Connect with us

STOCK MARKET

Seplat announces exchange rate of N385.78/$1 in payment of its interim dividend

Seplat has announced that an exchange rate of N385.78/$1, will be used to determine its interim dividend.

Published

on

Seplat Plc has announced that an exchange rate of N385.78/$1, will be used to determine its interim dividend payment of US$0.05 (United States Five Cents) per share to shareholders whose names appear on its Register of Members as at 13th November 2020.

This disclosure was made in a corporate announcement issued by the company’s Chief Financial Officer, Emeka Onwuka, which was made available on the website of the Nigerian Stock Exchange (NSE).

The management of the company advised in the document that shareholders that hold their shares on the NSE may elect to receive their entire dividend payment in Dollars, while shareholders on the London Stock Exchange (LSE) may elect to receive their entire interim dividend payment in GBP or USD Dollar.

In line with this, the company submitted that the following currency exchange rates would be applicable in the determination of the interim dividend payment to shareholders that qualify for and have elected to receive the Q3 2020 interim dividend payment in Naira or GBP.

Exchange Rate

1 USD = 385.78 Naira
1 USD = 0.7534 GBP

What you should know

However, the exchange rate for the Naira or Pounds Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 12th November 2020.

The CBN official exchange rate currently stands at N379.5. Further checks revealed that the Naira rate used is the FMDQ benchmark rate for foreign exchange spot operations in the Investors and Exporters FX Window (NAFEX).

What this means

It may be argued that the N385.78/US$ proposed by the company is a fair decision on the NSE shareholders, as the proposed exchange rate by the company, holds a fairly robust premium of N6.78/US$ for the shareholders when compared with the CBN rate of N379/US$ the day the decision was made.

However, when compared with the rate at the parallel market, which had opened and closed at N460/US$ on the day the decision was made – Friday 13th November, one may argue that shareholders would have wanted more in terms of currency conversion.

Viewed from the parallel market exchange rate angle, NSE shareholders may conclude that they lost N74.22 per US$ on the conversion.

Advertisement
Click to comment

Leave a Reply

STOCK MARKET

Nestle, others, drag NGX market capitalization down by N20.38 billion

Published

on

The NGX closed on a negative note to sustain the rally amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 9 basis points. The NGX ASI closed at 43,859.30 points, to reflect a decline of 0.09% from the previous trading day and a Year-to-Date (YTD) return of 2.68%. Meanwhile, the market capitalization decreased by N20.38 billion.

At the close of market on Tuesday 11th January 2022, the stock exchange market value currently stands at N23.63 trillion from N23.65 trillion in the previous trading day.

The market breadth closed negative as BUAFOODS led 17 gainers, and 26 Losers topped by MBENEFIT at the end of today’s session. The stock market has advanced 1,142.86 base points since the start of the year.

NGX ASI Top gainers

  • BUAFOODS up +10.00% to close at N64.35
  • ETERNA up +5.09% to close at N5.57
  • UBN up +4.63% to close at N5.65
  • WEMABANK up +3.57% to close at N0.87
  • OANDO up +2.83% to close at N4.73

NGX ASI Top losers

  • MBENEFIT down – 10.00% to close at N0.27
  • BERGER down – 9.94% to close at N7.70
  • UPDCREIT down – 8.14% to close at N3.95
  • NESTLE down – 7.81% to close at N1435
  • UNITYBNK down – 6.12% to close at N0.46

NGX ASI Top Traded by Volume

  • TRANSCORP – 58,356,986 units
  • BUAFOODS – 51,526,040 units
  • FBNH – 16,506,883 units
  • GTCO – 14,050,268 units
  • ACCESS – 13,337,434 units

NGX ASI Top Traded by Value

  • BUAFOODS – N3,315,699,168.00
  • SEPLAT – N596,916,173.50
  • STANBIC – N381,532,603.15
  • DANGCEM – N381,456,136.10
  • GTCO – N358,212,819.95

Market sentiments trend towards the bears with the market differential being in favour of the decliners as 17 gainers were surpassed by 26 losers.

Continue Reading

STOCK MARKET

Cement makers, Dangote and BUA Cement, start year on bearish note

Published

on

Cement makers, Dangote Cement Plc and BUA Cement Plc have resumed the year on a negative note amid positive market rally.

The decline recorded in the share price of both companies has weighed down the Industrial Index, which tracks the daily and weekly performance of quoted Industrial companies, depreciating by 2.41%, from 2067.58 points the previous day, to 2017.78 points, at the end of the trading session.

Two of the major quoted cement companies, Dangote Cement Plc and BUA Cement Plc, depreciated by 2.72% and 2.71% respectively.

Stock performance summary

Dangote Cement Plc

Dangote Cement Plc share price declined from N257.00 to N250.00, reflecting a decrease of 2.72% at the end of the day’s trading session.

The decrease in share price took the market capitalization down from N4.38 trillion to N4.26 trillion supporting a loss of N119 billion in market capitalization at the close of trading activities on the stock exchange.

The shares of the most capitalized company on The Exchange has declined by 2.72% from year-to-date, starting the year at N257.00 and currently traded at N250.00. However, the shares of the company have returned about 26.20% gains for investors who bought them at their 52-week low trading price of N198.10 per share.

BUA Cement Plc

BUA Cement Plc share price depreciated from N71.95 to N70.00, reflecting a decrease of 2.71% at the end of the day’s trading session.

The decrease in share prices of the cement producer took the market capitalization down from N2.44 trillion to N2.37 trillion bringing the decline to N66.04 billion in market capitalization at the close of trading activities on the Nigerian Stock Exchange.

The shares of BUA Cement Plc have advanced by 4.40% from year-to-date, starting the year at N67.05 and currently traded at N70.00. However, the shares of the company have returned about 14.38% gains for investors who bought them at their 52-week low trading price of N61.20 per share.

At the end of the day’s trading activities, the NGX All-Share Index and market capitalization appreciated by 1.00% from the previous trading day, to close at 43,476.75 index points and N23.43 trillion respectively.

Continue Reading

STOCK MARKET

Equity investors sustain positive rally as the NGX grows by N70.69 billion

Published

on

The NGX has continued to sustain the positive rally amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) appreciated by 30 basis points.

The NGX ASI closed at 43,607.94 points, to reflect a growth of 0.30% from the previous trading day and a Year-to-Date (YTD) return of 2.09%. Meanwhile, the market capitalization increased by N70.69 billion.

At the close of market on Thursday 6th January 2022, the stock exchange market value currently stands at N23.50 trillion from N23.43 trillion in the previous trading day. The market breadth closed positive as BUAFOODS led 24 gainers, and 13 losers topped by SUNUASS at the end of today’s session. The stock market has advanced 891.50 base points since the start of the year.

NGX ASI Top gainers

  • BUAFOODS up +10.00% to close at N48.40
  • ACADEMY up +9.09% to close at N0.60
  • MEYER up +8.70% to close at N0.50
  • REGALINS up +6.67% to close at N0.48
  • LIVESTOCK up +6.22% to close at N2.05

NGX ASI Top losers

  • SUNUASS down –9.76% to close at N0.37
  • NEM down – 7.78% to close at N4.15
  • FTNCOCOA down – 7.69% to close at N0.36
  • OANDO down – 5.15% to close at N4.60
  • UNILEVER down – 3.45% to close at N14.00

NGX ASI Top Traded by Volume

  • FBNH – 27,092,946 units
  • UBA – 22,026,842 units
  • TRANSCORP – 11,996,487 units
  • BUAFOODS – 11,289,437 units
  • ZENITH –10,267,378 units

NGX ASI Top Traded by Value

  • BUAFOODS – N544,692,788.80
  • FBNH – N307,295,893.00
  • ZENITHBANK – N260,603,050.05
  • UBA – N177,521,867.85
  • NGXGROUP – N134,255,689.40

Market sentiments trend towards the bulls with the market differential being in favour of the advancers as 24 gainers surpassed 13 losers.

Continue Reading

Cryptocurrency Market

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Facebook

Follow us on Twitter

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 105 other subscribers

Trending