Nigerian Exchange Limited

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.

Published

2 years ago

October 24, 2022

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 2^nd of September, 2022. The same company disposed another 240,000 shares at N19.94 per share worth N4,785,600 on the 4^th 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 8^th 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 16^th 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 28^th 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 Stock Market Ends Week on a High, ASI Gains 0.13% Amid Increased Trading Activity

Published

22 hours ago

October 12, 2024

Iyanuoluwa Martins

Nigerian Exchange Limited - Investors King

The Nigerian stock market closed on a positive note on Friday, October 11, 2024, with the All-Share Index (ASI) advancing by 0.13%, adding 129.44 points to settle at 97,606.63 index points.

The market recorded a total of 6,950 deals with a market capitalization of N56.08 trillion.

Trading activity saw a notable uptick, rising by 9% as the volume of shares traded increased from 277 million shares the previous day to 304 million shares.

The good performance in the market was driven by gains in the shares of FBNHoldings, Fidelity Bank, Fidson, Sterling Bank, Nigerian Breweries, United Capital, Mecure and 24 others.

As a result, year-to-date return went up to 30.54 percent as the number of companies closed in green stood at 31 against 17 firms that closed in red.

An analysis of the investment showed that Sterling Bank and Conhall Plc led gainers table with 9.45% to close at N4.98 and N1.39 per unit respectively, Mecure followed with a gain of 9.19% to close at N10.10 per unit, Regal Insurance added 9.09% to close at N0.72 per share while Fidson health care gained 8.24% to close at N15.10 per unit.

On the contrary, Deap Capital topped losers chart, dropping by 9.93% to close at N1.36 per share, NEM Insurance trailed with a loss of 9.71% to close at N7.90 per share, Daar Communications dipped by 9.52% to close at N0.57 per unit, Tantalizer down by 9.09% to close at N0.60 per unit while Dangote Sugar went down by 3.13% to close at N31.00 per share.

The volume of trades also went up by 26.685 million; representing 9.60% as investors traded 304.430 million Shares valued at N5.599 billion in 6950 deals against 277.745 million shares valued at N4.653 billion exchanged hands the previous day in 7091 deals.

Transactions in the shares of Access Holding Company led market activities with 68.257 million shares valued at N1.339 billion, Fidelity Bank followed with account of 43.156 million shares worth N630.123 million, and United Bank for Africa traded 25.437 million shares cost N67.593 million.

Others include Zenith Bank which traded 19.733 million shares valued at N739.183 million, Sterling Bank exchanged 12.451 million shares cost N60.075 million.

Market analysts note that the All-Share Index is projected to maintain its bullish momentum, with expectations of breaking above the 99,000-point mark in the coming weeks.

However, the wider Nigerian market environment may dent the market with inflation numbers for September 2024 due next week. The number has slowed in the last months and if it falls further, it could help drive favorable price trends.

Nigerian Exchange Limited

NGX Loses N5.7bn as Market Indicators Drop 0.01%

Published

2 days ago

October 11, 2024

Iyanuoluwa Martins

The Nigerian Exchange Limited (NGX) declined by N5.7 billion on Thursday as a key performance indicator shed by 0.01%.

The All-Share Index (ASI) reduced by 9.95 basis points to close at 97,477.19 points from 97,487.14 points and the market capitalisation closed at N56.014 trillion compared with midweek’s N56.020 trillion.

Total volume and total value traded fell by 22.01% and 33.07% respectively.

Investors traded approximately 277.75 million units valued at N4.6 bullion were transacted across 7,091 deals.

Fidelity Bank was the most traded stock in terms of volume, accounting for 15.62% of the total volume of traded on the Nigerian Exchange. Other volume drivers include UBA (11.06%), Zenith Bank (9.21%), Lasaco (7.97%), and Access Corporation (6.65%) to complete the top 5 on the volume chart.

Zenith Bank emerged as the most traded stock in value terms, accounting for 20.59% of the total value of traded on the exchange.

Given the market direction, the market breadth closed par, recording 22 gainers and 22 losers.

Regency Alliance topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by Caverton which gained +9.73%. Other gainers include Royal Exchange (+8.70%), ABC Transport (+8.20%), UPL (+7.14%), Guinness (+6.21%) and 16 others.

Daar Communication was the top loser, with a price depreciation of -10.00%. Other decliners include Livestock Feeds declining by 9.88%to N3.10. Sunu Assurances lost 9.7% to trade at N1.58, Fidson depreciated by 9.71% to N13.95, and Consolidated Hallmark Insurance crashed by 9.29% to N1.27 among 16 others.

The market sector performance was negative, as three of the five major market sectors were down, led by the banking sector, which dropped by 0.22%.

Also, the oil & gas sector dipped by -0.13% while the consumer goods sector fell by 0.05% and the industrial and insurance sectors closed flat.

The loss witnessed across these sectors can be tied to profit-taking by investors as the wider Nigerian macroeconomic environment became tougher due to inflationary pressures triggered by another hike in the price of petrol in the country, which will translate to denying investors’ pockets.

Nigerian Exchange Limited

Nigerian Stock Market Extends Losses By 0.1%, Investors Count N56bn Loss

Published

3 days ago

October 10, 2024

Iyanuoluwa Martins

The Nigerian Exchange Limited (NGX) sustained its bearish trend on Wednesday, October 9, as investors lost N56 billion after the equities market dropped 0.10%.

The equity capitalisation crashed to N56.02 trillion from N56.07 trillion recorded by the bourse on Tuesday.

The benchmark All-Share Index (ASI) decreased to 97,487.14 points from 97,584.81 recorded the previous trading day.

The market breadth was negative as 15 stocks advanced and 38 stocks declined, while 72 stocks remained unchanged in 8, 582 deals.

On the flip side, the top three losers were Ellah Lakes, ABC Transport and Eterna as they shed 9.84%, 9.63%, and 8.52% each to close at N4.40, N1.22 and N24.70 from the previous N4.88, N1.35, and N27.00 per share.

Lasaco, Mecure, and Julius Berger led other gainers with 10%, 9.47%, and 9.33% growth each in share prices to close at N2.53, N9.25, and N164.00 from the previous N2.30, N8.45, and N150.00 per share.

On the volume index, Fidelity Bank led trading with 66 million shares valued at N988 million in 279 deals followed by United Bank for Africa (UBA) which traded 38 million shares valued at N1 billion in 758 deals and Sterling Bank traded 33 million shares valued at N179 million in 156 deals.

On the value index, UBA recorded the highest value for the day trading stocks worth N1 billion in 758 deals followed by Fidelity Bank which traded equities worth N988 million in 279 deals and Oando traded shares valued at N934 million in 1,098 deals.