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Equities’ Investors Gain N31bn as 17 Stocks Appreciate

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  • Equities’ Investors Gain N31bn as 17 Stocks Appreciate

The Nigerian equities market, on Monday, recorded a gain of N31bn after 17 stocks appreciated while 14 plummeted.

The Nigerian Stock Exchange opened the week bullish as the All-Share Index gained 24 basis points to close at 36,792.60 basis points while the year-to-date return expanded to 36.9 per cent.

As a result, investors gained N30.9bn, bringing market capitalisation to settle at N12.805tn.

The performance in the market was primarily attributed to buying interest in Zenith Bank Plc, PZ Cussons Nigeria Plc and Dangote Sugar Refinery Plc, which respectively appreciated by 3.6 per cent, 10.2 per cent and 4.3 per cent.

Notwithstanding, activity level declined as volume and value traded fell by 88.6 per cent and 61.1 per cent to 208.709 million units and N2.451bn, respectively.

Meanwhile, three out of the five sector indices closed in the green, thus driving a positive market close. One index declined while the other closed flat.

The banking and consumer goods indices rose by 0.5 per cent apiece on the back of price appreciations in Zenith Bank, United Bank for Africa Plc, PZ Cussons and Nestle Nigeria Plc, which gained 3.6 per cent, 0.2 per cent, 10.2 per cent and 0.4 per cent, accordingly.

Similarly, the insurance index gained, rising by 0.4 per cent due to buying interest in NEM Insurance Nigeria Plc and Linkage Assurance Plc, which appreciated by 4.5 per cent and 3.6 per cent, respectively.

However, the oil/gas index was the lone loser, down by 1.1 per cent primarily due to losses in Forte Oil Plc, which declined by 9.7 per cent. The industrial goods index closed the day flat.

Top three performers at the close of trading on Monday were PZ, Nascon Allied industries Plc and Eterna Plc, which gained 10.2 per cent, 9.6 per cent and 4.8 per cent, accordingly.

On the flipside, Forte Oil, Law Union and Rock Insurance Plc and Unit Bank Plc were the worst three performers. “Today’s positive performance can be largely attributed to investors taking position in previous decliners and we expect this to continue in subsequent trading sessions,” analysts at Afrinvest Securities said in a post.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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