UACN, Africa Prudential, Ikeja Hotel, others dip market by 0.20%

…Access Holdings rights issue begins

Nigeria’s equities market decreased by 0.20 percent or N114billion on Tuesday, no thanks to investors who sold shares of UACN, Africa Prudential, Ikeja Hotel, and other major laggards on the Bourse.

The stock market has dropped this week by 0.22 percent, while this month it has decreased by 0.25 percent. Year-to-date (YtD), the market’s return has lowered to 33.48 percent.

At the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation decreased from preceding day’s highs of 100,006.79 points and N56.572trillion respectively to 99,805.95 points and N56.458trillion.

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UAC Nigeria led the decliners after its share price dropped from N15.10 to N14, losing N1.10 or 7.28percent.

It was followed by Africa Prudential which decreased from N9 to N8.10, losing 90kobo or 10percent, and Ikeja Hotel which was down from N7.40 to N7, losing 40kobo or 5.41percent.

In 8,256 deals, investors exchanged 422,688,586 shares worth N53.956billion. Transcorp Power, Veritas Kapital, Fidelity Bank, AIICO and GTCO were most traded stocks on the NGX.

Access Holdings Plc Rights Issue of 17,772,612,811 ordinary share of 50 kobo each at N19.75 per share opened on Tuesday July 9.

Access Holdings rights issue is on the basis on 1 new ordinary share for every 2 existing shares held as at the close of business on Friday, June 7, 2024.

The holding company held ‘Facts Behind the Rights Issue Presentation’ at the Nigerian Exchange Limited (NGX) on Tuesday. The offer is scheduled to close on Wednesday, August 14, 2024.