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Buy-interests in Guinness shares leads to N5 billion increase in market value

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Guinness Nigeria Plc gained 9.14% today following a heavy buy-interest in the shares of the brewery which triggered a gain of N5.80 billion in market value at the close of trading activities on the Nigerian Exchange Group.

At the close of the market today, data revealed that the shares of GUINNESS advanced from N29.00 per share at the start of trading day, to N31.65 per share at the close of the market today, reflecting a gain of 9.14%.

This saw the market capitalization of the leading maker of beer and spirits grow from N63.52 billion to N69.32 billion at the close of trading activities today, putting the total market value gain at N5.80 billion.

At the current price, the shares of Guinness Plc is currently trading 12.08% lower than their 52-week high of N36.00 per share. However, the shares of the company has returned about 143.46% gains for investors who bought them at their 52-week low trading price of N13.00 per share last week.

During today’s trading hours, 830,962 ordinary shares of Guinness Nigeria Plc worth about N25.72 million, were exchanged in 79 executed deals.

In comparison, the shares of Nigerian Breweries Plc closed flat at N58.00 while the shares of International Breweries Plc and Champion Breweries lost 2.80% and 8.89% to close at N5.20 and N2.05 per share, respectively at the end of today’s trading session.

What you should know

  • At the close of trading activities today, the NGX All-Share Index and Market capitalization appreciated by 0.21% to close at 38,667.90 index points and N20.15 trillion respectively.
  • The NGX Consumer Goods Index appreciated by 0.40% to close the day at 597.32 index points.
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CRYPTOCURRENCY

Cardano partners with Fortune 250 company, Dish Network

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Cardano has announced that it is partnering with a Fortune 250 company, Dish Network, a TV and wireless service provider. The announcement was made by Chris Ergen, the head of Innovation at Dish. 

Chris Ergen made this announcement at the 2021 Cardano Summit with Charles Hoskinson, the CEO of Input-Output present. Chris stated, “I am excited to announce that Dish and input-output are entering into a strategic collaboration to build blockchain services and to make blockchain a core part of our network and consumer strategy.” 

Hoskinson stated that the partnership will help integrate Dish’s telecom business into the Cardano blockchain so as to help provide digital identity services to Dish customers. He further stated, “Ultimately, the collaboration is going to be both innovative, safe and suitable for the customers and regulators of this industry.” 

The partnership aims at bringing the telecoms industry to the blockchain space. It’s the first collaboration of its kind, unlocking significant value for Dish’s customers while growing adoption for Cardano. 

Recall that Cardano just recently launched an Alonzo hard fork mainnet upgrade. The upgrade brought to the Cardano network the capability to launch smart contracts, ushering in a new era for the blockchain which puts it in direct competition with the likes of Ethereum and Solana. 

Since the launch of Smart Contracts, over 200 smart contracts have been listed on the Cardano blockchain explorer.  

Charles concluded the announcement stating, “this is the kind of deal I can imagine in a decade horizon, will involve hundreds of millions of people if not billions of people. I am deeply passionate about it because to do the things we like to do as a company, which is to bank the unbanked and connect the unconnected, makes this is a tremendous challenge.” 

Cardano’s native token is down 6.22% for the day as it currently trades $2.20 as of the time of this writing. 

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COMMODITIES

World’s biggest independent oil trader says prices will rise above $80 due to gas crisis

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The world’s largest independent oil trader, Vitol Group, has said that it expects crude oil price to climb above $80 per barrel in the next couple of weeks.

This follows the expectation that the global crude oil demand will rise by an extra half a million barrels per day by winter due to global gas crisis which has led to rise in gas prices and driving a rush for other alternative sources of fuel.

This was made known by the Chief Executive Officer of Vitol, Russel Hardy, during an interview in London on Thursday, where he said that oil is most likely headed above $80 a barrel, partly as higher gas prices boost demand.

What the Vitol Chief Executive Officer is saying

Hardy said that this could force OPEC+ producers to add more supply into the market.

He said, “Can demand surprise us to the upside because of power switching? Yes,” Hardy said. “Is it likely that there’s half a million barrels a day of extra demand that comes through because of gas pricing? Probably our view is, that is likely across winter.

“All people are worried about is that we’re missing pieces of stock which we normally have,” he said. “During the winter, demand for gas is massively higher than demand for gas during the summer. You have to store, there’s no two ways around it.”

Hardy’s bullish sentiments echoes that of the Group Managing Director of NNPC, Mele Kyari, who predicted higher oil prices in the next 3 months and Goldman Sachs Group Inc., which is predicting higher crude oil prices, especially if the winter months are colder than normal.

In case you missed it

Recall that yesterday, the NNPC said that the supply crisis which has negatively affected the global natural gas market and has led to rising prices, could push up oil prices by as much as $10 a barrel, which is about $86 per barrel over the next 3 to 6 months.

The NNPC boss pointed out that the global gas crisis which has led to an increase in gas prices will make energy consumers seek fuel alternatives to natural gas in the nearest future which might see demand for oil rising by as much as 1 million barrels per day with attendant effect on crude oil prices

Traders have been assessing the likely impact of a tightening natural gas market on the broader energy complex over the coming winter.

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CURRENCIES

UBA publishes names, BVN and account numbers of forex defaulters

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The United Bank of Africa has published the names, Bank Verification Numbers (BVN) and account numbers of some customers alleged to have violated the forex policy of the Central Bank of Nigeria.

This development is coming after the CBN directed banks to expose customers who engage in fraudulent and unscrupulous tactics to obtain foreign exchange from banks.

The UBA disclosed this in a publication on its website titled, ‘CBN FX defaulters’ on Friday.

What UBA said in its statement

The bank stated, “In compliance with the directive of Central Bank of Nigeria mandating banks to publish the names of defaulters of the forex exchange regulation.

“Based on regulatory directives, the following customers cancelled their trip and failed to return the PTA availed to them despite several mails, text messages and follow up phone calls.”

The bank also included the name of a customer who it said, “presented fake visa to apply for PTA.”

 

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