Market value drops by N32bn …as Stanbic IBTC Holdings lists shares

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By CHINEDU IBEABUCHI

The value of listed equities on the Nigerian Stock Exchange, NSE, continued on a downward trend last week, as price losses in highly capitalised stocks resulted in N32 .62 billion depreciation.

Specifically, the NSE All-Share Index dropped by 0.30 percent to close at 26,322.18 points down from 26,400.94 points.

Also, Market Capitalisation of the listed equities dropped by 0.39 percent or N32.620 billion, from N8.413 trillion recorded in the preceding week to N8.381 trillion.

Meanwhile, Stanbic IBTC Holdings listed 10 million shares of N0.50 each at N13.03 per share on the Daily Official Listing on Friday, under the Other Financial Institutions subsector.

This replaced the shares of Stanbic IBTC Bank Plc. The erstwhile bank (Stanbic IBTC Bank Plc) transformed into a holding company (Hold Co).

Consequently, Stanbic IBTC Bank Plc was delisted from the Daily official List of the Exchange last Friday.

Analysis of the equity price movements indicated that twenty-six equities gained while forty- three equities recorded price declines, while prices of 129 equities remained constant. When compared with the preceding week, twenty-three gained as forty- three recorded price declines, while prices of 132 equities remained constant.

Guinness Nigeria Plc recorded the highest share price loss in the week under review, dipping by N21.85 to close at N230.00 per share from N251.85 per share, followed by Total Nigeria Plc losing N6.25 to close at N118.75 per share and Glaxo Smithkline Consumer Nigeria Plc lost N 3.34 to close at N37.51

Other share price losers in the top ten category include: Nestle Nigeria Plc N2.39, Mrs Oil Nigeria Plc N1.45, UACN Property Development Company Limited N1.39, N Nig. Flour Mills Plc N1.02, Academy Press Plc N0.90, Zenith Bank Plc N0.8, and Forte Oil N0.46.

On the other hand, Flour Mills Nigeria Plc recorded the highest share price gain, appreciating by N 3.40 to close at N66.50 per share from N63.10 per share, followed by Unilever Nigeria Plc gaining N2.70 to close at N44.30 per share and Nigerian Breweries Plc garnered N 2.56 to close at N138.06.

Other share price gainers include Julius Berger Nigeria Plc N2.40, U A C N Plc N1.60, and Cadbury Nigeria Plc N1.41, among others.

Meanwhile, a turnover of 1.178 billion shares valued at N9.279 billion in 18,621 deals was recorded last week in contrast to a total of 1.293 billion shares valued at N9.414 billion in 19,825 deals in the penultimate week.

The Financial Services sector was the most active during the week contributing 74.64 per cent to the total turnover volume with 879.335 million shares valued at N5.574 billion exchanged by investors in 10,900 deals.

Similarly, the Banking subsector of the Financial Services sector was the most active during the week (measured by turnover volume); with 639.990 million shares worth N5.400 billion traded in 10,184 deals.

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