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Nigerian Stock Exchange

Stock Investors Gain N60bn as Seplat, 30 Others Rise

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Stock Investors Gain N60bn as Seplat, 30 Others Rise

Investors in the nation’s stock market gained N60bn on Monday as Seplat Petroleum Development Company Plc and 30 other firms recorded price appreciation.

The Nigerian Stock Exchange All-Share Index rose by 0.33 per cent to close at 40,571.67 basis points on Monday from 40,439.85bps on Friday.

The market capitalisation of listed equities increased by N60bn to N21.22tn from the N21.16tn at which it closed last week.

The top five gainers at the end of trading on the floor of the NSE on Monday were Seplat, Japaul Gold & Ventures Plc, Mutual Benefits Assurance Plc, AIICO Insurance Plc and Multiverse Mining and Exploration Plc.

Seplat appreciated by 10 per cent to close at N544.50 per share while Japaul Gold & Ventures rose by 9.86 per cent to close at N0.78 per share.

Mutual Benefit Assurance grew by 9.52 per cent to N0.46 per share; AIICO increased by 9.26 per cent to N1.18 per share, while Multiverse gained 9.09 per cent to close at N0.24 per share.

Thirteen stocks recorded losses at the end of trading on Monday, with Conoil Plc, Royal Exchange Plc, R.T. Briscoe Nigeria Plc, Consolidated Hallmark Insurance Plc, and Sovereign Trust Insurance emerging the biggest losers.

Conoil and Royal Exchange shed 10 per cent each to close at N18.90 and N0.27 per share respectively.

RT Briscoe fell by 9.09 per cent to close at N0.20 per share; CHI lost 8.7 per cent to close at N0.42 per share, while Sovereign Trust Insurance declined by 7.69 per cent to close at N0.24 per share.

Analysts at Cordros Capital Limited noted that trading in the domestic equities market started the week on a positive note, following buying interests in Seplat, Lafarge Africa Plc and Tier-1 banking stocks.

They said the month-to-date loss moderated to -4.3 per cent, while the year-to-date gain increased to +0.8 per cent.

The analysts said, “The total volume of trades declined by 47.9 per cent to 206.24 million units, valued at N2.16bn, and exchanged in 4,264 deals. Zenith Bank was the most traded stock by volume and value at 21.51 million units and N539.62m respectively.

“Performance across sectors was broadly positive, following gains in the oil and gas (+5.4 per cent), banking (+1.8 per cent), insurance (+1.4 per cent) and industrial goods (+0.4 per cent) indices. The consumer goods index was flat.”

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.

Nigerian Stock Exchange

AfDB Approves $400,000 Grant for Securities and Exchange Commission of Nigeria to Support Capital Markets Development

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The African Development Bank Group today signed a $400,000 grant agreement with the Securities and Exchange Commission of Nigeria to strengthen securities market regulation and broaden market instruments.

The funds will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance. The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank.

“This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,” said Lamido Yuguda, Director General of the Securities and Exchange Commission at the virtual signing ceremony.

The grant is aligned with the priorities of the Bank’s Country Strategy for Nigeria, which envisages measures to stimulate capital market development to unlock financial resources for productive sector investments, infrastructure development and private sector growth.

Lamin Barrow, Senior Director of the Bank’s Nigeria Country Department, noted the urgency of the implementation of the project.

“At a time when countries are striving to build back better from the ravages of the COVID-19 pandemic, improvement of the enabling regulatory and supervision framework will boost domestic resource mobilisation efforts and leverage private sector contributions to achieve a greener, more environmentally sustainable and inclusive post-pandemic recovery,” Barrow said.

Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange, thanked the African Development Bank Group and the Securities and Exchange Commission “for this historic event and partnership, to build in-house capacity at SEC, the Nigerian Stock Exchange, issuers and investors in the sustainable finance space, which will help to meet climate finance commitments in Nigeria.”

The project will support the implementation of the SEC’s Nigeria Capital Market Master Plan 2015-2025 and its vision to position Nigeria’s capital market as a competitive and attractive destination for portfolio investments.

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Nigerian Stock Exchange

Ardova Plc Profit After Tax Drops by 47.3 Percent to N2.06 Billion in 2020

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Ardova Plc Posts N2.06 Billion Profit After Tax in 2020

Ardova Plc, an indigenous energy group headquartered in Lagos, has declared N2.063 billion for the year ended December 31, 2020.

In the audited financial statements released on Thursday through the Nigerian Stock Exchange (NSE), the amount was 47.3 percent below the N3.915 billion posted in the same period of 2019.

The revenue of the energy company grew from N179.550 billion in 2019 to N181.664 billion in 2020. While the cost of sales inched slightly higher from N165.269 billion achieved in 2019 to N169.558 billion in 2020.

Gross profit stood at N12.107 billion, up from N11.282 billion recorded in 2019.

Profit before income tax moderated from N4.654 billion in 2019 to N3.199 billion in 2020.

Ardova posted N2.063 billion profit after tax in the period under review, down from N3.915 billion attained in 2019.

The company’s total assets stood at N62.443 billion as of December 31, 2020, up from N47.019 billion in 2019.

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Nigerian Stock Exchange

Nestle S.A Increases Stake in Nestle Nigeria, Invests Another N3 Billion

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Nestle S.A Invests Another N2.99 Billion in Nestle Nigeria

A Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland, Nestle S.A has invested another N2.922 billion in Nestle Nigeria, according to the latest disclosure statement filed with the Nigerian Stock Exchange.

Nestle S.A, the majority shareholder in Nestle Nigeria, has been increasing its stake in Nestle Nigeria in the last two years.

On March 02, Nestle S.A purchased 1,980,370 shares at N1,348.94 a unit while on March 03, another 186,277 shares were acquired at N1,349.74 per share.

Bringing the total shares purchased to 2,166,647 at an average price of N1,349 per share. Meaning, Nestle S.A invested another N2.922 billion in Nestle Nigeria. See the details below.

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