The NGX All-Share Index started the week flat, inching lower by a mere 1 basis point to close at 100,007.11 points. Declines in Transcorp (-5.45%), PZ (-10.00%), FBNH (-0.65%), and Dangsugar (-0.86%) muted gains in Accesscorp (+2.08%), Conoil (+8.26%), Oando (+2.94%), NB (+2.06%), Zenithbank (+0.40%), GTCO (+0.42%), and Ucap (+2.14%). The market breadth was relatively flat with 23 losers against 21 gainers. Index heavyweights such as Buafoods, Dangem, Buacem, and Geregu showed some intraday weakness but ended unchanged.
Accesscorp launched its Rights issue today at N19.75 per share of 1 for every 2 shares owned as at June 7, 2024. Also, GTCO’s offer for subscription is slated to open tomorrow, July 9, 2024, whilst Fidelity’s public offer and rights issue remain ongoing.
Market turnover reached N7.1 billion ($4.7 million), driven by last-minute crosses in GTCO, trades in UBA, and crosses in Ellah Lakes as major shareholders diluted their holdings. We anticipate the market to hold steady in the next session.