Investors in the Geregu Power Plc, a power-generating company owned by billionaire Femi Otedola, on Monday exchanged 52.491 million shares worth N16.365 billion, the largest of such transactions.

Prior to that transaction, investors had executed a similar transaction on Wednesday, 31, 2023, when 32.949 million shares exchanged hands at N309 a unit in N10.181 billion deals.

Again on May 30, 1.041 million shares were transacted at N303.9 per share at an estimated N316.474 million while another 13.109 billion shares were transacted at N299 per share on May 25 in a N3.919 billion deal.

The size of these transactions suggested possible insider dealings among top executives of the company and the management would be expected to announce disclosure in line with the Security and Exchange Commission and the Nigerian Exchange Group.

The Nigerian Exchange Group opened the week in the red as the All-Share Index dipped by 2 basis points from 55,820.50 index points on Friday to 55,806.71 index points on Monday.

The market value of all the listed equities declined by 0.02% to N30.387.10 trillion, down from N30.394.61 trillion.

The banking index grew by 0.27% to 521.63 index points while consumer goods and oil and gas indexes added 0.06% and 2.55%, respectively. All other indexes closed in red.

Shareholders of First Bank of Nigeria Holdings Plc have approved a final dividend payment of 50 kobo per 50 kobo share for the 2022 financial year.

This translated to N17.947 billion if multiplied by 35.895 billion FBN Holdings issued shares.

The bank grew its gross earnings by 6.32% to N805.128 billion in the year under review and recorded a profit before tax of N157.902 billion. While profit after tax dipped by 9.87% to N136.173 billion in 2022.

The company has announced that the register of shareholders will be closed from August 9 to August 10, 2023.

On August 16, 2023, FBN Holdings will pay shareholders whose names appear on the Register of Members as at August 8, 2023 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.

However, shareholders who are yet to complete the e-dividend registration are advised to download Meristem Registrar’s E-Dividend Mandate Activation Form, which is also available on their website. Shareholders are advised to complete and submit the Registrar or their respective banks.

Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar.

Operating expenses rose by 23.35% to N218.481 billion in the period under review from N177.130 billion in 2021.

In the audited financial statement released on the Nigerian Exchange Limited, net interest income expanded by 59.15% to N363.249 billion from N228.242 billion achieved in 2021.

Last week, the market opened for four trading days as the Federal Government of Nigeria declared Monday 29th May 2023 as Public Holidays to commemorate the inauguration of the newly elected President of the Federal Republic of Nigeria, Bola Ahmed Tinubu.

The Nigerian stock market ended the week in the green as a result of the All-Share Index rising by 5.37% in the week ending June 2nd, 2023.

The benchmark index, ASI, increased this week from 52,973.88 points to 55,820.50 points, while the market capitalisation was N30.395 trillion at the end of the week. This has led to a positive month-to-date performance for the Nigerian stock market of 0.09% and a positive year-to-date gain of 8.92%.

With the exception of NGX Growth which depreciated by 0.18% while the NGX ASeM and NGX Sovereign Bond indices closed flat, all other indices finished higher.

Investors traded a total of 2.586 billion shares worth N46.643 billion in 35,122 transactions this week, compared to 1.963 billion shares worth N33.899 billion that changed hands in 30,827 transactions the previous week.

The Financial Services Industry led the activity chart with 1.890 billion shares valued at N23.041 billion traded in 17,806 deals; thus contributing 73.10% and 49.40% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 170.218 million shares worth N638.188 million in 1,830 deals. The third place was the Consumer Goods Industry, with a turnover of 132.432 million shares worth N3.837 billion in 4,938 deals.

Trading in the top three equities namely Access Holdings Plc, United Bank for Africa Plc and FBN Holding (measured by volume) accounted for 915.908 million shares worth N10.916 billion in 6,575 deals, contributing 35.42% and 23.40% to the total equity turnover volume and value respectively.

During the week, Sixty equities appreciated in price higher than forty-four equities in the previous week. Twenty-one equities depreciated in price lower than twenty-seven in the previous week, while seventy-five equities remained unchanged, lower than eighty-five recorded in the previous week.

A total of 44,858 bonds worth N44.174 million were traded this week in 24 deals as opposed to 12,837 bonds worth N12.608 million that were traded in 16 deals previous week.