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Bears fail to relinquish position on Nigerian Bourse

Equity bulls deflated by hawkish Fed

Nigeria’s equities market closed negative on Thursday, February 25. It was down by 0.31 percent or N65 billion, signalling that the bears are not yet ready to give up their position on the Bourse after two days of mild gains this week.

No thanks to profit-taking in stocks like Lasaco (-9.68 percent), Fidson Healthcare (-8.41percent), ETI (-6.31 percent), Mutual Benefit (-5.13 percent) and UACN (-5.03percent). They decreased most at the close of the trading session.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) decreased to 40,095.49 points while the value of listed stocks decreased to N20.978 trillion as against the preceding trading day high of 40,221.30 points and N21.043 trillion respectively.

In this month of February, the stock market has decreased by 5.46 percent, this week it has dropped by 0.23 percent while this year it has decreased by 0.44 percent.

Read Also: Nigeria’s stock market rallies as investors buy Oando, others

In 4,567 deals, investors exchanged 326,042,400 units valued at N3.713 billion. Transcorp, Dangote Sugar Refinery, UBA, Zenith Bank and United Capital were actively traded stocks on the Bourse.

Further to the announcement made on August 5, 2020, about Unilever’s strategic review and planned separation of its Tea business, the company on Thursday notified the Nigerian Stock Exchange and its esteemed shareholders of the plan to separate the Unilever Nigeria Plc tea business into a separate legal entity.

“The planned separation will go through the normal approval process and is expected to be concluded by the end of 2021. We shall keep the Nigerian Stock Exchange and stakeholders informed of subsequent developments on this matter”, Unilever Nigeria said in a statement on the Nigerian Stock Exchange.

Also, in line with the provisions of Section 1.1 of the Listing Rules on Board Meetings and General Meetings of issuers, an Issuer is obligated to notify the Exchange within 24 hours after the relevant Board meeting, of the key decisions are taken by the Board.

In compliance with the above-stipulated provision, Seplat Petroleum Development Company Plc on Thursday notified the Exchange that the Company held its Board meeting on Wednesday, February 24, 2021, to review and approve its 2020 Full Year Financial Results for the period ended December 31, 2020.

The results were considered but the Board deferred its approval to another meeting which will be reconvened on Friday, February 26, 2021. The results upon approval will be filed with the Exchange on Monday, March 1, 2021.