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Investors Gain N95bn as Stock Market Sustains Upsurge




Stock Investors Gain N95bn as Stock Market Closed in Green

Stock traders gained N95 billion on Wednesday as the Nigerian Stock Exchange sustained Tuesday’s upsurge.

The market capitalisation of listed equities expanded by N95 billion from N12.570 trillion on Tuesday to N12.664 trillion on Wednesday.

While the NSE All-Share Index gained 0.75 percent from 24,097.48 basis points it closed on Tuesday to settle at 24,278.07 bps on Wednesday.

Activity level was positive as investors traded 232.609 million shares valued at N4.698 billion in 3,523 transactions. See details below.

Top Trades by Volume

Symbols Volume Value
FIDELITYBK 37,950,489 N67,224,999.79
MTNN 27,969,987 N3,217,773,697.20
WAPCO 23,060,049 N250,494,392.60
GUARANTY 18,170,948 N403,612,225.80
ZENITHBANK 16,776,367 N276,416,086.85

Top Gainers

Symbols Last Close Current Change %Change
JBERGER N15.65 N17.2 1.55 9.90%
GUARANTY N21.05 N22.5 1.45 6.89%
WAPCO N10 N11 1 10.00%
OKOMUOIL N69.7 N70.5 0.8 1.15%
ZENITHBANK N16.35 N16.65 0.3 1.83%

Top Losers

Symbols Last Close Current Change %Change
BERGER N6.75 N6.1 -0.65 -9.63%
FLOURMILL N18.5 N18 -0.5 -2.70%
ETI N4.8 N4.6 -0.2 -4.17%
DANGSUGAR N11.7 N11.6 -0.1 -0.85%
CAVERTON N1.82 N1.74 -0.08 -4.40%


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

Nigerian Stock Exchange

Demutualisation: Nigerian Stock Exchange Rebrands to NGX Group



Nigerian Stock Exchange

The Nigerian Stock Exchange (NSE) on Tuesday announced it has rebranded following the demutualisation the led to the establishment of non-operating holding company NGX Group Plc and its subsidiaries: Nigerian Exchange (NGX) Limited; NGX Regulation (NGX RegCo) Limited, and NGX Real Estate (NGX RelCo) Limited.

Speaking on the development, the Group Chief Executive Officer, NGX Group, Mr. Oscar Onyema, said: “We are very excited about the launch of our new brand identity and website at this pivotal time in our history. Influenced by the dynamism and resilience of our market in both good and challenging times, our new identity, which builds on our rich heritage, reflects who we are today, our ambitions for the future, and our resolve to deliver superior value to our stakeholders. As we step into the NGX era, we remain committed to achieving the highest level of competitiveness, both in African and global capital markets.”

According to Onyema, NGX Group, with the new vibrant and responsive website, will offers an enriched user experience.

Accessible via, information about the group and the various subsidiaries are independently situated but featured as one website. With its centralised home page and clearly delineated tabs for each subsidiary, the new site delivers relevant content in a clean and organised way to provide visitors easy access and navigation to all the information they require,” he noted.

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Stock Market

SPACs Losing Momentum as Investors Shy Away, Says GlobalData



  • Special purpose acquisition company (SPAC) initial public offerings (IPOs) from Jan to Apr 2021 exceeded $87bn*
  • Valuations may rise, with many SPACs looking for targets in similar spaces
  • Key attractions include technology, media and telecoms (TMT); pharma; and sustainability

US stock exchanges saw a total of 301 SPAC IPOs priced, raising $87.6bn in the first 15 weeks of 2021, according to GlobalData, a leading data and analytics company.

SPAC IPOs set a new record in the first 12 weeks of the current year, having accounted for 77% of the total listings and 66% of the total capital raised. However, the so-termed ‘SPACulation’ seems to be fading away, evidenced by the sudden drop in capital raised by such IPOs from $11.5bn in week 13 to $0.7bn in week 15.

Keshav Kumar Jha, Business Fundamental Analyst at GlobalData, comments: “The slowdown in SPAC IPOs is the result of many factors, including increasing interest rates due to the revival in economic activity and optimism surrounding economic recovery in 2021, which could provide an opportunity for investors to consider investments with lower risk. SPACs typically bring risky propositions to investors’ portfolios as the capital raised is used for acquiring and merging with a private company and taking the company public, usually within 24 months.”

SPACs were the preferred tool to raise capital as traditional-IPO could not account for even one-third of total listing on both NASDAQ and NYSE in 2021 so far.

SPAC is a quicker and more economical way to go public. A company that intends to go public in the US could easily do so the SPAC way. This has attracted investors ranging from institutional investors and hedge-fund billionaires to Hollywood actors and private investors. Michael Dell raised $500m via MSD Acquisition Corp and Sir Richard Branson raised $350m via Virgin Group Acquisition Corp II.

Jha continues: “A number of SPACs with deep pockets are targeting similar companies that could inflate valuations and force them to raise money through other routes to fund their acquisition. However, failure to secure a merger within two years would require SPACs to return the money to investors.”

Apart from the sudden drop in SPAC listing, the performance of these stocks also remained lacklustre. Among the 301 SPACs listed in 2021 so far, only 1% were trading above 10% of their listing price and 16% were trading below the listing price as of April 9, 2021.

Jha adds: “SPACs could find it increasingly difficult to attract investors due to regulators’ actions to prevent SPACs from disseminating misleading information. The Securities and Exchange Commission (SEC) recently indicated that it would conduct traditional IPO-like scrutiny for SPACs to restrict them from providing overstated and misleading information to investors.”

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GTBank Approves N79.464 billion Final Dividend for 2020 Financial Year




Shareholders of Guaranty Trust Bank Plc, a leading financial institution in Nigeria, have approved the payment of N79,464,186,000 as the final dividend from the N201.4 billion profit after tax recorded for the financial year ended December 31, 2020.

At the bank’s thirty-first Annual General Meeting held on Friday, April 9, 2021 at the Oriental Hotel in Victoria Island in Lagos, shareholders received and passed final dividend of N2.70k per 50 ordinary share for the 2020 financial year. Bringing the total dividend paid to shareholders for the 2020 financial year to N3.00k per ordinary share of 50 kobo each.

In the year under review, the leading financial institution realised N253.668 billion net interest income in the year under review, up from N231.363 billion achieved in 2019.

Commenting on 2020 financial year, Segun Agbaje, the Managing Director and Chief Executive Officer, GTBank, said “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.”

“We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

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