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Industrial Goods Sector Depresses Investors’ Wealth by N83bn

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  • Industrial Goods Sector Depresses Investors’ Wealth by N83bn

Losses sustained by the industrial goods sector, which turned out to be the only sector that recorded negative return last week, has dragged activity in the equities market to a negative close.

At the end of the trading session last week, the sector recorded 2.33 per cent negative return, thereby dragging the equities capitalisation down by N83 billion.

This was as a result of the negative disposition by investors to the shares of Dangote Cement Plc, an industrial goods giant and the single most capitalised stock on the Nigerian Stock Exchange, NSE, last week. The company’s shares fell by N8.44 or 4.99 per cent to close at N160.55 per share.

As a result, the market capitalisation slumped by N83 billion to close at N 8.656 trillion, while the All Share Index declined to 25,012.08 points, representing 0.94 per cent decrease.

However, all other sectors finished higher during the week with the oil and gas sector appreciating the most (4.51 per cent) propelled by in Seplat Petroleum Development Company Plc which rose by N30.00 or 8.11 per cent and Oando Plc that appreciated by N0.25 or 5.31 per cent.

The consumer goods sector followed by 0.84 per cent appreciation driven by gains in Nestle Nigeria Plc, that appreciated by N54.42 or 10.25 per cent, while the banking and insurance sectors rose by 0.77 per cent and 0.40 per cent respectively.

Gainers and losers

For every loser in the market during the week, there was a gainers as 24 equities appreciated in price corresponding with other 24 equities depreciated in price. United Capital Plc led the losers, dropping by 22.34 per cent to close at N2.85. Cadbury Nigeria Plc followed with 13.33 per cent decrease to close at N7.80; 7Up Bottling Company was the third, depreciating by 10.80 per cent to close at N95.00 per share.

Transnational Corporation of Nigeria,Transcorp Plc, fell by eight per cent to close at N0.69 per cent, while Unity Bank Plc went down by 7.59 per cent to close at N0.73. FCMB Group Plc fell by 6.98 per cent to close at N1.20; Guinness Nigeria Plc was down 6.62 per cent to close at N4.50, while African Prudential Registrar recorded 6.25 per cent decline to close at N2.70 per share.

On the other hand, Nestle Nigeria Plc led the gainers with 10.25 per cent increase to close at n628.42 per cent, followed by Okomu Oil Palm Plc with 10.23 per cent increase to close at N48.7o. Vitafoam Nigeria Plc was the next, as it rose by 9.88 per cent to close at N1.89. Aiico Insurance plc went up by 9.09 per cent to close at N0.60; Seplat went up by 8.11 per cent to close at N400.00, while UAC of Nigeria Plc appreciated by 5.95 per cent to close at N13.35 per share.

Volume and value

A total turnover of 1.387 billion shares worth N13.726 billion were traded by investors in 15,422 deals compared to 765.656 million shares valued at N9.717 billion that exchanged hands the previous week in 12,468 deals.

The financial services sector, measured by volume, led the activity chart with 1.224 billion shares valued at N9.080 billion traded in 10,213 deals. The consumer goods sector followed with 52.016 million shares worth N3.435 billion in 2,311 deals, the conglomerate sector placed third with a turnover of 41.515 million shares worth N63.506 million in 586 deals.

Trading in Zenith International Bank Plc, Continental Reinsurance Plc and United Bank for Africa Plc, measured by volume, accounted for 738.698 million shares worth N6.910 billion in 4,205 deals, contributing 53.24 per cent and 50.34 per cent to the total equity turnover volume and value respectively.

Bonds

A total of 375 units of Federal Government Bonds valued at N447,055.02 were traded in five deals, compared to a total of 24,850 units valued at N20.533 million transacted last week in six deals.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

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Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus

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Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

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Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

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Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

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