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NSE endorses N19bn issues

By Chinedu  Ibeabuchi
As part of efforts at further deepening the market, the Council of the Nigerian Stock Exchange (NSE) through its Quotation Committee, has approved N18.975 billion issues for four companies in the Mortgage, Chemical and Paints, Leasing and Emerging Markets Sectors.

C & I Leasing Plc got its application for Placement of N2, 240, 005,000 Unsecured Floating Rate Redeemable Convertible Loan Stock 2009/2014 approved. The company which was incorporated in 1990 and listed on The Nigerian Stock Exchange in 1997 engages in finance leases and ancillary services to companies, especially in the oil, gas and telecom sectors of the economy. The issue was introduced by WSTC Financial Services Limited.

Also approved by the Council of the Exchange was the listing by way of Introduction of 13,175,732,404 ordinary shares of 50 kobo each at N1.25 kobo per share for Resorts Savings & Loans Plc.

The listing would add N16.470 billion to the market capitalisation of the Exchange. The company which would operate in the Mortgage Sector of the market was incorporated in 1993 and licensed by the Central Bank of Nigeria (CBN) and registered with the Federal Mortgage Bank of Nigeria (FMBN) to carry on mortgage banking business in the country. The issue was introduced jointly by Compass Investment & Securities Limited and Amyn Investments Limited.

African Paints (Nig) Plc’s Placing of 130,000,000 Ordinary Shares of 50 kobo each at par was endorsed. The company was incorporated in 1974 and listed in the Chemical _and Paints Sector of the Exchange in  1996, It produces Agro_Chemica!s, General Chemicals and Paints. The issue was . introduced by Chapel Hill Denham Management Ltd.

McNicols Consolidated Plc got approval for Listing by way of Introduction of 201,885,335 Ordinary Shares of 50 kobo each at N0.98 per share. The company which would be operating in the Emerging Markets Sector of the Exchange was incorporated in 2004 and commenced operations in 2005. It engages in the production of beverages, custard powder, icing sugar, baking sugar and other  food products.

Meanwhile, recovery from bearish run which characterised activity on the Nigerian Stock Exchange (NSE) since the start of trading this week suffer a setback, Wednesday, as the value of listed equity depreciated by N173.45 million.

The market capitalisation which opened at N5.213,738 trillion dipped marginally by 0.003 per cent to close at N5.213,565 trillion, while the All-share index , another market indicator, also dropped marginally by 0.73 points or 0.003 per cent to close at 22,099.58 points from 22,100.31 points.

This bearish run was occasioned by depreciation on the share value of majority of the listed equities with African Petroleum (AP) Plc recording the highest share price lose, shedding N1.06 to close at N34.93 per share from N35.99 per share at which it opened, followed by UACN Properties Development Company Plc dropping N1.05 to close at N19.95 per share and Eterna Oil and Gas Plc lost N0.56 to close at N10.64 per share.
Other share price losers include: Nigerian Aviation Handling Company Plc N0.40, Stanbic IBTC Bank Plc N0.35, Access Bank Plc N0.33, Unilever Nigeria Plc N0.25, Intercontinental Bank Plc N0.16, Costain West Africa Plc N0.15 and Diamond Bank Plc N0.15, among others.


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