Positive sentiment persists on key lending rates retention by MPC, market returns 2.19% WtD

The information at the market place has been driving the positive sentiment on the floor of the Nigerian Stock Exchange. The decision of the Monetary Policy Committee of CBN to retain key lending rates last week was a boost to the market. Forward looking oil price is another information that is favourable to the market. The news that Donald Trump has agreed that Biden should start transition program also to a large extent boost the upward movement of the market last week.

Chances are that investors especially the ones coming from the money market might be considering the capital market as an option.

The All-Share Index and Market Capitalization last week appreciated by 2.19% to close  at 34,885.51 and N18.228 trillion respectively.

An aggregate of 1.816 billion units of shares, valued at N25.791 billion in 31,665 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 11.400 billion shares valued at N35.892 billion that exchanged hands the previous week in 39,265 deals.

The Financial Services Industry led the activity chart with 1.274 billion shares valued at N14.710 billion traded in 18,392 deals; thus contributing 70.15% and 57.04% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 217.170 million shares worth N231.809 million in 1,226 deals. The third place was the Consumer Goods Industry, with a turnover of 113.760 million shares worth N2.598 billion in 4,568 deals.

Trading in the top three equities namely Zenith Bank Plc, Transnational Corporation of Nigeria Plc and Access Bank Plc accounted for 649.529 million shares worth N8.104 billion in 6,395 deals, contributing 35.76% and 31.42% to the total equity turnover volume and value respectively.

All other indices finished higher with the exception of NSE CG, NSE Banking, NSEAFR Bank Value, NSE AFR Div Yield, NSE MERI Growth and NSE Consumer Goods which depreciated by 0.05%, 1.31%, 1.53%, 0.38%, 0.44% and 0.5% while the NSE ASeM Index closed flat.

Twenty-seven (27) equities appreciated in price during the week, higher than twenty-one (21) equities in the previous week. Forty-three (43) equities depreciated in price, lower than fifty-five (55) equities in the previous week, while ninety-one (91) equities remained unchanged, higher than eighty-five (85) recorded in the previous week.

AXA MANSARD INSURANCE

AXA Mansard Insurance has announced its proposed Additional Bonus of Seventeen (17) new shares for every Seven (7) existing shares held. Qualification date is on Monday, 14th December, 2020. Closure date is on Tuesday, 15th December 2020.

The Extraordinary General Meeting of the company is scheduled to hold on Monday, December 7 at Oriental Hotel, No 3, Lekki Road, Victoria Island, Lagos State.

VALUALLIANCE VALUE FUND

Valualliance Value Fund last week announced to the investing public its proposed dividend of N10 to its shareholders. Qualification date is 9th December, 2020. Closure of Register is 10th December 2020. Annual General Meeting of the company is scheduled to hold on 21, December, 2020.

Payment date is on 23, December, 2020.

FTN COCOA PROCESSORS PLC

The Nigerian Stock Exchange has announced the lifting of suspension placed on trading in the shares of FTN Cocoa Processors Plc.

According to a statement by The Exchange:

“We refer to our Market Bulletin dated 1 September 2020 with Reference Number: NSE/RD/LRD/MB43/20/09/01, wherein we notified Dealing Members of the suspension of six (6) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will:

  1. Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
  2. Suspend trading in the Issuer’s securities; and
  3. Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”

“FTN Cocoa Processors Plc, one (1) of the six (6) listed companies that were suspended on 1 September 2020, has now filed its outstanding financial statements with The Exchange. In view of the Company’s submission of its outstanding financial statements, and pursuant to Rule 3.3, of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”, Dealing Members are hereby notified that the suspension placed on trading on the shares of FTN Cocoa Processors Plc was lifted on Friday, 27 November 2020”.

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