Stock investors make N186.85bn loss as market dips by 0.46%
Equity investors lost about N186.85bn as the key market indicator of the Nigerian Equities Market declined by 301.65 bps to close on a negative trend on Wednesday.
The NGX All-Share Index declined by 0.46% to close at 65,687.16 basis points against the 1.10% gain recorded previously to close at 65,988.81 basis points at the end of the last trading session.
The total volume traded declined by 9.59% to close at N500.43m, valued at N7.14bn and traded in 7,345 deals.
The shares of UBA lead in volume terms with N58.31m units traded, while ACCESSCORP top in value with N991.20m units traded.
Sectoral performance was broadly negative as 13 sector indexes closed southward, five sector indexes closed northward, and two closed flat. NGX-OIL AND GAS Index advanced by 4.91% to top the gainers’ chart, NGX-PREMIUM Index declined 1.07% while NGX-ASEM and NGX-SOVBND.
The Gote index declined by 0.01% to close at 188.08 basis points, while the Toni index declined by 0.65% to close at 267.82 basis points.
At the close of trading, the market recorded 32 gainers, 24 losers and 56 unchanged. COURTVILLE topped the list of gainers, while CADBURY topped the list of losers.
Meanwhile, the NGX has notified the market of the delisting of Ardova Petroleum Plc shares from its Daily Official List.
By this action, the shares of the company would henceforth not be traded on the Exchange.
Announcing the development, the NGX said the action was sequel to the company’s submission of post-approval documents.
“The Nigerian Exchange has notified the Market that following the submission of the required post-approval documents from Ardova Petroleum Plc, the entire 1,310,629,267 issued share capital of Ardova were delisted from the Daily Official List of Nigerian Exchange Limited today, Wednesday, 26 July 2023.
“The delisting of Ardova on NGX is pursuant to the Scheme of Arrangement between Ardova and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission and sanctioned by the Court.”
In another development, following the emergency meeting of the Board of Directors on Tuesday, Nigerian Exchange Group Plc, announced an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders for the first half of financial year 2023.
This dividend, which is the first since the demutualisation of the Nigerian Stock Exchange will be paid to shareholders whose names appear in the Shareholders’ Register as of close of business Monday, July 31, 2023.
Payment will be remitted electronically to qualified shareholders on Thursday, 31 August 2023.
The dividend announcement comes as a resolution of the Board following the request from shareholders at the recently held Annual General Meeting on July 14, 2023.
Commenting on the dividend announcement, the Chairman, NGX Group, Umaru Kwairanga said, “The announcement of the dividend will send a signal to our shareholders that the Company has a listening and responsive Board following the request at the last annual general meeting. We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute on its strategy to create sustainable growth in the medium to long term.”
The Group Chief Executive Officer, NGX Group, Oscar Onyema, stated, “The proposed payment will not significantly impact the cash position and retained earnings of the Company and will further position the company as investible for a wider class of investors in the capital market.”
