Tuesday , July 27 2021

MTN Nigeria changes to PLC as index dips

  • INFINITY offers a 3kobo final dividend per ordinary share
    2019 financial results
  • CILEASING's Governing Board was held on April 30, 2019.
  • UNIVERSAL INSURANCE advises the stock exchange deferred reporting for the first quarter of 2019
  • SAHCO is included in the main board of the stock exchange

Market Summary

The news stream for Dangote Flour Mills Plc and the potential listing and restructuring of MTN Nigeria yesterday slammed the opinion of most analysts and investors on Customs.

On Tuesday, DANGFLOUR informed the stock exchange of a binding offer from Olam International, limited to acquiring the company's N130 billion, which is largely
subject to the existing laws and acceptance approvals. Yesterday, however, the shares went on a joint bid, rising by about 20% in two consecutive trading sessions this week. This development is despite the objection that investors have to trade

Elsewhere, MTN Nigeria has announced that it has changed its legal status from a private limited liability company (OOD) to a joint-stock company (Plc) in an attempt to confirm its commitment to registration
through the introduction of the Exchange. This is expected to increase the depth of the Nigerian stock market and reduce the degree of distortion in the industrial and banking sectors.

Bua Group

However, the NSE All Share Index remained inert to the likely positive trends that could be hidden in the news and financial reports of listed companies, down from -0.58% to the end of the psychological line at 29,898.31. Market capitalization lost N66.78 billion with significant sales in TRANSCORP and WAPCO, just like OANDO, WEMABANK, MOBIL, DANGCEM, UACN, and STANBIC have shed their previous profits to the end of the negative territory.

Nevertheless, JAPUALOIL, FIRSTALUM, UCAP, UBA, ACCESS, and FBNH continue to keep trending north, while traders push AIICO, FIDELITYBK, FLOURMILL, GUARANTY, and AFRIPRUD to the bullish market from past losses.

At the same time, the level of activity by volume and traded value decreased by -3.56% and –
2.7.83% to finish at 304.86million and N2.630billion in number.

View sectoral results

Financial sectors have escaped from bears such as banking and insurance
the indexes increased by 0.93% and 0.79% to 388.10 and 120.73, following the purchase interest of REGALINS 8.33%, AIICO 5.63%, WAPIC 2.50%, UBA 2.1%, ZENITHBANK 2.15% and UNITYBANK 2.5%.

According to the data of the losing countries, the oil and gas sector decreased by -3.61% at the most due to the sale
CONOIL -9.57%, OANDO -5.88%, SEPLAT -4.39%, and MOBIL -2.72%
Industrial and Consumer Indices fell by -0.70% and -1.10%
depreciation recorded in INTBREW -8.70%, NESTLE -1.90%, WAPCO -1.31% and
DANGCEM -0.94%.

Mood of investors: The market has closed at 1.86x positive

Investor sentiments remained strong in light counters, thus seeing
broad upward trends, but depreciation in heavy burdens; DANGCEM, NESTLE,
MOBIL and SEPLAT weighed the reference index. In the meantime, we still expect positive interest in the banking sector.

About MorganCapital

MorganCapital Securities Limited ("MorganCapital"), formerly known as International Capital Securities Limited,
was established on 28 January 1997; and received a NSE member license on October 3,
1997, after obtaining a license from the Securities and Securities Commission (SEC) as a broker / dealer.

Research Omosuyi Temitope [email protected]
Investment Banking Dipo Olomofe [email protected]
Adewale Adetiba [email protected]
Securities dealing with Esther Adelaja [email protected]
Michael Joel [email protected]
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