Nigerian stock market ends week negatively as investors lose N123 billion nairametrics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nairametrics.com Daily Mail and Mail on Sunday newspapers.
The stock market extended its positive performance yesterday as gains in bellwether counters pushed the Nigerian Exchange (NGX) Limited All-Share Index (ASI) by 0.5 per cent to close at 38,418,04. Similarly, market capitalisation added N103.2 billion to close at N20.026 trillion. The market, which rebounded last week had opened the week with a marginal gain of 0.02 per cent on Monday.
However, the positive trend was sustained yesterday as investors swooped on interim dividends paying firms such as Seplat Energy Plc, Zenith Bank Plc and Access Bank Plc. In all, 28 equities appreciated compared with 10 stocks that depreciated.
Market analysts had envisaged a bull market, saying expectations for half-year (H1) earnings seasons would retain the market in the bulls’ territory as investors position for interim dividends.
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This is contained in a notice signed by Adeyinka Jafojo, Custodian Investment secretary, and sent to the Nigerian Exchange Limited (NGX) on Monday.
According to the statement, approval to proceed with an MTO was granted by the regulatory body on May 18, 2021.
Custodian said the MTO offer to minority shareholders of UPDC will involve the purchase of up to 34,415,332 ordinary shares of 50 kobo each, at a price of 90 kobo per share.
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“The Qualification Date for the Offer will be May 14, 2021, and Shareholders whose names appear on the Register of Members as of the date, other than UAC of Nigeria Plc and Custodian Investment Plc are eligible to participate,” the statement read.
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Published 25 May 2021
The Nigerian stock market extended its decline on Monday as 17 companies saw their share prices decline at the end of trading.
Investors in the market lost N600bn last week as the market capitalisation of equities fell below the N20tn mark.
The Nigerian Exchange Limited All-Share Index and market capitalisation declined by 2.93 per cent to close on Friday at 38,324.07 basis points and N19.98tn respectively.
The ASI fell further by 0.10 per cent on Monday to 38,287.58 basis points while the market capitalisation dropped to N19.96tn.
A total of N141.15 million shares valued at N1.09bn were traded by investors in 3,566 deals on Monday.
By Goddy Egene
Custodian Investment Plc is to make a mandatory takeover offer (MTO) to minority shares of UACN Property Development Company Plc (UPDC) following the approval given by the Securities and Exchange Commission (SEC) dated May 18, 2021.
In notification to the Nigerian Exchange Limited (NGX) yesterday, Custodian Investment Plc said following the approval, it had been authorised to proceed with the MTO to be made to minority shareholders of UPDC for the purchase of up to 34,415,332 ordinary shares of 50 kobo shares at 90 kobo per share.
Custodian Investment had last year completed acquisition of the 51 per cent majority equity stake in UPDC) Plc from UAC of Nigeria Plc.