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Investors lose over N300bn, as trading week closes



Capital market


INVESTORS in the Nigerian stock market suffered a loss of over N300 billion on the last day of trading this week.

The All Share Index fell by 1.21 per cent from the previous trading day to 51,778.08 basis points on Friday.

Similarly, the market capitalisation dipped by N341bn, recording N27.91 trillion at the end of the week’s trading session.

The market had set off on a losing streak after the Democracy day break, losing N196bn on Thursday.

Meanwhile, producers of Cowbell milk, Promasidor Holdings Limited, are considering a sale of the company for $1.5bn, according to Bloomberg sources.

Sources noted that the deal was in its early stages and Promasidor may not sell if interest is low.

In another development, an energy firm, Global Spectrum Energy Services Plc, had disclosed its plan to voluntarily delist from the Nigerian bourse.

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A notification signed by the company secretary, Rayfield Associates, said the Board of Directors of the company recommended the move in a letter dated March 24, 2022.

It also tabled a plan for shareholders to discuss it at the company’s next annual general meeting (AGM) on Wednesday July 20, 2022.

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