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Cadbury, Wapco, Zenith Bank, Others Drag Stock Market Down on Wednesday

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Stock Market Closed in the Red on Wednesday

The Nigerian Stock Exchange closed in the red on Wednesday as stocks of Cadbury, Wapco, Zenith Bank and others closed in the red.

Investors traded 211.816 million shares valued at N2.418 billion in 3,651 transactions during the trading hours of Wednesday.

The market capitalisation of listed equities declined by 0.19 percent to N13.353 trillion while the NSE All-Share Index dipped to settle at 25,550.31 basis points.

FCMB led the most traded stocks with 30,330,031 shares valued at N62,182,204.17 while Access Bank, UBA and Zenith Bank followed with 20,974,396; 18,569,571 and 17,986,821 worth N139,403,579.80; N109,651,119.40 and N306,340,033.75. See the details below.

Top Trades

Symbols Volume Value
FCMB 30,330,031 N62,182,204.17
ACCESS 20,974,396 N139,403,579.80
UBA 18,569,571 N109,651,119.40
ZENITHBANK 17,986,821 N306,340,033.75
FBNH 13,537,826 N67,406,854.10

Top Losers

Symbols Last Close Current Change %Change
CADBURY N7.75 N7.1 -0.65 -8.39%
WAPCO N13.5 N13 -0.5 -3.70%
NEM N2.25 N2.03 -0.22 -9.78%
INTBREW N3.2 N3 -0.2 -6.25%
ZENITHBANK N17.2 N17 -0.2 -1.16%

Top Gainers

Symbols Last Close Current Change %Change
NB N41.05 N42 0.95 2.31%
BERGER N6.05 N6.5 0.45 7.44%
UBN N5 N5.35 0.35 7.00%
CAP N17 N17.1 0.1 0.59%
UCAP N3.01 N3.11 0.1 3.32%

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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United Capital Lists N10Billion Senior Unsecured Fixed Rate Series I Bonds

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United Capital N10Billion Senior Unsecured Fixed Rate Series I Bonds

United Capital Plc on Tuesday announced it has listed N10Billion 5 Year 12.5 per cent Senior Unsecured Fixed Rate Series I Bonds Due 2025 Under the N30,000,000,000 Debt Issuance Programme.

In a statement released through the Nigerian Stock Exchange, the company said “United Capital Plc – Listing of United Capital Plc’s N10Billion 5 Year 12.5% Senior Unsecured Fixed Rate Series I Bonds Due 2025 Under the N30,000,000,000 Debt Issuance Programme.”

“Dealing Members are hereby notified that United Capital Plc’s N10Billion 5 Year 12.5% Senior Unsecured Fixed Rate Series I Bonds Due 2025 under the N30,000,000,000 Debt Issuance Programme were today Tuesday, 22 September 2020 listed on Daily Official List of The Nigerian Stock Exchange.”

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Nestlé S.A. Up Stake in Nestle Nigeria Plc to 66.3%

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Nestlé S.A. Switzerland Increased Stake in Nestle Nigeria Plc to 66.3%

Despite growing economic uncertainties amid a decline in economic productivity, Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has continued to up its ownership percentage in Nestle Nigeria.

Nestlé S.A, Switzerland now owned 66.3 percent of the Nigerian subsidiary.

This was after the company purchased additional shares of 229,697 units in Nestle Nigeria to bring the company’s total purchase from August 20 to date to 977,744 units.

Nestlé S.A has now spent a total sum of N1.17 billion to buy shares in three transactions in its Nigerian subsidiary in 22 days.

A break down of the transactions revealed that the purchase consideration for the 229,697 additional units of Nestlé Nigeria shares at an average price of N1,249.65 per unit is put at N287 million.

Experts said Nigerian shareholders were willing to sell because of the ongoing economic hardships being witnessed in the country.

The National Coordinator, PSAN, Boniface Okezie, said, “It is expected for the foreigners to take the holdings since Nigerian shareholders are offering to sell and no domestic investor has the ability to purchase.

“I don’t see it as a mission to take over the company; I believe it is a morale booster to the Nigerian company. The regulators are watching and they will react if they are crossing the threshold.”

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Nigerian Stock Exchange to Benefit From Low Valuations – Experts

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Stock Market to Benefit From Low Valuations – Experts

Investment experts have said the Nigerian Stock Exchange would benefit from low stock valuations despite the present mixed performance following sell pressure in banking stocks.

The experts hinged their analysis on the usual investors’ search for undervalued yields with strong fundamentals.

The NSE market capitalisation expanded by N14 billion last week but the All Share Index declined by 0.08 percent 25,572.57 basis points, highlighting the mixed performance of the Exchange amid growing economic uncertainties.

The analysts at Cordros Capital, in the review of the week performance, said the bourse could see a positive performance in the long run over compelling valuations while advising investors to exercise cautions when buying given current uncertainties.

They stated: “In the absence of a positive catalyst, and given the still uninspiring macro story, we guide investors to trade cautiously in the short term.

“However, we expect the market might benefit over the longer term on compelling valuations and as investors seek alpha-yielding opportunities in the face of negative real returns in the fixed income market.”

Experts at Afrinvest Securities, another Lagos-based investment banking company, said the new week would see investors taking profit, a situation they said could weigh on the Exchange and plunge stock value.

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