The path to stable recovery still seems far ahead for the Nigerian equity market considering that this week marks its third straight loss this year.
As companies release their full-year results, most of which are underwhelming, the fear of depreciation in the value of stocks is driving many investors to sell off their holdings as early as possible.
Consequently, all the key market performance indicators closed lower. A negative market breadth was recorded this week as 19 gainers emerged against 15 losers. The All Share Index (ASI) dipped by 1.11% to 27,755.87 basis points. Market Capitalisation equally fell by the same margin to N14.456 trillion.
Trade Volume of 912.175 million shares worth N12.126 billion was recorded in 17,083 deals this week compared to the 1.478 billion shares valued at N20.295 billion posted in 23,263 deals last week.
On the Activity Chart, the Financial Services sector dominated trade with 624.219 million shares estimated at N7.129 billion traded in 9,640 deals. Specifically, it contributed 68.43% and 58.79% to the total equity volume and value respectively. The Conglomerates sector came next, trading 93.204 million shares worth N452.093 million in 861 deals. The Oil and Gas sector followed, trading 59.267 million shares priced at N124.638 million in 1,254 deals.
As regards Index Movement, all indices depreciated with the exception of NSE AFR Div Yield and NSE Industrial Goods indices, which grew by 0.11% and 0.78% respectively. The NSE ASeM Index closed flat.
Infinity Trust Mortgage Bank PLC
Infinity Trust Mortgage Bank this week proposed a dividend of 3.5k per share for the year ended 31st December 2019, subject to the approval of its shareholders at the forthcoming Annual General Meeting (AGM) to be held on 7th May 2020.
The register of voters will be closed from 9th to 13th March 2020 preparatory to the payment of dividend on 14th May 2020. Qualification date has been fixed for 6th March 2020.
Nigerian Breweries PLC
Nigerian Breweries Friday declared a final dividend of N1.51 for the 2019 financial year subject to shareholders’ approval at its next AGM timed to hold on 22nd April 2020. The company’s register of members will be closed from 5th to 11th March 2020. Qualification date has been scheduled for 4th March 2020. The payment date is 23rd April 2020.