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Dangote Cement, Vitafoam, UACN, Others Drag Down Stock Market on Monday

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Investors Lose N35 Billion on Monday as Dangote Cement, Vitafoam, Others Close in Red

The Nigerian Stock Exchange (NSE) returned to bearish on Monday following a decline in the value of stocks of Dangote Cement, Vita Foam, UACN and others.

The market capitalisation of listed equities declined by N35 billion to N13.111 trillion on Monday, down from N13.146 trillion it closed on Friday.

While the NSE All-Share Index dipped by 0.27 percent from 25,199.84 basis points it closed on Friday to settle at 25,132.67 bps.

Investors traded 161.231 million shares valued at N1.846 billion in 3,597 transactions during the trading hours of Monday.

This is coming few days after the National Bureau of Statistics (NBS) reported that Nigeria’s unemployment rate rose to 27.1 percent or 21.8 million people between the third quarter of 2018 and the second quarter of 2020.

The surged in jobless rate amid broad-based economic uncertainties, especially after the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the nation is likely to slide into second economic recession in the third quarter of the year given the numbers of weak economic fundamentals and the drop in revenue generation, weighed on the bourse.

At the Exchange on Monday, MTN Nigeria led top gainers with N2.3 gain, while Julius Berger followed with N1.45 gain. Unilever, Ardova and Dangote Sugar added N1.25, N1.2 and 40 kobo, respectively. See the details below.

Top Trades

Symbols Volume Value
GUARANTY 19,033,258 N472,192,007.20
ZENITHBANK 18,600,812 N311,497,167.30
STERLNBANK 14,329,668 N16,746,549.55
FBNH 12,707,928 N63,817,752.45
INTBREW 11,237,744 N31,108,405.45

Top Gainers

Symbols Last Close Current Change %Change
MTNN N115.5 N117.8 2.3 1.99%
JBERGER N15.05 N16.5 1.45 9.63%
UNILEVER N12.5 N13.75 1.25 10.00%
ARDOVA N12.75 N13.95 1.2 9.41%
DANGSUGAR N11.9 N12.3 0.4 3.36%

Top Losers

Symbols Last Close Current Change %Change
DANGCEM N136 N135 -1 -0.74%
VITAFOAM N5.75 N5.45 -0.3 -5.22%
UACN N6 N5.85 -0.15 -2.50%
INTBREW N2.85 N2.75 -0.1 -3.51%
UCAP N3.16 N3.1 -0.06 -1.90%

 

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.

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Insider Dealings: Nestle, McNichols Insider Trades Disclosed

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Nigerian Stock Exchange

Nestle S.A once again increased its holding in Nestle Nigeria Plc, according to the latest filing with the Nigerian Stock Exchange (NSE).

The Swiss multinational food and drink processing conglomerate corporation that doubled as the largest shareholder of Nestle Nigeria Plc purchased an additional 253,965 shares of Nestle Nigeria in three transactions between November 30 and December 2, 2020.

On November 30, Nestle S.A purchased 10,000 shares at N1,390 per share. While on December 1 and 2, 2020 another 235,537 and 8,428 shares were acquired at N1,399.85 and N1,390 per share.

This brings the aggregate volume of purchase to 253,965 shares at an aggregate price of N1,393 per share.

Also, McNichols Consolidated Plc, another listed company on the Nigerian Stock Exchange, disclosed that Ekpe Chimaraoke Nwokoma, a substantial shareholder, purchased 109,500 shares at an average price of 51 kobo per share in two transactions.

On November 11, 2020, Nwokoma bought 9,500 shares at 51 kobo each and another 100,000 shares at 51 kobo on December 1, 2020.

The disclosure is in line with the new Nigeria’s Security Exchange Commission policy on transparency.

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VitaFoam to Approve Audited Financial Statement For September Period on December 15th, 2020

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The management of Vitafoam Nigeria Plc on Tuesday announced it will hold a meeting of the Board of Directors on December 15th, 2020 to consider and approve the Audited Financial Statements for the year ended 30, September 2020 and recommended dividend, if considered appropriate.

Vitafoam disclosed in a statement signed by Lekan Sanni, Company Secretary and issued on Thursday.

The company further stated that “in compliance with the listing rules of the Nigerian Stock Exchange, the closed period for trading in the company’s securities commenced from 1st December, 2020 until 24 hours after the announcement of the Audited Group Financial Statement for the year ended 30th September, 2020 to the Nigerian Stock Exchange.”

“Consequently, no Director, Employee, person discharging managerial responsibility, Advisers and Consultants of the Company and their connected persons may directly or indirectly deal in the shares of the company during the closed period.”

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Investors Dump N15 Billion on United Capital Series 3 Commercial Paper

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United Capital Plc has raised N15 billion through Series 3 Commercial Paper (CP) issued under a N20 billion programme registered with the FMDQ Securities Exchange.

The company announced this through a statement forwarded to the Nigerian Stock Exchange.

According to the statement, the Series 3 270-day issuance at a yield of 1.26 percent had 112 percent subscriptions from a pool of institutional investors, especially Asset Managers.

The statement reads in part, “this issuance sets another ground-breaking record in the Nigerian Capital Markets, being the lowest yield on record for a 270-day CP issuance by a nonbank issuer. FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction.”

Speaking on the success of the commercial paper, Mr. Peter Ashade, the Chief Executive Officer, United Capital Plc, said “The commercial paper issuance is in line with our bid to diversify our funding sources, strengthen our capital base and intensify our strategic initiatives aimed at providing innovative financing solutions to our clients”.

“This issuance sets another ground-breaking record in the Nigerian Capital Markets, being the lowest yield on record for a 270-day CP issuance by a nonbank issuer. FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction.”

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