Flourmills, GTB others lead stock market’s N17b loss

NSE lifts suspension on trading of Ikeja Hotel shares

Trading on the equity sector of the Nigerian Stock Exchange (NSE) reopened on a downward note yesterday, following price losses by some blue chip stocks, especially Flourmills and Guaranty Trust Bank (GTB) yesterday, as market capitalisation plunged by N17 billion.

Specifically, at the close of transactions yesterday, Flourmills topped the day’s highest price losers’ chart with N0.95 kobo to close at N34.00 per share. Guaranty Trust bank followed with N0.50 kobo to close at N43.50 per share.

Stanbic IBTC lost N0.45 kobo to close at N48.50 per share. FBN Holding depreciated by N0.30 kobo to close at N10.75 per share. Oando also dropped N8.00 kobo to close at N0.25 per share.

FO topped the gainers’ chart with N1.90 kobo to close at N40.65 per share while Nigerian Breweries followed with N0.50 kobo to close at N123.70 per share.Unilever gained N0.50 kobo to close at N50.5 per share. Ecobank TransNational Incorporated added N0.40 kobo to close at N21.00 per share. UACN appreciated by N0.35 kobo to close at N15.85 per share.

Consequently, the all-share index, which measured the performance of listed equities, dropped by 4738.01 points from 40,425.07, recorded on Friday to 40,425.07. Also, market capitalisation of listed equities dropped by N17 billion or 0.1 per cent from N14.660 trillion to N14.643 trillion.

Meanwhile the NSE yesterday announced the lifting of the two years suspension placed on the shares Ikeja Hotel Plc.According to a statement on the NSE website, , the lifting of the suspension was approved by the Quotations Committee of the National Council of The Exchange on Friday, 11 May 2018.

”Dealing Members are hereby notified that the suspension was lifted today, Monday, May 21, 2018 as approved by the Quotations Committee of the National Council of The Exchange on Friday, 11 May 2018.

“Dealing Members will recall that the Company had on Friday, 18 May 2018 provided a status update to the Market at a Facts Behind the Restructuring event. Consequently, trading in the shares of the Company has resumed on The Exchange. The Securities and Exchange Commission has been notified of this development.”The shares of Ikeja Hotel gained N0.08 kobo to close at N1.86 per share from N1.78 at which it opened for transaction yesterday.