Skye Bank shares drop further by 8.42%

Skye Bank’s shares on the Nigerian Stock Exchange on Friday dropped further by 8.42 per cent following investors continued reaction to removal of the bank’s board and executive management.

The Central Bank of Nigeria (CBN) removed the board and management of the bank on Monday, and replaced them with another, a measure it said, was to redirect the bank.

The trading on Friday, the bank lost 8k to close at 87k per share.

The bank’s shares had depreciated by 9.5 per cent on Monday, forcing it to close at 95k per share.

A breakdown of the activity chart on the Exchange showed that investors sold 21.59 million shares of Skye Bank valued at N18.79 million.

Alhaji Rasheed Yussuf, immediate past President, Association of Stockbroking Houses of Nigeria (ASHON), said that the shares of the bank were on offer but nobody was buying.

Yussuf urged the new management of the bank to map out strategies to assure and reassure shareholders and investors.

Further analysis of the losers’ table showed that Forte Oil lost N8.93 to close at N171.90 per share, while Beta Glass dipped N4.17 to close at N38.66 per share.

Lafarge Wapco shed N3.35 to close at N63.65 per share and GlaxosmithKline dropped N2.24 to close at N20.78 per share.

Consequently, the All-Share Index shed 147.08 points or 0.51 per cent to close at 28,854.98 compared with 29,002.06 achieved on Monday.

Also, the market capitalisation which opened at N9.96 trillion lost N50 billion to close at N9.91 trillion.

On the other hand, Stanbic IBTC gained N1.54 to close at N16.60 per share.

Oando gained 68k to close at N8.05 per share, while Dangote Cement garnered 50k to close at N191.50 per share.

Guinness improved by 49k to close at N99.99 and Zenith International Bank gained 33k to close at N15.45 per share.

GT Bank recorded the highest volume of activities, exchanging 32.47 million shares worth N750.33 million.

FBN Holding came second with an exchange of 26.35 million shares valued at N100.52 million, while Oando sold 25.52 million shares worth N204.52 million.

Access Bank accounted for 23.17 million shares worth N132.02 million.

In all, a total of 234.96 million shares valued at N2.29 billion were traded by investors in 4,145 deals.

This was in contrast with 142.84 million shares worth N1.35 billion exchanged in 3,321 deals on Monday.