With effect from July 18, the Nigerian Exchange Ltd. (NGX) delisted the shares of RAK Unity Petroleum Plc, Resort Savings and Loans Plc, and Niger Insurance Plc from its facilities.
The three firms were delisted because they were not adhering to the Exchange’s listing criteria, according to NGX’s weekly report. The Exchange stated that it was no longer deemed appropriate for the impacted companies’ securities to be listed and traded on the market.
It said: “Trading license holders and the investing public are hereby notified that, pursuant to the provisions of Clause 15 of the General Undertaking,.
“Appendix iii Of the Rule Book of The Exchange, 2015, Part II, Issuers’ Rules Delisting Process states that: to recognise that council reserves the right to remove the name of a company from the official list of the Exchange at its absolute discretion.
“And may, if: it considers there is insufficient public interest in the company, viz., insufficient shares in the hands of the public; or any of the foregoing terms and conditions are not complied with; or the company becomes a subsidiary of any other company. On trading for the week, the Nigerian stock market recovered from its previous week’s loss, leading to a profit of N488 billion for investors.
In particular, the market capitalization and NGX All-Share Index increased by 0.87 and 0.86 percent, respectively, to end the week at N56.929 trillion and 100,539.40, as opposed to N56.441 trillion and 99,671.28 recoded the week before.
With the exception of NGX Banking, NGX Insurance, NGX AFR Bank Value, NGX Consumer Goods, and NGX Oil and Gas, all other indexes also ended higher.
Additionally, the NGX ASeM index closed flat, but the NGX Growth and NGX Sovereign Bonds saw depreciations of 0.05 percent, 4.86 percent, 0.07 percent, 0.20 percent, 0.10 percent, 0.43 percent, and 4.35 percent, respectively.
Meanwhile, a total turnover of 2.827 billion shares worth N42.366 billion in 44,277 deals was traded this week by investors, in contrast to 2.765 billion shares valued at N85.230 billion that exchanged hands last week in 40,796 deals.
The financial services industry, measured by volume, led the activity chart with 2.179 billion shares valued at N30.667 billion traded in 25,260 deals, thus contributing 77.08 and 72.38 percent to the total equity turnover volume and value, respectively. The industrial goods industry followed with 246.921 million shares worth N2.039 billion in 2,068 deals.
The Oil and Gas Industry took third place, with a turnover of 107.218 million shares worth N1.704 billion in 3,128 deals. Trading in the top three equities, namely Jaiz Bank Plc, Cutix Plc, and FCMB Group Plc, measured by volume, accounted for 1.140 billion shares worth N4.632 billion in 2,701 deals.
Thus contributing 40.32 and 10.93 per cent to the total equity turnover volume and value, respectively. Also, 37 equities appreciated in price during the week, higher than 34 equities in the previous week.
Thirty-four equities depreciated in price, lower than 38 in the previous week, while 80 equities remained unchanged, lower than 82 recorded in the previous week.
United Capital led 36 other advanced equities on the gainers table by 42.78 per cent to close at N40.55 per share, while Linkage Assurance Plc led 33 other declined equities by 24.56 per cent to close at 86k per share.
Meanwhile, in the coming week, analysts at Cowry Asset Management Ltd. have predicted that the anticipation of more earnings releases and attractive dividend declarations by corporations is expected to drive positive sentiment across counters. They, however, noted that the outcome of the Monetary Policy Committee (MPC) meeting, along with other economic news, could stir mixed sentiments.
“Market players will be closely analysing these developments to understand their potential impact on investments,” the analysts said.
