Tony Elumelu, Relatives Increase Stake in UBA
In eight different filings with the Nigerian Stock Exchange (NSE), the Board Chairman, UBA, Tony Elumelu and relatives increased stake in United Bank for Africa (UBA) in a move that suggested confidence in the lender’s future and an opportunity to increase Elumelu family’s stake in one of Africa’s largest banks.
In one of the filings, Awele Elumelu, one of the relatives purchased 156,097 shares at N5.9999 per share on Tuesday, September 22, 2020 in Lagos.
This was followed by Nneka Elumelu and Ogechukwu Elumelu, relatives of the Chairman that acquires 106,464 shares and 127,673 shares at N6.0 per share per unit on the same day in Lagos.
Ogechukwu Elumelu added 127,219 shares and another 106,428 shares at N6.0 per share to take her total purchases to 361,323 shares.
Onyinye Elumelu bought 107,250 shares at N6.0 per share while Toby Onyemaechi Elumelu purchased UBA shares in two transactions, 7,460 shares and 7,452 shares at N6.0 per share.
Tony O. Elumelu, CON, the Board Chairman of UBA, purchased 4,817,855 shares at N5.9999 per share.
Likely scenario for an all out purchases, the family may want to capitalise on the low stock price given the current weak stock market outlook or there is an underground deal or detail they are privy to as witnessed during access bank Zambian acquisition a few months back.
The move may also be a gift to relatives from one of Africa’s richest men.
NSE Refutes Anonymous/Hacker Claims, Says It Website Not Hacked
Nigerian Stock Exchange Says Not Hacked by Anonymous/Hacker
The Nigerian Stock Exchange (NSE) has refuted the claim by a certain anonymous group that it has hacked the company’s website and illegally accessed the NSE database.
In a statement signed by the bourse management and released by the Exchange, it said “we have noted claims from unknown/anonymous groups that they have illegally accessed the website of the NSE. Please be aware that such claims are completely without foundation.
“There has been no breach of the NSE’s website, which continues to operate normally, maintained by the high levels of cyber-security which we have in place.”
It added that “should you have any further questions or receive any enquiries in this regard, please refer same to email@example.com.”
Global Markets Rise on Stimulus Hopes – but Avoid ‘Buy Everything’ Mindset
Global stock markets have been cheered on hopes of fresh fiscal stimulus in the U.S. imminently – but investors must avoid the ‘buy everything’ mindset, warns the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The comments from Nigel Green, chief executive and founder of deVere Group, follows House Democrat leader Nancy Pelosi saying over the weekend that she was “optimistic” regarding a stimulus deal before the presidential election on 3 November.
In Asia, Hong Kong’s Hang Seng gained 0.5% and Japan’s Nikkei climbed 1.1%, South Korea’s Kospi advanced 0.22%, Australia rose on the day, with the S&P/ASX 200 up 0.85%.
Meanwhile, London’s FTSE rose 0.6%, Germany’s Dax rose 0.9% and the Europe-wide Stoxx 600 climbed 0.8%.
U.S. futures also pointed higher.
Mr Green notes: “The possibility of a fresh fiscal stimulus shot in the U.S. – the world’s largest economy – is acting as a catalyst in driving global stocks higher.
“Investors are moving now to buy stocks to bolster their portfolios ahead of the announcements in the coming days when prices will jump even higher – so they’re taking advantage of what they see as the current lower entry points.”
He continues: “Once again, we’re seeing that few things can fuel markets like a stimulus injection – or even the possibility of one.
“Clearly, investors are not wanting to miss the boat, but they must also avoid the ‘buy everything’ mindset for two reasons.
“First, the markets are now assuming that the new stimulus is a done deal – it is not. If negotiations collapse, the market correction could be significant.
“Second, not all shares are created equal and stock markets are heavily unbalanced at the moment. A handful of firms in a handful of sectors are bringing up entire indexes.
“An experienced fund manager will help investors seek those most likely to generate and build their wealth over the long-term.”
The deVere CEO concludes: “Investing over the long-term on stock markets remains, as ever, one of the best and proven ways to accumulate wealth.
“However, investors must remember not to be complacent when an upbeat mood takes over the markets.”
Again, Nigerian Stock Exchange Remains Unchanged as Investors Stay on Sideline
The Nigerian Stock Exchange Was Unchanged on Thursday as Investors Stay on Sideline
Social unrest amid economic uncertainty continues to dictate sentiment of the Nigerian Stock Exchange as the bourse remained unchanged for the second straight day on Thursday.
Investors traded 342.193 million shares worth N5.039 billion in 4,048 transactions during the trading hours of Thursday.
The market capitalisation of the Nigerian Stock Exchange settled at N14.815 trillion, the same value it closed on Wednesday.
Similarly, the Nigerian Stock Exchange Index remained unchanged at 28,344.04 index points as investors stay on the sideline to assess the ongoing youth protests in the country.
In terms of the volume traded, UBA led with 92.871 million shares valued at N613.559 million. This was followed by Zenith Bank with 67.233 million shares worth N1.349 billion. See the details below.
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