Stanbic IBTC Holdings Declare 40k Per Ordinary Share of 50 Kobo Each
Stanbic IBTC has announced it will pay a total sum of N4,201,986,943.20 as a dividend for the quarter ended June 30, 2020.
The bank, which posted a profit after tax of N45.2 billion in the second quarter of 2020, declared an interim dividend of 40 kobo per ordinary share of 50 kobo each.
In the statement released through the Nigerian Stock Exchange (NSE), the lender said only shareholders whose names appear in the Register of Members as at the close of business on Tuesday 15, September 2020 will be paid.
On the closure of the register, the bank said the Register of Shareholders will be closed from Wednesday 16 September 2020 to Wednesday 23 September 2020.
The bank said, “On Wednesday 30 September 2020, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at close of Trading on Tuesday 15 September 2020, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.”
Shareholders are, therefore, advised to “complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on our Registrars website:
https://firstregistrarsnigeria.com/download-forms/, complete and submit to
the Registrar or their respective Banks.”
Unclaimed dividend warrants and share certificates, the bank said “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 Registrars.”
Nigerian Stock Exchange Bounces Back, Gains N132 Billion in Market Cap
The Nigerian Exchange Limited rebounded on Wednesday with the market capitalization surging by N132 billion.
This uptick was propelled by the positive performance of key stocks, including Seplat Energy (+10%), Meyer Plc (+9.79%), Sunu Assurance (+9.56%), Nestle (+9.52%), and Consolidated Hallmark Holdings Plc (+9.24%).
The All-Share Index closed rose by 0.34% to 71,283.34 points, reflecting investors’ optimistic sentiment, particularly in medium and large-cap stocks with solid fundamentals while the market capitalization increased to N39.007 trillion.
Despite a decline in total deals and volume by 19.14% and 32.55% to 6,579 deals and 360.60 million units respectively, the total value for the day increased by 17.64% to N6.61 billion.
Among the gainers, Seplat, Meyer, Sunu Assurance, Nestle Plc, and Consolidated Hallmark Holdings Plc stood out, closing at N2.310, N3.59, N1.49, N1.150, and N1.30 per unit, respectively, after gains ranging from 10% to 9.24%.
The losers’ chart was led by Guinea Insurance, down 10%, followed by Omatek (-9.88%), Abbey Mortgage Bank (-9.68%), Neimeth Pharma (-9.45%), and Tantalizer (-8.62%).
Performance across sectors was predominantly bullish, with the Insurance, Consumer Goods, Oil/Gas, and Industrial Goods indexes recording notable advancements of 1.17%, 0.89%, 6.06%, and 0.01%, respectively.
However, banking stocks emerged as the only laggard for the day, declining by 0.56%.
GT Bank (GTCO) dominated trading activities, emerging as the most traded security in terms of volume and value, with 56.91 million units worth N2.19 billion traded in 261 deals.
This positive momentum signals a renewed fervor in the Nigerian stock market.
Robinhood Expands to UK, Introducing Commission-Free Stock Trading
Robinhood Markets Inc., the pioneer of commission-free stock trading, is venturing into the UK market, making its international debut by offering British retail investors access to more than 6,000 US-listed stocks and other securities.
This move follows the company’s success in the US during the Covid pandemic, where it gained popularity among first-time investors during the “meme-stock” frenzy.
While the enthusiasm among retail investors has cooled, Vlad Tenev, Robinhood’s CEO and co-founder, aims to disrupt the UK market by offering a range of attractive features.
Tenev stated, “We’d like to help lower fees for all customers in the UK, just like we did in the US back in 2019, right before Covid.”
The features include 5% interest on uninvested cash, zero trading commission, currency fees, and trading outside of market hours. Users can join a waitlist now, and the service aims to be fully available starting in 2024.
Despite facing regulatory scrutiny in the US for its role in the “meme-stock” frenzy and accusations of encouraging excessive risk-taking, Robinhood has ambitious plans for international expansion.
The company will compete with local platforms like Revolut and Freetrade, as well as US-based rival Public.com, which expanded to the UK in July.
Tenev believes that Robinhood’s technology-focused approach gives it an edge in expanding globally.
He emphasized, “The fact that we’ve built this platform from the ground up and we’re a technology company and financial services, not a brick and mortar institution, I think makes us more able to expand internationally in ways that traditional financial institutions can’t.”
Robinhood also plans to introduce crypto trading in the European Union in the coming weeks, further diversifying its offerings beyond traditional stocks.
Despite a recent 11% decline in transaction-based revenues in Q3 2023, Robinhood continues to explore new revenue streams, including the launch of a credit card in the US.
The company’s shares, although up 10% this year, remain 90% lower than their peak.
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