• Tuesday, July 23, 2024
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Stock market dips by 2.28% in week ended April 6

MTNN, other stocks drive market’s negative start to new week

In the trading week ended Thursday April 6, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation depreciated by 2.28percent to close at 52,994.13 points and N28.869 trillion respectively.

All other indices finished the review trading week lower with the exception of NGX Insurance which appreciated by 2.19percent while the NGX ASeM and NGX Growth indices closed flat.

The market opened for four trading days as the Federal Government of Nigeria declared Friday April 7, 2023 and Monday April 10, 2023 as Public Holidays to mark the Easter celebration.

Sixteen equities appreciated in price during the four-day trading week lower than 37 equities in the preceding week. Thirty-seven equities depreciated in price higher than 30 in the preceding week, while 103 equities remained unchanged, higher than 90 equities recorded in the preceding week.

Investors exchanged 1.054 billion shares worth N10.050 billion in 16,155 deals, in contrast to a total of 2.071 billion shares valued at N17.562 billion that exchanged hands the preceding week in 17,917 deals.

The Financial Services Industry (measured by volume) led the activity chart with 630.378 million shares valued at N5.438 billion traded in 7,705 deals; thus contributing 59.83percent and 54.11percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 248.074 million shares worth N394.370 million in 812 deals; and the Oil and Gas Industry, with a turnover of 70.921 million shares worth N1.345 billion in 1,452 deals.

Trading in the top three equities namely Transnational Corporation Plc, United Bank for Africa Plc and Fidelity Bank Plc, (measured by volume) accounted for 498.527 million shares worth N2.118 billion in 1,862 deals, contributing 47.32percent and 21.07percent to the total equity turnover volume and value respectively.

Suspension of trading

Trading License Holders and the investing public were notified that trading in the shares of Global Spectrum Energy Services Plc (the Company) was suspended on Tuesday April 4, 2023.

The suspension became necessary to prevent trading in the shares of the Company in preparation for the delisting of the securities of the Company in line with the approval obtained from Nigerian Exchange Limited.

Delisting of Sterling Bank Plc and listing of Sterling Financial Holdings Company Plc:

The market was notified that the entire 28,790,418,126 issued shares of Sterling Bank were delisted from the Daily Official List of Nigerian Exchange Limited (NGX) on Thursday,
April 6, 2023 while Sterling Financial Holdings Company Plc’s (Sterling HoldCo) entire issued share capital of 28,790,418,124 ordinary shares of 50 kobo each were also listed on the Daily Official List of NGX at N1.60 per share.

The delisting of Sterling Bank and listing of Sterling HoldCo on NGX is pursuant to the Scheme of Arrangement between Sterling Bank Plc and the holders of its fully paid ordinary shares of 50 kobo each as approved by the Securities and Exchange Commission and sanctioned by the Court.