Renewed profit-taking drags capitalisation by N54bn

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Guardianng June 22, 2021 4:05 a.m.

Renewed profit-taking drags capitalisation by N54bn

Speaking on market performance, analysts at United Capital Plc said, “We expect the bullish sentiments from the prior week to be sustained into the new week even as a single stock (Airtel Africa) masked positive sentiments from last week.“Technically, the ASI has further room to trod higher before another profit taking-triggered retracement.” Vetiva Dealings and Brokerage firm said: “With market breadth returning to negative territory and activity levels moderating, we foresee a reversal in tomorrow’s session, with sell-offs likely to outweigh buy-side activity.” On the price movement chart, 18 shares appreciated in price while 17 constituted the losers’ chart.

“The suspension is necessary to prevent trading in the shares of the Bank in preparation for the eventual delisting of Guaranty Trust Bank Plc from the Daily Official List of the Nigerian Exchange Limited (NGX) and listing of the Holding Company, Guaranty Trust Holding Company Plc on NGX.” Recall that the GTB announced that it had obtained the approval-in-principle of the Central Bank of Nigeria (CBN) to commence the formal process of reorganising the bank to a financial holding company.

The statement read: “Trading License Holders and the investing public are hereby notified that trading in the shares of Guaranty Trust Bank Plc (the Bank) was suspended today, Friday, 18 June 2021.

Meanwhile, the shares of Guaranty Trust Bank (GTB) Holding Company (holdCo) would be listed on the NGX, following the  suspension of trading on shares on the exchange.

…As GTBank plans to list holdCo on exchangeRenewed profit-taking in the shares of many blue-chip stocks, especially Fidson and Lasaco Assurance, dampened activities on the Nigerian Exchange Limited (NGX) causing a downturn in market capitalisation by N54 billion..

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