Connect with us

Nigerian Exchange Limited

Dangote Cement to Buy Back 1.704 Billion Shares



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.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Nigerian Exchange Limited

Market Sheds N132 Billion as Union Bank Bows Out from NGX Official List



Union bank - Investors King

The official delisting of Union Bank of Nigeria from the Nigerian Exchange Limited (NGX) on Monday triggered a notable N132 billion loss from the market capitalization.

NGX Regulations Limited, the regulatory arm of the Nigerian Exchange Group, confirmed the delisting in a notice to trading license holders.

Union Bank’s shares were suspended on November 14, leading to the delisting, which resulted in a market cap loss.

On its last day on the NGX Daily Official List, Union Bank had a market cap of N193.65 billion, with shares closing at N6.65 per unit.

Titan Trust Bank Limited, Union Bank’s core investor, had earlier announced plans to acquire minority shareholders’ shares, leading to the delisting.

Despite the delisting impact, the All-Share Index closed positively at the end of Monday’s trading, rising by 0.17% or 123.33 points to 71,353.81.

However, the market cap closed at N39.040 trillion, N132 billion lower than the N39.172 trillion recorded on the previous Friday.

Key performers in the market included AccessCorp, United Bank for Africa, Zenith Bank Plc, and Universal Insurance Plc.

Positive investor sentiments resulted in 32 gainers and 20 losers. Notable gainers included First Bank of Nigeria Holding, John Holt, and Tantalizer, each gaining 10%.

ETranZact led the losers’ chart with a 9.09% dip, and Unity Bank, amidst reported business combination talks with Providus Bank, landed on the losers chart with a 9.24% loss.

The volume of transactions on the NGX slightly increased to 746.67 million units from 582.77 million units traded on Friday.

Banking stocks, including AccessCorp, UBA, and Zenith Bank, were the major drivers of the day’s trend, accounting for volume and value in the market.

Continue Reading

Nigerian Exchange Limited

Nigerian Stock Market Records Marginal Decline, MTN and Dangote Sugar Lead Losers



stock bear - Investors King

The Nigerian Exchange Limited witnessed a marginal downturn as market capitalization slipped by N35 billion on Wednesday.

The All-Share Index and Market Capitalization both depreciated by 0.09% to close at 71,003.98 points and N39.047 trillion, respectively.

Despite this dip, market breadth remained positive with 36 gainers and 15 losers.

Major contributors to the decline included MTN Nigeria (-0.63%), Dangote Sugar (-1.64%), Lafarge Africa Plc (-1.34%), United Bank for Africa (-0.24%), and FBN Holdings (-4%).

Gainers were led by RT Briscoe, Daar Communications, and Unity Bank, each posting a 10% gain. Meanwhile, MeCure Industries, Multiverse, and Secure Electronic Technology saw increases of 9.96%, 9.82%, and 9.52%, respectively.

On the downside, C&I Leasing, Prestige Assurance, International Breweries Plc, UPDC Real Estate Investment Trust, and FBN Holdings recorded losses of 7.58%, 7.55%, 5.56%, 4.60%, and 4%, respectively.

Sectoral performance varied, with the Banking and Insurance sectors posting marginal gains of 0.19% and 0.75%.

In contrast, the Consumer Goods and Industrial Goods sectors experienced losses of 0.19% and 0.08%, while the Oil/Gas index remained unchanged.

Market activity showed improvement, with total deals rising by 1.95% to 6,677 trades. The total traded value for the day surged by 128.85% to N7.37 billion, although the total volume declined by 12.81% to 428.44 million units.

Veritaskap led in trading volume, while MTN Nigeria dominated in terms of value, amounting to N2.81 billion.

The fluctuation in market indices underscores the dynamic nature of the Nigerian stock market, influenced by both local and global economic factors.

Investors are carefully navigating these shifts to optimize their portfolios in a constantly evolving market landscape.

Continue Reading

Nigerian Exchange Limited

Negative Start to Trading Week on NGX as Investors Incur N57 Billion Loss



Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited (NGX) commenced the week on a bearish note as investors lost N57 billion on Monday.

The All-Share Index and market capitalization both moderated by 0.15% to close at 71,008.70 index points and N39.050 trillion, respectively.

The day’s losses were attributed to price declines in key stocks, including Zenith Bank (-0.75%), Stanbic IBTC Holdings (-7.08%), NB (-2.50%), AccessCorp (-0.58%), Fidelity Bank (-0.57%), and several others.

This negative performance resulted in a decrease in market activity, with both value and volume traded dropping by 27.77% and 18.83%, reaching N4.36 trillion and 358.45 million units, respectively.

Despite the overall decline, market breadth, a measure of investor sentiment, was positive, with 36 gainers and 15 losers.

Notable gainers included MeCure Industries, Multiverse, ABC Transport, C&I Leasing, and Northern Nigerian Flour Mills, closing with gains ranging from 9.83% to 9.95%.

Among the 15 losers, RT Briscoe, Prestige, Stanbic IBTC, Computer Warehouse Group, and Caverton were prominent, with losses ranging from 2.78% to 9.84%.

The day’s volume and value drivers included the stocks of AccessCorp, AIICO, Zenith Bank, Geregu Power, VFD Group, and Airtel Africa.

Investors are closely watching market dynamics as the week unfolds, navigating the ever-changing landscape of the Nigerian stock market.

Continue Reading