The NSE requires all listed companies to report their earnings on time and follow regulations in other to protect investors money. These companies violated the exchange policies, as a result, their shares have been suspended from trading.
The list of eleven which included seven insurance companies and four others appear to have been found wanting in certain respects and The Exchange moved to wield the big stick.
The companies are Conoil Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, Goldlink Insurance Plc, FTN Cocoa Processors Plc, Universal Insurance Plc, R.T. Briscoe (Nigeria) Plc, Royal Exchange Plc, and Resort Savings & Loans Plc.
According to Mr Godstime Iwenekhai, NSE Head, Listings Regulation Department, “
“If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a “Second Filing Deficiency Notification” within two business days after the end of the Cure Period.
“The exchange will after the Cure suspend trading in the Issuer’s securities, and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.
“In accordance with the rules set forth above, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange”.
The chairman of Forte Oil, Femi Otedola a farewell message to his successor. “A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders. In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc. We wish our successors the very best and urge them to build on our legacies which have been established since 1964 🙏🏿 …F.Ote💲”, he said.
The plan to sell his control shares of Forte oil began in December 2018. He sold his stake to focus on the recently acquired Amperion power distribution company.
Amperion Power plant was acquired for $132 million dollars. It has 414 megawatt power plant and Femi Otedola want to be a leader in the power industry.
According to Forbes “Publicly traded Forte Oil made the announcement on Monday in a press release signed by the company’s General Counsel, Akinleye Olagbende.
“Forte Oil Plc hereby notifies the Nigerian Stock Exchange, Securities and Exchange Commission, shareholders and the investing community that its majority shareholder, Mr Femi Otedola, has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 per cent direct and indirect shareholding in the company’s downstream business,”.
MTN Nigeria Communications Plc: Listing by Introduction of the Entire Issued 20,354,513,050
Ordinary Shares of 2 Kobo Each at N90 per Share on the Premium Board of The Nigerian
The entire issued 20,354,513,050 ordinary shares of MTN Nigeria Communications Plc (MTN
Nigeria or the Company) was listed by Introduction on the Premium Board of The Nigerian Stock
Exchange (The Exchange) on, Thursday, 16 May 2019.
The listing is following The Exchange’s approval of the application to list the Company’s entire
issued 20,354,513,050 ordinary shares of N0.02 each at N90 per share. The trading symbol of MTN
Nigeria is MTNN.
Lyft is an America based ride-sharing company. They recently went public early this year and they are struggling to maintain a balanced share price. The stock started out at $ 88 dollars range after IPO but since sold off to $ 56 as of today May 7, 2019. The company started at 25 billion valuations but it’s now at 16 billion.
It’s first earning report post IPO was impressive but losses continue to grow. They did well, stock compensations cost the big loss and that usually happen in the first year of the business. This car sharing company has a better business model than Netflix and they will be able to cut cost very soon. They doubled last year revenue and made 776 million this year. If they can increase this by 50 percent for next quarter and make 1 Billion by Next year I think that fantastic. Netflix didn’t do this good when it started out and Netflix is now worth 153 billion. Lyft is still a baby at 16 + billion. They just have to not do anything careless to be great.
And Uber won’t be a fair comparison for Lyft either. Uber is doing a lot of things. Uber Eat, uber freight, Uber finance. Uber Eat is the best of their businesses. Maybe they will find a way to Spinoff Uber Eat to unlock values.
MTN is one of the largest telecommunication company in Nigeria. The South African Network company also have locations in other countries and Nigeria is MTN’s biggest market.
Nigerian unit of MTN network released a statement that it would prefer to list on the Nigerian Stock Exchange on Thursday, a spokesman for the South African firm said on Tuesday.
“We are aiming to list but we can’t give you a hard date,” he said, adding that Thursday was the company’s preferred date, although Wednesday and Friday this week and Wednesday and Thursday next week are also options. (Reporting by Paul Carsten and Chijioke Ohuocha; Editing by Alexander Smith)
What you need to know about MTN listing on the Nigerian stock exchange
The number of shares
The SEC Head, Corporate Communications, Mrs Efe Ebelo, confirmed this to the News Agency of Nigeria (NAN) in Lagos.
Ebelo said the
commission has approved the company’s application to be listed on the nation’s
bourse by way of introduction.
She said that
the company has successfully completed the registration of 20,354,513,050
ordinary shares of N0.02 each with the commission.
MTN Nigeria had on May 6
filed an application with SEC and the exchange for listing by introduction.
SEC recently said that it
received an application from MTN requesting registration of their existing
“They have applied for
listing by introduction which will enable the company to be listed and allow
shareholders sell their shares on the floor of the exchange,” Ebelo said.
The SEC Acting Executive Commissioner, Corporate Services, Mr Henry Rowlands, told NAN that the commission was committed to working with MTN Nigeria.
The Nigeria Stock Exchange announced that the Newrest ASL Nigeria Plc – Voluntary Delisting of the Entire Issued Share Capital of the Company from the Daily Official List of The Nigerian Stock Exchange
see the official letter from the spokesperson of the Nigeria Stock Exchange below.
Further to our market bulletin of 27 February 2019 with reference number: NSE/RD/LRD/MB17/19/02/27 notifying
Dealing Members of The Nigerian Stock Exchange’s (The Exchange) approval of the application for voluntary
delisting of the entire share capital of Newrest ASL Nigeria Plc (Newrest ASL or the Company), and subsequent
suspension of trading in the shares of the Company, please be informed that the entire issued share capital of
Newrest ASL were delisted from the Daily Official List of The Exchange, today, Monday, 13 May 2019.
This is for your information and records update, please.
Head, Listings Regulation Department
What you need to know about Newrest ASL Nigeria PLC.
The company provides catering and hospitality services to international airlines and airports in Nigeria, Kigali, and Rwanda. It operates through Lagos Inflight Catering; Abuja Operations; Airport Operations Lagos; Kigali Inflight Catering; and Oil and Gas and Other Catering segments.
The company’s services include in-flight catering, warehousing, client and specialized catering, frozen ready meals, and oil and gas catering. It operates and manages airline lounges on behalf of clients for first and business class passengers, which include operations, maintenance, Internet access, shower facilities, and bar and food services; provides trolley services.
Source : Bloomberg news.
The company’s earnings report for the quarter ending on Marck 31, 2019 came in strong. Newrest ASL generated a record sale of N 1,282,450 compared to N 1,162.150 from the previous year. The operation income came in at N 61,784 million compared to N 53.634 million a year ago. The company reported N 313.265 million in Net income ( N 0.49 per share).
The statement read in part, “Dealing
members are hereby notified that further to the Exchange’s approval of
the application for voluntary delisting of the company, the shares of
Newrest ASL were today, Wednesday, February 27, 2019, placed on full
“This suspension is required to prevent
further trading in the shares of Newrest ASL, and in order for the
company to comply with the post-approval requirements, which will
precede the final delisting of the company from the daily official list
of the Exchange.”
The NSE said the company’s application
to delist was as a result of its inability to meet up with the 20 per
cent free float requirement of the Exchange.
It said, “In line with the provisions of
Rule 1.10 of the Rules for Delisting of Equity Securities from the
Daily Official List of the Exchange, which states that ‘the issuer shall
set aside funds sufficient to purchase the interest of all shareholders
who expressed their dissent to the resolution to delist the issuer.
“Such funds shall be domiciled with a
registrar or a custodian that is duly registered by and in good standing
with the Securities and Exchange Commission.”
Look at the reds; the United States of America and China are engaged in a trade war and it’s affecting the rest of the world. All Nigerian companies that receives shipments from China will be affected.
United States imposed 200 billion tariff on China, and China responded with a 60 Billion Dollars tariff on the United States of America. Here is how it’s impacting Nigeria stock exchange, below are the top 5 money loser for the day.
Nestle Nigeria PLC reported its first-quarter earning report for the year 2019 and the company boasts a remarkable N 71 Billion in revenue. The company also saw a 5.2 percent growth for the year 2019 from the year 2018.
The total profit came in at N 12.8 Billion beating the estimate of N 8.6 Billion from the previous year. The company recorded a gross profit of N31, 468,870 for the year 2019; marketing and distribution expenses came in at -10,371,484.
Focusing on creating demand and strengthening
the brand’s loyalty program is a major concern to Nestle. According to Nestle PLX, “The company also continued to focus on
Creating Shared Value for society and its shareholders by delivering high quality
nutritious products to consumers and contributing to the growth of the local
economy through local sourcing and increasing access to clean drinking water in
the communities where it operates”.
Mauricio Alarcon, Managing Director & CEO of Nestlé Nigeria Plc said, “We
are pleased with the sustained growth of our company, the loyalty of our
consumers and the discipline and dedication of our people to provide tastier
and healthier foods and beverages”.
“Looking forward to the rest of 2019, we are optimistic that our current business model will keep delivering satisfactory results to our shareholders and to society in line with our Creating Shared Value principle. Providing high-quality and affordable nutritious products that meet the needs and preferences of our consumers will remain our priority as we help build thriving, resilient communities through sustainable local sourcing and continuous product innovation’ the CEO said during the earnings report.
Nestle stock price has been up more than 100 percent since 2017. The stock is trading at N 1,520.00 as of today April 6, 2019. The stock was selling at N 776 in the year 2017. The 52 weeks high range is N 1,340.00 to N 1,645.00. It’s market cap increased to N 1.205 T, it’s trading at 25 times price per earning and it paying 3.85 percent in dividends.
The above statement is in relation
to the Q1 2019 report, the Q2 report is due on July 30, 2019.
business is a booming business in Nigeria. Nestle manufactures hydrolyzed plant
protein mix and other food products based on its local agricultural raw
Nestle food product brands
Nestle Golden Morn
Nestle Kit Kat
Nestle Carnation milk
These products are selling at a record high in markets around the world. Nestlé is making money from direct sales, wholesales directly to the reseller, distribution to hotels, and other companies.
This statement for the period ending on March 31, 2019. The company reported N 19,122,202 profit before tax and it did not declare any new dividend price at the time of this report.
Operation result shows that Nestle has a positive quarter. 2019 reported number was up by 66% compared to the reported comprehensive income for the year 2018.
It’s a good practice for directors to be invested in companies that they are associated with. This will ensure that they make the right decisions for stakeholders because their money is also on the line. According to the recent report, only one director owns shares in Nestel company.
Mr. David Ifezulike is the Chairman of Nestle and has 56,255 shares in the company. The other directors have no shares in the company. The most alarming discovery is that the Managing Director and CEO of Nestle does not have any shares in the company.
Share repurchasing program
Companies usually buy their own shares in other to reduce the number of outstanding shares. A company can boost investor’s confidence by buying back it own stocks. This process allows the company to become its own investor; as a result, it reduces the number of outstanding shares. This can also improve the company’s earnings because only a few are left to claim the company’s earnings. Nestle reported that it didn’t buyback any shares this past quarter.
Nestle’s Asset declaration
Nestle’s Debt information
The company did not reveal much about its overall debt. It only shared little nformation about its short term debt obligation and this cannot be factored into how the company stands financially.
Nestle Nigeria PLC dividend declaration
Dividend unchanged, the company will stick to the 3.85 % dividend payout. Nestle cleared the dividend on March 4, 2019. Payments will be made to investors who are invested in Nestle stocks by May 10, 2019. The payment date is May 29, 2019.
Expressposting Nestle review
Nestle did not give enough information on how each of their brand product is performing on the market. They did not provide future guidance on what investors should expect for the next fiscal year. They did not discuss cutting cost or mention plans that will add value to the share price.
No innovations; Nestle does not have any new product on the pipeline. The stock price is still cheap, the company earned a total profit of N 12.8 billion and they are expected to earn more for the next quarter. The stock has been down about 1 percent year to date. We believe that Nestle will do it’s best to improve the share value for the benefit of the investors.