Guaranty Trust Bank led losers on Thursday despite investors exchanging 289.394 million shares valued at N7.348 billion in 4,877 deals.
The market capitalisation of listed equities depreciated to N18.277 trillion on Thursday while the NSE All-Share Index declined by 0.25 percent to 34,968.94 index points.
United Bank for Africa led the most traded stocks with 34,452,379 shares estimated at N283,444,025.15.
This was followed by Zenith Bank’s 31,201,182 shares valued at N743,575,194.70. MTN Nigeria, Access Bank and Mbenefit did 27,412,485, 22,957,947 and 22,490,334 worth N4,379,326,719.70, N196,038,901.15 and N5,063,096.82, respectively.
Guaranty Trust Bank led losers with a 50 kobo decline or 1.46 percent to close at N33.6 per share. See the details below.
NGX Index Sheds 0.79 Percent on Thursday
The Nigerian Exchange Limited (NGX) Index dipped by 0.79 percent on Thursday to extend its bearish trend to 38484.82 index points.
Investors traded 259.968 million shares worth N1.982 billion in 4,975 transactions during the trading hours of Thursday, against 237,510,446 shares worth N1.882 billion traded in 4,305 transactions during the trading hours of Wednesday.
Market capitalisation of listed stocks declined by N16 billion from N20.211 trillion recorded on Wednesday to N20.051 trillion on Thursday.
|TRIPPLEG||N 0.90||N 0.99||0.09||10.00 %|
|REGALINS||N 0.41||N 0.45||0.04||9.76 %|
|CHIPLC||N 0.54||N 0.59||0.05||9.26 %|
|PRESTIGE||N 0.45||N 0.49||0.04||8.89 %|
|ACADEMY||N 0.35||N 0.38||0.03||8.57 %|
|OANDO||N 5.26||N 4.75||-0.51||-9.70 %|
|UACN||N 11.20||N 10.20||-1.00||-8.93 %|
|LINKASSURE||N 0.65||N 0.60||-0.05||-7.69 %|
|FTNCOCOA||N 0.53||N 0.49||-0.04||-7.55 %|
|UPDC||N 1.26||N 1.19||-0.07||-5.56 %|
Robinhood Falls in Trading Debut Closes 8.4% Lower at $34.82 Per Share
The investing app tumbled in its highly anticipated trading debut on Thursday, closing 8.4 percent below its initial public offering price.
Robinhood stock opened at $38, matching the IPO price, and quickly fell more than 10 percent. The stock later climbed to approach the IPO price before falling again in the final hour of trading to close at $34.82, Robinhood’s market capitalization was about $29 billion.
It was a disappointing debut for the company that brought the markets to the masses. Robinhood and its bankers tried to avoid a poor first-day performance by pricing shares at the bottom of its targeted range at a value of about $32 billion. A successful first day was the more important because Robinhood sold a big chunk of its shares to its own customers.
According to people familiar with the matter, breaking the Wall Street convention of giving individual investors only a minuscule slice of hot IPOs, Robinhood sold between 20 percent and 25 percent of its offering to its customers.
“One of our company values is ‘participation is power,’” Chief Executive Vlad Tenev said in an interview. “It didn’t seem right for us that IPOs had typically been reserved for the top 1 percent.”
Trading for the first time under the ticker HOOD, the online brokerage hit the public markets it seeks to democratize for amateur investors.
Robinhood, whose stock trading app has surged in popularity among retail investors is valued at 10.5 times forward EBITDA.
The company sold 52.4 million shares, raising close to $2 billion. Co-founders Vlad Tenev and Baiju Bhatt each sold about $50 million worth of stock. The company was last valued in the private markets in September at $11.7 billion.
Goldman Sachs and JPMorgan Chase are the investment banks that led the deal. Underwriters will have an option to buy an additional 5.5 million shares.
Unlike many recent IPOs, Robinhood was profitable last year, generating a net income of $7.45 million on net revenue of $959 million in 2020, versus a loss of $107 million on revenue of $278 million in 2019.
However, the brokerage had a loss of $1.4 billion in the first quarter of 2021 tied to emergency fundraising-related losses during January’s GameStop trading mania. The company generated $522 million in revenue in the quarter, up 309 percent from the $128 million earned a year earlier.
Nigerian Exchange Limited (NGX) Dips Slightly on Wednesday
The Nigerian Exchange Limited closed lower on Wednesday as listed companies started releasing their first half of the year financial results. The Nigerian Exchange Limited dipped by 0.03 percent to 38791.03 index points.
Investors traded 237,510,446 shares worth N1.882 billion in 4,305 transactions during the trading hours of Wednesday. While the market capitalisation of listed equities moderated to N20.211 trillion.
Oando led the most traded stocks with 442.901 million shares valued at N232.963 million. This was followed by bank stocks as shown in the table below.
Capital Hotel Plc led gainers with N0.26 or 9.85 percent to close at N2.90 a unit. This was trailed by Oando as shown in the table below.
|CAPHOTEL||N 2.64||N 2.90||0.26||9.85 %|
|OANDO||N 4.79||N 5.26||0.47||9.81 %|
|BOCGAS||N 8.45||N 9.20||0.75||8.88 %|
|FTNCOCOA||N 0.49||N 0.53||0.04||8.16 %|
|LIVESTOCK||N 2.29||N 2.40||0.11||4.80 %|
|CHIPLC||N 0.60||N 0.54||-0.06||-10.00 %|
|TRIPPLEG||N 1.00||N 0.90||-0.10||-10.00 %|
|PHARMDEKO||N 1.21||N 1.09||-0.12||-9.92 %|
|REGALINS||N 0.44||N 0.41||-0.03||-6.82 %|
|ETERNA||N 7.60||N 7.10||-0.50||-6.58 %|
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