Stock Market Loses N426 Billion as Bearish Trend Continues
Profit-taking continues to drag on the Nigerian Stock Exchange on Wednesday as 35 stocks emerged losers while just 13 closed in the green.
Fidson led losers with a 10 percent or 60 kobo decline to N5.4 per share. While Nigerins led gainers with a 10 percent gain to close at 22 kobo per share.
Investors traded 366.859 million shares valued at N5.483 billion in 5,718 deals.
Nigerian Stock Exchange All-Share Index depreciated by 1.96 percent to 40,696.01 index points.
The market value of listed stocks shed N426 billion to N21.289 trillion during the trading hours of Wednesday.
Zenith Bank was the most traded stock with 43,741,847 shares worth N1,102,749,575.60 as shown below.
Japaul, Champion, Others Weigh on Nigeria’s Stock Exchange
Japaul, Champion, Others Weigh on Nigeria’s Stock Exchange
The Nigerian Stock Exchange closed in the red again on Wednesday as bearish sentiment persists across the board.
Investors traded 244.342 million shares estimated at N4.128 billion in 4,714 transactions during the trading hours of Wednesday.
The Nigerian Stock Exchange All-Share Index depreciated by 0.44 percent to settle at 39,522.06 index points. While the market value of listed stocks closed lower at N20.678 trillion.
Japaul led the losers’ table with a 10 percent decline. This was followed by NEM Insurance Plc’s 9.91 percent decline. See the details below.
Top Traded Stocks
11 Plc, Formerly Mobil Oil, Extends One Month Given to Shareholders to Accept Delist Conditions
11 Plc Extends the Dissenting Period for Delist
11 Plc on Tuesday said it has extended the one-month period given to shareholders to elect to accept the Exit Consideration by another 10 working days.
The company disclosed in a statement released on the Nigerian Stock Exchange (NSE).
11 Plc formerly known as Mobil Oil Nigeria Plc had highlighted plans to delist from the Nigerian Stock Exchange on 9th February 2021, saying the company’s shareholders have between February 1, 2021 to March 1, 2021 to accept the Exit Consideration of the Company.
According to the company, the extension was to allow shareholders enough time to make their decision and ensure a fair process.
Therefore, shareholders that still wish to dissent were asked to forward their completed election forms to the Registrar- Greenwich Registrars & Data Solutions Limited located at 274 Murtala Muhammed Way, Alagomeji-Yaba on or before Monday, 15th of Match 2021.
11 Plc added that “It is however necessary to reiterate that shareholders that intend to remain members of the company are free to remain and may decide to keep their shares (which will be tradable on the NASD OTC platform).”
The company plans to purchase the interest of dissenting shareholders at N213.90 per share, the highest amount the company shares traded in the last six months.
Karl Toriola, MTN Nigeria CEO, Honoured with NSE Digital Closing Gong on Monday
Karl Toriola, the Chief Executive Officer of MTN Nigeria Communications Plc, was honoured with the Nigerian Stock Exchange digital Closing Gong.
Mr. Oscar N. Onyema, OON, the CEO, NSE, who spoke at the event, said “On behalf of the National Council and Management of the NSE, I congratulate Mr. Karl Toriola on his appointment as the CEO of MTN Nigeria. Mr. Toriola is a versatile leader who comes with vast knowledge and relevant experience spanning over 25 years, and we are delighted to host him on his first day on the job. At the NSE, we continue to provide a platform to support our clients in meeting their strategic business objectives and we are pleased to see listed companies take full advantage of the NSE’s products and services. I, therefore, use this opportunity to invite MTN Nigeria Plc and other stakeholders to partner with The Exchange across the various themes of capital formation, capacity building, sustainability, and many others.”
On his part, Mr. Toriola commented thus: “I would like to thank the NSE in its entirety for offering me this distinguished honour of ringing the closing bell on the first day of my tenure as CEO of MTN Nigeria. I must also thank the Board, shareholders and staff of MTN Nigeria even as I reflect on the responsibility on my shoulder to lead what is the largest corporate by revenue outside the oil industry and the second-largest corporate listed on the NSE as at today. I am committed to leading MTN Nigeria to deliver on our responsibility to the over 70 million Nigerian customers that use our services to ensure they stay connected and can access increasing value and better services through our network; our role as a corporate citizen in the recovery and growth of the Nigerian economy; and our need to deliver value and drive share price for the good of our shareholders.”
The NSE has continued to remain resilient leveraging various digital platforms and innovative technology to ensure business continuity and uninterrupted dissemination of information to the market. The investments made by The Exchange in this regard have indeed proven to be worthwhile given the extraordinary times we now live and work. In April last year, NSE launched the digital Closing Gong Ceremony and since then, it has hosted several webinars, virtual events and interactive sessions with esteemed stakeholder groups.
News3 weeks ago
Doctors Warn Covid Will Become Endemic and People Need to Learn to Live With it
News1 week ago
U.S. COVID-19 Deaths Hit 500,000
Bitcoin2 weeks ago
Bitcoin Surges Above $50,000 Per Coin on Tuesday, Sets a New All-Time High
Economy2 weeks ago
Petrol Subsidy May Hit N11.2bn Per Week
Bitcoin1 week ago
Bitcoin Rebounds To $50,881 Per Coin on Wednesday
Economy3 weeks ago
Petrol Landing Cost Rises to N180, Oil Crosses $60
Cryptocurrency4 weeks ago
Why CBN Bans Banks from Facilitating Cryptocurrency Exchanges
Banking Sector2 weeks ago
Banks Turning Female Marketers to Sexual Slaves – Senator