474,603,596 additional units of the firm’s share purchased at N1.17K

READ: Ethereum market value of $83.8 billion is now bigger than Nigerian Stock Exchange

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What you should know

  • Prior to the recent deal, Nairametrics gathered that DF Holdings is the second largest shareholders in AIICO Insurance Plc, with Pre-Issue shares of 1,524,650,716 units and a projected Post-Issue shares of 2,111,054,838 – both representing about 13.46% of the total shares held.

READ: Transcorp Hotels to raise N10billion through Rights Issue

In case you missed it

  • Sequel to the launch of a N3.5 billion rights issue, Nairametrics reported that the AIICO Insurance Plc rights issue was over-subscribed by 26%.
  • Nairametrics also reported that AIICO Insurance Plc shareholders approved an increase of authorized capital to N20 billion.

READ: Investors support AIICO to raise capital through Rights Issue

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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Stock Market

High demand for Azure, homework tools boost Microsoft earnings

Microsoft disclosed Azure revenue grew 50% as more businesses integrated into the cloud.

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The world’s most valuable software maker, Microsoft, announced impressive earnings results for the quarter that ended on December 31, 2020, as data retrieved showed that the $1.75 trillion company saw increased demand on its work-at-home tools triggered by the reduced human mobility presently in play.

  • Microsoft disclosed that Azure’s revenue grew by 50% as more businesses integrated into the cloud.
  • Stock experts had expected around 42% growth, although the software giant didn’t reveal Azure’s revenue in dollars.
  • The COVID-19 pandemic caused many businesses to speed up moves to the cloud and upgrades to internet-based collaboration software.

The Productivity and Business Processes segment, including LinkedIn, Office, and Dynamics, printed $13.35 billion in revenue, which was up 13% and more than the $12.89 billion anticipated by wall street experts.

“What we have witnessed over the past year is the dawn of the second wave of the digital transformation sweeping every company and every industry,” said Satya Nadella, Chief Executive Officer of Microsoft.

“Building their own digital capability is the new currency driving every organization’s resilience and growth. Microsoft is powering this shift with the world’s largest and most comprehensive cloud platform.”

Microsoft Corp. announced its earnings results for the quarter ended December 31, 2020, as compared to the corresponding period of last fiscal year:

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  • Revenue was $43.1 billion, increasing by 17%.
  • Operating income was $17.9 billion, increasing by 29%.
  • Net income was $15.5 billion, increasing by 33%.
  • Diluted earnings per share were $2.03, increasing by 34%.

Earnings: $2.03 per share, adjusted, vs. $1.64 per share as expected by Wall Street analysts, according to Refinitiv.

“Accelerating demand for our differentiated offerings drove commercial cloud revenue to $16.7 billion, up 34% year over year,” said Amy Hood, Executive Vice President, and Chief Financial Officer of Microsoft. “We continue to benefit from our investments in strategic, high-growth areas.

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Stock Market

United Capital Director spends N5.39 million on additional 1 million shares

1 million units of United Capital Plc’s shares worth N5.39 million has been purchased by a Non-Executive Director.

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

A Non-Executive Director in United Capital Plc, Mr Emmanuel Nnorom of Vine Foods Limited 2 has purchased additional 1 million units of the firm’s shares worth N5.39 million.

This is according to a notification signed by the firm’s secretary, Leo Okafor and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

The disclosure revealed that the transaction took place on the 25th of January, 2021, with the Director purchasing an additional 1 million units of the firm’s share at N5.39 per share, totalling N5, 390,000.

Nairametrics learnt that there have been increasing numbers of insider transactions recorded by the firm, especially in the last three months. For example, Nairametrics earlier reported that the CEO of the United Capital Plc, Mr Peter Ashade had purchased an additional 6 million units of the firm’s share in the last three months.

Underlying fundamentals

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The surge in insider transactions might be attributable to the impressive growth in key financial metrics of United Capital Plc. For example, the firm had experienced a 25.90% rise in its gross revenue in its last reported financial statement – Q3, 2020.

Despite recording over 100% decline in other income earning components, the increase in gross earnings was jointly driven by an increase in Investment income, fees and commission income, net trading income and net interest margin.

As at the time of writing this report, Nairametrics learnt that the market capitalization of the firm has so far gained a total of N3.36 billion since the commencement of trading on the 4th of January, 2021. This is largely driven by an 11.34% increase in the share price of the firm.

In case you missed it: Nairametrics had earlier reported that Mr Emmanuel Nnorom purchased a cumulative of 1.755 million units of the firm’s share, spending a total of N7.99 million on the deal.

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Spotlight Stories

MTN Nigeria, Airtel Africa, WAPCO up, investors gain N259 billion

Nigerian Stocks Month-to-Date and Year-to-Date returns increased to 3.24% as market capitalization stands at N21.494 trillion.

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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 continued today on a positive note, as the All-Share Index improved by 1.21% to close at 41,584.94 index points.

Consequently, Month-to-Date and Year-to-Date return increased to 3.24% as market capitalization stands at N21.494 trillion, having added N259 billion.

A total volume of 467 million units of shares, valued at N5.56 billion exchanged hands in 5,990 deals.

  • Transnational Corporations (+0.93%) continued to dominate market activity in terms of volume and value at 45.9 million units and N50.5 million respectively.
  • Similarly, the market breadth index was positive with 32 gainers against 19 losers.
  • RTBRISCOE (+10.00%) led the gainer’s chart today, while JOHNHOLT (-10.00%) was the top loser.
  • Sectoral indices closed mostly positive. The NSE Consumer Goods Index led the gainers with 0.54%. The Insurance and Industrial Indexes trailed by 0.40% and 0.25% respectively.
  • On the flip side, the NSE Oli & Gas & Banking Indexes dipped by -5.31%  and -0.14%t respectively.

Top gainers

  1. AIRTELAFRI up 7.60% to close at N920
  2. FIDSON up 8.60% to close at N5.05
  3. FLOURMILL up 6.25% to close at N34
  4. WAPCO up 3.77% to close at N27.5
  5. MTNN up 0.53% to close at N170.9

Top losers

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  1. SEPLAT down 9.26% to close at N490
  2. CUTIX down 7.08% to close at N2.1
  3. AFRIPRUD down 1.82% to close at N7
  4. CADBURY down 1.54% to close at N9.6
  5. ZENITHBANK down 0.94% to close at N26.25

Outlook

Nigerian stocks ended Tuesday’s trading session on an impressive note.

  • The upside route followed investors’ interests in WAPCO, Flourmill, and Airtel Africa as their stocks advanced by 3.77 %, 6.25%, and 7.60% respectively.
  • Nairametrics however, envisages cautious buying, amid improved market conditions in Nigeria’s financial market.

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