Connect with us

Stock Market

U.K. And Nigerian Stock Exchange to Deepen Partnership For Growth

Published

on

Nigerian Stock Exchange - Investors King

The United Kingdom (UK) and the Nigerian Stock Exchange (NSE) have reiterated their commitment to improved partnership towards the development of the Nigerian capital market and the economy.

Nigeria is the second-largest destination for investments and U.K. businesses in Sub-Saharan Africa.

Deputy British High Commissioner, Lagos, Mr. Ben Llewellyn-Jones was at the NSE, now known as Nigerian Exchange (NGX) Limited, at the weekend, as part of the efforts to deepen the relationship between the U.K. and NGX. Llewellyn-Jones was given the privilege to ring the closing bell for the market.

Llewellyn-Jones said his priority was to continue to create enabling environment for the growth of business relations between U.K. and Nigeria, especially through the Nigerian capital market.

He noted that U.K. and NSE have historically been partners, pointing out that the U.K. has continued to build on the shared history between the U.K. and the Exchange, with the U.K. still very active in the Nigerian market.

“My role is to not only celebrate that but also to grow, encourage and sustain this level of participation. Although it has been a difficult year economically and financially, I am encouraged by the resilience, creativity and positive performance of British businesses and investments here in Nigeria and I am grateful for this opportunity to talk about how much the U.K. will continue to do to support Nigeria and British businesses in Nigeria,” Llewellyn-Jones said.

Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr Temi Popoola said it was historic that the British Deputy High Commissioner was the first person to beat the closing gong since the unbundling of the NSE and the renaming of its securities trading business as NGX.

According to him, since the birth of the Lagos Stock Exchange, the British High Commission has remained a partner and supporting institution throughout its journey.

“In the spirit of continued partnership, I welcome Mr. Llewellyn-Jones to the NGX as I look forward to deepening the partnerships between both organisations to further drive sustainable economic development for Nigeria and Africa as a whole,” Popoola said.

He noted that partnerships are a critical element of the NGX’s strategy as it will continue to engage stakeholders whose support is essential to the achievement of its aspirations in the post-demutualisation period.

Continue Reading
Comments

Nigerian Exchange Limited

Nigeria’s Market Falls 1.09% Amid Decline in Key Sectors

Published

on

Nigerian Exchange Limited - Investors King

Nigeria’s stock market closed the trading week ended Friday, April 12, with a decline of 1.09% following a downturn influenced by notable drops in the banking, insurance, and consumer goods sectors.

This shift resulted in a loss of about N638 billion for investors during the two-day trading week, which was shortened due to public holidays for Eid Mubarak.

The Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) decreased from an opening high of 103,437.67 points to 102,314.56 points.

Meanwhile, market capitalization also dropped from N58.498 trillion to N57.860 trillion over the review period.

The market’s month-to-date (MtD) performance fell by 2.15%, and the year-to-date (YtD) return is now at 36.83%.

Futureview research analysts had previously forecasted a mixed performance in the equities market as investors adjusted their positions in anticipation of upcoming corporate actions and dividend payouts.

The analysts also predicted a possible shift in focus towards the fixed income market, which could influence short-term investment decisions.

While the market faced challenges this week, analysts expect a resurgence of buying interest driven by upcoming corporate actions and earnings reports, attracting investors looking to benefit from dividend payments.

Their recommendation to investors is to consider investing in high-quality stocks with strong fundamentals for potential returns.

Continue Reading

Dividends

Zenith Bank to Pay N109.88bn Dividends to Shareholders for 2023

Published

on

Zenith Bank - Investors King

Zenith Bank, one of Nigeria’s leading financial institutions, is set to distribute dividends totaling N109.88 billion to its shareholders for the 2023 financial year.

The announcement was made as part of the bank’s annual report filed with the Nigerian Exchange Limited on Monday.

The dividends amount to N4.00 per share. This includes a final dividend of N3.50 per share and an interim dividend of N0.50 per share paid earlier in the year.

The proposed dividends are subject to approval by shareholders at the next Annual General Meeting (AGM) and are payable from the retained earnings accounts as of December 31, 2023.

Throughout the fiscal year, Zenith Bank’s gross earnings surged by 125.50 percent to N2.13 trillion compared to N945 billion in the previous year.

The increase in gross earnings contributed to the bank’s impressive profit after tax, which increased to N676.91 billion, an increase from N223.91 billion recorded in 2022.

This positive performance was driven by the increase in interest and similar income, which rose to N1.14 trillion from N540 billion.

However, the bank experienced a decline in net income on fees and commission, dropping to N109.31 billion from N132.79 billion in 2022, indicating a 17.68 percent decrease.

This decline was attributed to an increase in fees and commission expenses, which grew to N68.21 billion from N24.42 billion in the previous year.

Also, Zenith Bank disclosed various operational expenses incurred during the year, including insurance premiums paid to Zenith General Insurance Limited and Prudential Zenith, as well as payments for information technology services rendered by Cyberspace Network.

 

Continue Reading

Nigerian Exchange Limited

VFD Group Plc’s Rights Issue Listed on NGX’s Daily Official List

Published

on

VFD Group- Investors King

The Nigerian Exchange Limited (NGX) has listed VFD Group Plc’s Rights Issue on its Daily Official List.

The move follows the approval by the Securities and Exchange Commission (SEC) and represents a crucial step in the company’s growth trajectory.

The Rights Issue comprises 63,342,455 ordinary shares of 50 kobo each priced at N197.33 per share, bringing the total value of the issue to N12.499 billion. With this listing, VFD Group Plc’s total issued and fully paid-up shares have surged from 190,027,365 to 253,369,820 ordinary shares.

According to a report by NGX, the additional shares listed arose from VFD’s Rights Issue on the basis of one ordinary share for every three ordinary shares held as of October 12, 2023.

This move underscores VFD Group Plc’s commitment to expanding its shareholder base and enhancing liquidity in the market.

The approval by SEC for the Rights Issue further solidifies VFD Group Plc’s position in the market. Gbeminiyi Shoda, the Group Company Secretary of VFD Group Plc, confirmed that the Qualification Date for the Rights Issue was October 12, 2023, with the application list opening on December 20, 2023, for a maximum period of 31 days.

VFD Group Plc’s Rights Issue comes on the heels of its recent listing on the Main Board of the Nigerian Exchange Limited (NGX). The listing of 190 million units of shares at N244.88 per share added N46.527 billion to NGX’s market capitalization, reflecting the company’s growing influence in the Nigerian capital market.

VFD Group Plc, known for its sector-agnostic proprietary investment approach, aims to create positive and socially conscious ecosystems by aggregating potentially viable businesses. The Rights Issue listing underscores the company’s strategic move to increase visibility, access capital, and enhance liquidity, ultimately benefiting its investors and stakeholders.

Investors and market analysts are closely watching the developments surrounding VFD Group Plc as it continues to expand its footprint in the Nigerian financial landscape. With the successful listing of its Rights Issue on NGX, the company is poised for further growth and value creation in the market.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending