Two years after listing shares on the Nigerian Exchange Limited (NGX), MTN Nigeria Communications Plc, yesterday, announced the Group’s plans to sell up to 575 million shares by way of a book build to institutional investors and fixed price to retail investors.
According to the company, the offer is expected to open in November 2021, with a book build to institutional investors, after which a fixed price would be announced for retail investors also in November 2021.
The offer is expected to close in December 2021. This is the first step in MTN Group’s previously communicated statement of intent to sell approximately 14 per cent of its current shareholding in MTN Nigeria.
Meanwhile, the bears sustained dominance on the equities sector of the Nigerian Exchange Limited (NGX) as more blue-chip firms, especially Pharma Deko and Unilever recorded price depreciation, causing market capitalisation to dip further by N17 billion.
Specifically, the All-Share Index (ASI) declined by 31.62 absolute points, representing a decrease of 0.08 per cent, to close at 41,943.83 points. Similarly, the overall market capitalisation value dropped by N17 billion to close at N21.889 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks which are, Guinness Nigeria, Unilever Nigeria, Nigerian Exchange Group (NGXGroup), Lafarge Africa and Cutix.
Moreso, the market breadth closed negative, as 25 stocks recorded price depreciation while 13 constituted the gainers’ chart. SCOA Nigeria recorded the highest price gain of 9.47 per cent to close at N1.04 kobo.
Linkage Assurance followed with a gain of 7.55 per cent to close at 57 kobo, while Okomu Oil went up by 5.19 per cent to close at N142.00 kobo.
AIICO Insurance rose by 4.92 per cent to close at N1.28, while Honeywell Flour Mills gained 4.60 per cent to close at N3.64 kobo. On the other hand, Pharma Deko Plc led the losers’ chart by 10 per cent to close at N2.34 kobo.
Unilever Nigeria followed with a decline of 8.65 per cent to close at N14.25, while Red Star Express lost 8.24 per cent to close at N3.12 kobo.
Royal Exchange lost 7.69 per cent to close at 48 kobo while Cutix Plc shed 7.50 per cent to close at N5.55 kobo. The total volume of trades decreased by 45.08 per cent to 160.877 million units, valued at N1.408 billion, and exchanged in 3,688 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 19.516 million shares valued […]