Three More Stocks Fall Below 50 Kobo Per Share

By Modupe Gbadeyanka

Three additional stocks traded on the floor of the Nigerian Stock Exchange (NSE) dropped below the former 50 kobo per share floor price on Tuesday.

This brings the tally of such equities to seven on the second day the new pricing methodology introduced by the NSE took effect.

The three new shares were FTN Cocoa Processors Plc, African Alliance Insurance Plc and Multiverse Resources Plc.

While FTN Cocoa Processors Plc closed at 46 kobo per share on Tuesday from 50 kobo per share on Monday, African Alliance Insurance Plc finished at 48 kobo per share, and Multiverse Resources Plc settled at 48 kobo per share.

On Monday, four stocks dropped below the former 50 kobo per share threshold, closing at 48 kobo per share.

The four equities were ABC Transport Plc, Lasaco Insurance Plc, Prestige Insurance Plc and Royal Exchange Plc.

Business Post reports that at the close of market yesterday, three of the four stocks listed above dropped further.

ABC Transport Plc, which closed at 48 kobo per share on Monday, traded at 44 kobo per share on Tuesday.

Also, Royal Exchange Plc, which sold at 48 kobo per share, settled at 44 kobo per share yesterday, while Lasaco Insurance Plc, which finished at 48 kobo per share on Monday, lost 2 kobo to end at 46 kobo per share on Tuesday.

Only Prestige Insurance Plc remained unchanged at 48 kobo per share on Tuesday.