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Nigerian Stock Exchange

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).

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.

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Nigerian Stock Exchange

Presco Plc to Hold Emergency Meeting to Recommend Acquisition of Private Company to Shareholders

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Presco Plc - Investors King

Presco Plc, an agro-industrial company, has notified shareholders of the company, the Nigerian Exchange Group and the investing public that the Board of Directors of Presco Plc will hold an emergency meeting on Thursday 24th June, 2021 to recommend for the shareholders to consider the acquisition of an existing private company through shares.

The existing private company, according to a statement signed by Patrick Uwadua Esq., Company Secretary, Presco Plc, is in the same line of business with Presco Plc.

Presco said once considered, a resolution will be passed at the company’s next General Meeting to authorise the acquisition of all the shares of the existing private company.

Meanwhile, the company commenced its closed period on today, Wednesday 16 June 2021 until 24 hours after the decisions taken at the Board Meeting are released to the public.

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Nigerian Stock Exchange

Cornerstone Insurance, Morison, Others Lead Gainers as Stock Market Gains

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stock bull - Investors King

Nigerian Exchange Group rebounded from 1.66 percent decline recorded on Tuesday to close with 0.15 percent gain on Wednesday as more stocks closed in the green.

Investors traded 302,722,917 shares valued at N2.809 billion during the trading hours of Wednesday, against the 297.35 million shares worth N3.65 billion that were exchanged in 4,402 deals on Tuesday.

Market value of listed stocks appreciated from N20.07 trillion on Tuesday to settle at N20.099 trillion on Wednesday.

Nigerian Exchange Group All-Share Index gained 0.15 percent from 38,507.29 index points on Tuesday to 38564.70 index points on Wednesday.

Cornerstone Insurance led gainers with 10 percent, while Morison followed with 9.68 percent as shown below. Sterling bank emerged the most traded stocks with 37473362.00 shares valued at N57825053.65.

Top Gainers 

Symbols Last Close Current Change %Change
CORNERST N 0.50 N 0.55 0.05 10.00 %
MORISON N 1.24 N 1.36 0.12 9.68 %
LEARNAFRCA N 0.92 N 0.98 0.06 6.52 %
AFRIPRUD N 6.05 N 6.40 0.35 5.79 %
COURTVILLE N 0.20 N 0.21 0.01 5.00 %

Top Losers 

Symbols Last Close Current Change %Change
ABBEYBDS N 1.05 N 0.95 -0.10 -9.52 %
CHIPLC N 0.74 N 0.67 -0.07 -9.46 %
CWG N 1.24 N 1.15 -0.09 -7.26 %
WAPIC N 0.57 N 0.53 -0.04 -7.02 %
REGALINS N 0.48 N 0.45 -0.03 -6.25 %

Top Trades

Symbols Volume Value
STERLNBANK 37473362.00 57825053.65
ETI 27396295.00 142467020.85
WEMABANK 27146019.00 15001766.29
GUARANTY 26491561.00 745342100.20
JAPAULGOLD 22136983.00 11040985.74

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Nigerian Stock Exchange

Stock Market Gains N230 Billion Last Week

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Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited gained N230 billion last week as more stocks closed in the green.

The market value of listed stocks and the Nigerian Exchange Limited All-Share Index expanded by 1.11 percent to close the week at N20.41 trillion and 39.156.28 index points, respectively.

Investors traded 1.06 billion shares valued at N12.8 billion in 17,854 transactions during the week, against a total of 1.08 billion shares worth N9.55 billion were traded in 17,933 transactions in the previous week.

In terms of volume traded, the financial services industry led the activity table with 714.677 million shares estimated at N5.95 billion traded in 9,718 transactions. Therefore, contributing 67.53 percent and 46.38 percent to the total equity turnover volume and value traded, respectively.

This was followed by the consumer goods industry with 97.18 million shares estimated at N3.29 billion in 3,006 transactions.

In third place was the ICT industry with a turnover of 75.99 million shares valued at N583.72 million in 679 deals.

The top three most traded stocks (measured by volume) were Zenith Bank Plc, Sterling Bank Plc and Fidelity Bank Plc. The three accounted for 261.34 million shares valued at N2.71 billion and traded in 2,862 deals. The top three most traded equities in the week contributed 24.70 percent and 21.13 percent to the total equity turnover volume and value.

During the week, 35 stocks closed in the green, against 33 posted in the previous week. A total of 36 equities rose as against 33 equities in the previous week, while 89 equities remained unchanged as against 94 in the previous week.

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