Investors lose N290bn as NGX delists Arbico Plc after 46 years

The Nigerian Exchange Ltd. (NGX) has delisted the entire issued share capital of Arbico Plc from its daily official list after 46 years of listing.

The NGX disclosed in its weekly official report made available to newsmen in Lagos that the company was delisted on Monday, May 20.

The News Agency of Nigeria (NAN) reports that Arbico, a building and civil engineering construction company, was established in 1958 and listed on the Exchange in 1978.

Shareholders of the company had in March approved the voluntary delisting of the shares of the company from the bourse and sought the regulator’s approval.

NGX said: “Refer to our market bulletin of May 17, 2024, with reference number: NGXREG/IRD/MB26/24/05/17 wherein the Market was notified of the suspension placed on trading in the securities of Arbico Plc in preparation for the delisting of the company.

“Following the approval of the company’s application to delist its entire issued share capital from the NGX.

“Please be informed that the entire issued share capital of Arbico was on Monday, May 20, 2024, delisted from the daily official list of the NGX.”

Also in the week, Jaiz Bank Plc, Nigeria’s first full-service non-interest financial institution, declared to pay its shareholders a dividend of 4k per share on July 16.

FBN Holdings Plc also announced it would pay its shareholders a dividend of 40k on Aug. 23.

On trade, the NGX All-Share Index and Market Capitalisation depreciated by 0.52 per cent to close the week at 97,612.51 and N55.218 trillion respectively, as against 98,125.73 and N55.508 trillion respectively reported in the previous week.

As a result, investors lost a total of N290 billion this week.

Similarly, all other indices finished lower except NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus ll, and NGX Industrial Goods, which appreciated by 1.74, 0.31, 0.72, 0.44, and 0.19 per cent respectively, while the NGX ASeM index closed flat.

Meanwhile, trading in the top three equities, namely: Ecobank Transnational Incorporated Plc, Access Holdings Plc, and United Bank for Africa Plc, measured by volume, accounted for 1.006 billion shares worth N20.115 billion in 6,849 deals. This contributed 50.67 and 49.40 per cent to the total equity turnover volume and value respectively.

A turnover of 1.986 billion shares worth N40.715 billion in 38,487 deals was traded this week by investors on the floor of the Exchange in contrast to 1.652 billion shares valued at N42.677 billion traded last week in 38,123 deals.

The Financial Services Industry, measured by volume, led the activity chart with 1.577 billion shares valued at N30.359 billion traded in 20,697 deals; thus contributing 79.41 and 74.56 per cent to the total equity turnover in volume and value respectively.

The Conglomerates Industry followed with 125.342 million shares worth N1.387 billion in 2,283 deals.

The third place was the Consumer Goods Industry, with a turnover of 77.327 million shares worth N2.446 billion in 4,916 deals.

Also, 24 equities appreciated during the week, lower than 28 equities in the previous week.

53 equities depreciated, higher than 51 in the previous week, while 77 equities remained unchanged, higher than 76 recorded in the previous week.

Meanwhile, Deap Capital Management and Trust Plc, FTN Cocoa Processors, Transnational Corporation, United Bank For Africa, and UPDC Plc led the losers’ table.

The gainers’ table was led by Berger Paints, Regency Assurance Plc, Cutix Plc, McNichols Plc, and Nestle Plc.

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