Mobil Oil delists as Nigerian Exchange loses N39 billion
Trading on the Nigerian Exchange (NGX) Ltd. closed mixed on Friday with the market capitalisation dropping by N39 billion while the index rose by 0.21 per cent.
Specifically, the market capitalisation which opened at N20.470 trillion lost N39 billion or 0.21 per cent to close at N20.431trillion.
On the other hand, the All-Share Index improved by 84.02 points or 0.21 per cent to close at 39,198.75 from 39,114.73 posted on Thursday.
The drop recorded in the market capitalisation was due to the delisting of 11 Plc, formerly Mobil Oil Nigeria Plc.
Mobil delisted over 360.592 million ordinary shares in furtherance of a resolution passed at its last annual general meeting in October.
The purpose of delisting was to enable the company to explore strategic opportunities, alliances and collaboration that can bolster earnings and/or provide synergised benefits with little or no regulatory obligations.
An analysis of the price movement chart shows that Linkage Assurance led the gainers’ table in percentage terms, appreciating by 9.52 per cent to 69k per share.
Johnholt followed with 9.26 per cent to 59k, while Union Bank of Nigeria gained 9.09 per cent to N5.40 per share.
Consolidated Hallmark Insurance added 8.33 per cent to close at 39k, while Royal Exchange Assurance also appreciated by 8.33 per cent to 65k per share.
Conversely, NEM Insurance topped the laggards’ chart in percentage terms, dropping by 9.50 per cent to close at N1.81 per share.
Courtiville Business Solution trailed with 9.09 per cent to 20k,while Sunu Assurances dipped 8.47 per cent to 54k per share.
The Initiates was down by 6.98 per cent to 40k while Eterna dropped 6.89 per cent to close at N5.89 per share.
Further breakdown of the activity table indicates that Access Bank was the most active stock with 40.47 million shares valued at N327.96 million.
FBN Holdings followed with an account of 33.65 million shares worth N244.22 million, while Zenith Bank traded 25.52 million shares valued at N562.20 million.
United Bank for Africa accounted for 13.62 million shares worth N98.08 million, while Guaranty Trust Bank exchanged 11.89 million shares valued at N347.89 million.
In all, investors bought and sold 238.94 million shares worth N2.95 billion in 3,947 deals.
This was in contrast with 403.51 million shares valued at N4.81 billion traded in 4,342 deals on Thursday.