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Market capitalisation drops by N28bn, cause by Zenith Bank, NGXGroup, others

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By Philemon Adedeji

Activities in the domestic equities market yesterday remained weak with a dip of N28 billion, cause by losses in Zenith Bank Plc, NGXGROUP and 16 others.

In summary, the All Share Index (ASI) decreased by 51.79 absolute points, representing a decline of 0.10 per cent to close at 49,575.93 points. Similarly, the market capitalisation lost N28 billion, to close at N26.740 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, Nigerian Exchange Group (NGXGroup), Union Bank of Nigeria (UBN), Cutix and United Bank for Africa (UBA).

On market outlook, GTI Securities Limited said “we expect cautious trading to continue pending any significant changes in the economic conditions.”

As measured by market breadth, market sentiment was negative as 18 stocks lost relative to 14 gainers.

NGX ASI Midweek Most Gainer

Regency Alliance Insurance recorded the highest price gain of 8.00 per cent, to close at 27 kobo, per share. Associated Bus Company  followed with a gain 7.14 per cent to close at 30 kobo, while Japaul Gold & Ventures up by 3.70 per cent to close at 28 kobo, per share.

Livestock Feeds went up by 3.60 per cent to close at N1.15, while Honeywell Flour Mill appreciated by 3.00 per cent  to close at N2.40, per share.

NGX ASI Midweek Most Losers

On the other hand, FTN Cocoa processors led the losers’ chart by 9.38 per cent, to close at 29 kobo, per share. Chams followed with a decline of 9.09 per cent to close at 30 kobo, while Wapic Insurance went down by 5.26 to close at 36 kobo, per share.

Cutix lost 4.87 per cent to close at N2.15, while AIICO Insurance shed 3.51 per cent to close at 55 kobo, per share.

The total volume traded increased by 23.2 per cent to 197.456 million units, valued at N2.943 billion and exchanged in 3,462 deals. Transactions in the shares of Courteville Business Solutions topped the activity chart with 87.144 million shares valued at N40.991 million. Zenith Bank followed with 18.250 million shares worth N360.258million, while Guaranty Trust Holding Company traded 9.482 million shares valued at N187.388 million.

Cornerstone Insurance traded 9.355 million shares valued at N5.704 million, while Sterling Bank transacted 7.791 million shares worth N11.698 million.

capital market

Trading ends negatively with N17bn loss on Friday

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Analysis by Nigerian NewsDirect of last week’s Friday trading has shown that the Nigerian stock market lost N17 billion at the close of trading on Friday.

This is as the All-Share Index (ASI) declined to 98,125.73 from 98,233.76 at the close of the previous trading day.

The loss was largely attributed to a value dip in Transcorp Hotel, NEM Insurance, and UPDC stocks.

The three companies shed 9.72 percent, 9.63 percent, and 9.57 percent each to close at N92.00, N8.45, and N4.25 from the initial N101.90, N9.35 and N4.70 per share respectively.

On the positive, PZ, Julius Berger, and Sterling Bank led other gainers with 9.92 percent, 9.53 percent, and 6.67 percent growth in share price to close at N21.60, N79.30, and N4.48 from the previous N19.65, N72.40, and N4.20 per share.

In terms of value, Airtel Africa recorded the highest value for the day trading stocks worth N4.25 billion in 39 deals followed by SEPLAT which traded equities worth N2.3 billion in 113 deals.

Meanwhile, the Nigerian Exchange Limited (NGX) has admitted additional 402,082,657 ordinary shares of 50 Kobo each per share of Cadbury Nigeria Plc on its platform.

This was contained in the NGX’s weekly report seen by Nigerian NewsDirect.

According to the report, the additional shares listed on NGX arose from Cadbury’s conversion of N7,036,446,501.26 intercompany loan to equity.

The statement read, “Trading Licence Holders are hereby notified that additional 402,082,657 ordinary shares of 50 Kobo each per share of Cadbury Nigeria Plc (Cadbury or the Company) were on Thursday, 16 May 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).”

The additional shares listed on NGX arose from Cadbury’s Conversion of N7,036,446,501.26 Intercompany Loan to Equity.

With this listing of the additional 402,082,657 ordinary shares, the total issued and fully paid-up shares of Cadbury has now increased from 1,878,201,962 to 2,280,284,619 ordinary shares of 50 Kobo each.”

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ICAN, NGX honour Dangote Cement for excellence in corporate reporting

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Dangote Cement has been honoured with the top prize at the inaugural Corporate Reporting Award, jointly organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited.

The leading cement manufacturer received the Platinum award for excelling across all three reporting categories, showcasing exemplary reporting practices that comprehensively address all relevant aspects of corporate reporting. According to the organisers, the scoring criteria involved a combination of average scoring and assessments from individual judges.

In addition to the Platinum award, Dangote Cement also clinched the Best in Class Award for Excellence in Corporate Governance, surpassing other nominees such as Access Holdings, Airtel Africa, ETI, MTN Nigeria, SEPLAT Energy, and Stanbic IBTC Holdings Plc. Airtel Africa and Seplat Energy were recognized for Financial Reporting and Sustainability Reporting, earning Gold and Silver awards respectively in the overall category.

Edward Imoedemhe, the Company Secretary/General Counsel of Dangote Cement Plc, expressed gratitude for the recognition, emphasizing the company’s dedication to corporate reporting standards. He said that the awards will serve as motivation to continually elevate performance in this area.

“We are grateful to the organisers for this honour which is a testament to our commitment to corporate reporting and best practice. We will continue to raise the bar,” he assured.

Olufemi Shobanjo, CEO of NGX Regulation Limited, highlighted the significance of the award in promoting transparency and accountability among listed companies, anticipating a positive ripple effect on both listed and private companies in Nigeria.

ICAN’s 59th President, Innocent Okwuosa, underscored the importance of corporate reporting excellence in attracting capital flows to the market. He emphasized the role of transparency in fostering investor confidence and reiterated ICAN’s commitment to promoting accountability and transparency in the private sector.

“It is generally agreed that capitals will flow to markets that foster greater transparency and this effort is aimed at this. It also re-enforces the public interest mandate of ICAN in extending accountability and transparency to the private sector,” he said.

The maiden Corporate Reporting Award recognized the top 30 most capitalized companies listed on the Nigerian Exchange Limited for the 2022 financial reporting year.

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FG lists N4.214bn April savings bonds on NGX

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The Federal Government has listed its April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited platform.

This was disclosed in the market bulletin signed by Godstime Iwenekhai, Head, Issuers Regulation Department of NGX.

According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”

Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046 percent, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046 percent.

The bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, according to the debt office.

FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.

The retail savings bond product was introduced by the Debt Management Office (DMO) on behalf of the Federal Government in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.

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