Japual,Glaxosmithkline, Unity Kapital, Lead Price Losers on Profit Taking
The share price of Japaul Oil and
Maritime Services Plc on Tuesday suffered the first major decline after a
bull run that lasted for days. Japaul had last week appreciated by 53
per cent following renewed demand by investors who were reacting to news
that it had entered into a binding commitment with Milost Global Inc.,
an American private equity firm to inject $350 million into its
Japual had disclosed to market
operators, shareholders and other stakeholders that the $350 million
capital injection by the United States based firm was in line with the
mandate received from the company’s shareholders at the annual general
meeting held on Thursday the 30th day of June, 2016.
According to Japual, the facility is in
form of $250 million equity injection and $100 million Convertible Notes
and it is expected to bail help to bail out the company from the
present financial situation.
Based on this information, many
investors renewed their demand for the stock, which led to a jump of
over 50 per cent to close at 97 kobo per share.
However, profit taking by some investors
yesterday reversed the gaining streak and made it to close as the
highest price loser. It shed 8.3 per cent to be at 88 kobo per share.
In all, 39 stocks depreciated while 26
others appreciated. FTN Cocoa Processors closed as the second highest
price loser with 6.4 per cent. Unity Kapital Insurance Plc shed 6.0 per
cent, while Glaxosmithkline Consumer Nigeria Plc and Interlinked
Technologies Plc went down 5.0 per cent apiece. Unilever Nigeria Plc,
Honeywell Flour Mills Plc and United Capital Plc shed 4.9 per cent, 4.9
per cent and 4.8 per cent in that order among others.
On the positive side, Cutix Plc led with
6.1 per cent, trailed by Double One Plc with 4.9 per cent. Linkage
Assurance Plc and NEM Insurance Plc appreciated by 4.8 per cent apiece.
Continental Reinsurance Plc and C & I Leasing Plc chalked up 4.6 per
cent each among others.
However, the market closed with a
marginal growth as the Nigerian Stock Exchange (NSE) All-Share Index
appreciated by 0.04 per cent to close at 43,073.42.
According to analysts at Meristem
Securities, the market mood remained downbeat during given the lower
volume of transactions and market turnover.
“The banking and consumer goods sectors
recorded losses, sustaining yesterday’s performance. However, the 1.28
per cent gain on Dangote Cement Plc offset these losses to drive the
day’s performance to a positive close,” they said.
Source: Thisdaylive, March 14, 2018