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Listing of Oando shares buoys equities’ value

By Michael Eboh & Providence Obuh
It was mixed fortunes for the performance indices of the Nigerian Stock Exchange (NSE) — the All-share index and market capitalisation, as the value of listed equities appreciated, Tuesday, by N27.57 billion.

In particular, the market capitalisation, representing equities’ value, appreciated by 0.41 per cent to N6.731 trillion from N6.703 trillion at which it opened, while the index dropped by 0.1 per cent to 27,686.29 points from 27,714.39 points at which it opened.

The improvement in equities’ value was as a result of the listing of proceeds of Oando Plc’s recently concluded rights issue, valued at N21.12 billion on the NSE.

The NSE listed 301.7 million ordinary shares of 50 kobo each at N70 per share of Oando Plc, being new shares from its recently concluded rights issue which enjoyed investors’ patronage.

Also, Diamond Bank Plc notified the NSE of an agreement by the bank and the International Financial Corporation (IFC) to convert the outstanding sum of a facility granted by the IFC to the bank valued at about N3.68 billion to ordinary shares and issued to the IFC.

The bank noted that the agreement would be fully consummated in the event of its securing an approval from its shareholders in that regard, at its forthcoming annual general meeting scheduled to hold, June 3, 2010 at Akwa Ibom state.
The bank is also seeking the approval of its shareholders for it to enter into business combination with any of its subsidiaries.
Forty-six stocks recorded price gain as opposed to 4 that appeared on the price losers’ table. Chevron Nigeria Plc recorded the most share price gain, rising N3.48 to close at N73.27 per share, Julius Berger Nigeria Plc followed with a gain of N2.73 to close at N59.43 per share and African Petroleum Plc garnered N1.60 to close at N39.70 per share.

Other share price gainers include: PZ Cussons Nigeria Plc N1.46, Cadbury Nigeria Plc N1.43, Glaxo SmithKline Consumer Plc N1.14, Ecobank Transnational Incorporation N0.97, Stanbic IBTC Bank Plc N0.54, Cement Company of Northern Nigeria Plc N0.50, Access Bank Plc N0.49, among others.

Conversely, Oando Oil Plc recorded the most share price loss, dropping by N1.00 to close at N113.00 per share, followed by UAC Nigeria Plc with a loss of N0.93 to close at N53.05 per share and Dangote Flour Mills Plc dipped by N0.90 to close at N23.05 per share.

Other share price losers include: Ashaka Cement Plc N0.58, Zenith Bank Plc N0.57, First Bank of Nigeria Plc N0.56, Dangote Sugar Refinery Plc N0.55, United Bank for Africa Plc N0.49, Costain West Africa Plc N0.35, Vitafoam Nigeria Plc N0.33, among others.

Equities trading appreciated by 45.48 percent, as a turnover of 514.63 million shares valued at N4.551 billion was recorded in 9,454 deals, as against the previous day’s turnover of 353.75 million shares valued at N3.243 billion in 8,423 deals.

The Banking sub-sector recorded the highest patronage in the sectorial analysis, accounting for 52.32 per cent of the market turnover with 269.25 million shares valued at N2.643 billion in 4,618 deals.  United Bank for Africa Plc was the most active in the sub-sector, trading 72.93 million shares valued at N951.87 million in 431 deals, followed by Skye Bank Plc with the exchange of 37.58 million shares valued at N340.11 million in 262 deals and First Bank of Nigeria Plc recorded 18.96 million shares valued at N293.16 million in 1,033 deals.

The Insurance sub-sector trailed the Banking sub-sector accounting for 16.03 per cent of the market turnover, with 82.50 million shares valued at N87.13 million in 644 deals.  Staco Insurance Plc recorded the highest patronage in the sub-sector trading 14.09 million shares valued at N7.54 million in 41 deals, followed by Mutual Benefit Assurance Plc with the exchange of 13.55 million shares valued at N6.92 million in 34 deals and Continenetal Reinsurance Plc recorded 11.57 million shares valued at N16.34 million in 23 deals.


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