Stock market rallies by 8.32% in one week

…NGX suspends trading GSK shares ahead of delisting

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation appreciated by 8.32percent to close the week ended Friday, January 26 at 102,401.88 points and N56.038 trillion respectively, as against preceding week’s 94,538.12 points and N51.735 trillion respectively. The market’s year-to-date (YtD) return increased to 36.95percent.

In the review trading week, all other indices finished higher with the exception of NGX Banking, NGX Insurance, NGX AFR Bank Value, NGX MERI Growth, NGX Growth and NGX Sovereign Bond which depreciated by 1.63percent, 4.10percent, 2.36percent, 3.71percent, 1.38percent, and 0.68percent respective while the NGX ASeM index closed flat.

Thirty-five equities appreciated in price during the review trading week, lower than 81 equities in the preceding week. Sixty-five equities depreciated in price higher than 58 in the preceding week, while 55 equities remained unchanged, higher than 16 recorded in the preceding trading week.

The market recorded total turnover of 2.981 billion shares worth N57.873 billion in 67,962 deals, in contrast to a total of 5.179 billion shares valued at N77.797 billion that exchanged hands preceding week in 79,012 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.863 billion shares valued at N26.774 billion traded in 29,276 deals; thus contributing 62.50percent and 46.26percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 309.432 million shares worth N5.201 billion in 5,882 deals; and the Oil and Gas Industry, with a turnover of 259.223 million shares worth N4.892 billion in 5,658 deals.

Trading in the top three equities – Transnational Corporation Plc, United Bank for Africa Plc and Sterling Financial Holdings Company Plc (measured by volume) – accounted for 686.291 million shares worth N12.943 billion in 9,490 deals, contributing 23.02percent and 22.36percent to the total equity turnover volume and value respectively.

NGX suspends trading on GSK shares ahead of delisting

Trading licence holders of the Nigerian Exchange Limited (NGX) were notified that following the approval of the Scheme of Arrangement between Glaxo SmithKline Consumer Nigeria Plc and holders of its fully paid ordinary shares by the Securities and Exchange Commission (SEC) and sanctioning of the Scheme of Arrangement by the Federal High Court, trading in the shares of the Company was suspended on the Nigerian Exchange Limited on Monday January 22, 2024.

The suspension was to prevent further trading on the shares of the Company given that the effective date of the scheme of Arrangement was Friday January 19, 2024, being the day the Court Sanction was filed with the Corporate Affairs Commission and to enable the Registrars to update the register of members for payment of the Scheme consideration and eventual delisting of the Company from the NGX.