29th August, 2019

On the Bid Cart: FO (+6.82bps) trailed CONTINSURE (+9.79bps) and AFRIPRUD (+8.57bps) to close the day higher at N16.45. The movement in FO can be largely said to be positive reaction by investors on the news of mandatory take over offer by the new board members (IGNIT INVESTMENTS AND COMMODITIES LIMITED) for up to 500,000 ordinary shares of FORTE OIL Plc at N66.25/share. In a way to benefit from the proposed offer, investors scrambled for position in the stock that trades at a discount of 75.17% to the offer price (N66.25).

On the Offer Cart: UACN closed the day as the worst performing stock after dropping 900bps to close lower at N4.55. The stock has declined 14.95% w/w and has lost a significant 53.33% of its value since the beginning of the year (N9.75).

Corporate Announcements

Guinness Nigeria Plc. released H1'19 results, reporting Revenue of N131.50bn (-8.13% y/y) and Profit After Tax of N5.48bn (-18.37% y/y).

Reporting for EasyKobo on Thursday , 29 August 2019 in Lagos, Nigeria

Source: Vetiva Capital Management Limited