Skip to main content

Dangote Cement’s proposed share buy-back propels equities market

FG should unlock gas potential for economic development — Dangote boss

Investors’ wealth up N1.043trn

By Nkiruka Nnorom

The plan by Dangote Cement Plc to undertake a share buy-back programme this week fuelled the bullish run in the stock market as investors took position in the company, leading to N1.043 trillion gains at the end of the trading week shortened by the Yuletide holiday.

Dangote Cement had revealed that it would be undertaking the tranche-1 of its share buy-back programme on December 30-31, 2020, after obtaining shareholders’ nod to go ahead with the programme early this year.

The company hopes to buy back up to 85.2 million fully paid up ordinary shares of 50 Kobo each, representing 0.5 percent of the entire current issued shares of the company.

It explained that the execution of the tranche-I of the programme would not have any material impact on it’s financial position.

READ ALSOJordan detects two coronavirus variant cases ― Minister

Consequently, the stock market received a boost as the All Share Index (ASI) rose by 5.4 percent week-on-week ( w/w), the second consecutive weekly gains, and closed at 38,800.01 points.

Bargain hunting in Dangote Cement Plc, which rose by 17 percent, Airtel Africa Plc (10%), BUA Cement Plc (+9.1%), and Flourmills of Nigeria Plc (+7.5%) buoyed market performance.

Similarly, the equities market capitalisation rose by 5.4 percent to N20.279 trillion.

Activity level was strong, as volume grew significantly by 35.6 percent w/w to 2.756 billion units, while value spiked by 128.4 percent to N40.311 billion during the week.

Analysis of the sectoral activity showed that performance across sectors was broadly positive with the exception of the banking sector that fell by one percent.

Conversely, the industrial goods sector, insurance, oil and gas and the consumers goods sectors advanced by 12.1 percent, six percent, 1.4 percent and 0.3 percent respectively.

The post Dangote Cement’s proposed share buy-back propels equities market appeared first on Vanguard News.


https://ift.tt/3nOwhtD by Urowayino Jeremiah via Vanguard News Albert Einstein Fools of Fortune
Labels:

Comments

Post a Comment

Popular posts from this blog

How to jump-start Nigeria economy post-COVID-19 Pandemic

Nwali Tochukwu Watching with consternation the fall out of events, actions, and inactions of our Nigerian leaders on mitigating the negative impact of COVID-19 Pandemic disruptions on our social and economic lives. As a young dynamic business and entrepreneurship writer, and author cum small business owner, what came into my mind as we navigate the storms of COVID-19, was a common English phrase Adages, Proverbs, first recorded in Fuller’s Gnomologia, 1732: ‘A stitch in time saves nine’ which was translated to literally, solve the problems right now! Why procrastinating? If we, as a nation wants to break away from past mistakes, and present mistakes, we should hold the bull by the horn right now. And avoid the roads of political expediency. That is exactly what the stitch in time simply stood for. Promptly address issues posed by Coronavirus. By quickly sewing up of a small hole or tear in a piece of material, so saving the need for more stitching at a later date when the whole ha
2 comments
Read more

Where is Aguleri Located?

Aguleri is a prominent town often associated with the mighty river called Omabala wgiyflows through it. It is home to a lot of great men and women of Anambra Stare - notably Willie Obiano. History had it that it was the cradle of Igbo people established by Eri, son of Had, son of Jacob (you got to read your Bible babe). Where is Aguleri located? It can be foueat the north eastern part of Nigeria. They share boundaries with Kano, Umueri, Anam and Nando httpss://twitter.com/share https://google.com https://www.alexa.com/siteinfo/google.com https://www.quantcast.com/google.com https://sharedcount.com/?url=https://google.com https://www.similarsites.com/site/google.com https://facebook.com https://www.alexa.com/siteinfo/facebook.com https://www.quantcast.com/facebook.com https://sharedcount.com/?url=https://facebook.com https://www.similarsites.com/site/facebook.com https://youtube.com https://www.alexa.com/siteinfo/youtube.com https://www.quantcast.com/youtube.com
Post a Comment
Read more

A lot of people think of actresses as prostitutes ― Joke Lawal

On-the-rise actress, Joke Lawal is living up to the title bestowed on her in 2016 as Nollywood New Bride by White Cowry Awards as the one-time City People Awards nominee is rapidly becoming a force to reckon with in the make-believe world. The Moshood Abiola Polytechnic graduate who dumped her degree in Business Administration in pursuit of her passion for acting in a chat with Potpourri has revealed what she hates about being an actress and what she would love to see a change in the movie-making landscape. ALSO READ:  Buhari urges Nigerians to pray for peace, unity “I would like to change people’s perception of actresses. A lot of people think of actresses as prostitutes, they see us as people who are not worthy of marriage and having a family. If I have the power this is something I will like to change. I will also like to see a change in the way our stories are written and interpreted, and in the quality of our film productions. Another thing I would like to change too is, how po
Post a Comment
Read more