The Nigerian Stock Exchange ended today’s trading on a negative note, continuing the bearish pattern from last week. The All Share Index closed at 30,3609.06 basis points, down 0.21%. Year to date, the index is down 19.96%
Top Gainers and Losers
Diamond Bank was the best performing stock today, appreciating 9.47% to close at ₦1.04. The uptick in price is largely due to news of its merger plans with Access Bank. Access Bank added 9.40%, to close at ₦8.15.
Cement Company of Northern Nigeria rounds the top 3 gainers for the day. The stock gained 9.24% to close at ₦17.15.
On the flip side, Forte Oil was the worst performing stock today. The stock shed 9.96% to close at ₦21.70. Ikeja Hotels was next with a 9.63% decline to close at ₦1.69. Wema Bank rounds up the top three losers for the day shedding 8.47% to close at ₦0.54.
Top Trades by Volume
Diamond Bank was the most actively traded stock today. 70.9 million shares valued at ₦72.6 million traded in 129 deals AXA Mansard was next with 20 million shares valued at ₦40 million traded in 8 deals. FBN Holdings rounds up the top three most actively traded stocks for the day with 16.5 million shares valued at ₦120 million traded in 175 deals.
Access and Diamond Bank confirm merger plans
Access Bank and Diamond Bank today confirmed merger talks between both banks.
The proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger.
Diamond Bank shareholders will receive a consideration of ₦3.13 per share, comprising of ₦1.00 per share in cash and the allotment of two (2) New Access Bank ordinary shares for every seven (7) Diamond Bank ordinary shares held as at the implementation date.
The offer represents a premium of 260% to the closing market price of ₦0.87 per share of Diamond Bank on the NSE as of December 13, 2018, the date of the final binding offer.
SAHCO extends IPO
Skyway Aviation Handling Company Plc has obtained the approval of the Securities and Exchange Commission (SEC) to extend the Offer period of its Initial Public Offering by way of an Offer for Sale of 406,074,000 ordinary shares of 50 kobo each at ₦4.65 per share by twelve (12) working days.
The Offer initially scheduled to close on Wednesday, 19 December 2018 will now close on Wednesday, 09 January 2019.