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Nigerian Exchange Limited

UK Eke, MFR, FBN Holdings GMD, Acquires N121.612 Million Shares in the Bank

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UK Eke Group Managing Director FBNHoldings - Investors King

The Group Managing Director (GMD) of FBN Holdings Plc, UK Eke, MFR purchased 17,104,359 shares in FBN holdings, according to the latest insider trading disclosure report filed by the management of the lender.

In a statement signed by Seye Kosoko, Company Secretary, FBN Holdings Plc, U.K. Eke, MFR carried out the purchase in two transactions on May 14, 2021.

The GMD purchased 12,000,000 shares of FBN Holdings Plc at N7.14 per share while another 5,104,359 shares were acquired at N7.07 a unit.

Cumulatively, Eke bought 17,104,359 shares of FBN Holdings Plc at an average price of N7.11 per share from the Nigerian Exchange Limited trading floor in Lagos, Nigeria.

The disclosure was in line with the Securities and Exchange Commission policy that all insider trading must be declared to deepen transparency across the board.

UK Eke, MFR assumed office as Group Managing Director (GMD), FBN Holdings Plc on January 1, 2016. He joined the Board of FirstBank, an FBN Holdings Company, in 2011 as Executive Director, Public Sector South and later became Executive Director, South before his appointment as GMD of FBN Holdings. His sound managerial and motivational skills, coupled with his vast experience, helped develop FirstBank’s businesses within the Public Sector, Retail and Private Banking Groups.

He currently sits on the boards of First Bank of Nigeria Limited and FBNQuest Merchant Bank Limited as a Non-Executive Director.

In 2017, he was appointed to the board of Nigeria Sovereign Investment Authority (Sovereign Wealth Fund).

He was Executive Director, Regional Business, Lagos & West, Diamond Bank Plc. His other work experience includes Deloitte Haskins & Sells International where he rose to the position of Audit Senior. He has 35 years experience in financial services, strategy, auditing, consulting, taxation, process re-engineering and capital market operations.

UK, a Fellow of the Institute of Management Consultants, Fellow of the Institute of Directors, and Fellow of the Institute of Chartered Accountants of Nigeria, holds a first degree in Political Science (University of Lagos) and an MBA in Project Management Technology (Federal University of Technology, Owerri).

He has attended several Executive Management and Board training programs at Harvard Business School, Stanford Business School, IESE Barcelona, China European International Business School Shanghai, China, International Institute for Management and Development Lausanne, Switzerland, Wharton Business School and Lagos Business School.

A philanthropist and mentor to many, he is the Founder and Chairman, Elder K.U. Eke Memorial Foundation. He is a Patron, Lagos State Council, Boys’ Brigade Nigeria and a Paul Harris Fellow of The Rotary Club International.

He is the Chairman Advisory Board, Lifeforte International High School, Ibadan.

UK is a recipient of Nigeria’s National Honour of Member of the Order of the Federal Republic (MFR).

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

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Nigerian Exchange Limited

NGX Rebounds with N263bn Gain as Small and Mid-Cap Stocks Surge

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stock - Investors King

The Nigerian Exchange Limited (NGX) recovered on Thursday amid the surge in strong investor demand for small and mid-cap stocks.

The market capitalisation rose by N263 billion to N56.91 trillion.

The All-Share Index climbed by 0.47%, closing at 100,503.21 points, reflecting a solid buying interest across various sectors.

Despite the market’s overall positive performance, trading activity was subdued with a 64.3% decrease in average daily volume to 392.8 million units.

However, the number of deals increased by 3.4% to 9,013, while the traded value declined by 17.3% to N8.33 billion.

Guaranty Trust Holding Company led the volume trades, with 39.75 million shares worth N1.80 billion across 663 deals.

Meanwhile, Airtel Africa dominated in value, with trades worth N2.25 billion in just 34 transactions.

Sector performance was mixed. Gains were recorded in the oil and gas, consumer goods, and industrial goods sectors, rising by 0.19%, 0.07%, and 0.01%, respectively.

Notable stocks included Airtel Africa, Eterna Plc, Oando, and NASCON Allied Industries.

Conversely, the insurance and banking sectors faced losses, declining by 2.35% and 2.28%.

Top gainers of the day were United Capital, Oando, and Africa Prudential, while Linkage Assurance and Veritas Kapital led the decliners.

This rebound highlights investor confidence in Nigeria’s equities market, with opportunities emerging in small and mid-cap stocks.

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Nigerian Exchange Limited

Equities Market Dips 0.04% as Q2 Earnings Hit NGX

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Nigeria’s equities market experienced a slight decline of 0.04% on Wednesday ahead of the second quarter (Q2) financial results.

At the close of trading on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) fell from the previous day’s high of 100,075.59 points to 100,032.32 points.

Similarly, the equities market capitalization decreased from N56.670 trillion to N56.645 trillion.

Jaiz Bank, Cutix, Zenith Bank, Universal Insurance, and FCMB Group were among the most actively traded stocks.

Investors exchanged 1,099,300,929 shares worth N10.076 billion across 8,720 deals.

Several stocks dominated the sell-side, including RT Briscoe, which fell from 70 kobo to 66 kobo, a 5.71% decrease.

FTN Cocoa dropped by 4.44%, while Tantalizer, Neimeth, and Consolidated Hallmark Holdings also saw declines.

The market’s year-to-date (YtD) positive return decreased to 33.78%. While this month has seen a marginal drop of 0.03%, the week still shows an increase of 0.36%.

The dip reflects investor reactions to the ongoing release of corporate earnings for Q2. As companies disclose their financial results, market participants are adjusting their positions accordingly.

As more Q2 financials are released, market volatility is expected. Investors are closely monitoring earnings reports to guide their investment strategies.

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Nigerian Exchange Limited

Nigeria’s Equities Market Gains 0.11%, Adds N62 Billion in Value

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The Nigerian equities market posted a 0.11 percent gain on Tuesday as increased buy-side actions boosted the market’s value by N62 billion.

This positive movement reflects renewed investor confidence and activity in the market.

Leading the charge were stocks like United Capital, UACN, and Cutix. Investors engaged in 8,151 deals, exchanging 368,392,413 shares worth N7.424 billion.

Among the top advancers, United Capital saw a significant rise from N30 to N33, adding N3 or 10 percent.

Cutix also performed well, climbing from N5.08 to N5.58, an increase of 50 kobo or 9.84 percent.

Sunu Assurances and Cornerstone Insurance were other notable gainers, with Sunu Assurances increasing from N1.29 to N1.39, adding 10 kobo or 7.75 percent, and Cornerstone moving from N1.95 to N2.10, up 15 kobo or 7.69 percent.

UACN also saw a substantial gain, rising from N14.15 to N15.20, an addition of N1.05 or 7.42 percent.

The market’s positive return year-to-date (YtD) now stands at 33.84 percent, with a marginal increase of 0.02 percent for the month. So far this week, the market has grown by 0.41 percent.

Key stocks such as Zenith Bank, Access Holdings, GTCO, Jaiz Bank, and UBA were actively traded, indicating strong investor interest.

At the close of trading on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) and equities Market Capitalisation rose from the previous day’s low of 99,966.28 points and N56.608 trillion to 100,075.59 points and N56.670 trillion, respectively.

This uptick in market activity and value reflects growing optimism among investors, buoyed by positive corporate earnings and macroeconomic indicators.

As Nigeria’s market continues to evolve, stakeholders are hopeful for sustained growth and stability in the coming months.

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