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Insider Dealing: Vetiva Securities Limited Sells Stake in Dangote Cement

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Dangote Cement - Investors King

The management of Dangote Cement Plc on Friday announced that Vetiva Securities Limited, an affiliate of a financial adviser, Vetiva Capital Management Limited, has sold total shares of 613,983 in Dangote Cement Plc.

In the statement forwarded to the Nigerian Stock Exchange (NSE), the company said the transaction was performed in three different deals last week.

According to the statement, Vetiva Securities Limited sold 213,983 shares of Dangote Cement Plc at N179.89 per share on November 9th, 2020 in Lagos.

On that very day, the securities company cut down another 150,000 at N183.13 per unit.

While on November 10th, the Vetiva sells another 250,000 at N180.30 a unit. Bringing total sales to 613,983 shares or N111,187,902.

In March, Vetiva Capital Management Limited projected strong growth for Dangote Cement Plc in 2020 despite competition.

The investment bank said “Notably, the moderation in Nigeria’s top-line was driven by a one per cent y/y drop in average revenue/ tonne to N43,221.69 even as volumes stayed largely flat y/y. Further to the above, the report stated that pan African revenues stayed flat in 2019, after weak pricing in Senegal and Zambia offset strong volume ramp ups in Tanzania (94 per cent up y/y) and Senegal (two per cent up y/y). Given an expectation of continued volume growth in Tanzania, Senegal, Congo and Sierra Leone, Vetiva projects a 10 per cent y/y growth in Pan African revenue in 2020.”

Therefore, the sold shares likely suggested a change in Vetiva view given COVID-19, current happenings, both in Africa and the rest of the world, and the projected drop in productivity in the first half of 2021. Also, it might be a profit taking strategy, especially with the current bullish run of the Nigerian Stock Exchange.

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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Nigerian Exchange Limited

Market Value of Nigerian Stock Market Drops Below N22 Trillion

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Nigerian Exchange Limited - Investors King

Nigerian stock market dipped further on Monday to push the Exchange total market capitalisation below the N22 trillion mark.

Investors traded 422,180,395 shares valued at N4.470 billion in 5,059 transactions during the trading hours of Monday. While market value of all listed stocks dipped to N21.920 trillion, a decline of N83 billion from N22.003 trillion recorded on Friday.

The Nigerian Exchange All-Share Index depreciated by 0.38 percent to 42,008.6 index points on Monday from 42,167.91 index points it closed on Friday.

Sectorial analysis showed the NGX Banking Index lost 137bps on FIDELITY (-5.60%), UBA (-5.06%), UNITYBANK (-3.92%), ACCESS (-2.25%), STERLINGBANK (-0.68%) and GTCO (-0.62%).

The NGX Consumer Goods Index lost 34bps on UNILEVER (-4.00%), DANGSUGA (-3.13%) and HONYFLOUR (-1.14%). CHAMPION (+7.92%), INTBREW (+2.04%) and PZ (+0.84%) gained points.

The NGX Oil and Gas Index shed 11bps on ETERNA (-4.13%) and The NGX Industrial index shed 58bps on WAPCO (-9.94%).

A total of 10 stocks closed in the green, against 24 that closed in the red. The Exchange year-to-date return dropped to 4.32 percent. See other details below.

Top Five Gainers

Symbols Last Close Current Change %Change
ROYALEX N 0.53 N 0.58 0.05 9.43 %
MEYER N 0.22 N 0.24 0.02 9.09 %
CHIPLC N 0.44 N 0.48 0.04 9.09 %
UPDC N 0.99 N 1.08 0.09 9.09 %
CHAMPION N 2.40 N 2.59 0.19 7.92 %

Top Five Losers

Symbols Last Close Current Change %Change
WAPCO N 24.65 N 22.20 -2.45 -9.94 %
LINKASSURE N 0.56 N 0.51 -0.05 -8.93 %
ABCTRANS N 0.34 N 0.31 -0.03 -8.82 %
VITAFOAM N 21.90 N 20.00 -1.90 -8.68 %
FIDELITYBK N 2.50 N 2.36 -0.14 -5.60 %

Top Five Trades

Symbols Volume Value
FBNH 128865001.00 1505545599.55
STERLNBANK 77771509.00 115783870.97
GTCO 47789236.00 1146024189.75
UCAP 20960206.00 202723399.90
UBA 18593600.00 140000590.00

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Nigerian Exchange Limited

Nigerian Stock Investors Lose N595 Billion Last Week

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stock bear - Investors King

The Nigerian Exchange Limited (NGX) sustained its downward trend last week as investors continue to sell their holdings and hold off for the remaining days of the year to reassess global uncertainty amid Omicron concerns.

Investors traded a total of 1.278 billion shares worth N17.340 billion in 21,052 deals last week, in contrast to a total of 3.435 billion shares valued at N30.915 billion that exchanged hands in 21,109 transactions in the previous week.

During the week, the Financial Services Industry led the activity chart with 984.543 million shares valued at N10.247 billion traded in 11,029 deals. Therefore, contributing 77.01 percent and 59.09 percent to the total equity turnover volume and value respectively.

Consumer Goods Industry followed with 78.724 million shares worth N2.328 billion in 3,137 deals. In third place was The Conglomerates Industry, with a turnover of 48.730 million shares worth N69.840 million in 647 deals.

FBN Holdings Plc, Guaranty Trust Holding Company Plc and Access Bank Plc were the three most traded equities, accounting for 470.731 million shares worth N6.571 billion in 3,887 deals. The three contributed a combined 36.82 percent and 37.90 percent to the total equity turnover volume and value, respectively.

The market value of all listed equities declined by 2.63 percent or N595 billion from N22.598 trillion recorded in the previous week to N22.003 trillion last week. While the NGX All-Share Index depreciated by 2.63 percent 0r 1,140.38 index points to 42,167.91 index points, down from 43,308.29 index points.

Similarly, all other indices finished lower with the exception of NGX Insurance index which appreciated by 2.97 percent, while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat.

Eighteen equities appreciated in price during the week, lower than Twenty-nine equities in the previous week. Forty-nine equities depreciated in price, higher than Thirty-six equities in the previous week, while eighty-nine equities remained unchanged lower than ninety-one equities recorded in the previous week. See the top gainers and losers below.

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Dividends

Dangote Cement, MTN lead Top Paying Dividend Companies of the Year

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Dangote Cement - Investors King

In total, Nigerian companies paid about N989 billion as dividends in the first 9 months of the year. Dangote Cement was responsible for N272 billion of that amount, with MTN paying N212.7 billion.

The N989 billion paid in dividends showed a 27% increase from the same period in 2020. A record of dividends paid by Nigerian companies who have been publicly quoted is maintained by Nairalytics, with the companies including 30 of some of the most capitalized companies on the stock exchange who had paid dividends in 2020 and the current year.

Some companies pay dividends from their full-year profits while others pay twice in the year, first out of their full-year profits and secondly from their half-year profits. Some dividends are also paid out of retained earnings, in the event where companies do not publicly declare their profits.

The data collected for the companies showed that Dangote Cement and MTN were the leading dividend payers in the year, with the companies paying N272 billion and N212.7 billion respectively. Dangote Cement shareholders did not record any significant increase in their dividend payments, while MTN shareholders saw a 23% increase in dividend payments. No other companies paid up to N100 billion in dividends during the year.

Zenith Bank paid N94.2 billion in dividends, coming in as the third highest paying company during the year. GTCO and BUA Cement rounded up the top five, paying N79.5 billion and N70 billion in dividends respectively.

Stanbic IBTC paid N54 billion in dividends to come in as sixth, while Access Bank and Nestle paid N30.2 billion and N27.5 billion respectively, making seventh and eighth. Lafarge and Seplat rounded up the top 10 dividend payers, paying N24.7 billion and N23.1 billion respectively.

In total, the top ten companies paid a combined N888.1 billion in dividends.

A growth in dividend payment, especially in a year heavily hit by the coronavirus pandemic shows resilience in the financials of some of Nigeria’s largest companies.

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