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Flour Mills Shed 4.53 Percent on Tuesday as Stock Market Struggles



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Stock Market Sheds 0.09 Percent on Tuesday

The stock price of Flour Mills of Nigeria Plc depreciated by N1.2 or 4.53 percent to close at N25.3 per share on Tuesday as investors have started cutting down on their holdings going into the holiday.

Investors traded 306.274 million shares valued at N3.274 billion in 4,500 transactions during the trading hours of Tuesday.

The NSE All-Share Index depreciated by 0.09 percent to 35,033.74 index points while the market capitalisation of listed equities settled at N18.311 trillion to sustain the bourse’s year-to-date return above 30 percent.

United Bank for Africa led the most traded stocks with 142,435,680 shares valued at N1,201,922,613.35. Zenith Bank came second with 33,857,329 shares worth N795,520,126.70. See the details below.

Top Trades

Symbols Volume Value
UBA 142,435,680 N1,201,922,613.35
ZENITHBANK 33,857,329 N795,520,126.70
FBNH 12,632,137 N89,441,407.20
GUARANTY 9,730,530 N321,884,277.60
ETI 9,161,953 N52,357,680.40

Top Gainers

Symbols Last Close Current Change %Change
ETI N5.4 N5.85 0.45 8.33%
DANGSUGAR N18.6 N18.9 0.3 1.61%
UACN N7.2 N7.3 0.1 1.39%
OANDO N2.85 N2.93 0.08 2.81%
FTNCOCOA N0.31 N0.34 0.03 9.68%

Top Losers

Symbols Last Close Current Change %Change
FLOURMILL N26.5 N25.3 -1.2 -4.53%
ZENITHBANK N23.7 N23.4 -0.3 -1.27%
WAPCO N22.8 N22.5 -0.3 -1.32%
ACCESS N8.5 N8.3 -0.2 -2.35%
NAHCO N2.4 N2.3 -0.1 -4.17%

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

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FG To Auction Three Bonds Worth 50B Each This Week



Bonds- Investors King

The Debt Management Office has said that the Nigerian government will offer N150 billion bonds for subscription in June.

The bonds comprised three bonds worth N50bn each, a circular said Friday.

The DMO said the bonds will be auctioned on June 23 and all three have the same date for settlement.

The bonds are a 10-year re-opening bond to be offered at the rate of 16.2884 percent and to mature in March 2027; a 15- year re-opening bond to be offered at 12.5 percent with the maturity date of March 2035; and a 30-year re-opening bond to be offered at 12.98 percent and mature in March 2050.

FGN Bonds are “backed by the full faith and credit of the Federal Government of Nigeria”, the DMO said, adding that they are equally charged upon the general assets of Nigeria.

The debt office explained further that FGN bonds qualified as liquid assets for liquidity ratio calculation for banks.

For re-openings of previously issued bonds where the coupon is already set, the circular said successful bidders would pay a price corresponding to the yield to maturity bid that cleared the volume being auctioned, plus any accrued interests on the instrument.

Last month, the DMO offered similar bonds of N150bn bonds for a subscription which comprised three bonds worth N50bn each.

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Stock Market

NGX Suspends Trading in GTBank’s Shares Ahead of Guaranty Trust Holding Listing



GTBank -Investors King

The Nigerian Exchange (NGX) Limited last Friday placed a full trading suspension on the shares of Guaranty Trust Bank(GTBank) Plc.

According to the NGX, the suspension was necessary to prevent trading in the shares of the bank in preparation for the eventual delisting of GTBank to pave way for the listing of the holding company(Holdco), Guaranty Trust Holding Company Plc on NGX.

Shareholders of the GTBank had ratified the plan to adopt a Holdco structure and the Group Managing Director of the bank, Mr. Segun Agbaje, had told them the development would see a new corporate entity, Guaranty Trust Holding Plc, take the place of GTBank on the London and Nigerian Stock Exchanges.

He explained that change would entail a 1:1 share transfer while the Holdco would serve as the parent company and corporate center for GTBank Nigeria, all GTBank African subsidiaries and all other new businesses that will be created following the transition.

“Our transition into a Holdco is a necessary step to future-proofing our leadership position, sustainably growing our earnings and achieving our long-term goal of becoming one of the top five financial institutions in Africa. It is also a critical part of our response to the seismic shifts in customer expectations and changes in business models,” Agbaje had said.

He noted that as a Holdco, they will compete more effectively with non-banks in the new competitive landscape; pairing their strength in financial services with an aggressive focus on creating value in every aspect of their customers’ lives.

“We will create a new payments business to deliver the innovative solutions that will deepen and extend digital financial services across Africa. We also believe that we are in a better position to drive an asset management business and a pension fund business, given our strong retail base and digital-first approach to financial services, which we have honed over the past decade. Taken together, our entry into these new growth areas will allow us to maximize our potential in a way that banks were restricted from and enhance the value we create as a platform for enriching lives,” he said.

According to him, following a decade of birthing innovative ideas and nurturing them into businesses, the Holdco structure would he bank to unleash the power within, in ways that allow us to thrive in spaces banks were excluded, build out the full value of the innovations they have nurtured over the years and deepen the value we can create stakeholders.

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Nigerian Stock Exchange

Presco Plc to Hold Emergency Meeting to Recommend Acquisition of Private Company to Shareholders



Presco Plc - Investors King

Presco Plc, an agro-industrial company, has notified shareholders of the company, the Nigerian Exchange Group and the investing public that the Board of Directors of Presco Plc will hold an emergency meeting on Thursday 24th June, 2021 to recommend for the shareholders to consider the acquisition of an existing private company through shares.

The existing private company, according to a statement signed by Patrick Uwadua Esq., Company Secretary, Presco Plc, is in the same line of business with Presco Plc.

Presco said once considered, a resolution will be passed at the company’s next General Meeting to authorise the acquisition of all the shares of the existing private company.

Meanwhile, the company commenced its closed period on today, Wednesday 16 June 2021 until 24 hours after the decisions taken at the Board Meeting are released to the public.

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