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Stock investors gain N21bn

Why investors shouldn’t lose hope on a dividend rally this year

Nigeria stock investors gained about N21billion on Monday November 25 as increased buy decisions at the Bourse helped raise prices of some shares.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.16 percent which helped push the month-to-date (MtD) positive returns to 2.57percent while moderating the year-to-date (ytd) negative return to -13.98percent.

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The All Share Index and market capitalisation rose from day open level of 26,991.42 points and N13.027trillion respectively to 27,035.78 points and N13.048trillion.

In 4,254 deals, equity dealers exchanged 230,653,556 units valued at N3.207billion. Zenith Bank, GTBank, FBN Holdings, Transcorp and Fidelity Bank Plc were actively traded stocks on the Nigerian Bourse.

Read also: Small cap stocks lead the charge as bulls push NSE Index higher

Nestle Nigeria recorded the highest gain after its share price rose from N1225 to N1300, adding N75 or 6.12percent, followed by Presco Plc which rose from N34.6 to N37.85, adding N3.25 or 9.39percent.

Okomu Oil Palm Plc declined most after its share price dipped from N55 to N49.65, losing N5.35 or 9.73percent, followed by FBN Holdings which dropped from N7.5 to N6.95, after losing 55kobo or 7.33percent; and Lafarge Africa Plc that dipped from N14.3 to N14, losing 30kobo or 2.10percent.

In a related market development, Niger Insurance Plc that its shareholders approved for the directors of the company to take all necessary steps to raise additional capital of up to N15billion. They gave the approval at the company’s 49th Annual General Meeting (AGM) held in Lagos.

The shareholders approved for the capital raise be by way of rights issue, private placement or to negotiate merger and acquisition or any other form of business combination or other arrangement or a combination of methods with Insurance companies and that the rights issue be executed at such price, time and on such other terms and conditions as the directors may deem fit.

At the meeting, the shareholders received and approved the company’s financial statements for the year ended December 31, 2018 and the report of Audit Committee, Directors and Auditors.