Investors Spend N16 bn on Stocks in 5 Days

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Investors spent N16 billion to buy stocks last week on the Nigerian Stock Exchange (NSE) (week ended Friday June 5, 2015) buying 1.2 billion shares.

The top 3 most traded stocks were Zenith Bank Plc, Diamond Bank Plc and United Bank for Africa Plc.

At the end of the week’s trading, 27 companies saw their share prices rise while 47 companies saw their prices drop.

The top 10 companies that saw a rise in their share prices are;

Constain West Africa up 12.77% to close at N1.06

Beta Glass Company up 10.08% to close at N44

Berger Paints up 10% to close at N11

Portland Paints up 9.62% to close at N3.99

Honeywell Flour up 6.99% to close at N3.98

Neimeth up 6.67% to close at N1.28

Transnationwide up 6.67% to close at N1.28

Mobil Oil up 6.47% to close at N156.30

Wema Bank up 6.25% to close at N1.02

N.E.M Insurance up 3.70% to close at 84 kobo

Some important developments in the market last week include;

Oando

Oando listed 2.95 billion shares from the outcome of its rights issue. This raises Oando’s total outstanding shares to slightly in excess of 12 billion

Unilever

Unilever’s current bid to buy close to a billion shares from existing shareholders of Unilever Nigeria will close this week  on June 10, 2015. The tender offer will raise Unilever’s stake in Unilever Nigeria from 50% to 75% giving it a commanding control of the company. The company is picking up the shares at N45 per share which is the current market price of Unilever on the NSE.

Caverton

Caverton Plc has announced the appointment of Mrs Titilola Adigun as the new Chief Financial Officer with of the company with effect from 1 July 2015.

Skye Bank

– Skye Bank Plc has announced the appointment of new executive directors following the integration of its operations with newly acquired Mainstreet Bank. The four new Executive Directors are; Mr. Bayo Sanni – Executive Director, Lagos Commercial Banking Business; Mr. Idris Yakubu – Executive Director, Abuja and Northern Region; Mrs. Markie Idowu – Executive Director, Technology and Service Delivery Channels; and Mrs. Abimbola Izu – Executive Director, Corporate Services Directorate.

The Central Bank of Nigeria has approved the appointments but shareholders are expected to ratify the appointments at the Bank’s forthcoming Annual General Meeting scheduled to hold on 8 June 2015. The appointments are effective June 2015 with the exception of Mr. Bayo Sanni whose appointment is effective July 2015.