9 March 2011

Nigeria: 11 Dormant Stocks Delisted

The Nigerian Stock Exchange (NSE) Tuesday delisted 11 companies for being dormant. NSE had last year given notice to dormant companies to update their records and comply with the post listing requirements or get delisted. While some of the companies have complied with the directive by sending regular information about their operations, others have remained inactive.

As a result, the NSE Tuesday de-listed 11 of the dormant companies. Those delisted are NigerCem Plc, Albarka Air Plc, Foremos Diaries Plc, Wiggins Teape Plc, Okitipupa Oil Palm Plc, First Capital Investment & Trust Plc. Others include: Flexible Packaging Plc, Newpak Plc, Krabo Plc and Tropical Petroleum Plc.

Meanwhile, the bear run at the stock market continued Tuesday as the bears held on for the 10th day running. The NSE All-Share Index, which had opened the week with a fall of 0.45 per cent last Monday, declined by 0.27 per cent to close lower at 25,174.24. The market capitalisation of equities shed N26 billion, falling from N8.69 trillion to close at N8.043 trillion. It was a field day for the bears as 35 stocks depreciated compared with 17 others that appreciated.

African Petroleum Plc led the price losers with N1.24 to close at N23.70 per share. Nestle Nigeria Plc trailed with a loss of N1.04 to close at N440.01 per share. UAC of Nigeria Plc shed N1.00 to be at N34 per share, while Aluminium Extrusion Industry Plc and Cement Company of Northern Nigeria Plc declined by N0.58, and N0.54 in that order. Other top price losers included: Dangote Sugar Refinery Plc (N0.41); John Holt Plc (N0.37); First Bank of Nigeria Plc (N0.33); Guaranty Trust Bank Plc (N0.30) and United Bank for Africa Plc (N0.23).

On the other hand, Ashaka Cement Plc led the price gainers with N1.34 to close at N28.22 per share. Dangote Cement Plc trailed with a gain of N1.00 to be at N125.00. Dangote Flour Mills Plc, Stanbic IBTC Bank Plc, Vono Products Plc and Nigerian Breweries Plc garnered N0.54, N0.17, N0.16 and N0.09 respectively.

Wema Bank Plc and Skye Bank Plc chalked up N0.07 apiece, while C & I Leasing Plc and Guaranty Trust Assurance Plc added N0.06 and N0.04 respectively. Investors traded 644.764 million shares worth N2.118 billion in 9,342 deals, up 199.4 million shares worth N1.4billion exchanged in 5,253deals the previous day. Zenith Bank Plc led the activity chart with 18.320 million shares valued at N272.724 million traded in 45.

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