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Nigerian Exchange Group Insiders Offload Almost N1 Billion Worth of Shares

Substantial Shareholders in the Nigerian Exchange Group (NGXGroup) offloaded almost N1 billion worth of shares at the exchange floor of the Nigerian stock market within two months.

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Nigerian Exchange Group- Investors King

Substantial Shareholders in the Nigerian Exchange Group (NGXGroup) offloaded almost N1 billion worth of shares at the exchange floor of the Nigerian stock market within two months.

This was announced via the Nigerian Exchange Limited (NGX) platform accessed by Investors King and signed by the company secretary, Mojisola Adeola.

Investors king gathered that Woodland Asset Management Company Ltd, an investment manager company sold its 200,000 shares at N21.90 a share at an estimated N4, 380,000 on the 2nd of September, 2022. The same company disposed another 240,000 shares at N19.94 per share worth N4,785,600 on the 4th of October, 2022.

On September 22nd 2022, Cardinal Stone Partners Ltd, an investment banking firm sold its 25,423,999 shares at a price of N18.00 a unit to divest a total sum of N457,631, 982.

Similarly, Equity Capital Solutions Ltd, a licensed capital market operator sold its 50,000 shares at N20.00 per share on the 8th of September, 2022. Amounting to N1,000,000 in divestment. Also, Equity Capital Solutions offloaded another 150,000 shares at a price of N19.90 per share (N2,985,000). To bring the company’s total divestment within the period under review to N3,985,000.

Miri Strategic Emerging Markets Fund LP, a Hedge Fund based in Massachusetts sold its 1,500,000 shares at N19.76 per share, amounting to N29,640,000 on the 16th of September, 2022, and sold another 23,500,000 shares at N16.77 per share at an estimated value of N394,095,000 on the 28th of September, 2022.

Bringing it all together, the amount of the total shares offloaded by the substantial shareholders of the Nigerian Exchange Group is 51.064 million valued at N894.5 million.

NGXGROUP was listed in October 2021 following demutualisation of the Nigerian Stock Exchange (NSE). NGXGROUP listed 1,964,115,918 at N16.15 a unit before the shares took off, gaining N7.4 within four days of its listing. Since then the stock has been on the decline following a series of weak economic fundamentals.

Insiders, the company’s top executive with a substantial stake in the firm, have now started selling off their holdings to avert further catastrophe ahead of the 2023 national elections.

Nigeria’s Security and Exchange Commission (SEC) instituted insider disclosure to enforce transparency across the Nigerian Exchange Limited (NGX) by alerting minority investors and stakeholders in general to the activities of companies’ executives.

Here is the logic, activities of executives can give clues as to happenings within an organisation. For instance, the aggressive selling of NGXGROUP shares indicated possible issues and challenges going forward or a lack of confidence in the company’s future considering that top executives with insider knowledge of the company’s financial position, deals and other vitals are the ones selling off their holdings.

Meanwhile, the Nigerian Exchange Group released its notice of Board Audit and Statutory Audit Meeting informing the Nigerian Exchange Limited and the investing public that an emergency meeting of the Board Risk and Audit Committee to consider the third quarter unaudited financial statement of the Nigerian Exchange will hold today, October 24, 2022.

Following its consideration and the board’s approval, the third quarter unaudited financial statement of the exchange group will be submitted to the Securities and Exchange Commission and the Nigerian Exchange on October 30, 2022.

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Nigerian Exchange Limited

Nigerian Exchange Returns to Red Zone, Equity Investors Lose N67bn

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The Nigerian Exchange plunged back into the red zone on Thursday as equity investors incurred N67 billion in losses.

The downward trend was primarily attributed to widespread sell-offs observed across key sectors, including banking, insurance, and consumer goods.

The All-Share Index closed the trading session with a decline of 0.12 percent to settle at 101,239.10 index points while the market capitalization closed lower at N55.40 trillion.

Despite a brief respite earlier in the week, the market failed to sustain its positive momentum.

Year-to-date returns moderated to 35.39 percent, reflecting the volatile nature of recent trading sessions.

Trading activities remained subdued with a 16.43 percent decrease in traded volume to 252.9 million units.

Similarly, total traded value declined by 24.54 percent to N4.94 billion, accompanied by a 15.83 percent dip in total deals to 7,248.

Market breadth leaned towards negativity, with 22 gainers overshadowed by 28 losers.

The decliners included notable companies like Daar Communications, Wema Bank, and PZ Cussons, which collectively contributed to the bearish sentiment prevalent in the banking, insurance, and consumer goods sectors.

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Nigerian Exchange Limited

Nigeria’s Equities Market Rebounds, Gains N165 Billion Amid Investor Optimism

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Nigeria’s equities market rebounded on Wednesday as gained N165 billion in value amid renewed optimism and strategic re-entry into undervalued stocks.

The recent downturn which plagued the market earlier in the week saw investors holding back amidst uncertainties surrounding fixed-income securities’ interest rates.

However, Wednesday’s rebound reflected a shift in sentiment as investors identified opportunities for lucrative returns in value stocks.

Key players such as BUA Cement and FBN Holdings spearheaded the market’s upward trajectory with notable gains observed across various sectors.

BUA Cement surged by 4.93% from N142.95 to N150 per share while FBN Holdings gained by 9.96% from N26.10 to N28.70 per share.

Despite these gains, Okomu Oil Palm experienced a decline with its share price dropping from N270 to N243, representing a 10% decrease.

The market’s positive performance defied earlier projections of a prolonged bearish trend. Analysts had anticipated a continuation of the subdued market activity due to prevailing uncertainties in the fixed-income segment.

Wednesday’s trading session saw increased activity, with investors exchanging 302,739,517 shares valued at N6.552 billion across 8,611 deals.

Active trading was observed in stocks such as FBN Holdings, Japaul Gold, Transcorp, Veritas, and GTCO.

The surge in the equities market reflects investors’ resilience and their confidence in the long-term prospects of Nigeria’s economy.

It also underscores the dynamic nature of the market, where strategic investments and timely interventions can yield substantial gains even in challenging times.

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Nigerian Exchange Limited

Honeywell Flour Mills, BUA Cement Lead Losers as Nigerian Market Dips N730bn

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The Nigerian equity market continued its downward spiral as Honeywell Flour Mills and BUA Cement emerged as the top losers.

The All-Share Index (ASI) declined by 1.30 percent to settle at 101,060.67 points while the market capitalization plummeted to N55.298 trillion, representing a decline of N730 billion in just two consecutive trading days.

The bearish trend which commenced on Monday persisted as investors grappled with mounting concerns over economic uncertainties and global market dynamics.

Honeywell Flour Mills led losers with a 10 percent decline to close at N3.60 per share. Followed closely by BUA Cement’s 9.98 percent of its share value to settle at N142.95.

PZ Cussons also experienced a notable dip, posting a 9.75 percent loss to close at N27.30 per share.

The persisting sell-offs predominantly affected medium to penny stocks, with only eight equities managing to record gains amidst 43 losses.

Market analysts attributed the performance to a combination of factors, including ongoing global economic uncertainties, currency devaluation concerns, and profit-taking activities by investors.

The decline in trading activity was evident as the total volume and value of trades witnessed significant declines, reflecting a cautious approach by investors amid the prevailing market turbulence.

Despite the challenges, industry experts urge investors to remain vigilant and adopt prudent investment strategies to navigate the unpredictable market terrain, emphasizing the importance of diversification and long-term investment perspectives in mitigating risks and preserving capital in volatile market conditions.

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