Investors Gain N1 trillion from Investing in Stock of MTN Nigeria
MTN Nigeria’s stock investors have gained about N1 trillion between April 2020 and October 2020, according to the Nigerian Communications Commission (NCC).
The commission said Nigerians have started riping the reward of MTN Nigeria listing on the nation’s bourse, asserting that MTN Nigeria’s stock investors have “raked in approximately N1 trillion in price appreciation and dividends since April 2020”.
Dr Ikechukwu Adinde, the Director of Public Affairs, NCC, said listing MTN Nigeria in the Nigerian capital market was as a result of collective efforts of both the Central Bank of Nigeria and the regulatory body.
“The listing of MTN was as a result of NCC’s effective regulatory action taken during the mobile network operator’s fine settlement agreement in 2016, which compelled the telco to, among other things, list on the Nigerian Stock Exchange (NSE),” he said.
The statement reads: “The listing was one of the outcomes of the NCC’s stringent regulatory posture, which served as tonic for other telcos such as Airtel to follow the same direction.
“As the country’s independent telecoms regulatory authority, the NCC, working with the Central Bank of Nigeria (CBN), facilitated the landmark listing of the country’s largest telecommunications operator on the bourse.
“That important regulatory action enabled Nigerians, consistent with the Nigerian Communications Act (NCA) 2003, to partly, own, manage and control MTN. This bold and courageous regulatory action is now transforming lives and boosting the economy.
Adinde also explained that listing the telecom giant has helped promote local investment and ownership in the telecom industry.
He said “With MTN shares available in the capital market, it is expected that Nigerians will buy shares and by purchasing the shares of MTN, they will be financially empowered and be socially transformed.”
“Also, one of the benefits of listing on the NSE is that telcos have enormous opportunity for raising more capital for network expansion, which will, in turn, bring about improvement in the quality of service delivery and quality of experience for telecom consumers,” he added.
Conoil Declares N1.39 Billion Dividend for 2019 Financial Year
Conoil to Pay Shareholders N1.39 Billion Dividend for 2019 Financial Year
Conoil Plc has approved N1.39 billion dividend payment for its shareholders for the 2019 financial year.
In a statement released by the company on Sunday, shareholders of the company would get a dividend of 200 kobo per 50 kobo ordinary share.
At the virtual 50th Annual General Meeting held on Friday in Lagos, the shareholders agreed unanimously in the commendation for the board and management for the company’s performance and consistency in the payment of dividends.
Conoil grew profit before tax by 10.4 percent to N2.83 billion in the 2019 financial year while profit for the expanded by 9.8 percent to N1.97 billion during the same period.
The oil marketer also grew total assets by 4.4 percent to N63.6 billion while interest expense declined by 26 percent to N1.1 billion during the 2019 financial year.
Addressing shareholders of the company, Mike Adenuga Jr., the Chairman, Conoil Plc, said the strong performance was in line with the promise made to shareholders regarding better execution of value-added products and services.
The chairman said the oil company has set an ambitious growth strategy, driven by broad market penetration and innovation, for the next five years.
Zimbabwe Government Introduces US Dollar Stock Exchange to Lure Investors
Zimbabwe Introduces US Dollar Based Stock Exchange Market to Lure Foreign Investors
The Government of Zimbabwe has introduced US dollar based Stock Exchange market to lure global investors to the embattled economy.
The new stock exchange known as Victoria Falls Stock Exchange is a subsidiary of the Harare-based Zimbabwe Stock Exchange (ZSE) and will commence trading on Monday, according to the state-run Herald newspaper.
According to the Minister of Finance, Zimbabwe, Mthuli Ncube, The new Exchange based in northwestern Victoria Falls, the country’s premier tourism destination – marked “the foundation stone” for building the town into an “offshore financial hub”.
He said “We saw an opportunity to work with the ZSE in creating a global platform for the trading of stocks in foreign currency, and to do it in a way that promotes foreign investment into Zimbabwe.”
The finance minister said the new bourse will cater mainly for mining conglomerates and giant international corporates such as insurance giant Old Mutual.
Zimbabwe continues to struggle with low foreign exchange amid worst economic crisis in more than a decade.
President Emmerson Mnangagwa, who came into power through military coup in 2017, blames the current economic crisis on unnamed “detractors” and Western-imposed sanctions.
Nigerian Stock Exchange Gains Slightly this Week Despite Unrest
Stock Market Gained N19 Billion this Week Despite Unrest
The Nigerian Stock Exchange appreciated by N19 billion this week despite the #EndSARS protest that grounded business activities in major cities.
Investors traded a total turnover of 1.505 billion shares worth N19.668 billion in 20,552 deals during the week, against a total of 1.955 billion shares valued at N22.978 billion that exchanged hands last week in 22,844 deals.
In terms of volume traded, the Financial Services industry led the activity chart with 1.196 billion shares valued at N14.950 billion traded in 11,318 deals; thus contributing 79.47 percent and 76.01 percent to the total equity turnover volume and value respectively.
The Conglomerates industry followed with 97.167 million shares worth N269.045 million in 516 deals.
In third place was the Consumer Goods, with a turnover of 77.588 million shares worth N1.928 billion in 3,461 deals.
Trading in the top three equities was Guaranty Trust Bank Plc, Access Bank Plc and United Bank for Africa Plc. The three accounted for 633.527 million shares worth N10.006 billion in 3,887 deals, together they contributed 42.08 percent and 50.87 percent to the total equity turnover volume and value, respectively.
The Nigerian Stock Exchange Market Capitalisation expanded by 0.13 percent or N19 billion during the week from N14.980 trillion last week to N14.999 trillion this week.
The NSE All-Share Index also gained 0.13 percent or 37.61 basis points from 28,659.45 bps it closed last week to 28,697.06 bps this week.
The index year-to-date return rose to 6.91 percent when the quarter-to-date has risen by 6.95 percent.
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