The bears remained in control of the stock market leading to the fourth consecutive day of losses Thursday. The pressure from the bears pulled the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell further down by 0.99 per cent yesterday to close at 43,529.06.
However, 21 stocks escaped from the charging bears to close higher. Dangote Sugar Refinery Plc led them with 10.16 per cent. African Prudential Plc and United Bank for Africa Plc followed with 4.1 per cent and 4.1 per cent respectively.
Transnationwide Exress Plc and WAPIC Insurance Plc garnered 3.8 per cent and 3.8 per cent in that order. Other top gainers included: Livestock Feeds Plc (3.1 per cent); Linkage Assurance Plc (2.7 per cent); Flour Mills of Nigeria Plc (2.6 per cent).
Flour Mills is currently shopping for N40 billion from existing shareholders through a Rights Issue.
Specifically, the company is issuing 1,476,142,418 shares of 50 kobo each to existing shareholders in the ratio of nine new shares for every 16 shares held as at the close of business on December 8, 2017 at N27 per share.
According to the Group Managing Director of the company, Mr. Paul Gbededo, the rights issue is part of strategy to grow and build long-term value for all stakeholders.
“The proceeds from the Rights Issue will be used to strengthen the company’s capital base by deleveraging our balance sheet, supporting our working capital needs and positioning the Company to exploit value-accretive opportunities, whilst giving greater operational and financial flexibility to ensure business growth and continuity,” he had said.
Meanwhile, Glaxosmithkline Consumers Nigeria Plc led the price losers for the day with 9.6 per cent. Caverton trailed with 9.4 per cent. Diamond Bank Plc and Skye Bank Plc shed 9.2 per cent apiece just as Unity Bank Plc and Wema Bank Plc depreciated by 9.1 per cent and 8.4 per cent respectively.
Other top price losers were: Honeywell Flour Mills Plc (6.2 per cent); Stanbic IBTC Holdings Plc (4.9 per cent); FCMB Group Plc (4.8 per cent) and Eterna Plc (4.7 per cent).
A further review of the market showed that two sectors closed negatively, while two ended in the positive territory, while one was flat. The NSE Industrial Goods Index led laggards, shedding 2.0 per cent trailed by the NSE Banking Index with a decline of 0.4 per cent.
On the positive side, the NSE Consumer Goods Index led with a gain of 0.7 per cent, followed by the NSE Oil & Gas Index that appreciated by 0.3 per cent.