Connect with us


Unity Kapital, GTB, AIICO Emerge Top Three Equities



Nigerian stock market
  • Unity Kapital, GTB, AIICO Emerge Top Three Equities

Unity Kapital Assurance Plc, Guaranty Trust Bank and AIICO Insurance Plc emerged the top three equities traded on the floor of the Nigerian Stock Exchange this past week.

Measured by volume, they accounted for 579.065 million shares worth N7.9bn traded in 1,856 deals, and contributed 37.66 per cent and 32.62 per cent to the total equity turnover volume and value, respectively.

In aggregate terms, a total turnover of 1.538 billion shares worth N24.218bn in 19,187 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.394 billion shares valued at N25.037bn that exchanged hands in 23,133 deals the previous week.

The financial services industry (measured by volume) led the activity chart with 1.209 billion shares valued at N14.21bn traded in 10,692 deals, thus contributing 78.65 per cent and 58.68 per cent to the total equity turnover volume and value, respectively.

The agriculture industry followed with 109.646 million shares worth N154.438m in 321 deals. The third place was occupied by the consumer goods industry with a turnover of 83.608 million shares worth N6.247bn in 3,726 deals.

Also traded during the week were a total of 390 units of Exchange Traded Products valued at N6,511.60 executed in five deals compared with a total of 5,168 units valued at N65,570.28 transacted the penultimate week in eight deals.

A total of 3,657 units of Federal Government bonds valued at N2,866,267.62 were traded last week in nine deals, compared with a total of 987 units valued at N986,951.99 transacted the week before in one deals.

The NSE All-Share Index and market capitalisation depreciated by 0.74 per cent to close the week at 36,646.46 and N12.631tn, respectively.

Similarly, all other indices finished lower during the week with the exception of the NSE Main Board, NSE Banking and NSE Consumer Goods Indices that appreciated by 1.34 per cent, 0.31 per cent and 2.38 per cent, respectively.

Thirty-two equities appreciated in price during the week, higher than 19 equities of the previous week. Forty equities depreciated in price, lower than 51 equities of the previous week, while 99 equities remained unchanged lower than 101 equities recorded in the preceding week.

Union Bank of Nigeria Plc, through its stockbroker – Chapel Hill Denham Securities Limited – submitted an application to the Exchange for approval and listing of a rights issue of 12,133,646,995 ordinary shares of 50 kobo each at N4.10 per share on the basis of five new ordinary shares for every seven ordinary shares held. The qualification date for the rights issue was August 21, 2017.

Paints and Coatings Manufacturers Nigeria Plc, through its Stockbroker – Meristem Securities Limited, submitted an application for a scheme of arrangement between the company and holders of its fully paid-up ordinary shares of 50k each. The scheme will lead to the delisting of the entire shares of Paints and Coatings Manufacturers Nigeria Plc from the daily official list of the Exchange.

Avon Crowncaps and Containers (Nigeria) Plc, through its stockbroker – Integrated Trust & Investments Limited – submitted an application for a scheme of arrangement between the company and holders of its fully paid-up ordinary shares of 50k each. The scheme will lead to the delisting of the entire shares of Avon Crowncaps & Containers from the daily official list of the Exchange.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market.

Continue Reading


Remove Face Mask When Using ATM, Banks Tell Customers



face mask

Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

Continue Reading


Access Bank in Talks to Acquire Cavmont Bank



Access bank

Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

Continue Reading


Mohammed Umar is the New Acting Chairman of EFCC




Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.


Continue Reading