The Nigerian Stock Exchange All-Share Index hit a 52-week low yesterday, falling by 1.53 per cent to close at 29,162.24, while market capitalisation shed N170 billion to close at N10.953 trillion.
The week opened on bearish note as 29 stocks depreciated, compared with only 13 that appreciated. Losses by Dangote Cement Plc, Stanbic IBTC Holdings Plc and Guaranty Trust Bank Plc contributed to the negative close of the market. “However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term,” they said.
According to the company, about 60 per cent of the net proceeds of the issue would be applied towards taking out expensive short-term debts, thereby reducing finance cost by about 50 per cent on an annualised basis going forward.
Source: News Formal (newsformal.com)
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