The Johannesburg-based Standard Bank has expressed interest in raising its stake in its Angola unit after an investor in the business was detained and his shares seized by authorities.
The Angolan authorities seized the assets of Carlos Sao Vicente, Standard Bank’s 49% partner in the Luanda unit of the bank on accusations of fraud.
According to the news report by MoneyWeb, this disclosure was made by Olusola David-Borha, the chief executive officer of Africa for Standard Bank Group Ltd in a video call recently.
According to David-Borha,
- “Over the last two years we have increased our stake in our subsidiaries in Kenya and in Nigeria, If the opportunity arises in Angola as well, we will do so.
- “Standard Bank will continue to look for more business in sub-Saharan Africa, where the International Monetary Fund is forecasting economic growth of 3.2% this year. This includes a bigger push into Ethiopia, where the government is opening up some sectors to private investors, and taking advantage of opportunities in Mozambique’s gas sector.”
What you should know
- A rule barring foreign companies from full ownership of businesses in Angola was in force when Standard Bank opened its unit in Angola in 2020, but has since been scrapped for some industries.
- Authorities seized the assets of Carlos Sao Vicente, Standard Bank’s 49% partner in the Luanda-based division.
- On suspension of Sao Vicente as a director on the board of Standard Bank, his stake in Standard Bank was taken over by Angola’s state-asset management institute, known as IGAPE.
- Angola is among the top six contributors to Standard Bank’s earnings from operations on the continent outside of South Africa
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.
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.
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.
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.
- CHAMS up 9.09% to close at N0.24
- ROYALEX up 8.00% to close at N0.27
- WEMABANK up 7.69% to close at N0.7
- REDSTAREX up 5.77% to close at N3.3
- PRESTIGE up 4.55% to close at N0.46
- LASACO down 9.68% to close at N1.24
- FIDSON down 8.41% to close at N4.9
- ETI down 6.31% to close at N5.2
- MBENEFIT down 5.13% to close at N0.37
- UACN down 5.03% to close at N7.55
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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