By Nkiruka Nnorom
Nigerian Stock Exchange, NSE, on Tuesday, halted the over a month losing streak in equities, as investors gained N232 billion propelled by banking stocks.
This comes as 11 Plc, formerly Mobil Oil Nigeria Plc, has disclosed plans to delist its shares from the Exchange.
Specifically, the market capitalisation rose to N13.681 trillion from N13.449 trillion, representing 1.73 percent increase.
Also, the All Share Index, ASI, rose by 1.70 percent to 26,255.11 points, its highest gain since January 9.
Consequently, the Month-to-Date, M-t-D, return turned positive at 0.15 percent, while Year-to-Date losses moderated to -2.19 percent.
On sector performance, the banking sector supported the market following an expansion of +7.99 percent, the largest expansion since January 20, 2016. Also, the consumer goods sector widened by 1.97 percent.
However, losses were recorded across the industrial goods (-4.27%), insurance (-1.59%), and oil and gas (-0.08%) sectors.
Market sentiment, as measured by market breadth, was positive as 21 companies gained compared to 12 losers.
PZ Cusson Nigeria Plc led the gainers, rising by 9.88 percent, followed by Access Bank Plc with 9.74 percent gains.
On the other hand, ABC Transport Plc and Dangote Sugar Refinery Plc led the losers, dropping by 10 percent apiece to N0.27 and N10.90 per share, respectively.
Meanwhile, 11 Plc has said that the proposal for its delisting would be considered at the next Annual General Meeting, AGM.
According to a regulatory filing signed by the company’s secretary, Chris-Olumayowa Meseko, “in line with the NSE rules, shareholders of the company will have a 90-day window on voluntary delisting to decide on exit plan on offer for shareholders.
“A proposal to restructure the company’s business by transferring its real estate unit to 11 Hospitality Limited, the new subsidiary of the company, for optimum return on investment.
“11 Plc will concentrate more on the downstate sector of its business.”