United Capital Plc, an investment bank and pan-African financial services quoted on the Nigerian Exchange Group Plc (NGX) recorded a loss of 68.81 per cent at the end of the trading week as the domestic bourse came under sell pressure.
According to an analysis by NewsNGR, the company’s stock price fell to N12.15 per share at the close of weekly trading, down from N38.95 per share at the beginning of the week to lead other loses.
This drop resulted in a reduction in market capitalization from N233.7bn to N218.7bn.
Other three notable losers included shares of Mecure Industries Plc, which experienced a loss of 18.78 per cent to close at N7.35 per share from the week’s opening value of N9.05.
Similarly, Thomas Wyatt Nigeria Plc witnessed an 18.52 per cent decrease to close trading at N1,76 per share from an opening figure of N2.16.
Additionally, Nascon and Allied Industries Plc’s shares decreased by 13.24 per cent to close at N29.50 per share from the opening price of N34.00 per share.
The local bourse registered a 0.04 per cent lower week-on-week (w/w), recording a marginal loss, with the benchmark index settling at 100,022.03 points.
United Capital Plc had proposed interim dividend and bonus shares for the half-year (H1) period ended June 30, 2024.
The company proposed a dividend of 90 kobo per 50 kobo ordinary share, subject to appropriate withholding tax and approval which will be paid to shareholders whose names appear in the Register of Members as at the close of business on July 31, 2024.
The company also proposed a bonus issue of two new shares for one held by shareholders.
Its recently released unaudited consolidated and separate financial statements for the period ended June 30, 2024, show that it grew pre-tax profit to N9.05bn from N5.54bn in corresponding period of 2023. Its half-year (H1) gross earnings increased to N15.147bn from N11.014bn in H1’2023.
The overall market performance for the week showed that the NGX All-Share Index and Market Capitalization depreciated by 0.46 per cent and 0.19 per cent to close the week at 97.75trn and N55.49trn trillion respectively.
Similarly, all other indices finished lower with the exception of NGX Main Board, NGX Insurance, NGX ASeM and NGX Oil and Gas which appreciated by 0.01 per cent, 1.59 per cent, 5.26 per cent and 4.27 per cent respectively, while the NGX Sovereign Bond indices closed flat.
A total turnover of 3.39bn shares worth N52.3bn in 44,814 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.5bn shares valued at N47.22bn that exchanged hands last week in 42,871 deals.
The Financial Services Industry (measured by volume) led the activity chart with 2.88bn shares valued at N36.99bn traded in 23,791 deals; thus contributing 84.73 per cent and 70.73 per cent to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with 141.93m shares worth N6.69bn in 4,476 deals. The third place was the Consumer Goods Industry, with a turnover of 97.31m shares worth N4.06bn in 4,179 deals.
Trading in the top three equities namely Fidelity Bank Plc, United Bank for Africa Plc and Zenith Bank Plc (measured by volume) accounted for 2.09bn shares worth N28.22bn in 7,603 deals, contributing 61.87 per cent and 53.94 per cent to the total equity turnover volume and value respectively.