Dangote Cement to Buy Back 1.704 Billion shares
Dangote Cement on Monday announced it will commence share buy-back not exceeding 10 percent or 1.704 billion shares of its issued capital.
The leading cement manufacturer said the programme will be effected in tranches with Tranche I being executed by Meristem Stockbrokers Limited and Vetiva Securities Limited, the two appointed brokers.
In a statement issued through the Nigerian Stock Exchange (NSE), Dangote Cement said the first tranche will commence on December 30 and close on the 31 or when the entire tranche size has been purchased; whichever is earlier.
Dangote Cement current issued 17,040,507,404 shares, out of which up to 85,202,537 shares or 0.5 percent of the entire issued shares will be purchased on Wednesday 30 December, 2020 at the open market (The Nigerian Stock Exchange) in Tranche I. The remaining shares will be acquired in 2021 in tranches.
The statement reads in part, “The Company through its appointed Stockbrokers will at its discretion purchase DCP shares in the open market over the duration of Tranche I, subject to prevailing market conditions and under the current daily trading rules of The NSE. DCP would however not be under any obligation whatsoever to purchase any or all of the DCP shares put on offer over the duration of Tranche I.
“The shares being bought back by the Company under the Share Buy-Back Programme will be held as treasury shares, and may subsequently be cancelled. Execution of this Tranche I is not expected to have any material impact on the Company’s financial position.”
“Dangote Cement shareholders seeking to participate in Tranche I of the Share BuyBack Programme are hereby advised to contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the SEC for further guidance on submission of trades on The NSE’s trading platform.
“DCP will provide weekly updates on the progress of Tranche I of the Programme on its website over the duration of this tranche. The Company will continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the Share Buy-Back Programme.”
Presco Plc to Hold Emergency Meeting to Recommend Acquisition of Private Company to Shareholders
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.
Cornerstone Insurance, Morison, Others Lead Gainers as Stock Market Gains
Nigerian Exchange Group rebounded from 1.66 percent decline recorded on Tuesday to close with 0.15 percent gain on Wednesday as more stocks closed in the green.
Investors traded 302,722,917 shares valued at N2.809 billion during the trading hours of Wednesday, against the 297.35 million shares worth N3.65 billion that were exchanged in 4,402 deals on Tuesday.
Market value of listed stocks appreciated from N20.07 trillion on Tuesday to settle at N20.099 trillion on Wednesday.
Nigerian Exchange Group All-Share Index gained 0.15 percent from 38,507.29 index points on Tuesday to 38564.70 index points on Wednesday.
Cornerstone Insurance led gainers with 10 percent, while Morison followed with 9.68 percent as shown below. Sterling bank emerged the most traded stocks with 37473362.00 shares valued at N57825053.65.
|CORNERST||N 0.50||N 0.55||0.05||10.00 %|
|MORISON||N 1.24||N 1.36||0.12||9.68 %|
|LEARNAFRCA||N 0.92||N 0.98||0.06||6.52 %|
|AFRIPRUD||N 6.05||N 6.40||0.35||5.79 %|
|COURTVILLE||N 0.20||N 0.21||0.01||5.00 %|
|ABBEYBDS||N 1.05||N 0.95||-0.10||-9.52 %|
|CHIPLC||N 0.74||N 0.67||-0.07||-9.46 %|
|CWG||N 1.24||N 1.15||-0.09||-7.26 %|
|WAPIC||N 0.57||N 0.53||-0.04||-7.02 %|
|REGALINS||N 0.48||N 0.45||-0.03||-6.25 %|
Stock Market Gains N230 Billion Last Week
The Nigerian Exchange Limited gained N230 billion last week as more stocks closed in the green.
The market value of listed stocks and the Nigerian Exchange Limited All-Share Index expanded by 1.11 percent to close the week at N20.41 trillion and 39.156.28 index points, respectively.
Investors traded 1.06 billion shares valued at N12.8 billion in 17,854 transactions during the week, against a total of 1.08 billion shares worth N9.55 billion were traded in 17,933 transactions in the previous week.
In terms of volume traded, the financial services industry led the activity table with 714.677 million shares estimated at N5.95 billion traded in 9,718 transactions. Therefore, contributing 67.53 percent and 46.38 percent to the total equity turnover volume and value traded, respectively.
This was followed by the consumer goods industry with 97.18 million shares estimated at N3.29 billion in 3,006 transactions.
In third place was the ICT industry with a turnover of 75.99 million shares valued at N583.72 million in 679 deals.
The top three most traded stocks (measured by volume) were Zenith Bank Plc, Sterling Bank Plc and Fidelity Bank Plc. The three accounted for 261.34 million shares valued at N2.71 billion and traded in 2,862 deals. The top three most traded equities in the week contributed 24.70 percent and 21.13 percent to the total equity turnover volume and value.
During the week, 35 stocks closed in the green, against 33 posted in the previous week. A total of 36 equities rose as against 33 equities in the previous week, while 89 equities remained unchanged as against 94 in the previous week.
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