Facebook Inc’s share price broke the $300 mark for the first time ever on Wednesday, sending shares higher by 8.2%.
This comes as stock analysts praised the company’s new shopping section which is projected to become a strong contender in the e-commerce space, with strong growth potential for the social media giant.
The Facebook stock has been showing some upside after the company diversified its portfolio to include e-commerce, which will most likely attract users, and increase time retention spent on the social platform.
In addition, breaking the $305.00 price level is the expected short-term upside target, if prevailing macros are maintained.
The daily time frame shows that the stock had broken the inverted head-and-shoulders pattern. It is, therefore, projected that the stock is most likely to stay above its $280 price support before a medium-term technical correction occurs.
Stock traders are likely to increase buying pressures on the stock if it plunges as low as $250.00 in anticipation of more upside.
The stock closed at a record $303.91, rising for a third straight day. JMP Securities, which rates Facebook at a buy-equivalent rating of market outperform with a price target of $305, said there are “multiple catalysts” for Facebook, and e-commerce “can be a significant opportunity.” There is “a clear line of sight to monetizing” the new section, dubbed Facebook Shop, according to analyst Ronald Josey in a note to Bloomberg News.
About Facebook Company
Facebook, Inc. is an American social media conglomerate corporation based in Menlo Park, California. It is one of the world’s most valuable companies, and considered one of the Big Five technology companies along with Microsoft, Amazon, Apple, and Google.
Facebook offers other products and services beyond its social networking portal including Facebook Messenger, Facebook Watch, and Facebook Portal. It has also acquired WhatsApp, Instagram, Giphy, Oculus VR, and Mapillary, and has a 9.9% stake in Jio Platforms.
Custodian Investment declares final dividend of N2.65 billion to shareholders
Custodian Investment Plc has announced the payment of a final dividend of 45 kobo for every share of 50 kobo held by shareholders.
The Board of Directors of Custodian Investment Plc has announced the payment of a final dividend of 45 kobo for every share of 50 kobo held by shareholders, making a total of N2.65 billion to be paid to shareholders for the year ended 2020.
This is according to a disclosure signed by the company’s secretary, Adeyinka Jafojo, which was sent to the Nigerian Stock Exchange.
According to the notification, the accrued final dividend will be disbursed electronically to qualified shareholders on the 22nd of April, 2021, subject to appropriate withholding tax and approval from the Annual General Meeting scheduled the same day.
It is also worth noting that the company had paid an interim dividend of 10kobo for the half-year period of 2020.
What you should know
The qualifying conditions for payment on the aforementioned date are;
- Only shareholders, whose names appear in the register of members as at close of business on 9th of April, 2021 will be considered for payment.
- Shareholders must have completed the E-Dividend registration.
- Shareholders must have mandated the Registrar (Meristem Registrars and Probate Service Limited) to pay their dividends directly into their bank accounts.
- Custodian Investment Plc has total shares outstanding of 5,881,864,195 and currently trading at N6.
- A total dividend of 55 kobo has been thus declared for FY 2020 (45 kobo+10 kobo interim).
In lieu of this, the register of members will be closed from 12th-16th of April 2021 (both dates inclusive).
Custodian Investment Plc had recently posted an impressive financial performance, evident by a surge in key financial metrics for the year ended 2020. For example, it recorded the following;
- Profit after tax of N12.69 billion for the year (+111% YoY).
- Profit Before Tax of N13.69 billion. (+69.6% YoY)
- Earnings per share N194 vs N97. (+111.04% YoY)
- Retained Earnings of N25.38 billion (+9.7% YoY).
NB Plc to pay N5.52 billion dividend, says shareholders can receive new shares
The board of Nigerian Breweries Plc has proposed N5.52 billion as dividend to shareholders for 2020.
Nigerian Breweries Plc is set to reward shareholders of the company with N5.52 billion as dividend for the period ended 31st December 2020.
This is in line with the Board’s recommendation as the dividend is subject to the deduction of the appropriate withholding tax, and approval by shareholders of the company at the Annual General Meeting slated for 22nd of April 2021.
According to the notification issued by the Company Secretary, Uaboi G. Agbebaku, at the close of trading activities, the dividend declared by Nigerian Breweries on a per-share basis was pegged at 69 kobo per share. This puts the total dividend to be paid to shareholders at N5,517,862,415.19.
Shareholders can opt to receive new shares of the company
The Board of the Company however provided shareholders with the option to receive new shares of Nigerian Breweries, as Qualifying Shareholders have the right of election to receive new ordinary shares in the company instead of the final dividend in cash. This election is required to be made on or before the 10th of April, 2021.
In view of this, the Reference Share Price for the purpose of determining the number of shares due to Qualifying Shareholders who elect for the share option will be a ten-day trading average of the Company’s share price on the floor of The Nigerian Stock Exchange, starting on the 11th of March, 2021.
What you should know
- It is important to note that the dividend declared is subject to appropriate withholding tax and the approval of shareholders at the Brewer’s next Annual General Meeting.
- Qualifying Shareholders: The dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on the 10th of March, 2021.
- Payment Date: On the 23rd of April, 2021, the dividends will be paid electronically to Qualifying Shareholders
- To qualify for the dividend payment: Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend mandate Activation Form, which is available at, complete same and submit to the Registrar of their respective Banks.
SAHCO’s Chairman purchases additional shares worth N82 million
Taiwo Afolabi has increased his stakes in the aviation handling company.
Taiwo Afolabi, the Chairman of Skyway Aviation Handling Co. Plc (SAHCO), a subsidiary of the SIFAX Group, has increased his stakes in the aviation handling company with the purchase of 28 million additional shares of the company.
The total value of the shares of SAHCO Plc purchased by him is valued at N82 million.
This is according to a Notification of Share Dealing by an Insider, issued by the Company Secretary, Bello Omolara, and published on the website of the Nigerian Stock Exchange (NSE).
The disclosure which is compliant with NSE’s policy on insider dealing, revealed that Afolabi acquired the 28 million additional shares of the company in four deals on the floor of the Nigerian Stock Exchange, between the 23rd and 24th of December 2020.
The total consideration for the shares purchased by SAHCO’s Chairman between 23rd and 24th of December 2020 however is put at N82,040,000.00.
Why this matters
- Dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company. This is in compliance with NSE’s policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.
- The purchase of the shares of SAHCO Plc further cements the Chairman’s position as a substantial shareholder of the aviation handling company.
What you should Know
- SAHCO, formerly known as Skypower Aviation Handling Company Limited, was carved out of the defunct Nigeria Airways Limited, as part of the Nigerian Federal Ministry of Aviation’s Reform of 1996.
- On the 23rd of December 2009, the Federal Government of Nigeria handed the company over to the Sifax Group, after a well-contested open privatization bid in which Sifax Group came first as the preferred bidder with the sum of N5.52 billion.
- The company was subsequently listed on the Nigerian Stock Exchange on the 23rd of April 2019, and since then continues to maintain its status as a subsidiary of the SIFAX Group.
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