The Nigerian Stock Exchange rebounded last week after weeks of bearish trends to close with a N436 billion profit.
Market value of all listed equities grew from N20.082 trillion in the previous week to N20.518 trillion last week, representing an increase of N436 billion.
The Nigerian Stock Exchange All-Share Index gained 2.17 percent or 833.81 index points from 38,382.39 index points in the previous week to close at 39,216.20 index points last week.
The Exchange year to date decline moderated to -2.62 percent.
During the week, investors traded a total of 1.530 billion shares worth N21.311 billion in 20,016 deals, against a total of 2.342 billion shares valued at N19.272 billion that exchanged hands in 20,173 deals in the previous week.
The Financial Services Industry led the activity chart with 1.096 billion shares valued at N12.294 billion traded in 11,106 deals; thus contributing 71.67 percent and 57.69 percent to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 177.673 million shares worth N3.577 billion in 3,139 deals.
In the third place was Conglomerates Industry, with a turnover of 99.609 million shares worth N216.997 million in 856 deals.
The top three most traded stocks in terms of volume were Union Bank Nig. Plc, Guaranty Trust Bank Plc and Dangote Sugar Refinery Plc, together the three accounted for 687.616 million shares worth N9.496 billion in 3,022 deals. Therefore, they contributed 44.95 percent and 44.56 percent to the total equity turnover volume and value, respectively. See the list of top gainers.
Demutualisation: Nigerian Stock Exchange Rebrands to NGX Group
The Nigerian Stock Exchange (NSE) on Tuesday announced it has rebranded following the demutualisation the led to the establishment of non-operating holding company NGX Group Plc and its subsidiaries: Nigerian Exchange (NGX) Limited; NGX Regulation (NGX RegCo) Limited, and NGX Real Estate (NGX RelCo) Limited.
Speaking on the development, the Group Chief Executive Officer, NGX Group, Mr. Oscar Onyema, said: “We are very excited about the launch of our new brand identity and website at this pivotal time in our history. Influenced by the dynamism and resilience of our market in both good and challenging times, our new identity, which builds on our rich heritage, reflects who we are today, our ambitions for the future, and our resolve to deliver superior value to our stakeholders. As we step into the NGX era, we remain committed to achieving the highest level of competitiveness, both in African and global capital markets.”
According to Onyema, NGX Group, with the new vibrant and responsive website, will offers an enriched user experience.
“Accessible via ngxgroup.com, information about the group and the various subsidiaries are independently situated but featured as one website. With its centralised home page and clearly delineated tabs for each subsidiary, the new site delivers relevant content in a clean and organised way to provide visitors easy access and navigation to all the information they require,” he noted.
Hallmark Insurance, Japaul Gold Lead Gainers as Equities Market Closed in Green
Consolidated Hallmark Insurance Plc and Japaul Gold led gainers on Thursday as the Nigerian Stock Exchange closed in the green.
Investors exchanged 145.332 million shares valued at N1.576 billion in 3,525 transactions during the trading hours of Thursday.
Market value of listed equities inched slightly higher to N20.300 trillion while the Nigerian Stock Exchange All-Share Index gained 0.07 percent to 38,799.83 index points.
Banks’ stocks led the most traded stocks with First Bank of Nigeria Holdings leading with 21,851,331 shares valued at N157,179,233.85. This was followed by GTBank’s 20,500,310 shares estimated at N589,173,071.90. See the details below.
Delist: 11 Plc Opens Escrow Account to Settle Shareholders
In a bid to complete its ongoing delisting process and settle shareholders accordingly, 11 Plc, formerly Mobil, has opened an escrow account with Greenwich Registrars and Data Solutions Limited and provided sufficient funds to shareholders, who as of March 15, 2021, have accepted the Exit Consideration of N213.90 per share based on the highest price of N213.90 at which 11 Plc traded in the last 6 months preceding the date of the Annual General Meeting where the resolution to delist was passed in line with the Nigerian Stock Exchange guidelines.
The company said, “Further to the application made to The Exchange by 11 Plc on the Voluntary Delisting of the Company from The Exchange as recommended by the Board of Directors, the Exchange approved the delisting application subject to 11 plc’s evidence of opening an escrow account in the Registrar’s name and evidence that shareholders who have accepted to exit have been paid.”
11 Plc attributed the decision to delist from NSE to the need to strategise for better performance, minimise costs, and stay competitive within its industry.
On the escrow account, it said “the consideration accruing to shareholders of 11 plc that elect to accept the Exit Consideration has been computed as of March 15, 2021. The cash consideration will be settled by way of electronic transfer to the respective bank accounts of Shareholders and it is expected to be completed on or before April 16, 2021.”
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