Stocks lose steam after 14-day gain on the Exchange

Access Bank extends rights issue offer to March 18

THE equities market closed yesterday on a negative note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] depreciated by 0.82 per cent to close at 30,365.05 basis points, compared with the 0.05 per cent appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 12.38 per cent.

  Market breadth closed positive as Oando led 16 gainers against 27 losers topped by Julius Berger at the end of yesterday’s session- an unimproved performance when compared with previous outlook.

  Market turnover closed negative as volume moved southwards by -0.67 per cent against 25.25 per cent decline recorded in the previous session. Uniondac, Zenith Bank and First Bank were the most active to boost market turnover. Nigerian Breweries [NB] and First Bank topped market value list.

  On sectoral indices, insurance recorded 0.26 per cent gain to emerge the most supportive sectoral index among others while consumer goods emerged as worst hit to close with 1.48 per cent loss

  Volume shockers included Cutix which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

  Meanwhile,  Access Bank Plc  has extended its offer on the Rights Issue to Wednesday, March 18, 2015 as opposed to the initial date of Wednesday, March 4, 2015.

   Management requested for an extension of the offer period to avail shareholders more time to take up their rights considering the prevailing economic and political situation. An application was therefore directed to the Securities and Exchange Commission to postpone the closing date of the acceptance list and this has been approved accordingly. 

   The Rights Issue is available for participation on the basis of one  new ordinary share for every three  ordinary shares held by shareholders on the qualification date (Thursday, 23 October, 2014), at an issue price of N6.90 per share.