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Stock Market

CBO Capital, Blackman & Co. acquire additional units of Ellah Lakes shares

Substantial shareholders, CBO Capital, Blackman & Co. have acquired additional units of Ellah Lakes shares.

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Ellah Lakes in exclusive talks to purchase oil palm processing company  

CBO Capital Partners Limited and Blackman & Co. Limited, substantial shareholders with more than 15% stakes in Ellah Lakes Plc have acquired additional shares of the company.

These additional share acquisitions were made public knowledge in the disclosures issued respectively to the substantial shareholders (CBO Capital and Blackman Limited) acquisition.

READ: Honeywell gains 10% as investors scamper for company’s shares

It is important to note that the notification is compliant with The Exchange’s policy on insider dealing.

According to the notifications of Share dealing by insiders issued by the Company Secretary, Kenechi Ezezika, CBO Capital and Blackman acquired additional shares of the Ellah Lakes amounting to 42,421 units of the issued shares of the company, worth N153,392.87.

The statements revealed that:

  • On 19, 21, and 22 January 2021, CBO Capital Partners Limited acquired a total of 26,369 units of the ordinary shares of the company at a price of N3.23 per share.
  • On 20 and 21 January 2021, Blackman & Co. Limited acquired a total of 16,052 units of the ordinary shares of the company at a price of N4.25 per share.

READ: Ellah Lakes in exclusive talks to purchase oil palm processing company  

Why this matters

Dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company. This is in compliance with NSE’s policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.

The purchase of the shares of Ellah Lakes Plc further cements CBO Capital and Blackman & Co. Limited’s position as substantial shareholders of the company.

READ: Portland Paints gain 9.84% on news of proposed scheme merger with CAP Plc

What you should know

  • According to figures contained in the Company’s 2020 Annual Report, CBO Capital and Blackman & Co. Limited held 28.20% and 16.92% of the issued share capital of the company respectively, as of 31st July 2020.
  • It is important to note that at the open of trading activities on the floor of the Nigerian Stock Exchange today 5th February 2021, shares of Ellah Lakes were trading at N4.25.
  • This, however, puts the market capitalization of the company at N8.5 billion.

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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Stock Market

United Capital Executive Director acquires 2 million additional shares worth N12.4 million

An Executive Director of United Capital Plc has purchased additional units of its shares worth N12.4 million.

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

United Capital Plc has notified the Nigerian Stock Exchange that one of its Executive Directors, Sunday Anene has acquired 2,000,000 additional units of its shares, worth N12.4 million.

In line with the Nigerian Stock Exchange policy on insider dealing, the formal disclosure was made by the company’s secretary, Leo Okafor.

According to the disclosure, the recent deal which took place on the 24th of February, 2021, saw Mr Anene purchase 2,000,000 additional units of the firm’s shares at N6.20 per unit, totalling N12.4 million.

Meanwhile, United Capital Plc share price currently trades at N6.24 on the floor of the Nigerian Stock Exchange.

Results from its recently released FY 2020 financials showed a 57% increase in Profit After Tax, from N4.97 billion to N7.81 billion.

Other key financial metrics recorded impressive growth, part of which played an underlying role in the declaration of a total dividend of N4.2 billion- a major improvement of about 40% when compared to 2019 figures.

What you should know

  • Mr Anene had in November 2020, spent the sum of N3.75 million on additional 915,574 units of the firm’s shares.
  • United Capital Plc is a Nigeria-based financial and investment services company, offering a wide array of services like investment banking, portfolio management, securities trading and trusteeship etc.

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Spotlight Stories

Sell-offs resume in Nigerian stock market, catalyzed by Ecobank, Fidson

Investor sentiment as measured by market breadth was negative with 24 decliners and 14 advancers.

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Nigerian Breweries brings the Bears to party, Investors down N20.5 billion 

Nigerian bourse ended the fourth trading session on a negative note. Nigeria’s All-share index depreciated by 0.31% today to 40,095.49 index points.

Year-to-date return and market capitalization settled at -0.43% and N20.97 trillion respectively.

  • A total volume of 326.0 million units of shares, valued at N3.7 1billion exchanged hands in 4,567 deals.
  • Across coverage sectors, the performance was mostly negative as most tracked indices finished south. The NSE banking, consumer goods, and oil & gas fell by 1.44%, 0.79%, and 0.15% respectively.
  • On the flip side, the NSE insurance improved by 0.24%, while the industrial index closed flat.
  • Investor sentiment as measured by market breadth was negative with 24 decliners and 14 advancers. LASACO (-9.68%) led the laggards today, while CHAMS (+9.09%) finished top gainer.

Top gainers

  1. CHAMS up 9.09% to close at N0.24
  2. ROYALEX up 8.00% to close at N0.27
  3. WEMABANK up 7.69% to close at N0.7
  4. REDSTAREX up 5.77% to close at N3.3
  5. PRESTIGE up 4.55% to close at N0.46

Top losers

  1. LASACO down 9.68% to close at N1.24
  2. FIDSON down 8.41% to close at N4.9
  3. ETI down 6.31% to close at N5.2
  4. MBENEFIT down 5.13% to close at N0.37
  5. UACN down 5.03% to close at N7.55

Outlook

Nigerian stocks ended the second trading session of the week on a bearish note amid profit-taking across the market spectrum.

  • Downtrend was driven by price depreciation medium and large capitalized stocks amongst which are; ETI, FIDSON, UACN.
  • That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.

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