Vitafoam proposes 70k dividend; holds AGM

Vitafoam proposes 70k dividend; holds AGM   Vitafoam Plc has announced plans to hold virtual Annual General Meeting. The virtual meeting and 59th in the series, is scheduled on March 4. The board has also proposed a dividend of 70 kobo per share as against 42 kobo paid in the preceding year. This translates to a dividend yield of eight per cent at the company’s current share price on the Nigerian Stock Exchange, according to a statement issued by the company on Wednesday. The notice of the meeting signed by…

Read more

Post-MPC Meeting: Investors shed caution mode, as NGSE index climbs higher

MPC

By Investdata Analysts Equity prices closed higher on the Nigerian Stock Exchange (NSE) at midweek as buying pressure increased as if to confirm that investors were waiting to see whether the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) would pull a surprise at its first meeting of the year which ended on Tuesday. The exchange thereby extended the bull transition for a third successive session on a high traded volume and positive sentiment for Telecoms, Insurance, Banking, Industrial and consumer goods stocks, which pushed the composite…

Read more

Investors gain N181bn as equities sustain uptrend

Equities

Investors gain N181bn as equities sustain uptrend Wednesday was another day for investors in the Nigerian equities market to smile all the way to the bank following another wave of profit recorded at the end of the midweek trading session. As bullish sentiments persisted in the domestic equities market, market capitalisation gained N181 billion to close at N21.934 trillion. Similarly, the All-Share Index that measures share price movement in the market advanced by 0.83 per cent to 41,930.73 basis points following investors’ interests in bellwethers. The positive record of the…

Read more

NSE authorises LASACO Assurance to restructure shares

LASACO Assurance

NSE authorises LASACO Assurance to restructure shares   LASACO Assurance Plc has said the Nigerian Stock Exchange (NSE) has authorised the company to reconstruct its issued and fully paid-up share capital of 7,334,343,421 ordinary shares of 50 kobo each in the ratio of one new ordinary share for every four ordinary shares previously held by the shareholders. It said this in a statement by its Company Secretary, Gertrude Olutekunbi, on Tuesday titled “Notice of share reconstruction’. The company said this followed the approval of its shareholders at its 39th annual…

Read more

NGSE index soars on MPC meeting outcome, bargain hunting, positioning

Nigerian bourse extends gaining streak by N18bn

NGSE index soars on MPC meeting outcome, bargain hunting, positioning   By Investdata Analysts Trading activities on the Nigerian Stock Exchange on Tuesday was very volatile still, but bullish, closing higher on increased buying interests, heightening the gaining momentum, even on a low traded volume and amidst a positive breadth. The bull-run was thereby extended for the second consecutive session as members of the Central Bank of Nigeria’s Monetary Policy Committee voted unanimously to retain the monetary policy stance at the end of their two-day meeting. Specifically, the members voted,…

Read more

Stockbroker bags 77years in Lagos for N62m fraud

Stockbroker bags 77years in Lagos for N62m fraud   The Economic and Financial Crimes Commission, (EFCC) has secured the conviction and sentencing of Abioye Eluwole, managing director of Bytofel Trust and Securities Limited to 77 years in prison for a N62 million fraud. Eluwole, who was arrested in December 2018 for stealing various units of shares of different companies belonging to Okeke Donatus Ojumba, including those of the victim’s children, was arraigned before Justice Mojisola Dada of the Special Offences Court, sitting at the Lagos State High Court, Ikeja. Announcing…

Read more

Domestic stocks rebound with N46bn gain to open week

Domestic stocks

Domestic stocks rebound with N46bn gain to open week   The Nigerian equities market opened the week on a positive note as investors position ahead of 2020 full year earnings release. The benchmark All Share Index (ASI) advanced by 0.21 per cent to close at 41,088.96 basis points with market capitalization gaining N46 billion to settle at  N21.494 trillion. In summary, the   Year-to Date (YtD) performance improves to 2.03 per cent. The breakdown across different sectors indicates mixed performance as three out of the five major sub-sectors of the market closed…

Read more

2020: Vitafoam shareholders to share N979.4m as dividend

Viatfoam

2020: Vitafoam shareholders to share N979.4m as dividend   Shareholders of Vitafoam Nigeria Plc are set to be rewarded from the gains of the operations of the company in 2020, despite the general economic downturn triggered by Coronavirus pandemic in the year. On the strength of the company’s outstanding performance last year, its board has recommended a cash dividend of N979.4 million for 2020, 64.5 per cent above N595.4 million paid in 2019. The current dividend translates into 70 kobo per share as against 42 kobo paid in the preceding…

Read more

Stocks pull back amid fears of MPR adjustment

Nigerian Equities, NSE, Bearish

Stocks pull back amid fears of MPR adjustment   As Index dips by by 0.42%, as analysts urge caution   As investors await the outcome of the next Monetary Policy Committee (MPC) meeting, amid fear of possible adjustment in rate, sentiments turned bearish as profit-taking dominated market performance at the equity sector of the Nigerian Stock Exchange (NSE) last week. The development caused the NSE All-share index (ASI) and market capitalisation to depreciate by 0.42 per cent and 0.38 per cent to close the week at 41,001.99 and N21.449 trillion,…

Read more

NGSE index turns green, as investors cautiously hedge against inflation

MPC

By Investdata Analysts   Equity prices closed higher on the Nigerian Stock Exchange (NSE) at midweek’s trading, halting the profit booking mood of investors in what was a very volatile and mixed session that signalled smart money mark-up moves across every segment, ushering in the bulls. The seeming rebound is also a sign that investors are hedging against inflation, with income earners obviously displeased with the prevailing effects of inflation on their income, which is could threaten the subsisting low-interest regime. The ongoing rise in stocks and oil prices are…

Read more