Stock Market

UBA Declares N0.17 Interim Dividend for Q2 2020

Published

3 years ago

September 2, 2020

Samed Olukoya

UBA to Pay N0.17 Interim Dividend to Shareholders in Q2 2020

United Bank for Africa has declared an interim dividend of N0.17 for every ordinary share of 50 kobo each.

This is coming a day after the bank posted a profit after tax of N44.43 billion in the second quarter. While the bank’s profit had declined from N56.74 billion posted in the second quarter of 2019 to N44.43 billion in Q2 2020, it remained strong given the COVID-19 lockdown and disruptions due to the virus.

In a statement signed by Bili A. Odum, Group Company Secretary, UBA and released through the Nigerian Stock Exchange (NSE), the lender said the dividend will be paid to shareholders whose names appear in the register of members as at the close of business on Tuesday, September 15, 2020.

It, therefore, stated that the bank’s register will be closed on Wednesday September 16, 2020 to allow the registrars enough time to make payment of interim dividends.

The statement reads, “On Wednesday, September 23, 2020, the interim dividend will be paid electronically to shareholders whose names appear on the Register of Members as at close of business on Tuesday, September 15, 2020 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 Form, which is available at http://www.africaprudential.com, complete and submit to the Registrar at the address below, any UBA Branch or their respective banks. Shareholders are also advised to update their records with the Registrar as may be required. The Shareholder Data Form is also available on the Registrar’s website. Duly completed forms should be returned to the Registrar or any Branch. Alternatively, scanned completed forms can be sent to cfc@africaprudential.com or investorrelations@ubagroup.com.”

On 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 ae advised to complete the edividend registration or contact the Registrar.”

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Bonds

Global Bonds Surge at Swiftest Pace Since 2008 Crisis as Rate Hike Speculations Subside

Published

16 hours ago

November 29, 2023

Investors King

Global bonds are experiencing their most rapid surge since the 2008 financial crisis, with a Bloomberg measure of global sovereign and corporate debt returning 4.9% in November.

This marks the largest monthly gain since December 2008 when it soared 6.2% during the depths of the recession.

The surge is fueled by growing speculation that central banks, led by the Federal Reserve, have completed interest rate hikes and are poised to initiate cuts in the coming year.

The recent rally has been accentuated by comments from Fed Governor Christopher Waller, signaling a dovish stance. James Wilson, a senior portfolio manager, noted the significance of Waller’s dovish remarks, stating, “It sounds like the Fed is all but done in their hiking cycle.”

US 10-year yields slid to 4.26%, and Australian bonds experienced a surge, with 10-year yields dropping 14 basis points.

The current bond rally reflects a shift in expectations towards looser central bank policies, providing relief for corporate bonds.

Spreads on global investment-grade corporate debt are hovering near the lowest levels since April 2022, indicating increased investor optimism about a gentle economic slowdown.

The average yield on corporate bonds has retreated to around 5.3%, down from nearly 6% in October, according to Bloomberg data.

Despite this positive trend, there remains a divergence in views between credit investors and rates traders, with the latter anticipating more aggressive Fed rate cuts that would necessitate a more pronounced economic deceleration.

The resolution of this tension is likely to be a focal point as central banks navigate economic uncertainties in the months ahead.

Nigerian Exchange Limited

Market Sheds N132 Billion as Union Bank Bows Out from NGX Official List

Published

2 days ago

November 28, 2023

Investors King

The official delisting of Union Bank of Nigeria from the Nigerian Exchange Limited (NGX) on Monday triggered a notable N132 billion loss from the market capitalization.

NGX Regulations Limited, the regulatory arm of the Nigerian Exchange Group, confirmed the delisting in a notice to trading license holders.

Union Bank’s shares were suspended on November 14, leading to the delisting, which resulted in a market cap loss.

On its last day on the NGX Daily Official List, Union Bank had a market cap of N193.65 billion, with shares closing at N6.65 per unit.

Titan Trust Bank Limited, Union Bank’s core investor, had earlier announced plans to acquire minority shareholders’ shares, leading to the delisting.

Despite the delisting impact, the All-Share Index closed positively at the end of Monday’s trading, rising by 0.17% or 123.33 points to 71,353.81.

However, the market cap closed at N39.040 trillion, N132 billion lower than the N39.172 trillion recorded on the previous Friday.

Key performers in the market included AccessCorp, United Bank for Africa, Zenith Bank Plc, and Universal Insurance Plc.

Positive investor sentiments resulted in 32 gainers and 20 losers. Notable gainers included First Bank of Nigeria Holding, John Holt, and Tantalizer, each gaining 10%.

ETranZact led the losers’ chart with a 9.09% dip, and Unity Bank, amidst reported business combination talks with Providus Bank, landed on the losers chart with a 9.24% loss.

The volume of transactions on the NGX slightly increased to 746.67 million units from 582.77 million units traded on Friday.

Banking stocks, including AccessCorp, UBA, and Zenith Bank, were the major drivers of the day’s trend, accounting for volume and value in the market.

Stock Market

Asian Shares Slip Ahead of Key Inflation Data and OPEC+ Meeting

Published

3 days ago

November 27, 2023

Investors King

Asian shares experienced a dip on Monday as investors awaited crucial inflation data from the United States and Europe later in the week.

The gold rose to a six-month high of $2,017.82 per ounce before moderating to $2,009 while Japan’s Nikkei eased by 0.3%, although it still maintained an 8.6% gain for November.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3%, boasting a monthly gain of 6.4%.

Meanwhile, Chinese blue chips lost 1.1%, representing a 2% downturn for the month.

Investors approach the month-end cautiously due to substantial gains recorded with markets like the S&P 500 that have been rallying for four consecutive weeks to post a 8.7% gain for November—its best performance since mid-2022.

Central banks, including the Federal Reserve, are closely watched for signals on future monetary policy.

The Fed’s preferred inflation measure, due Thursday, is expected to show a slowdown, reinforcing expectations of potential rate cuts.

The oil market faces uncertainty ahead of the OPEC+ meeting on Nov. 30, with discussions on production caps and potential extensions of voluntary cuts.

While European Central Bank President Christine Lagarde signals no rush to ease, the euro hovers near its recent four-month high against the dollar, which weakened against several major counterparts.

Oil prices experienced a brief dip in anticipation of OPEC+ decisions.

The week ahead is pivotal for financial markets, balancing inflation indicators, central bank messages, and crucial oil market decisions.