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U.S shares go through largest drop considering June

The plunge marked the largest one-day drops for all 3 indexes considering the fact that June.

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U.S shares suffered heavy losses on the closing buying and selling consultation, as buyers retreated from volatile assets (shares) following an outstanding rally in current weeks.

The Dow Jones Industrial Average (DJIA) ended with a lack of 807.seventy seven factors, or 2.8%, at 28,292.73, after losing greater than 1,000 factors at its consultation low.

The S&P 500 closed 125.seventy eight factors lower, down 3.5%, at 3,455.06.

The Nasdaq Composite, dropped 598.34 factors or 5%, to shut at 11,458.10.

The plunge marked the most important one-day drops for all 3 indexes due to the fact that June. The fall got here an afternoon after the S&P 500 claimed its twenty second document near of the year, at the same time as the tech-heavy Nasdaq Composite arrived at its forty third such all-time high, and the Dow crowned the 29,000 degree for the primary time due to the fact that February.

Thursday’s fall stopped a four-day win streak for the Nasdaq and a 10-day run of profits for the S&P 500’s tech area.

In an explanatory note, Stephen Innes, Chief Global Market Strategist at AxiCorp, spoke approximately the prevailing marketplace correction on the world’s biggest fairness markets.

“Indeed, the losses in a single day had been pushed with the aid of using the equal tech shares that had underpinned the current heady rises.

“So, that is main to indicate we’re amid a “healthful correction,” however I see little fitness whilst Apple shares, which can be one of the heavyweight champions of the tech area and marketplace management stalwart, can drop 8% in a consultation.

“While I don’t assume it’s a healthful meltdown, disposing of a number of the short-time period speculator froth will provide up higher degrees for the Wall of Money to indulge as we recognise the Fed isn’t going everywhere soon, even though possibly retaining returned the large weapons for a likely wet day withinside the destiny if the wintry weather months show to be explosive for the virus.”

However, the long-time period structural help for tech shares stays and help for equities have now no longer modified either.

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STOCK MARKET

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.

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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).

Drivers

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).
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STOCK MARKET

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.

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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.
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STOCK MARKET

SAHCO’s Chairman purchases additional shares worth N82 million

Taiwo Afolabi has increased his stakes in the aviation handling company.

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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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