HENATES

Dangote Cement, market leader by capitalisation, closed N16 or 8.6% per share down on Wednesday, January 9 2019 at the Nigerian stock exchange. In a trading day when for the first time in the week, the gap between price gainers and losers closed considerably, the DangCem tumble ended up dragging the All share index down 2.33% down to 29,336.80. In all there were 19 price drops and 14 gains rather close and the previous day when 28 drops and 12 gains were recorded the ASI went down by only 1.22%. Earlier on Monday, it had eased even more marginally ( by 0.78%) although 34 price decline and only 14 gains were clocked. DangCem headed down through the day from Tuesday's N186 per share to day high of N176 before closing at N170 per share, the day low. This was while 0.289m of its shares changed hands in 138 deals worth N49.720m and it was a solo decline of sorts too because no other equity went down in double digit. Perhaps the ASI sharp decline was because most top gains were recorded ...

COCOA PROCESSING COMPANY LTD Cocoa Processing Company ltd (CPC) suspended from trading at the Ghana Stock Exchange in August 2017, is staging a strong come back bid. The company was suspended for two main reasons 1) Non submission of its annual reports and 2) for failure to hold annual general meeting from 2015 to then. Now, says CEO Nana Agyenim Boateng 1 the company is seeking a come back to the market and pleading for investors understanding and support. It has submitted to the exchange annual reports for 2015, 2016 and 2017 and organised annual general meeting to consider and approve the accounts, amongst other matters, on December 27, 2018. Eventually, this should pave the way for renewed trading but CPC still has a long way to go before its accounts read black. For now, it was red ink all the way in those years and may remain so for a while yet. But there are plans affoot to reverse the trend. According to Boateng 1, working capital is being sort from banks to boost production; a...

CONTINENTAL REINSURANCE: Soon, Continental Reinsurance plc will be full 100% subsidiary of Continental Re African Investments , according company Secretary, Mrs Patricia N Ifewulu. In a formal notice investors and stakeholders, Mrs Ifewulu said that shareholders, at a court ordered meeting, have formally approve the proposal for the sale of all outstanding shares of CRe Nigeria to CRe African Investments. The proposal was approved by 92.66% of holdings in the company amidst upward reversal of the purchase consideration from initial N2.04 per share to N2.10. According to her, this meant that the agreed price contained 51.08% premium on the N1.39 per share quoted price as at October 5, 2018 when the purchase proposal was tabled. C& I LEASING Plc C& I Leasing is soon to receive a breather from its debt burden as a major creditor, ABRAAJ, has accepted to convert the company's $10m loan stock into equity. According to Company Secretary, Mbanugo Udenze & co, Abraaj are the ma...

Since this year, the Composite Index at Ghana Stock Exchange has consistently gone up one trading day, and down the next. It closed Tuesday January 9, 2019 at 2581.6, down very marginally on the 2581.85 clocked on previous trading day Friday January 4, 2019; Monday being a holiday in Ghana. Though marginal, the decline was in line with up today, down next trading day trend on since it rose to 2589.55 on Wednesday January 2 from December 31's 2572.22. On January 3, 2019 it had followed this up with a drop to 2571.35 before rising once again to 2581.85 on January 4. The trendy drop on Tuesday January 8 was marginal because only one price change occurred on that day. Lone ranging  Ghana Oil eased by GHs0.01 per share as 200 of its shares were traded at GHs 3.11 per share as against GHs 3.12 previously. Hence on the strength of this, the GCI shed 0.25 points to stay in line with the up and down trend. However, trading had been above average since the year except on January 2 when only ...

Downswing at the Nigerian Stock Exchange since the new year continued Tuesday January 8 with 1.2% decline in the All share index to 30,036.15 after going down 0.78% on Monday. At that level the ASI continues to draw nearer 2017's low 25,376.93 in February but still has a fairly lone way to go. There were far less price drops than on Monday and so, the higher % of decline could be traced to more heavyweight equities in decline this time around. There were 28 price drops ( compared to 34 on Monday) and 12 price gains as against 14 previously. Okomu Oil & Palm led gains with N6.15 or 7.93% rise as it closed at N88.75 per share after a day low of N78.3 compared to N77.6 per share previously. Interestingly, this was after going down N2.4 or 3% per share the previous day as part of the top 5 declines for the day. Okomu ended Tuesday with 25 deals for 3.377m shares worth N14.403m. All other price gains were below N1 per share with Nigerian Breweries trailing Okomu with N0.4 or 0.51% p...

Investor interest as reflected by number of deals struck hit an all time low on Tuesday January 8 2019 at both the equity and bond segments of Nairobi Securities Exchange. At the equities market, total number of deals struck came to 395, less than 50% of equally low 899 deals struck the previous day and this was the lowest since Henates started monitoring the market. Much the same way deals struck at the bond market dropped to just 28 compared to 46 on Monday January 7. The deals were for bonds valued at Ksh1.361m as against Ksh 1.648m previously. In the case of the equities segment, traded volume tumbled to new low as well of 5.604m shares valued at Ksh 154.007m compared to 9.157m shares traded on Monday for Ksh 174.318m. It was a dry day indeed with Equity Group in the banking sector pacing trade with deals for 3.283m shares worth Ksg110m at between Ksh 33.75 and 34.25 per share pushing the sector's contribution to traded value to Ksh 114.5m or 74.38%. Safaricom recorded deals fo...

When we stopped monitoring the Nigerian stock market around December 21 2018 sequel to our 2 week break, the All share index closed at 3,773.64. All through pur break, the market closed gloomy and by Monday January 7, 2019 as Henates resumed, the ASI closed at 30,400.28. Meaning that inspite of so many non trading days within the break, the ASI declined by 373.39 points or 1.21%   For a market that entered 2018 with glowing faces over rating as one of the top growing markets in 2017, that was indeed quite a slide with which to end the year and begin 2019. The Monday January 7 slide was 0.78% on previous trading day's level and was heralded by 34 price drops very much unmatched by only 14 gains. Top slide was N25 per shareor 1.65% by top priced Nestle Nigeria as it closed at N1450 per share after hitting a day low if N1351.60 compared to N1475 per share previously. Nestle ended with 74 deals for 0.828m shares valued at day high N1.142bn What's more, compared to price gains that ...