Zenith Bank’s non-Executive Director Purchases 578,574 Zenith Shares
Zenith Bank Plc on Monday disclosed that a non-Executive Director, Prof. Oyewusi Ibidapo-Obe, purchased 578,574 shares of Zenith Bank Plc.
In a statement released on the Nigerian Stock Exchange and signed by Michael Osilama Otu, Company Secretary/General Counsel, Zenith Bank, the lender said the transaction took place on May 15th 2020 at the Nigerian Stock Exchange in Lagos.
Prof Oyewusi Ibidapo-Obe purchased the shares at N15.35 per share, according to the details of the transaction. See the details below.
Nigerian Stock Exchange to Benefit From Low Valuations – Experts
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.
Stock Market Cap Appreciates by N14 Billion this week as NSE All-Share Index Dips
Stock Market Gained by N14 Billion this week Amid Economic Uncertainties
The market value of the Nigerian Stock Exchange expanded by N14 billion this week despite weak market sentiment amid growing economic uncertainties.
Investors traded a total turnover of 1.139 billion shares worth N12.692 billion in 17,109 deals during the week, against a total of 1.226 billion shares valued at N10.842 billion that exchanged hands in 19,529 deals in the previous week.
The sectoral performance showed the Financial Services industry led activity chart in terms of volume traded with 870.300 million shares valued at N7.863 billion traded in 9,427 deals, therefore, contributing 76.43 percent and 61.95 percent to the total equity turnover volume and value, respectively.
The Industrial Goods industry followed with 62.689 million shares worth N1.162 billion in 1,557 deals. The third place was the ICT industry, with a turnover of 50.859 million shares worth N2.552 billion in 619 deals.
Trading in the top three equities namely FBN Holdings Plc, Guaranty Trust Bank Plc and Access Bank Plc. (measured by volume) accounted for 353.048 million shares worth N4.018 billion in 3,095 deals, contributing 31.00% and 31.66% to the total equity turnover volume and value respectively.
A break down of the week activities showed investors traded 257,027,926 shares valued at N3,320,061,770 in 3,567 deals on Monday, September 14, 2020. While 245,139,497 shares worth N3,013,027,933 exchanged hands in 3,597 transactions on Tuesday of the same week.
Investors traded 211,816,446 shares valued at N2,417,710,834; 231,201,739 shares worth N2,095,227,478 and 193,495,274 shares valued at N1,845,658,982 in 3,651, 3,360 and 2,934 deals on Wednesday, Thursday and Friday, respectively.
The market capitalisation of listed equities appreciated by 0.10 percent or N14 billion from N13.351 trillion last week to N13.365 trillion this week.
While NSE All-Share Index depreciated by 0.08 percent or 19.38 basis points from 25,591.95bps last week to 25,572.57bps this week.
Weak Patronage Forces Prestige Assurance to Extend Offer Period for Rights Issue
Prestige Assurance Extends Offer Period for Rights Issue
Prestige Assurance has extended the offer period for the rights issue of 13,635,796,006 ordinary shares of 50 Kobo each at 50 Kobo per share on the basis of Thirty-Eight (38) new ordinary shares for Fifteen (15) ordinary
The company disclosed this in a statement signed by Godstime Iwenekhai Head, Listings Regulation, Prestige Assurance Plc and forwarded to the Nigerian Stock Exchange (NSE) on Friday.
The decision to extend the offer period may not be unconnected to the drop in patronage due to the negative impacts of COVID-19 on Nigerians and slow economic growth.
It said “Prestige Assurance Plc – Extension of Offer Period for the Rights Issue of 13,635,796,006 Ordinary Shares of 50 Kobo Each at 50 Kobo Per Share on the Basis of Thirty-Eight (38) New Ordinary Shares for Fifteen (15) Ordinary Shares Held.”
“Further to our Market Bulletin of 10 August 2020 with reference number: NSE/RD/LRD/MB39/20/08/10, Dealing Members are hereby informed of the extension of the offer period of Prestige Assurance Plc’s Rights Issue of 13,635,796,006 ordinary shares of N0.50 each at N0.50 per share on the basis of thirtyeight (38) new ordinary shares for every fifteen (15) ordinary shares held as at the close of business on 31 January 2020 (the Offer).
“The Nigerian Stock Exchange has received a confirmation from the Securities and Exchange Commission to extend the offer period by two (2) weeks. With this extension, the Offer which was initially scheduled to close on Thursday, 17 September 2020 will now close on Wednesday, 30 September 2020.”
Business2 months ago
Nneka Ede Purchases Portuguese Football Club, Lusitano Ginasio Clube
News2 months ago
British High Commission to Start Accepting Visa Applications From Nigerians Soon
Business2 months ago
Seplat Appoints Emeka Onwuka as CFO, Executive Director
Forex2 months ago
Naira-USD Exchange Rate to Hit N430 – Report
Finance3 months ago
DSS Arrests EFCC, Acting Chairman, Magu
Government2 months ago
FG Puts School Resumption Plan on Hold as COVID-19 Cases Hit 30,000
Forex2 months ago
Naira Declines Against Pound, Euro After Devaluation
Business2 months ago
TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall