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Cadbury, Wapco, Zenith Bank, Others Drag Stock Market Down on Wednesday

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Stock Market Closed in the Red on Wednesday

The Nigerian Stock Exchange closed in the red on Wednesday as stocks of Cadbury, Wapco, Zenith Bank and others closed in the red.

Investors traded 211.816 million shares valued at N2.418 billion in 3,651 transactions during the trading hours of Wednesday.

The market capitalisation of listed equities declined by 0.19 percent to N13.353 trillion while the NSE All-Share Index dipped to settle at 25,550.31 basis points.

FCMB led the most traded stocks with 30,330,031 shares valued at N62,182,204.17 while Access Bank, UBA and Zenith Bank followed with 20,974,396; 18,569,571 and 17,986,821 worth N139,403,579.80; N109,651,119.40 and N306,340,033.75. See the details below.

Top Trades

Symbols Volume Value
FCMB 30,330,031 N62,182,204.17
ACCESS 20,974,396 N139,403,579.80
UBA 18,569,571 N109,651,119.40
ZENITHBANK 17,986,821 N306,340,033.75
FBNH 13,537,826 N67,406,854.10

Top Losers

Symbols Last Close Current Change %Change
CADBURY N7.75 N7.1 -0.65 -8.39%
WAPCO N13.5 N13 -0.5 -3.70%
NEM N2.25 N2.03 -0.22 -9.78%
INTBREW N3.2 N3 -0.2 -6.25%
ZENITHBANK N17.2 N17 -0.2 -1.16%

Top Gainers

Symbols Last Close Current Change %Change
NB N41.05 N42 0.95 2.31%
BERGER N6.05 N6.5 0.45 7.44%
UBN N5 N5.35 0.35 7.00%
CAP N17 N17.1 0.1 0.59%
UCAP N3.01 N3.11 0.1 3.32%

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.

Stock Market

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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