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AMC Completes Share Offerings, Raises $587M

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AMC Entertainment-Investorsking

AMC Entertainment said it has completed its new stock offering announced just Thursday morning, raising $587.4 million in additional capital.

The company said it sold 11.55 million shares at an average price of approximately $50.85 per share in an at-the-market equity program launched earlier Thursday.

When AMC announced the offering, it said in a filing it may sell some of the 11 million shares “from time to time.” Apparently, that time was now as it completed the offering in about three hours.

In a curious move typical of the meme stocks, the shares rallied off their lows on news of the completed sale as retail investors cheered the capital raised and looked past the dilution of their stakes.

Shares of the movie theater chain reversed 4 percent higher after shedding more than 30 percent earlier Thursday.

“Bringing in an additional $587.4 million of new equity on top of the $658.5 million already raised this quarter results in a total equity raise in the second quarter of $1.246 billion, substantially strengthening and improving AMC’s balance sheet, providing valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future,” AMC President and CEO Adam Aron said in a statement.

AMC, the star of the show in Reddit’s WallStreetBets forum, has soared more than 140 percent this week alone as retail traders continued to encourage each other to pile into the speculative name. The shares have skyrocketed more than 2,900 percent this year.

On Wednesday, the company announced a new portal to connect with individual investors and offered free popcorn, exclusive screenings and other perks to those who hold its stock. The shares rallied 95 percent that day.

So-called short covering could be contributing to AMC’s massive rally as of late. On Wednesday, short-sellers betting against the stock lost $2.8 billion, bringing their year-to-date losses to more than $5 billion, according to S3 Partners. Short sellers are forced to buy back the stock to cut their losses amid a sudden rally.

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Nigerian Stock Exchange

Nigerian Stock Market Continues to Decline

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Stock - Investors King

Nigerian equities market declined for a third consecutive day on Thursday as 24 stocks closed in the red against 14 stocks that gain.

Investors traded 266,115,101 shares worth N4.216 billion during the trading hours of Thursday, against 243,185,049 shares valued at N3.747 billion that were transacted in 3,777 deals on Wednesday.

Market value dipped by N71 billion to N22.494 trillion, down from N22.565 trillion recorded on Wednesday. The Nigerian Exchange Limited All-Share Index lost 0.32 percent to 43,108.77 index points.

Sectorial analysis showed the banking industry closed in the red after losing 116 basis points on the back of a broad decline in ETI, Unity Bank and Union Bank of Nigeria Plc. Jaiz Bank and Fidelity Bank recorded gains.

Also, the consumer industry lost 106 basis points on a decline in Nigerian Breweries, Interbrew and Cadbury. Honeywell Flour led gainers with +9.76 percent.

Oil and gas and industrial industries shed 164 basis points and 1 basis point respectively. The Exchange year-to-date return depreciated by 7.05 percent.

Top Gainers

HONYFLOUR N 3.69 N 4.05 0.36 9.76 %
AIICO N 0.59 N 0.64 0.05 8.47 %
REGALINS N 0.36 N 0.39 0.03 8.33 %
UPL N 2.50 N 2.70 0.20 8.00 %
IKEJAHOTEL N 1.25 N 1.35 0.10 8.00 %

Top Losers

Symbols Last Close Current Change %Change
MRS N 15.20 N 13.70 -1.50 -9.87 %
CHAMS N 0.23 N 0.21 -0.02 -8.70 %
ETI N 8.75 N 8.00 -0.75 -8.57 %
CHIPLC N 0.62 N 0.57 -0.05 -8.06 %
UNITYBNK N 0.55 N 0.51 -0.04 -7.27 %

Top Trades

Symbols Volume Value
HONYFLOUR 52467164.00 209572149.51
GTCO 22957965.00 578561871.30
ZENITHBANK 22886054.00 559037845.90
TRANSCORP 18464628.00 17727984.83
ACCESS 13938330.00 127370154.95

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Nigerian Stock Exchange

Stock Market Extends Decline on Wednesday

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stock market - Investors King

Nigerian stock market extended decline for a second consecutive day on Wednesday despite 23 stocks closing in the green against 18 stocks that lost.

Investors exchanged 243,185,049 shares valued at N3.747 billion in 3,777 transactions on Wednesday, against 217,972,819 shares valued at N2.908 billion that were traded in 4,158 deals on Tuesday.

Market value dipped by N12 billion from N22.577 trillion recorded on Tuesday to N22.565 trillion on Wednesday while the All-Share Index sheds 0.02 percent to close at 43,245.02 index points.

The banking sector gained 25 basis points on positive close of Fidelity Bank, Zenith Bank, Sterling. Wema Bank and Access Bank both closed in the red.

The consumer goods sector also gained, expanding by 9 basis points on Unilever, Dangote Sugar, Flour Mill and Nestle. Honeyflour and Intbrew shed 9.78 percent and 1.87 percent, respectively.

The oil and gas sector lost 24 basis points amid the US decision to increase the global oil supply from its reserve. Industrial index gained 13 basis points. See other details below.

Top Five Gainers

Symbols Last Close Current Change %Change
LIVINGTRUST N 0.80 N 0.88 0.08 10.00 %
CHAMS N 0.21 N 0.23 0.02 9.52 %
AIICO N 0.54 N 0.59 0.05 9.26 %
IKEJAHOTEL N 1.15 N 1.25 0.10 8.70 %
NGXGROUP N 15.30 N 16.50 1.20 7.84 %

Top Losers

Symbols Last Close Current Change %Change
HONYFLOUR N 4.09 N 3.69 -0.40 -9.78 %
ETERNA N 6.65 N 6.05 -0.60 -9.02 %
REGALINS N 0.39 N 0.36 -0.03 -7.69 %
CORNERST N 0.56 N 0.52 -0.04 -7.14 %
WEMABANK N 0.83 N 0.80 -0.03 -3.61 %

Top Trades

Symbols Volume Value
ZENITHBANK 37408414.00 908424015.70
FCMB 27441157.00 88579395.67
HONYFLOUR 22855614.00 87590297.99
STERLNBANK 22764324.00 33695488.59
ACCESS 14118422.00 131893588.25

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Nigerian Stock Exchange

Nigerian Stock Market Dips Marginally on Tuesday

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stock - Investors King

The Nigerian stock market extended its decline on Tuesday despite investors transacting over N11 billion worth of Oando shares on Monday.

Investors traded 217,972,819 shares valued at N2.908 billion in 4,158 deals, against 2,402,071,798 shares worth N16.467 billion that were transacted in 4,811 on Monday.

The banking industry gained 21 basis points on the back of positive close from Wema Bank, Access Bank, UBN and ETI.

However, the consumer goods sector dipped by 1 basis point as the decline in Intebrew and Dangote Sugar outweighed profit from Honeywell Flour, Flourmill and Unilever. Oil and gas sector lost 20 basis points while the industrial sector closed flat.

Market value of all listed equities depreciated by N1 billion from N22.576 trillion it closed on Monday to N22.577 trillion on Tuesday.

All-Share Index declined by 0.01 percent to 43,255.14 index points, down from 43,260.13 index points posted on Monday. The Exchange year-to-date return moderated to 7.41 percent.

Top Gainers

Symbols Last Close Current Change %Change
HONYFLOUR N 3.72 N 4.09 0.37 9.95 %
UPL N 2.30 N 2.50 0.20 8.70 %
CHIPLC N 0.54 N 0.58 0.04 7.41 %
GLAXOSMITH N 6.05 N 6.40 0.35 5.79 %
FTNCOCOA N 0.40 N 0.42 0.02 5.00 %

Top Losers

Symbols Last Close Current Change %Change
UPDC N 1.39 N 1.26 -0.13 -9.35 %
NEM N 2.05 N 1.86 -0.19 -9.27 %
MANSARD N 2.35 N 2.23 -0.12 -5.11 %
CHAMS N 0.22 N 0.21 -0.01 -4.55 %
ROYALEX N 0.49 N 0.47 -0.02 -4.08 %

Top Trades

Symbols Volume Value
GTCO 36186902.00 919633415.45
FBNH 31543824.00 387277938.75
ZENITHBANK 13433903.00 327244854.85
ACCESS 13091171.00 121509692.05
HONYFLOUR 9841846.00 40253150.14

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