Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

Stock Market

Industrial index down by 5.7%, as shares of BUA, Lafarge, Dangote, others decline

NSE Industrial declined by 5.7% to close at 1,922.02 index points.

Published

on

Governor Fayemi explores investment options with the capital market, Nigerian Stock Exchange, Top 10 stockbrokers trade N120.4 billion worth of stocks in November , Law Union & Rock Insurance Plc Announces Notice of Board Meeting and Closed Period, NSE Hosts First Virtual Automated Trading System (ATS) Broker Certification Training Programme, Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion, Nigerian bourse close flat, triggered by low market liquidity, Industrial index down by 5.7%, as shares of BUA, Lafarge, Dangote, others decline on NSE

The Nigerian Stock Exchange Industrial Index at the close of trading activities for the week ended 12th February 2021, depreciated by 5.70%, to close at 1,922.02 index points.

It is important to note that the negative performance of the index was driven largely by the fall in the share price of BUACEMENT, WAPCO, DANGCEM, and CAP during the week under review.

Data retrieved from NSE revealed that the NSE Industrial Index as of the close of trading activities on Friday 12th February 2021, stood at 1,922.02 index points, this is 116.2 index points lower than a week ago when it closed at 2,038.22 index points.

What you should know

The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.

The index monitors the performance of ten industrial companies on the Nigerian Stock Exchange which includes, Dangote, BUA, and Lafarge Cement.

The overall performance of the companies was bearish as the index closed on a negative note with five losers, while the other five companies closed flat. CAP (-10.00%) led the loser’s chart for the week, followed closely by PORTPAINT (-9.84%) for the second consecutive week, and BUA CEMENT (-7.59%).

Top losers

  • CAP down by 10.00% to close at N18.00
  • PORTPAINT down by 9.84% to close at N2.84
  • BUA CEMENT down by 7.22% to close at N73.3
  • WAPCO down by 7.13% to close at N24.75
  • DANGCEM down by 4.35% to close at N220

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.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stock Market

CBO Capital Partners, Blackman & Co. move to sell 25% of shares held in Ellah Lakes

Substantial shareholders of Ellah Lakes have resolved to sell 25% of their stakes in the company.

Published

on

CBO Capital Partners, Blackman & Co move to sell 25% of shares held in Ellah Lakes

Ellah Lakes Nigeria Plc has announced plans to sell down a fraction of its shares held by substantial shareholders of the company

The company made this announcement via a press statement published on the website of the Nigerian Stock Exchange.

The statement revealed that three major shareholders of the company have each undertaken to sell down 25% of their shares held in Ellah Lakes on or before the 15th of March, 2021.

In 2019, following the acquisition of Telluria, the free float of Ellah Lakes was reduced to 13% as the majority of the company’s shares were consolidated. However, the free float of the company currently stands at 14.55%, below the regulatory threshold of 20%.

In a bid to bring the Company into compliance with the 20% free float requirements of the Nigerian Stock Exchange, CBO Capital Partners, Blackman & Co, Osaro Oyegun who are substantial shareholders of Ellah lakes have resolved to sell down 25% of their holdings in the company.

Noting that the decision will help to put more shares of the company in the hands of the public, and resolve the lack of liquidity in the shares of Ellah lakes.

What they are saying

While speaking on this development the CEO of Ellah Lakes Plc, Chuka Mordi explained that the company needs to have more of its shares in the hands of the public, which is one of the reasons why Ellah Lakes is a publicly listed company.

He said: “We are working towards compliance, and we fully expect that we can achieve this by the deadline of 15th March 2021, so as to galvanize and encourage liquidity in the shares of Ellah lakes Plc.”

What you should know

  • CBO Capital Partners Limited and Blackman & Co. Limited who are substantial shareholders with more than 15% stakes in Ellah Lakes Plc recently acquired additional shares of the company.
  • Ellah lakes maintain a free float rate of 14.55%.
  • 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.
  • While Enotie Ogbebor and Osaro Oyegun, who are both directors in the company held 18.8% and 4.7% of the company’s shares respectively.

Continue Reading

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.

Published

on

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.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings