By Adedapo Adesanya
Shares of FrieslandCampina WAMCO Nigeria Plc depleted by 9.09 per cent or 10.00 at the National Association of Securities Dealers (NASD) Over-the-Counter (OTC) Securities Exchange on Monday.
This came on the back of a threat from a skit maker, Mr Chukwuemeka Emmanuel, otherwise known as Sabinus, of a lawsuit to the tune of N1 billion over the alleged use of a trademarked phrase, something hooge, for a campaign.
The comedian claimed his slang was used to promote an initiative through one of its flagship products, Peak Milk, to “drive engagements on the product’s verified Instagram @peak_milk on May 24 2020” and is seeking N1 billion in total for damages and the pain he has suffered for the use of his phrase.
Investors reacted to this matter and at the unlisted securities market, Friesland shares weakened to N100.00 per unit from the previous session’s N110.00 per unit.
This also affected the general outcome of the exchange as it shed 1.87 per cent at the close of business, leaving the market capitalisation lower by N19.53 billion to N1.026 trillion from N1.046 trillion as the NASD Unlisted Securities Index (NSI) shed 14.85 points to wrap the session at 780.00 points compared with 794.85 points recorded at the previous session.
During the session, investors exchanged 103,763 units of stocks, 207,424 per cent higher than the 50 units of stocks traded last Friday, while the value of transactions jumped by 2,534,605.2 per cent to N21.5 million from N850, with the number of deals increasing by 600 per cent to seven deals from one deal.
AG Mortgage Bank Plc ended the day as the most traded stock by volume on a year-to-date basis with 2.3 billion units valued at N1.2 billion, Central Securities Clearing System (CSCS) Plc followed with 662.2 million units worth N13.9 billion, while Food Concepts Plc was in third place with 138.0 million units valued at N118.7 million.
The most traded stock by value on a year-to-date basis remained CSCS Plc with 662.2 million units sold for N13.9 billion, VFD Group was in second place with 9.5 million units sold for N2.9 billion, while AG Mortgage Bank Plc maintained third place with 2.3 billion units sold for N1.2 billion.
Modupe Gbadeyanka