By Chinenye Anuforo

Nigeria’s equities market resumed yesterday on a negative note on the Lagos floor of the Nigerian Stock Exchange (NSE) as lead indicators fell by 2.64 per cent.
According to market analysts, the drop was as a result of profit taking and cautious trading amid uncertainties across global markets over Britain’s vote to exit the European Union (BREXIT).
The NSE All Share Index (ASI) for instance depreciated by 809.43 points to close at 29,840.23, showing 1.36 per cent decline from the 30,649.66 basis points recorded last Friday.
On the other hand, Fidson Healthcare sustained its price rally on the back drop of the newly completed WHO compliant facility set to create jobs, as it gained 9.91 per cent or 22 kobo to close at N2.44. It was followed by Julius Berger Plc, which added 5.00 per cent or N2.20 to close at N46.20 per share, while GSK Plc gained 4.97 percent or N1.10 to close at N23.22 per share. Meanwhile UCAP Plc led the day’s decliners with a loss of 7.94 per cent or 20 kobo to close at N2.32 per share, followed by Zenith Bank Plc, which lost 6.12 per cent or N1.04 kobo to close at N15.96 per share, while Stanbic IBTC Plc dropped 5 per cent or 85 kobo to close at N16.15 per share.
At the end of the day’s trading session, 375.2 million shares worth N4.03 billion were traded in 4,229 deals against 444.5 million shares worth N3.7 billion exchanged in 5,565 deals previously, bringing market capitalisation to N10.248 trillion against N10.526 trillion recorded last Friday.


Lafarge shareholders approve over 496m shares as bonus

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…To get N3 dividend

By Omodele Adigun

The shareholders of Lafarge Africa Plc, Monday, in Lagos unanimously approved about 497 million shares proposed by the company’s board as bonus, just as they  would take home N3 per share as dividend.
As part of the special business at the 57th Annual General Meeting (AGM) of the company, the shareholders passed a resolution that, following the recommendation of the directors, the sum of N248,403,876, out of the total of N186,419,988,000 credited to the share premium of the account, be capitalised as 496,807,752 ordinary shares by way of bonus shares in the ratio of one new share for every 10 shares held.
In the same breath, the investors also  gave their nod to the N3 per share dividend proposed by the directors for the shareholders in Nigeria.
Speaking at the occasion, the Group Managing Director/CEO of the company, Mr. Michel Puchercos, stated that overall, new strategies in penetrating retail, new geographies and the technical segment are expected to push Lafarge Africa’s volumes to grow above a flat market in all three product lines.
He added: “The Nigerian operations of Lafarge Africa, having been successfully unified and rationalised under one management team, is cognizant of the different stakeholders’ expectations and promise to drive efficiencies that will ultimately generate remarkable synergy savings for overall improved performance.
In his remarks, the Chairman of the company, Mr. Mobolaji Balogun, noted that 2015 was transformational and the first full operational year of the new enlarged company.
He stated: “We have now built a significant platform to drive value creation for all stakeholders and in particular, our shareholders.”
Commenting on the companys outlook, Balogun foresaw growth opportunities in 2016 and beyond for the building material sector. ìThe 2016 Federal Government budget indicates a significant increase in the spending on infrastructure and capital projects. The Government recognizes the urgent need to re-invest in Nigerian infrastructure to catalyze much needed growth. With the on-going 2.5mt expansion project in Calabar, which is expected to be commissioned before year end, and plans for Ashaka, our cement production capacity in Nigeria is on the increaseî he stated.
The Chairman reported that the company continued to build on the successful completion of the Lafarge Africa asset consolidation through some strategic initiatives, including increasing its shareholding in Ashakacem to 82.46 per cent via a Mandatory Tender Offer and acquisition of further stake in Unicem. He enjoined the shareholders to support the on-going Ashakacem Voluntary Tender Offer which according to him, provides opportunity for the minorities to participate in a much larger growth platform, which Lafarge Africa represents.
In simple terms, the offer creates the immediate and direct advantage of moving from investors in AshakaCem with one million metric tones per annum (mtpa) cement production capacity to Lafarge Africa with 12mtpa and an additional 2.5mtpa due for commissioning by the end of 2016. The consideration offered for the tender is quite favourable to shareholders of AshakaCem,î he explained.