Nigerian listed stocks lost approximately N63billion in the trading week to December 14, 2018 as investors failed to leverage the opportunity offered by record value decline.
Despite a positive outing on Friday at the Lagos Bourse which resulted to 0.37 percent gain at the sound of trading gong, the market still booked week-on-week (WoW) decline of 0.60percent. The Year-to-Date (YtD) returns currently stands at -19.77percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) lost 185.32points last week to close at 30,672.79 points against preceding trading week’s high of 30,866.82 points.
The value of listed equities also declined from N11.269 trillion recorded in the trading week ended December 7 to N11.203trillion as at trading week to December 14, 2018.
The Nigerian Stock Exchange (NSE) said effective Monday December 17, 2018, it will migrate the Real Estate Investment Trusts (REITs) and Closed End Funds (CEFs) to a separate board under equities.
The migration of this asset class is aimed at promoting visibility and liquidity of listed REITs and CEFs in the Nigerian market, the NSE said in a statement last Friday December 14.
It noted that the decision follows an earlier notification it made on a restructuring of the framework regarding the trading of Real Estate Investment Trusts (REITs) and Closed End Funds listed on its platform.
“The Exchange remains committed to partnering with its issuers, investors and other capital market stakeholders, in providing a multi-asset platform that caters to different classes of investors”, the NSE noted in press release by Joseph Kadiri, its Media Relations Officer.
In another development, Capital Hotels Plc updated its shareholders and other stakeholders on the Execution levied on Friday December 8, 2018 via Gamishee Order on the Hotel’s account at GTBank to the tune of N503.6million.
Capital Hotels Plc said its lawyers on Tuesday December 11, 2018 obtained an Order from the Court of Appeal, Abuja Division mandating Diamond Bank Plc to warehouse the said judgment sum of N503.6million paid into the account of Ndarani & Co, in an interest yielding account opened in-the name of the Chief Registrar of the Court of Appeal as a neutral Stakeholder pending the hearing and determination of the Appeal.
