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NSE Market Capitalisation Sheds N187 bn on Continuing Profit Taking

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  • NSE Market Capitalisation Sheds N187 bn on Continuing Profit Taking

Profit taking at the stock market continued yesterday as more stocks shed value under sell pressure. A total of 43 equities depreciated while only 14 appreciated. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell by 1.16 per cent to close at 44,389.85, while market capitalisation shed N187 billion to close at N15.9 trillion.

The market had recorded an unprecedented rally since the beginning of the year lifting share prices to new high before profit taking set in on Monday.

The bears strengthened their hold on the market as more investors moved to lock in profits.

Before now, analysts had said: “Although the market had sustained a three-week long bullish momentum on the back of increased investor participation following the uptrend in global oil prices and in expectation of improved earnings at the commencement of fourth quarter earnings season, we expect some slight profit taking in the coming week.”

The decline of yesterday partly resulted from depreciation recorded in the share prices of GTBank, FBN Holdings, Dangote Cement, Zenith Bank and Transcorp Plc.

Commenting on the market, analysts at FSDH said: “There was sell pressure in the equity market, a combination of profit taking and price corrections predominantly in the banking sector stocks. The downward trend may likely continue till midweek.”

Meanwhile, Fidelity Bank Plc led the price losers with 9.16 per cent, trailed by A.G Leventis Nigeria Plc with 9.0 per cent. Linkage Assurance Plc shed 8.7 per cent, while Transcorp Plc, FBN Holdings Plc and FCMB Group Plc went down by 5.7 per cent, 5.3 per cent and 5.2 per cent in that order.

Diamond Bank Plc, Julius Berger Nigeria Plc, Redstar Express Plc and University Press Plc closed 5.0 per cent lower apiece.

On the other side, Skye Bank Plc led the price gainers with 9.9 per cent, trailed by Caverton with 9.8 per cent. Unity Bank Plc garnered 9.2 per cent, just as UACN Property Development Plc, Unilever Nigeria Plc and Cutix Plc chalked up 5.0 per cent each.

In terms of sectoral performance, three sectors declined, while two appreciated.

The NSE Banking Index led the losers with 2.6 per cent as GTBank (-2.8 per cent), Zenith Bank (-2.3 per cent) and UBA (-5.0 per cent) declined. The NSe Insurance Index shed 2.4 per cent, while NSE Goods Index went down by 0.7 per cent.

On the flip side, the NSE Consumer Goods Index led the gainers with 0.7 per cent, followed by NSE Oil & Gas Index with 0.1 per cent.

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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