…As AMAC Chairman urges Nigerians to invest, buy shares***
Investors on the Nigerian Stock Exchange (NSE) on Tuesday staked N7.83 billion on 694.02 million shares in 2,780 deals, representing an increase of 182.29 per cent compared with 245.85 million shares valued at N1.36 billion transacted in 2,514 deals on Monday.
Transactions in the shares of Zenith Bank topped the activity chart with 357.23 million shares worth N6.18 billion.
Omoluabi Mortgage Bank followed with 174.25 million shares worth N95.79 million, while Fidelity Bank accounted for 31.80 million shares valued at N53.96 million.
May and Baker sold 28.03 million shares worth N56.07 million, while Guaranty Trust Bank accounted for 25.33 million shares worth N666.27 million.
Meanwhile, the All Share Index dipped 24.25 points or 0.09 per cent to close at 26,365.83 against 26,390.08 recorded on Monday.
In the same vein, investors lost N12 billion in value as market capitalisation declined to N12.835 trillion compared with N12.847 trillion on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: MTN Nigeria, Eterna, Cadbury Nigeria, May and Baker Nigeria and Dangote Cement.
Analysts at Afrinvest Limited stated, “In the absence of policy levers to upturn the market, we maintain our bearish outlook on the equities market.”
Market breadth closed slightly negative, with 12 gainers against 13 losers.
Courteville Business Solutions recorded the highest price gain of 10 per cent to close at 22k per share.
Cutix followed with a gain of 9.92 per cent to close at N1.44, while Cornerstone Insurance appreciated by 8.57 per cent to close at 38k per share.
Neimeth rose by 8.11 per cent to close at 40k, while Consolidated Hallmark Insurance appreciated by 3.03 per cent to close at 34k per share.
Conversely, Eterna led the losers’ chart by 9.52 per cent to close at N2.85, per share.
Omoluabi Mortgage Bank followed with a decline of 9.09 per cent to close at 50k, while May and Baker Nigeria declined by 8.68 per cent to close at N2 per share.
Law Union & Rock Insurance depreciated by 7.84 per cent to close at 47k and FCMB Group declined by 4.76 per cent to close at N1.60 per share.
Meanwhile, Mr. Abdullahi Candido, the Chairman, Abuja Municipal Area Council (AMAC), has advised Nigerians to buy shares in order to fight poverty and invest for their future.
Candido gave the advice at the first general meeting of AMAC Microfinance Bank shareholders on Tuesday in Abuja, noting that buying and selling shares was an avenue for people to secure their future and that of their children.
“I want to urge you all to take opportunity of buying and selling shares to invest and secure your future.
“There is nothing too big or small as far as investment is concerned, as we all know that the Dangotes and Otedolas started like this.
“I also want to encourage us not to eat all our earnings today and forget tomorrow as it will not be good if your tomorrow meets you with nothing,” he said.
Mr Emmanuel Ohakim, the Chairman, Board of Directors of the bank, said that the meeting was meant to deliberate and approve strategic objectives on how to increase its paid up capital.
“Following the CBN’s circular of March 7, a new minimum paid up capital of one billion naira has been given to all state microfinance banks in the country, which must be achieved before the end of April 2021.
“In pursuance to the new capital requirement, the board of directors is proposing an increase from its current position of N163,750 to N573,125.
“This, we intend to achieve by a Rights Issue of N409,375 new ordinary shares of N1 each to be issued in the ratio of five new shares for every two existing shares held by each shareholder,” he said.
Earlier, Mr Micheal Nzegwu, the Managing Director of the bank, said that as part of its mission to economically empower micro, small and medium entrepreneurs, the right issue would be open to existing shareholders from Oct. 23 to Dec. 31.
He added that the public would partake from the opportunity of buying shares from Dec. 31.