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Insider Dealings: Tony Elumelu, Other Banks’ Executives on Shares Buying Spray

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tony-elumelu

Banks’ Executives Jump on Stocks following CBN Rate Cut

Nigerian banks’ executives are going all out to buy shares in their companies following the central bank rate cut.

Tony Elumelu, the Board Chairman, United Bank for Africa and family members bought shares of UBA in eight different transactions last week immediately the monetary policy rate was lowered.

This week, in a statement released through the Nigerian Stock Exchange, the Chairman added another 4,817,855 shares at N5.9999 per share.

Similarly, Dennis Olisa, an Executive Director of Zenith Bank Plc, bought 1 million shares at N17 per share. This was followed by another Zenith Bank Executive Director, Dr. Temitope Fasoranti, who purchased 1 million shares at N17 per unit as well.

Accordingly, Mr. Gbolahan Joshua, an Executive Director with Fidelity Bank Plc, acquired 6,300,000 shares at an average price of N1.86 per unit share.

In the same bank, a non-executive director/chairman, Mr. Mustafa Chike-Obi, bought 32,444,094 shares at an average price of N1.82 per share.

This started immediate monetary policy committee lowered the interest rate by 100 basis points from 12.5 percent to 11.5 percent last week. Stock investors are investing in shares again as they are projecting an improved economic outlook in the first half of 2021 given cheap money that is about to hit the economy.

The Central Bank of Nigeria has said it is pursuing a monetary expansionary policy to broaden economic productivity, improve output and moderate inflation through an increase in supply.

Therefore, investors are expecting an increase in capital injection into the economy. The deposit money banks, the intermediary between the central bank’s policy and borrowers, are expected to experience a broad-based growth across key metrics.

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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Stock Market Opens in The Red on Monday as Dangote Sugar, Zenith Bank, Others Led Losers

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Nigerian Stock Exchange

Nigerian stock market opened the week in the red following consecutive weeks of strong performance.

In the early hours of the day, investors traded 121.196 million shares valued at N985.177 million in 2,572 transactions.

The Nigerian Stock Exchange market capitalisation dipped by N51 billion from N18.288 trillion to N18.177 trillion. While the NSE All-Share Index declined by 0.29 percent to 34,784.54 index points.

N Nigeria Flour Mills Plc led losers with a 10 percent decline. Followed by Neimeth, Dangote Sugar, Zenith Bank and Guaranty Trust Bank with 9.63 percent, 3 percent, 1.23 percent and 0.86 percent, respectively. See the details below.

Top Trades

Symbols Volume Value
TRANSCORP 19,644,249 N19,905,215.96
MBENEFIT 18,107,400 N3,918,776.00
ZENITHBANK 14,802,655 N356,221,166.85
MANSARD 10,056,283 N25,438,143.39
ACCESS 7,420,108 N63,444,003.35

Top Gainers

Symbols Last Close Current Change %Change
MANSARD N2.34 N2.49 0.15 6.41%
NEM N2.47 N2.55 0.08 3.24%
UPL N1.38 N1.41 0.03 2.17%
CUTIX N1.7 N1.73 0.03 1.76%
LIVESTOCK N1.3 N1.33 0.03 2.31%

Top Losers 

Symbols Last Close Current Change %Change
NNFM N7.7 N6.93 -0.77 -10.00%
DANGSUGAR N20 N19.4 -0.6 -3.00%
ZENITHBANK N24.45 N24.15 -0.3 -1.23%
GUARANTY N35 N34.7 -0.3 -0.86%
NEIMETH N2.7 N2.44 -0.26 -9.63%

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Nigerian Stock Exchange Leads Global Stocks, Year-to-date Gain Increased to 30% Last Week

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stock bull

Nigerian Stock Exchange sustained its bullish momentum last week as investors traded a total turnover of 1.816 billion shares valued at N25.791 billion in 31,665 deals.

This was below the 11.400 billion shares worth N35.892 billion transacted in 39,265 deals in the previous week. However, the Exchange managed to sustain its global lead as sentiment remained high despite the economic recession and a series of other uncertainties.

In terms of volume traded, the financial services industry led with 1.274 billion shares estimated at N14.710 billion that exchanged hands in 18,392 deals. Therefore, contributing 70.15 percent and 57.04 percent to the total equity turnover volume and value, respectively.

The conglomerates industry followed with 217.170 million shares valued at N231.809 million and exchanged in 1,226 deals. In third place was the consumer goods industry with a turnover of 113.760 million shares valued at N2.598 billion in 4,568 deals.

Zenith Bank Plc, Transnational Corporation of Nigeria Plc and Access Bank Plc led the most traded stocks in terms of volume. Together, the three accounted for 649.529 million shares valued at N8.104 billion in 6,395 deals and contributed 35.76 percent and 31.42 percent to the total equity turnover volume and value, respectively.

The market capitalisation of listed equities expanded by 2.19 percent to settle at N18.228 trillion while the NSE All-Share Index also gained 2.19 percent or 748.69 index points to 34,885.51 index points, up from 34,136.82 index points recorded in the previous week.

The bourse year to date return rose to 29.97 percent, the highest performer among Bloomberg tracked 93 global stocks. NSE Premium index led with 47.85 percent year-to-date gain while the NSE AFR Div Yield Index trailed with 47.82 percent gain. See the list of top gainers and losers for the week below.

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Insider Dealing: Flour Mills MD Invest N91.642 Million in Flour Mills

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flour mills posts 184% increase in PAT

Following the purchase of 1.95 million shares in Flour Mills of Nigeria a few days ago, the Group Managing Director, Paul Miyonmide Gbededo, has purchased another 1.34 million shares at N27.75k per share.

The company stated in a disclosure form released through the Nigerian Stock Exchange (NSE).

Mr. Gbededo bought an additional 1,336,028 shares valued at N37,074,777 on November 19, 2020 at the Nigerian Stock Exchange (NSE) in Lagos. Meaning, Gbededo invested an additional N37,074,777 into Flour Mills in what could be said as a show of confidence in the company’s future.

This brings the Managing Director’s total purchase in November to 3,284,867 shares at a combined value of N91,642,269. See the details below.

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