Nigeria’s equities market on Thursday continued its movement in the red zone by 0.43 percent (losing N252billion) as stock investors cautiously trade in line with earnings reports as well as corporate benefits.
At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation decreased further from preceding day’s highs of 104,181.32 points and N58.905trillion respectively to 103,736.08 points and N58.653trillion.
“For Nigerian equities, we expect the direction of the market to be dictated by a number of factors, including: full year 2023 and first quarter (Q1) 2024 earnings releases for banks and non-banks, as well as associated corporate actions,” said CardinalStone Research in their April 4 note.
The analysts further said that the bank recapitalisation announcement of the Central Bank of Nigeria (CBN) will also dictate the direction of the market, adding that there is growing foreign portfolio investment (FPI) interest in the local market (foreign proportion of total equity transactions rose to 18.4percent in February 2024, compared to 8.2percent in January 2024).
C & I Leasing led the losers after its share price dropped from N3.88 to N3.50, down by 38kobo or 9.79percent. Unity Bank also dropped from N2.30 to N2.13, shedding 17kobo or 7.39percent, while Jaiz Bank dropped from N2.35 to N2.18, down by 17kobo or 7.23percent. The market’s positive return year-to-date (YtD) decreased further to 38.73percent.
Zenith Bank, GTCO, UBA, Access Holdings and Transcorp shares were actively traded on Thursday as investors in 8,908 deals exchanged 487,728,275 shares worth N15.639billion.
Dividend proposals
CWG Plc
CWG Plc has proposed a final dividend of 16kobo per ordinary share of 50 kobo each, subject to deduction of appropriate withholding tax and approval.
The final dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on Wednesday April 17, 2024. The Register of Members will be closed on Thursday, April 18, 2024, to enable the Registrars prepare for payment of final dividend.
On Friday, April 26, 2024, the final dividend will be paid electronically to CWG Plc shareholders whose names appear on the Register of Members as at close of business on Wednesday, April 17, 2024, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
Unilever Nigeria
For the period ended December 31, 2023, Unilever Nigeria Plc proposes a final dividend of 75 kobo gross for every ordinary share of 50k each, subject to appropriate withholding tax and approval. The dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday April 26, 2024. The register of Unilever Nigeria shareholders will be closed from Monday April 29, 2023 to Friday May 3, 2024.
On Friday May 10, 2024, dividends will be paid electronically to Unilever Nigeria shareholders whose names appear on the Register of Members as at Friday April 26, 2024 and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
The Okomu Oil Palm Company Plc
For the period ended December 31, 2023, The Okomu Oil Palm Company Plc proposes a final dividend of N14 for every ordinary share of 50 kobo each, subject to appropriate withholding tax and approval.
The proposed final dividend will be paid to shareholders of The Okomu Oil Palm Company Plc whose names appear on the Register of Members as at the close of business on April 25, 2024. The register of shareholders will be closed on April 26, 2024.
On May 23, 2024, dividends will be paid electronically to The Okomu Oil Palm Company Plc shareholders whose names appear on the Register of Members as of April 25, 2024, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
