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Stock investors gain N19billion as market opens week on positive note

Expert tips financial, health, telecoms as sectors to watch on NSE in 2020

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.14percent on Monday September 2, 2019 while the value of listed stocks increased by N19billion as investors rushed to take position in stocks for capital appreciation and interim dividend income. The market’s Year-to-Date (ytd) return stood at -12.30percent.

The All Share Index closed at 27,565.09 points as against the preceding day’s close of 27,525.81 points while Market Capitalisation closed at N13.410 trillion as against preceding day’s close of N13.391 trillion.

Nestle Nigeria Plc advanced most from N1245 to N1319, adding N74 or 5.94percent, while MTNN Plc declined most from N141 to N138.5, adding N2.5 or 1.77percent.

The volume of stocks traded decreased by 10.63percent from 124.78million to 111.51million, while the total value of stocks traded decreased by 14.03percent from N1.816 billion to N1.561 billion in 3,122 deals.

Zenith Bank Plc, UBA Plc, FBN Holdings Plc, UACN Plc, and GTBank Plc were actively traded stocks.

The Financial Services sector led the activity chart with 70.535 million shares exchanged for N634 million, followed by Consumer Goods with 13.159 million shares traded for N443million.

In a related market development, The Securities and Exchange Commission (SEC) has asked shareholders of the defunct Afribank Plc to claim their dividends.

SEC said this is part of its investor protection programme and as well as ensure that shareholders get the benefits of investing in the capital market.

According to the Acting Director General of SEC, Mary Uduk, gradually, the Commission is making concrete efforts to ensure that investors get their dividends as this would reduce the high profile of unclaimed dividends in the market.

She said: “We have informed shareholders of the defunct AfriBank Plc that unclaimed dividends declared by the bank are being held in trust on their behalf. This will further help reduce the volume of unclaimed dividends in the market and boost investor confidence.

“Investors that have unclaimed dividends are therefore advised to contact Carnation Registrars to process their dividend payments,” she said.

Uduk said the commission has also directed Carnation Registrars and Meristem Trustees to ensure that all genuine claims of beneficiary shareholders be addressed forthwith.

“Since the company is no longer in operation, these unclaimed dividends have to be made available to the rightful owners that are the shareholders. That will go a long way in boosting investor confidence in the market. That is why we are calling on them to take advantage of this opportunity and claim their dividends,” uduk said.

Recall that recently, the SEC had directed investors in the defunct Skye bank plc to claim all outstanding dividends declared by the bank which were being held in trust on their behalf.

The SEC also went further to direct Cardinalstone Registrars and STL Trustees to ensure that all genuine claims of beneficiary shareholders were addressed forthwith.

This, the SEC said was part of its investors’ protection programme to ensure that shareholders got the benefits of investing in the capital market.

 

Iheanyi Nwachukwu