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Nigerian Exchange Limited Reclassified Okomu Oil From Medium Price to High Price Stock

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The Nigerian Exchange Limited (NGX) has reclassified Okomu Oil Palm Plc from the Medium-Priced Stock Group to the High-Priced Stock Group according to the Exchange’s Pricing Methodology.

The Exchange disclosed in a statement released last week.

The statement reads, “Trading License Holders are hereby notified of the reclassification of Okomu Oil Palm Plc from the Medium-Priced Stock Group to the High-Priced Stock Group, in line with The NGX’s Pricing Methodology framework.

“Equity securities of Quoted Companies on The Exchange (NGX) are classified into three Stock Price Groups or Categories – High-Priced, Medium Priced, and Low-Priced Stocks, based on their market price.

“In this regard, securities must have traded for at least four out of the most recent six month period within a Stock Price Group’s specified price band to be classified into the category.

“Accordingly, a review of Okomu Oil Palm Plc stock price and trade activities over the most recent six-month period provides the basis for reclassifying the security from the Medium-Priced Stock Group to the High-Priced Stock Group. This reclassification also necessitates the attendant change in the tick size change from N0.05 kobo to N0.10 kobo – in line with Rule 15.29: Pricing Methodology, Rulebook of The Exchange, 2015 (Trading License Holders’ Rules).

“Okomu Oil Palm Plc stock price appreciated above the N100 price level on June 8, 2021 and traded above N100 up till close of business on October 22, 2021. This indicates that Okomu Oil Palm Plc stock price has traded above N100 in at least 4 months out of the last 6 months.

“Resultantly, Okomu Oil Palm Plc has been reclassified from the Medium-Priced Stock Group to the High-Priced Stock Group with effect from Wednesday November 3, 2021.”

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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Capital Market

Leaf Investment & Realtors Limited Acquires 1.97 Billion Shares in Oando Plc

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Oando Plc

Leaf Investment & Realtors Limited has acquired 1,968,452,614 shares in Oando Plc, according to the disclosure filing released via the Nigerian Exchange Limited.

Oando Plc, an indigenous oil company based in Nigeria, announced that Leaf Investment & Realtors Limited acquired Alhaji Dahiru Mangal’s interest in Oando Plc.

Therefore, based on the latest acquisition, Leaf Investment & Realtors Limited now holds a 15.83 percent stake in Oando Plc.

Oando’s statement reads “In accordance with Rule 17:13 (a) of the Nigerian Exchange Limited Issuers’ Rules, we hereby announce the acquisition of Alhaji Dahiru Mangal’s interest of 1,968,452,614, shares in Oando PLC by Leaf Investment & Realtors Limited.

“Based on the above, by Leaf Investment & Realtors Limited now holds 15.83% of Oando PLC.”

The statement is in line with the SEC disclosure act instituted two years ago to enforce transparency across the Nigerian capital market.

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Leadway Pensure’s First Bank Shares Belong to RSA Owners – PenCom

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FirstBank Headquarter - Investors King

The National Pension Commission (PenCom) has confirmed that any funds that have been invested in First Bank Holdings Ltd (FBNH) by Leadway Pensure Ltd belong to holders of Retirement Savings Accounts (RSA).

This has apparently silenced any claims that Tunde Hassan-Odukale and some entities related to him own a 5.36% stake in First Bank, which would have made Hassan-Odukale the single, largest shareholder in the company.

It seemed to be competitive, as after popular billionaire business Femi Otedola acquired a 5.07% stake in the bank, company secretary Seye Kosoko wrote to the Nigerian Exchange Limited (NGX), signing off Leadway Pensure PFA’s (Pension Fund Administrator) whole 2.11% stake to Tunde Hassan-Odukale.

After this, Kosoko was also responsible for listing 1.36% of the investment stated as “ZPC/Leadway Assurance Prem & Inv Coll Acct” in the favour of Hassan-Odukale.

The clarification from PenCom confirmed that the shareholding which has been ascribed to Hassan-Odukale will most likely be reduced to not up to 4%, with Leadway Pensure’s stake in the bank being classified.

PenCom issued a statement on Friday which stated that it did not break any laws by investing in First Bank, contrary to reports circulating the media.

The Pension Commission however said that any equity investments made by Leadway Pensure in FBN Holdings on behalf of the pension funds which it manages are in the name of the pension fund and belong to the RSA. It went further to state that the investments cannot be considered shareholdings of any party related to the PFA.

The Commission’s statement attributed the media reports to the lack of knowledge of the Investment Regulation which was issued by the Commission.

The Commission made reference to records held by the Securities and Exchange Commission, which confirm that the equity investments in FBN Holdings are made in the name of the Pension Fund for RSA holders.

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Small Shareholders in Samsung Surpass Five Million

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The number of small shareholders in the Korean tech giant, Samsung has exceeded 5 million after huge stock investment by local investors. This was according to data gathered on Monday.

According to official data released by Samsung, about 5.18 million small investors now invest in the top company as of the end of September, triple the number recorded in the same period last year. The exponential increase in the number of investors was due to the company’s status as one of the world’s leading companies in smart technologies, including refrigerators, televisions, laptops, chips, mobile phones, etc.

A considerable amount of local and retail investors had bought into Samsung Electronics this year despite foreign holders relinquishing their holdings in the most coveted stock in Korea. In the first nine months of 2021, retail investors bought a net $27.9 billion or 32.9 trillion South Korean won worth of Samsung stocks.

The high number of investors from January to September 2021 alludes to a high level of confidence in the company’s present performance, as well as the company’s potential to perform even better in the future (either near or distant). The show of confidence in the company stock is likely to motivate a new wave of investors, who are convinced by the mass action taken concerning the Samsung stock.

According to discussions by analysts, investors may have been drawn to the country’s most valuable company, in the middle of a surge in market liquidity and tougher government regulations on the housing market. The recent surge in the number of small investors can be said to be an indication of greater standing in Samsung, the world’s top smartphone and memory chip maker.

However, this month they sold a net 486 billion South Korean won ($412 billion) worth of Samsung Electronics stock due to a slump in the company’s stock price.

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