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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.

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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

Stock Market Sustains Gain as Investors Pocketed N1.668 Billion Last Week

The Exchange year-to-date return jumped by 172.36% from the 4.16% it closed in the previous week to 11.33% last week

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stock bull - Investors King

The Nigerian stock market extended gains last week after posting a N292 billion gain in the previous week as more investors jumped on oversold stocks with strong fundamentals.

During the week, activity rose with a total of 711.618 million shares worth N15.338 billion traded in 16,662 deals, against a total of 694.376 million shares valued at N8.667 billion that exchanged hands in 15,418 deals in the previous.

The financial services industry led the activity chart with 461.230 million shares valued at N3.697 billion traded in 7,653 deals. Therefore, contributed 64.81% and 24.10% to the total equity turnover volume and value, respectively.

The Conglomerates Industry followed with 99.881 million shares worth N139.213 million in 582 deals. In third
place was the ICT Industry, with a turnover of 37.953 million shares worth N7.577 billion in 1,050 deals.

Transnational Corporation Plc, AIICO Insurance Plc and Zenith Bank Plc were the three most traded equities during the week. The three accounted for 194.600 million shares worth N1.191 billion in 1,974 deals and contributed 27.35% and 7.76% to the total equity turnover volume and value, respectively.

The Nigerian Exchange Limited (NGX) All-Share Index appreciated by 6.88% or 3,061.61 index points to close at 47,554.34 index points last week, up from 44,492.73 index points recorded in the previous week.

Market value of all listed equities improved by N1.668 billion from N24.234 trillion posted in the previous week to N25.902 trillion last week.

Similarly, all other indices finished higher with the exception of NGX Oil & Gas and NGX Sovereign Bond, which depreciated by 1.29% and 0.32% respectively, while the NGX ASeM and NGX Growth indices closed flat.

Forty-nine equities appreciated in price during the week, higher than thirty-one equities in the previous week. Nineteen equities depreciated in price lower than thirty-three in the previous week, while eighty-nine equities remained unchanged, lower than ninety-three equities recorded in the previous week.

The Exchange year-to-date return jumped by 172.36% from the 4.16% it closed in the previous week to 11.33% last week, Investors King research has shown. See the details of the top gainers and losers below.

 

 

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Nigerian Exchange Limited

Stock Investors Gained N292 Billion Last Week

A total of 694.376 million shares worth N8.667 billion exchanged hands in 15,418 deals, in contrast to a total of 1.101 billion shares valued at N11.714 billion that exchanged hands in 15,697 deals in the previous week.

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stock - Investors King

Investors in the Nigerian Exchange Limited (NGX) gained N292 billion last week as thirty-one equities led by Axamansard Insurance closed in the red.

During the week, a total of 694.376 million shares worth N8.667 billion exchanged hands in 15,418 deals, in contrast to a total of 1.101 billion shares valued at N11.714 billion that exchanged hands in 15,697 deals in the previous week.

The Financial Services Industry led the activity chart with 487.150 million shares valued at N4.229 billion traded in 7,527 deals. Therefore, contributing 70.16% and 48.80% to the total equity turnover volume and value, respectively.

The Conglomerates Industry followed with 61.896 million shares worth N77.471 million in 396 deals. The third place was the Consumer Goods Industry, with a turnover of 40.042 million shares worth N1.243 billion in 2,713 deals.

Access Holdings Plc, Transnational Corporation Plc and Fidelity Bank Plc accounted for 232.923 million shares worth N1.237 billion in 1,316 deals and contributed a combined 33.54% and 14.27% to the total equity turnover volume and value respectively.

The NGX-All Share Index appreciated by 1.22%, or 535.97 index points from 43,956.76 index points recorded in the previous week to 44,492.73 index points last week

Market Capitalization of all listed equities also rose by 1.22% to close the week at N24.234 trillion, up from the N23.942 trillion it closed in the previous week.

Similarly, all other indices finished higher with the exception of NGX Insurance, NGX Consumer Goods, NGX Oil & Gas, NGX Lotus II and NGX Industrial Good, which depreciated by 1.34%, 1.05%, 0.84%, 0.19% and 0.66% respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond indices closed flat.

Thirty-one equities appreciated in price during the week, higher than twenty-seven equities in the previous week. Thirty-three equities depreciated in price lower than thirty-six in the previous week, while ninety-three equities remained unchanged, lower than ninety-four equities recorded in the previous week.

The year-to-date gain improved to 4.16%. See the details of top gainers and losers below.

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Nigerian Exchange Limited

Nigerian Breweries Shareholders May Receive N85 Billion in Bonus Shares

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Nigerian Breweries - Investors King

Nigerian Breweries shareholders have been recommended to receive bonus shares worth approximately N85 billion from the company. 

This was revealed following a regulatory filing over the weekend. The board of NB stated that in order to comply with the Corporate Affairs Commission’s directive for companies to remove unissued shares from their books, a bonus issue of one ordinary share of 50 kobo each will be issued to shareholders in the register of members at the close of business on Tuesday, December 06, 2022. 

It also stated that the bonus shares with a nominal value of N1.03 billion will be issued from the company’s share premium account, which had a balance of N77.5 billion and N84 billion as of October 31, 2022, according to the 2021 audited report and accounts. 

Investors King gathered that NB’s share price rose by N3.75 to N41.25 during last week’s trading session, according to the Nigerian Exchange Group Limited

Shareholders are expected to consider and approve an increase in the company’s share capital from N5 billion to N5.138 billion through the issuance of an additional 276.132 million ordinary shares of 50 kobo each, with such new shares ranking equally with the existing ordinary shares in the company’s share capital. 

The Extraordinary General Meeting is also expected to direct the board to amend the company’s Memorandum of Association in accordance with the resolutions, as well as to give the board the authority to carry out any other acts, deeds, or things they deem necessary to give effect to the resolutions, such as signing or authorizing the signing of all relevant documents and appointing any necessary professional adviser; and that all previous actions taken by the director be reversed.

A resolution authorising the capitalization of N1.028 billion from the share premium account for the payment of bonus shares of 2.055 billion shares to be distributed among members in the proportion of one new share for every four shares held is also expected to be approved by shareholders in accordance with Article 129 of the company’s Articles of Association.

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