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Banking stocks lift equity market as Notore Chemical lists 1.612bn shares

The floor of Stock exchange

By Peter Egwuatu

The trading of equities on the Nigerian Stock Exchange, NSE closed higher on Thursday as it gained 0.21 percent, reversing Wednesday’s negative sentiment, just as Notore Chemical Industries Plc listed 1.612 billion shares on the Exchange.

The growth in the market was aided by buy sentiment in the major Banking stocks, among others. Market breadth closed positive, recording 23 gainers against 16 losers.

Specifically, the NSE All Share Index (ASI) was up by 76.08 absolute points, representing a growth of 0.21 percent, closing at 36,688.91 points. Similarly, the market capitalization increased by N128.52 billion, representing a growth of 0.97 percent, closing at N13.39 trillion.

The difference in the NSE ASI and market capitalisation was as the result of the listing of shares of Notore Chemical Industries Plc.

The Exchange listed 1.612 billion ordinary shares of Notore Chemical Industries Plc at N62.50 per share. The listing which is the first this year was done in the industrial goods sector of the NSE.

Notore , which is a vertically integrated agro-allied, chemical and power group based in Onne Rivers State has six subsidiaries. They are Notre Supply & Trading Mauritius Limited, Notore Power Limited, Notore Seeds Limited, Notore Foods Limited and Notore Industrial City Limited.

Speaking on the reasons for the listing on the NSE, the Group Managing Director/Chief Executive Officer of Notore Plc, Mr. Onajite Okoloko, said it is to support the Nigerian government’s effort to deepen the capital markets, improve liquidity and tradability of the company’s shares, increase its visibility and credibility in the Nigerian market and beyond.

“The listing will also increase access to capital in order to fund the company’s future growth initiatives and grant Nigerians the opportunity to participate in the Notore’s growth history,” he said.

Meanwhile, analysis of equity trading on Thursday shows that the upturn recorded in the market was impacted by gains recorded in medium and large capitalized stocks, amongst which are; WAPIC (+7.69 percent ), UBA (+5.91 percent ), Ecobank Transnational Incorporation, ETI (+5.53 percent ), Access Bank (+3.09 percent ), Total Nigeria (+2.63 percent ), Zenith Bank (+2.60 percent), Fidelity Bank (+2.19 percent ), Honeywell Flour (+1.11 percent), Guaranty Trust Bank (+0.63 percent) and Stanbic IBTC (+0.50 percent).

The top losers include: NSLTECH (-10.0 percent), Flour Mills Nigeria (-5.4 percent), OANDO (-4.3 percent), REGALINS (-4.17 percent) and Universal Insurance (-4.00 percent).

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