Dangote Flour Mills, Diamond Bank Plc, Cadbury Plc to join NSE 30 Index

The Main Board of the Nigeria Stock Exchange is doing a review of the stocks quoted on its bourse for 2017 and based on factors that bother on 1) Volumes traded, 2) Capitalization, 3) Share price movement, 4) Corporate Governance, remove the following stocks from its NSE 30 most weighted stocks quoted:

  • 7UP Bottling Company Plc
  • Oando Plc
  • UACN Plc
  • Julius Berger Nigeria Plc
  • Forte Oil Plc

It is replaced by:

  • Dangote Flour Mills Plc
  • Diamond Bank Plc
  • Nascon Allied Industries Plc
  • Cadbury Nigeria Plc
  • Sterling Bank Plc

Stanbic IBTC Asset Management Limited listed seven (7) funds:

  • Stanbic IBTC Money Market Fund (1,650,000,000 units)
  • Stanbic IBTC Bond Fund (50,000,000 units)
  • Stanbic IBTC Balanced Fund (5,000,000)
  • Stanbic IBTC Imaan Fund (2,500,000)
  • Stanbic IBTC Umbrella Fund
  1. Stanbic IBTC Absolute Fund (6,000,000)
  2. Stanbic IBTC Aggressive Fund (1,000,000)
  3. Stanbic IBTC Conservative Fund (1,000,000)

Supplementary Listings:

An additional volume of 49,465,731 ordinary shares of 50k each of Stanbic IBTC Holdings Plc were listed on the Daily Official List of the Exchange on the 15th of December, 2017. These additional shares arose as a result of a Scrip Dividend Scheme offered to eligible shareholders of the Company who elected to receive new ordinary shares in lieu of cash dividends with respect to the 5 kobo final dividend for the year ended 31 December, 2016, as well as the 60 kobo interim dividend declared for the period ended 30 June 2017. With the listing of 49,465,731 ordinary shares, the total issued and fully paid up shares of Stanbic IBTC Holdings Plc has now increased from 10,000,000,000 to 10,049,465,731 ordinary shares

INTERNATIONAL BREWERIES PLC: An additional volume of 5,301,612,656 ordinary shares of International Breweries Plc (“International Breweries” or “the Company”) were listed on the Daily Official List of the Exchange on the 14th of December, 2017. These additional shares listed arose from the Scheme of Merger involving International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited. With this listing of 5,301,612,656 ordinary shares, the total issued and fully paid up shares of International Breweries Plc has now increased from 3,294,249,280 to 8,595,861,936 ordinary shares

Kelvin Emmanuel

About Kelvin Emmanuel

The Oil producing Angola in the Southern part of Africa faces what Nigeria faced 12months ago; a distortion in its exchange rate with a difference between the official markets and the parallel black markets. One dollar through the official window buys you 166 kwanza, while one dollar through the black market buys you 400 kwanza. Nigeria faced the same challenge 12months ago, when the distortion between the official and black markets was as much as the official markets trading at 306 with the parallel market ranging from 450 through to 510. The Central Bank Governor of Angola, Jose de Massano Junior announced in Luanda “We will stop having a fixed foreign exchange, we will adopt a floating regime of foreign exchange”. Angola faces exactly the same challenges and has been applying the exact same responses to an exchange rate crisis like using its foreign reserves that was sitting at $26bn to defend the currency kwanza, with no success so far, even though the external reserves has dropped to $14bn. Angola relies on Oil receipts for 80% of its government revenue, 90% of its inflow and 50% of its GDP. Angola is a $194bn economy that has been growing at an average of 10% on the back of rising oil prices since 2002 when its 27 year old civil war that started in 1975 ended. The state national oil company Sonangol reports that it produces up to 1.8m barrels of crude oil daily, however the government that until now has being led by the family dynasty Jose Eduardo dos Santos until recently when succession saw power transferred to Joao Lourenco, reports that the oil price rout in 2015/2016 that saw prices drop to as low as $28 per barrel caused ripples across the economic structures of the government, upsetting government revenues, its ability to fund its budget, capital project funding, foreign direct investments into the economy as a result of a currency crisis that was driven by the widening of gap between the official and street window of the kwanza, that until now has been pegged in a fixed exchange rate regime to the US Dollar.