Skye Bank’s shares on Friday on the Nigerian Stock Exchange (NSE) 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 News Agency of Nigeria (NAN) reports that 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.
SOURCE: http://thenationonlineng.net/skye-bank-shares-drop-8-42/
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