Seplat, Dangote Cement, Lafarge, others drive stock market gain

trading-floor-nSEShare price gains recorded yesterday by Seplat Petroleum Development Company plc, Dangote Cement plc, Lafarge Cement WAPCO plc, PZ Cussons plc, and Ashaka Cement plc helped in the stock market’s 0.24 percent gain.

Seplat Petroleum Development Company plc led the pack of gainers after its share price rose by N5, from N670 to N675, followed by Dangote Cement plc which rose from N215.1 to N219.99, after adding N4.89.

Lafarge Cement WAPCO plc rose by N1.5, from N118.5 to N120, PZ Cussons plc rallied from N33.92 to N34.95, adding N1.03; while the share price of Ashaka Cement plc rose from N32.31 to N33.29, adding N0.98.

Though, the market closed with 22 gainers against 31 losers, the Nigerian Stock Exchange (NSE) All Share Index (NSE ASI) increased by 0.24 percent.

The All Share Index closed at 40,769 points against the preceding trading day’s 40,672.94 points while market capitalisation closed at N13.462
trillion against preceding level of N13.430trn.

Volume traded increased by 727.47 percent from 263.856m to 2183.332m, while the total value of stock traded increased by 1605.83 percent from N2.799bn to N47.741bn in 4,084 deals.

In another development, the Nigerian Stock Exchange (NSE) has granted anticipatory approval for the shares of Access Bank Plc (“the Bank”) to be placed on Technical Suspension.

The approval follows the application made by the Bank to the Nigerian Stock Exchange.

Technical suspension is the interruption of price movement in listed shares for a specified period so that any dealings in the shares which occur
during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented.

The Technical Suspension will be lifted on January 27, 2015 and normal trading activities will resume on January 28, 2015.

The Bank will hold an Extraordinary General Meeting (EGM) on Monday, October 13, 2014 to seek its shareholders’ authorisation for the Board
of Directors to raise additional equity capital in the sum of up to N68bn by way of a Rights Issue.

The Board believes that the Technical Suspension is in the overall interest of the Bank’s shareholders and will preserve shareholders’ value, on account of the proposed corporate action.

Source : BusinessDay

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