Economy
Access Bank, Dangote Cement, Others Declare Closed Periods
By Modupe Gbadeyanka
As the market enters earnings season this month, some companies trading their shares on the Nigerian Stock Exchange (NSE) have announced their closed periods.
Business Post reports that a closed period is the time frame between the completion of financial statements of a company listed on the stock exchange and the release of these results to the investing public.
The period normally lasts about two months and according to the market rules, insiders, who are majorly people with sensitive information about the firm that could trigger the price of the stock at the market, are prevented from trading on the company’s share.
The reason for this is to stop any insider from using the vital information in his possession to affect the price of the stock, especially to his advantage.
On September 30, 2018, most firms listed on the NSE ended their third quarter and by the NSE rules, they should release their results on or before October 31, 2018 to the investing public.
Last week, some companies announced their closed periods as well as meeting of their boards to consider the Q3 results before releasing them to the exchange.
However, some of them will first get approvals from regulators of their various sectors, especially for banks and insurance companies, before releasing them to the NSE and the general public.
Last Friday, Access Bank informed the NSE that its board would meet on Tuesday, October 30, 2018, to consider and approve the lender’s Unaudited Financial Statements.
The financial institution also declared a “closed period in respect of transaction on its securities from October 6, 2018 to such date as will be subsequently announced in compliance with Rule 17.2 of the Amendment to the Listing Rules of the NSE.”
“Accordingly, no director, employee, person discharging managerial responsibility, adviser of the company and their connected persons may directly or indirectly, deal in the securities of the company in any manner during the closed period,” the notice said.
Also last week, Dangote Cement, another firm trading its equities on the NSE, disclosed that it has entered a closed trading period from October 4, 2018 until 24 hours after the release of its financial statements for the period ended September 30, 2018.
Dangote Cement explained that the closed period was “application to directors, senior manager and other interested parties may at any time possess sensitive information that may materially affect the price of the securities of the company.”
On its part, Berger Paints said its Board of Directors would be meeting on Thursday, October 25, 2018, to consider the company’s 2018 Q3 Unaudited Financial Statements (Accounts) and consequently declared “a closed period from Wednesday, October 10, 2018 till October 26, 2018, being 24 hours after the Accounts are to be filed with the Nigerian Stock Exchange (NSE), in line with Rules 17.17 & 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015).”
For Chemical and Allied Products (CAP) Plc, a meeting of its board has been fixed for Friday, October 19, 2018 to consider and approve the financial results for the third quarter ended September 30, 2018.
The firm announced a closed period from October 4 to 31, 2018 and barred any of its employees, directors and others from trading on its shares at the stock market until “24 hours after the release of the unaudited financial results for the period ended September 30, 2018 to the NSE.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.24 per cent on Friday, April 25 after the duo of FrieslandCampina Wamco Nigeria Plc and Afriland Properties Plc landed on the losers’ table.
FrieslandCampina Wamco Nigeria Plc depreciated by N2.58 to sell at N35.37 per unit compared with the previous day’s N37.95 per unit, and Afriland Properties Plc lost 2 Kobo to close at N17.78 per share versus Thursday’s closing value of N17.80 per share.
However, Geo-Fluids Plc appreciated by 10 Kobo during the trading day to sell for N1.80 per unit, in contrast to the preceding session’s N1.70 per unit. The rise in the price of the stock could not prevent the fall of the bourse yesterday.
Consequently, the market capitalisation of the trading platform went down by N4.64 billion to N1.914 trillion from N1.918 trillion and the NASD Unlisted Security Index (NSI) declined by 7.92 points to 3,269.06 points from 3,276.98 points.
The final trading session of the week ended with a surge of 1,695.8 per cent in the volume of securities transacted to 3.7 billion units from the 206.2 milion units transacted in the previous trading day.
Equally, the value of transactions jumped by 2,592.6 per cent to N9.5 billion from N354.1 million on Thursday, and the number of deals decreased by 47.4 per cent to 20 deals from the 38 deals recorded a day earlier.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 259.3 million units worth N456.1 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 15.6 million units worth N598.5 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
By Dipo Olowookere
A 0.30 per cent fall was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking in the industrial goods sector.
This was mainly caused by sell-offs in Dangote Cement Plc, which released its financial statements for the first quarter of 2025 yesterday.
The cement maker lost 10.00 per cent during the session to trade at N432.00, Regency Alliance lost 8.06 per cent to close at 57 Kobo, VFD Group depreciated by 7.57 per cent to N17.10, Chams declined by 7.27 per cent to N2.04, and Sovereign Trust Insurance crashed by 6.12 per cent to 92 Kobo.
Conversely, International Breweries, Legend Internet, and Ikeja Hotel gained 10.00 per cent each to sell for N7.70, N6.82, and N12.10 apiece, Vitafoam Nigeria surged by 9.93 per cent to N44.85, and Eterna rose by 9.92 per cent to N39.90.
The industrial goods index was down by 4.73 per cent on Friday, as the others finished in green territory.
The consumer goods space rose by 2.21 per cent, the banking sector appreciated by 1.55 per cent, the insurance counter expanded by 1.50 per cent, the energy sector increased by 0.07 per cent, and the commodity industry went up by 0.04 per cent.
At the close of transactions, the All-Share Index (ASI) went down by 321.21 points to 105,753.05 points from 106,074.26 points and the market capitalisation shrank by N202 billion to N66.465 trillion from N66.667 trillion.
The level of activity increased yesterday as the trading volume, value, and number of deals grew by 30.40 per cent, 94.23 per cent, and 17.64 per cent, respectively.
This was because investors transacted 428.1 million shares worth N20.2 billion in 14,284 deals compared with the 328.3 million shares valued at N10.4 billion in traded in 12,142 deals a day earlier.
GTCO led the activity chart with 60.7 million equities sold for N3.8 billion, Fidelity Bank traded 41.4 million stocks worth N829.3 million, Access Holdings exchanged 40.6 million shares valued at N968.3 million, MTN Nigeria sold 33.0 million equities for N8.2 billion, and Zenith Bank transacted 22.9 million stocks worth N1.1 billion.
By Adedapo Adesanya
The Naira extended its gains against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 25 by 0.22 per cent or N3.59 to sell for N1,599.42/$1 compared with the N1,603.01/$1 it was traded in the previous session.
The Nigerian currency also improved its value against the Euro in the official market by N1.36 to close at N1,818.53/€1 compared with Thursday’s closing price of N1,819.89/€1.
However, the domestic currency depreciated against the Pound Sterling in the same market segment yesterday by N1.90 to wrap the session at N2,130.44/£1 versus the preceding session’s rate of N2,128.50/£1.
At the black market segment, the Naira appreciated against the greenback on Friday by N2 to quote at N1,605/$1, in contrast to the previous day’s value of N1,607/$1.
In the cryptocurrency market, a possible regulatory progress about digital assets in the US spurred buying interest among investors during the trading session.
The chairman of the US Securities and Exchange Commission, Mr Paul Atkins, was at a crypto roundtable on Friday and he devoted his inaugural speech to assuring the industry that he will continue to remake securities policy to favor digital assets innovation.
Litecoin (LTC) rose by 3.0 per cent to $87.24, Dogecoin (DOGE) grew by 2.7 per cent to $0.1862, Bitcoin (BTC) increased by 1.3 per cent to $94,687.84, Ethereum (ETH) jumped by 1.2 per cent to $1,797.51, Cardano (ADA) improved by 0.9 per cent to $0.7235, and Ripple (XRP) gained 0.6 per cent to close at $2.20.
On the flip side, Solana (SOL) depreciated by 0.9 per cent to $151.64, and Binance Coin (BNB) lost 0.8 per cent to sell for $602.89, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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