Abbey Mortgage Bank Plc lost about 27% of its market value in the equities market as investors trimmed their interest in the financial services company.
Investors reacted negatively as the company obtained approval to raise N100 billion by way of issuance of shares, global depository receipts, loans, etc.
The stock is now trading at a significant discount to N9.85 kobo, its 52-week high in the Nigerian equities market.
According to data from the Nigerian Exchange (NGX) trading platform, the mortgage bank experienced strong sell pressure, closing at N5.58 on Friday when 2.017 million units valued at N11.550 million were traded.
The all-week position exit signaled weak investors’ sentiment in Abbey Mortgage Bank amidst plans to upgrade to a regional commercial lender in the financial services industry.
Last week, its shareholders also approved a 6 kobo dividend on each of its 10,153,846,154 shares outstanding. The amount is expected to be paid to shareholders whose names appeared on the members’ register as of May 12.
At the close of trading sessions. The company’s 10.153 billion shares outstanding were valued at N56.658 billion in the Nigerian bourse—more than 43% below its 52-week high valuation.
Source: Dmarketforces
