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NSE Market Capitalisation Drops by N458bn

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Stock Investors
  • NSE Market Capitalisation Drops by N458bn

The market capitalisation of equities listed on the Nigerian Stock Exchange declined by N458bn within 19 days of trading.

The market capitalisation dropped from N13.391tn on August 2, 2018 to N12.933tn on August 24. It appreciated by 0.45 per cent last week.

The NSE All-Share Index also increased by 0.45 per cent to 35,426.17 basis points, while all other indices finished lower with the exception of the NSE Premium, NSE Insurance, NSE Lotus II and NSE Industrial Goods indices that rose by 3.15 per cent, 0.78 per cent,1.10 per cent and 1.96 per cent, respectively.

The N458bn decline in the market capitalisation dragged the ASI down to 35,426.17bps from 36,688.91bps on August 2, with the premium index dropping to 2,606.81bps on August 24 from 2,653.20bps on August 2.

The NSE corporate governance index fell from 1,455.31bps to close at 1,381.56bps on August 24, while the main board index dropped by 78.05 basis points to 1544.54bps from 1,622.59bps.

The banking index declined from 465.89bps to 424.84bps, while the industrial index dropped from 1,764.31bps to 1,750.30bps.

However, the Alternative Securities Market index, which remained constant at 809.92bps, has declined by 14.71 per cent this quarter and by 25.51 per cent this year.

Meanwhile, a total turnover of 968.947 million shares worth N10.246bn in 9,654 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.147 billion shares valued at N12.546bn in 16,649 deals the previous week.

The financial services industry (measured by volume) led the activity chart with 874.023 million shares valued at N7.671bn traded in 6,029 deals, thus contributing 90.20 per cent and 74.87 per cent to the total equity turnover volume and value, respectively.

The consumer goods industry followed in second place with 26.818 million shares worth N1.624bn in 1,476 deals, while the third place was occupied by the oil and gas industry with a turnover of 24.795 million shares worth N91.439m in 752 deals.

The top five gainers for the week were Newrest ASL Nigeria Plc, Skye Bank Plc, Veritas Kapital Assurance Plc, FCMB Group Plc, and Dangote Cement Plc, while the top five losers were Jaiz Bank Plc, Union Diagnostic and Clinical Services Plc, University Press Plc, Livestock Feeds Plc and International Breweries Plc.

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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