…suspends trading of Avon’s shares
Major market indicator of the Nigerian Stock Exchange, All Share Index (ASI) depreciated by 3.12 percent during the trading week ended on August 31, 2017.
Market capitalization also depreciated by 35, 504.62 to close at N12.237 trillion from N12.631 trillion it closed in the previous week.
The NSE Insurance and NSE oil/gas indices appreciated by 0.29% respectively, while all other indices finished lower during the week.
Cutix Plc led gainers for the week when it added 49 kobo to close at N2.50 per share, it was seconded by Continental Reinsurance Plc, which raked in 18 kobo to close at N1.47 per share, Total Nigeria PLC gained N28.20 to close at N245.00 per share, Fidson Healthcare PLC grabbed 19 kobo to close at N3.34 per share, while Custodian and Allied Plc recorded 18 kobo to close at N2.72 per share, among others.
On the other hand, 11 Plc led the decliners’ table when it went down by N27.44 to close at N165.11 per share, followed by First Aluminium which slipped by 8 kobo to close at N1.00 per share, Julius Berger lost 350 kobo to close N32.49 per share, while Morison Industries Plc depreciated by 8 kobo to close at 82 kobo per share among others.
A total turnover of 998.973 million shares worth N11.455 billion were traded in 13,625 deals compared to a total turnover of 1.538 billion shares worth N24.218 billion in 19, 187 deals in the preceding week.
Custodian and Allied Plc, Sovereign Trust Insurance, and Fidelity Bank accounted for 383.065 million shares worth N829.743 million in 650 deals, that were traded on the floor of the stock exchange. The three equities which were measured by volume contributed 38.34% to total equity turnover and 7.24% to the value of shares.
In the meantime, NSE has suspended the trading of shares of Avon Crowncaps & Containers Nigeria Plc.
The Exchange made it known to investors and general public in a statement issued and signed by the Acting Head, Listing Regulation Department, Godstime Iwenekhai, and it reads: “Dealing members are hereby notified that trading on the shares of Avon Crowncaps & Containers (Nig.) Plc (“the company”) on the floor of the Nigerian Stock Exchange (” The Exchange “) has been suspended effective today, 31 August 2017.
“This is in compliance with the approved scheme of arrangement between the company and holders of it’s fully paid ordinary shares which will lead to the voluntary delisting of the company from the official list of the exchange.”
Avon, the company which produces pilfer-proof caps for pharmaceutical, brewery and distilerry industries, is yet to respond to this suspension.