The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 1.25 per cent yesterday as highly capitalised stocks led by Dangote Cement Plc lifted the market. After depreciating for the first three days in 2017, the market had last Friday rebounded. And when trading resumed for the second week of the year, tuesday, the uptrend was sustained leading to a rise of 1.25 per cent in the NSE ASI to close at 26, 580.22. Similarly, market capitalisation added N113 billion to close aat N9.2 trillion. Specifically, Dangote Cement Plc appreciated by 1.2 per cent, GTBank also gained 4.9 per cent. However, United Capital Plc led the price gainers with 9.6 per cent to close at N3.31 per share, trailed by FCMB Group Plc with 9.4 per cent. Fidelity Bank Plc appreciated by 8.4 per cent, just as Sterling Bank Plc, African Prudential Registrars Plc, and Continental Reinsurance Plc garnered 7.1 per cent, 5.6 per cent and 5.0 per cent respectively.
Similarly, United Bank for Africa Plc, Zenith Bank Plc and Omoluabi Savings and Loans Plc added 4.9 per cent, 4.8 per cent and 4.7 per cent in that order.
In all, 20 stocks appreciated in value while 17 declined at the end of trading activities. Seven-Up Bottling Company Plc led the price losers with 5.0 per cent to close at N122.55. Ashaka Cement Plc went down by 4.9 per cent. The shares of Ashaka Cement have suffered a bear run recently. Already the company has opted for voluntary delisting from the NSE.
As proposed by the Board of Directors and passed by shareholders at the EGM, shareholders may exit the company by either trading their shares on the NSE through their nominated stockbroker or receive 57 shares of Lafarge Africa Plc in exchange for 202 Ashaka Cement shares and a cash consideration of N2 per every AshakaCem exchanged.
Speaking at the EGM, the Vice-Chairman of Ashaka Cement, Mrs Edith Onwuchekwa, , said: “The voluntary delisting will not occasion loss of shares held by shareholders. As such shareholders may retain their membership in the unlisted company if they so wish. Post the delisting, AshakaCem will continue to operate as a legal entity with its own board of directors.”
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Credit: All Africa
