Breaking News

GT Assurance, Beco Petroleum gets NSE’s nod for listing

Stories by Michael Eboh
The Council of the Nigerian Stock Exchange (NSE) has granted approval to GT Assurance Plc and Beco Petroleum Products Plc to list their shares by introduction on its Daily Official List of the NSE.

The NSE also approved the supplementary listing of Crusader Nigeria Plc’s shares and gave Cadbury Nigeria Plc the nod to conduct a rights issue.

According to a statement, Wednesday, by Mr. Sola Oni, Assistant General Manager/Head, Corporate Affairs of the NSE, the listings totaling N52.5 billion, is a reflection of the return of investors’ confidence in the Nigerian capital market.

He said, “The Council of the NSE, through its Quotation Committee, has approved N52.497 billion issues for four companies in the Insurance, Food Beverage/Tobacco, Other Financial Institutions as well as Petroleum (Marketing) Sectors. Market analysts are of the view that the development is an indication that investor confidence is back in the market.”

He noted that Guaranty Trust Assurance got approval for Listing by Introduction of 10 billion ordinary shares of 50 kobo at N3.00 per share, noting that the listing of the insurance company, which is a subsidiary of GTBank Plc would add N30 billion to the market capitalisation of the NSE.

“The Council of the NSE also gave approval for Beco Petroleum Products Plc’s Listing by Introduction of 3.72 million ordinary shares of 50 kobo each at N5.00 per share. The listing would add N18.583 million to the market. Beco Petroleum Products Limited was incorporated in 1986 and started business operations in 1987. The Company is engaged in the provision of diverse services to the downstream and upstream segments of the petroleum sector of the Nigerian Economy.

“Crusader (Nigeria) Plc’s Supplementary Listing of post-consolidation and adjustment of 120.22 million ordinary shares of 50 kobo each at N2.16 was approved. The value of the listing would stand at N259.682 million. The Issue was introduced by Capital Bancorp Limited.

“Cadbury Nigeria Plc got the Council’s approval for Rights Issue of 2.57 ordinary shares of 50 kobo each at N8.65 per share,” he noted.
Meanwhile, the bullish run in the NSE continued, Wednesday, as the value of listed equities appreciated by N113.6 billion.

Specifically, the value of listed equities, represented by the market capitalisation, rose by 2.16 per cent to close at N 5.382 trillion from N5.268 trillion at which it opened.The All-share index, another key performance indicator, also appreciated by 2.16 per cent to close at 23,479.72 points from 22,984.14 points.

The rise in the market indices was occasioned by gains on the share prices of majority of the quoted securities, with Total Nigeria Plc recording the most share price loss, rising by N6.23 to close at N131.00 per share, Benue Cement Company Plc followed with a gain of N1.72 to close at N36.28 per share and Lafarge Cement WAPCO Plc garnered N1.62 to close at N34.12 per share.

On the contrary, Guinness Nigeria Plc recorded the most share price loss, dropping by N2.50 to close at N137.00 per share, Nestle Nigeria Plc followed with a loss of N1.88 to close at N204.99 per share and Seven-up Bottling Company Plc dipped by N1.51 to close at N28.89 per share.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.