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7 events that shaped the Nigerian Stock Market on Tuesday

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Market capitalisation, however, rose by N2 billion to close at N11.303 trillion against N11.301 trillion recorded last Thursday as Skyway Aviation listed shares on the stock.

Here are a few events that happened at the Nigerian stock market on Tuesday:

1. Skyway Aviation Handling Company (SAHCOL) listed by Initial Public Offering (IPO) a total of 1.354 billion ordinary shares at a listing price of N4.65 per share.

The listing added N6.29 billion to the market capitalisation of the Exchange, further deepening the Nigerian capital market.


Skyway Aviation Handling Company (SIFAX Group)

2. Dangote Flour Mills Plc announced plans by Olam International to acquire 100% equity ownership of Dangote Flour Mills Plc (DFM), a leading flour and pasta manufacturer in Nigeria, for an enterprise value of NGN 130 billion (approximately $361 million) on a debt free, cash free basis.


Olam International (Reuters)

3. United Bank For Africa (UBA) Plc released its unaudited first quarter results for the period ended March 31, 2019. The company posted N28.7 billion profit for the period. 

4. Zenith Bank Plc announced the redemption of its matured $500 million Eurobond due April 22, 2019. The Eurobond was issued in 2014 with a 5-year tenor at a coupon of 6.250%, under the bank’s $1 billion Global Medium Term Note Program.  


Jim Ovia, Founder and Chairman of Zenith Bank Plc

5. Dangote Flour Mills Plc’s share price jumped to N11.75 from N10.70 after the Group and Olam International announced the deal on Tuesday.

6. Best performing stocks for the day:

  • JAPAULOIL (+10.0%)
  • DANGFLOUR (+9.8%)
  • FIRSTALU (+9.8%)

Worst performing stocks:

  • GUINNESS (-10.0%)
  • FORTE (-9.8%)
  • UNILEVER (-8.8%)

Analysts at Afrinvest anticipated that in the near term, corporate earnings will have a significant impact in the domestic bourse as investors will continue to take position in attractive stocks ahead of earnings expectations