Insiders at Meyer, Stanbic IBTC, Others ramp up their companies’ shares

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Oscar Onyeama, NSE Boss
Oscar Onyeama, NSE Boss

Insiders at Meyer, Stanbic IBTC, Others ramp up their companies’ shares

Top executives at some listed companies including Meyer, Stanbic IBTC, Others are purchasing their companies’ shares from the local bourse.

The trend is revealed as numbers of notifications about insiders trading activities in the stock market increase.

Meanwhile, analysts said the reason why top executives are picking their shares are in many folds at the moment.

Meyer, Stanbic IBTC Holdings and WAPIC Plc notified the Nigerian Stock Exchange about their insiders trading information.

At the close of market, Meyer Plc market capitalisation settled at ₦265.618 billion on outstanding shares of 531,237,723 traded at 50 kobo.

Of this, insiders at Meyer Plc bought 218,828,541 shares at 46 kobo, represents about 42% of the company on the 30th March, 2020.

Also, Stanbic IBTC said its Head of Human Capital, Mrs. Olufunke Amobi has picked 18,607 shares at ₦28.60 on 15th April, 2020.

This comes after series of insiders shares purchases as reported by MarketForces.

Likewise, WAPIC Insurance reported that an insider, Aigbovbioise Aig-Imoukhuede, purchased 987,948 of the firm’s shares at ₦0.23 on March 23.

The company document shows that it gave initial notification of the transaction on 17th March, 2020.

Meyer Plc said in a notification to NSE that a significant shareholders strengthened position with further purchase of the company stocks.

Read: https://dmarketforces.com/nigerian-stock-exchange-records-steep-rise-in-insiders-transactions/

According to Meyer, Bosworth Investment and services limited acquired 24, 915,094 shares at 46 kobo on 30th March, 2020.

Then, the big elephant in the room, Greenwich Nominees Limited purchased 153,019,326 shares of the company at 46 kobo.

In addition, a director at Meyer Plc, Uponi Anthony Chukuka purchased 3,298,804 shares at 46 kobo, again the transaction was consummated on 30th March, 2020.

On the same day, Greenwich Asset Management bought 24,315,094 shares of Meyer’s share at 46 kobo.

Meanwhile, the Meyer’s Chairman, Board of Directors also 13,280,223 shares at 46 kobo on 30th March, 2020.

Insiders at Meyer, Stanbic IBTC, Others ramp up their companies’ shares