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Conoil Declares Final Dividend of 200 Kobo for 2019 FY

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Conoil filling station

Conoil Announces a  Final Dividend of 200 Kobo per 50 Kobo Ordinary Share

Conoil Plc, Nigeria’s indigenous oil marketing company, on Wednesday declared a final dividend of 200 kobo per 50 kobo ordinary share for the financial year ended 31, December 2019.

In a statement published by the company on the Nigerian Stock Exchange website, the company said registration of shareholders will be closed between Tuesday 14th to Friday 17th of July, 2020. Therefore, the qualification date is Monday 13, July 2020.

Conoil stated that the dividend would be disbursed electronically ‘on a date to be announced’ soon. However, the company said the dividends would only be paid directly to the bank accounts of those whose names appeared on the mandated Registrar.

“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 the website: https://meristemregistrars.com/wp-content/uploads/2019/07/MeristemRegistrars_bank-Mandate-Form.pdf complete and submit to the Registrar or their respective Banks. The link to view Annual reports from their website is https://meristemregistrars.com/annual-reports/

Also, “Shareholders with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar,” Conoil stated.

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.

Nigerian Stock Exchange

Vitafoam Expands Net Asset per share by 54.3 Percent in 2020

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Vitafoam Plc

Vitafoam Expands Net Asset per share by 54.3 Percent in 2020

Despite COVID-19 and challenging business environment, Vitafoam Nigeria Plc grew net asset per share by 54.3 percent from N4.70 achieved in 2019 to N7.25 in 2020.

The company attributed the strong performance to improved innovation and expansion.

Vitafoam reported a 5.2 percent surge in total sales during the period, 8.1 percent decline in cost of sales and 11.4 percent reduction in finance.

Profit After Tax increased by 72 percent to N4.11 billion from N2.39 billion while basic earnings per share increased to N3.05 from N1.82.

Speaking on the company’s performance, Mr Taiwo Adeniyi, Group Managing Director and Chief Executive, said: “Innovation is the drive. As a matter of corporate policy, we do continuous improvement on our products.

“We sell high margin products. We are highly connected with our customers. We know their different needs and as such our products always gain acceptance in the market. Our foams and other products meet specific needs.

“Last year, we launched Buy Rights when our research revealed that different weights require different types of foams. We do not just sell to customers, we offer health counselling to advise on the specific foam for individual customers. This has greatly endeared us to our customers.

“Our investment in the subsidiaries as a growth strategy is beginning to pay off. All of them have turned profitable. We are not insulated from the tough operating environment as all the indices that should drive growth in the manufacturing sector are weak.”

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Nigerian Stock Exchange

Fixed Income N5 Trillion Maturing Security to Sustain Nigerian Stock Exchange

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Fixed Income N5 Trillion Maturing Security to Sustain Nigerian Stock Exchange

Experts have said the N5 trillion from maturing securities in the fixed income market would sustain the Nigerian Stock Exchange (NSE) momentum in the near-term.

The experts also added that the decision of the Central Bank of Nigeria’s led Monetary Policy Committee (MPC) to maintain the current policy rate would help maintain balance in the market, even with last week’s bearish trend.

Analysts at Atlass Portfolio, who commented in the company’s 2021 economic outlook, said most of the funds from the maturing securities would be invested in the nation’s equities but called for caution as any uptick in yields in fixed income could cut the rally short.

They said: “We expect the rally to continue in the short term, with over N5 trillion in fixed income expected to mature in 2021; some of which will be divested into the equities market.

“Also, with the re-opening of the economy and many businesses returning to full operation in 2021, the potential of listed companies recording profit will improve. Many of the top tier banks and large cap stocks posted good results in third quarter 2020. This shows that they were able to manage the impact of the pandemic well.

“However, we note that the current rally in the market is not backed by strong fundamentals and any possible increase in yields of fixed income instruments could pose a threat to the rally.”

The experts advised investors to pay attention to highly liquid stocks and stocks with good fundamentals and dividend paying history.

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Airtel Africa, Dangote Cement, Others Led Top Gainers as Stock Market Close d Positive

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Airtel Africa, Dangote Cement, Others Led Top Gainers as Stock Market Close d Positive

Airtel Africa Plc and Dangote Cement Plc, two of Africa’s largest telecommunications companies, led gainers on Monday to drag the Nigerian Stock Exchange out of the red zone.

Investors traded 333.097 million shares valued at N2.640 billion in 5,640 transactions during the trading hours of Monday.

Market value of listed stocks advanced by 0.21 percent to N21.494 trillion while the NSE All-Share Index closed at 41,088.95 index points.

Transcorp led in terms of volume traded with 48,997,773 shares worth N53,307,358.88. While Mansard followed with 28,025,460 shares valued at N38,295,110.50. See the details below.

Top Trades

Symbols Volume Value
TRANSCORP 48,997,773 N53,307,358.88
MANSARD 28,025,460 N38,295,110.50
FIDELITYBK 26,526,724 N72,596,683.34
UBA 16,672,450 N145,846,873.80
ZENITHBANK 15,871,012 N418,969,767.40

Top Gainers

Symbols Last Close Current Change %Change
AIRTELAFRI N851.8 N855 3.2 0.38%
DANGCEM N234 N236 2 0.85%
MRS N11.2 N12.3 1.1 9.82%
JBERGER N18.9 N19.5 0.6 3.17%
WAPCO N26 N26.5 0.5 1.92%

Top Losers

Symbols Last Close Current Change %Change
ARDOVA N20.45 N18.45 -2 -9.78%
NASCON N17.2 N16.2 -1 -5.81%
CILEASING N5.7 N5.13 -0.57 -10.00%
INTBREW N6.59 N6.16 -0.43 -6.53%
UNILEVER N13.5 N13.2 -0.3 -2.22%

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