By Michael Eboh
A decline was recorded in trading on the Nigerian Stock Exchange (NSE), Wednesday, as the value of listed equities plunged by N8.96 billion.
The bearish trend was occasioned by decline in the prices of major blue chip companies, insurance stocks and stocks in the Food/Beverage sub-sector. This was in spite of significant price improvements in banking and Petroleum (Marketing) stocks.
The NSE 30 index, representing major highly capitalised stocks, dropped by 0.22 per cent to 1,083.81 points from 1,086.15 points, NSE Food/Beverages index dipped by 0.65 per cent to 855.59 points while the NSE Insurance index shed 1.38 per cent to 195.52 points from 198.25 points at which it opened.
The NSE Banking index, on the other hand, rose by 0.51 per cent to 407.44 points, while the NSE Oil/Gas index appreciated by 0.24 per cent to 420.28 points.
Meanwhile, Pinnacle Point Group Plc has notified the Nigerian Stock Exchange (NSE) of the acquisition of Amalgamated Bank of South Africaâ€™(ABSA) entire holdings in the company, put at 39 per cent and valued at N2.93 billion (19.5 million rand), by Trilinear.
The notice, presented to the NSE, Wednesday, by the real estate and property development firm, stated that the acquisition has been approved by the completion Commission of South Africa.
With the acquisition, Trilinear has increased its stake in Pinnacle Points to 48.4 per cent, making it the majority shareholder in the company.
Trilinear was founded in South Africa in 1996 by Samuel Buthelezi as a financial services group, providing specialist, creative and value-adding structured financial solutions for its corporate, private and institutional clients.
Presently, te company has four principal business operations, Trilinear Investment Managers, Trilinear Specialised Finance, Trilinear Capital and Trilinear Specialised Solutions; each with its own core specialist focus.
Flour Mills Nigeria Plc recorded the most share price loss, dropping by N1.30 to close at N68.60 per share, Unilever Nigeria Plc followed with a loss of N0.99 to close at N24.60 per share and Cadbury Nigeria Plc dipped by N0.97 to close at N29.95 per share.
Other share price losers include: Conoil Plc N0.86, African Petroleum Plc N0.85, Nigerian Aviation Handling Company Plc N0.56, Longman Nigeria Plc N0.42, Dangote Flour Mills Plc N0.42, Nation Salt Company Nigeria Plc N0.41, Berger Paints Plc N0.35, among others.
On the contrary Mobil Oil Nigeria Plc recorded the most share price gain, rising by N7.92 to close at N166.36 per share, followed by Chevron Nigeria Plc with a gain of N3.84 to close at N80.77 per share and Capital Oil Plc garneredÂ N1.35 to close at N28.39 per share.
Other share price gainers include: Cement Company of Northern Nigeria Plc N0.51,Eterna Oil and Gas Plc N0.38, International Breweries Plc N0.31, Diamond Bank Plc N0.30, May and Baker Nigeria Plc N0.30, Ashaka Cement Plc N0.30, First City Monument Bank N0.27, among others.