GlaxoSmithKline to cease operations in Nigeria, NGX All-Share Index extends gains, up 1.55%

GlaxoSmithKline Consumer Nigeria Plc has informed the NGX and the investing public of its intention to cease operations. This is necessitated by the parent’s company strategic intent to cease commercialisation of its prescription medicines and vaccines in Nigeria. Also, another of its partners, Haleon Group has also separately informed the Board of its intent to terminate its distribution agreement in the coming months. Investors are advised to exercise caution when dealing in the company’s shares until a further announcement is made. Meanwhile the Stock Market extended gains for the second consecutive session as the benchmark Index ended 1.55% stronger to close at 65,263.06 points. The performance was primarily driven by rebounds in index heavyweight, MTNN alongside Tier-1 banking names ZENITHBANK and GTCO. Consequently, the ASI year-to-date (YTD) increased to 27.34%, while market capitalisation increased by ₦541.84 billion to close at ₦35.52 trillion.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 19.14%. A total of 445.28m shares valued at ₦5.09 billion were exchanged in 7,095 deals. STERLINGNG led the volume chart with 69.45m units traded while ACCESSCORP led the value chart in deals worth ₦568.98m.

Market breadth closed positive at a 6.67-to-1 ratio with advancing issues outnumbering declining ones. NB led thirty-nine (39) others on the leader’s table while, ETERNA topped five (5) others on the laggard’s log.

Find below key highlights of market activities

Dividend Information for 2023