Kicking off the new week, the lead activities index of the Nigerian Stock Exchange attempted further green zones as it added 34Bpts to end the day’s transactions at 25,249.49 point. Sustained positivity could be linked to the second positive earnings released by Nigerian Breweries during trading activities today. It was a mixed performance amongst the observed market indices as shown in the index movement table. Please note that total lost points in February already adjusted down to 302Bpts.
Value gained by the market capitalization of the listed equities during today’s trading activities was N29.271 billion same as 34Bpts above the opening value. Meanwhile, trading activities for the day produced 10 advancers and 19 lagers. NSEASI Year to Date loss is -6.05% while the Market Capitalization Year to Date loss stood at –N508.551 billion same as 5.50% below the year’s opening value.
So far, earnings impact on the market direction is positive. Investors’ fear seems to have been allayed by the two results released till date (by United Capital and Nigerian Breweries). Boosting confidence further is the fact that Nigerian Breweries result is against the popular expectations of negative performance from the manufacturing industries. Although profit for the year stood below the comparable year-2015, the total revenue improved.
The Management of Nigerian Breweries is proposing N2.58 cash dividend in addition to the previously paid N1.00 in October, 2016. At the AGM they also planned to propose an option of qualifying shareholders receiving new ordinary shares instead of the final dividend. The qualification date is 8th March 2017, while AGM and Payment date are 3rd March and 4th March 2017 respectively.