Dangote Sugar & Forte Oil led Top Gainer & Loser this week on NSE


At the close of trading on Friday 24th November 2017, Dangote Sugar led the top gainers by an appreciation in price of 20.31% opening at 14.33 and closing at 17.24, a 2.91 gain within five consecutive trading days. Forte Oil led the list of top losers with a depreciation in price of -17.73% opening at 48.62 and closing at 40.00, an 8.62 loss within five consecutive trading days.



Lafarge Africa Plc listed additional units 85,261,220 ordinary shares on the daily official list of the exchange on wednesday the 22nd November 2017. The additional units were issued to shareholders of Ashakacem Plc in exchange for their shares in Ashakacem pursuant to a scheme of arrangement of capital re-organization between Ashakacem and holders of its fully paid ordinary shares of 50k each dated 26th September 2017. This brings the additional listing of 85,261,220 ordinary shares, the total issued and fully paid up shares of Lafarge Africa, from 5,490,513,997 to 5,575,775,217 ordinary shares.



  • First City Monument Bank Group, the holding company for First City Monument Bank released their 3rd Quarter unaudited results for the month ending September 2017, while Nigerian Emalware Plc, a company that manufactures plastics and galvanized buckets, released their 2nd Quarter results for the month ending October 2017
  • Nestle Nigeria announced the closure of register for the period ending September 2017 with an interim proposed dividend of 1500 kobo per share. The closure of register is between the 27th November-1st December while the payment of dividend is dated for the 11th of December 2017.
  • Lafarge Africa proposes a right issue 3,097,653,023 ordinary shares of 50 Kobo each at the offer
    price of N42.50 per share on the basis of five (5) new ordinary shares for every nine (9) ordinary
    shares held as at 01 November 2017. The Nigeria Stock Exchange says despite the fact that an application for approval was sent to SEC on 1st November 2017, the opening of trading will begin on the 27th November & close on the 15th December 2017, due to a late communication to the exchange for creation of code for trading on the stock.


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.