Stocks rally persists on Nigerian Bourse

Nigeria’s equities market rallied further on Tuesday by 1.31percent or N448billion, thanks to stocks like Eterna Plc, PZ Cussons Plc, NEM Insurance Plc and NPF Microfinance Bank Plc and Honeywell Flour Mills Plc.

The record positive close on the Nigerian Exchange Limited (NGX) helped push the year-to-date (YtD) return to +24.42percent.

Read also: Foreign investors raise further bet on Nigerian stocks

Share buy-back activity in largely capitalised Dangote Cement Plc contributed significantly to Tuesday’s turnover and value traded.

Dealers exchanged 104,882,723 units of the cement maker’s shares valued at N35.814billion.
Dangote Cement Plc tranche 1 shares buy-back programme which commenced on July 17 is expected to be completed within two days or until the entire tranche size has been acquired.

The programme involved the purchase of 168,735,593 fully paid ordinary shares, which represents 1percent of the total current issued shares.

At the close of trading on Tuesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation rose further from preceding day’s 62,943.35 points and N34.273trillion respectively to 63,766.72 points and N34.721trillion.

NPF Microfinance Bank led the gainers after its share price rose from N1.70 to N1.87, adding 17kobo or 10percent.

Honeywell Flour Mills rose from N3 to N3.30, adding 30kobo or 10percent. NEM Insurance increased from N5.40 to N5.94, up by 54kobo or 10percent.

Eterna Plc advanced from N23.70 to N26.05, adding N2.35 or 9.92percent, while PZ Cussons increased from N16.20 to N17.80, up N1.60 or 9.88percent.

FCMB, Japaul Gold, Dangote Cement, Access Corporation and Fidelity Bank were actively traded stocks. In 8,970 deals, investors exchanged 868,802,725 shares valued at N42.806billion.

BUA Cement Plc has released its revised corporate action stating a final dividend of N2.80 per ordinary share of 50kobo each.

On August 31, the final dividend by the cement maker will be paid to shareholders whose names appear in the register of members as at the close of business on August 11. The register of shareholders will be closed from August 14 to August 18 (both days inclusive).

Dividends will be paid electronically to shareholders whose names appear on the register of members and who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.