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NSE suspends trading on Avon Crowncaps’ shares

NSE suspends trading on Avon Crowncaps’ shares

Trading floor of NSE

The Nigerian Stock Exchange has suspended trading on the shares of Avon Crowncaps & Containers (Nigeria) Plc from August 31, 2017.

The bourse gave the notice to the dealing members of the NSE in a letter signed by its Acting Head, Listings Regulation Department, Godstime Iwenekhai.

The letter read in part, “Dealing members are hereby notified that trading on the shares of Avon Crowncaps & Containers (Nigeria) Plc on the floor of the Nigerian Stock Exchange has been suspended effective today, August 31, 2017.

“This is in compliance with the approved scheme of arrangement between the company and holders of its fully paid ordinary shares which will lead to the voluntary delisting of the company from the official list of the Exchange.”

Meanwhile, the NSE benchmark index maintained its negative momentum at the end of Thursday’s session, shedding 35 basis points to close at 35,504.62 points while the year-to-date gain retreated to 32.1 per cent as 26 stock advanced against 20 declining stocks.

Sustained profit-taking in Nigerian Breweries Plc, Stanbic IBTC Holdings Plc, Guaranty Trust Bank Plc and United Bank of Africa Plc, causing a respective decline of 2.2 per cent, 4.3 per cent, 0.3 per cent and 3.7 per cent, dragged the general market performance, analysts at Afrinvest Securities.

Accordingly, market capitalisation decreased by N42.9bn to close at N12.2tn. However, activity level improved as volume and value traded rose by 11.1 per cent and 37.7 per cent to 266.5 million units and N4bn, respectively.

Performance across sectors was mixed as three of five indices trended upwards. The insurance index gained the most, up by 1.4 per cent on account of price appreciation in Continental Reinsurance Plc and AxaMansard Insurance Plc, which appreciated respectively by five per cent and 2.6 per cent.

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