By Providence Obuh

The Management and Board of Directors of Paints and Coatings Manufacturers Nigeria(PCMN) Plc has announce plans diversify its revenue base by taking advantage of the business opportunities that are evolving in Nigeria and to participate in the forward growth of the Nigerian economy throughout the coming decade.

The Chief Executive Officer (CEO) Mr. Mike Thompson disclosed this yesterday, during the company’s listing by introduction of 792,914256 million ordinary shares of 50 kobo each at N3.90 per share on the floor of the Nigerian.Stock Exchange (NSE).

Thompson noted that PCMN has evolved from being an importer and distribution company, to become a business focused on the manufacture, marketing, sales and provision of technical expertise and support in Paints and Coatings Manufacture in Nigeria.

In the same vein the Interim Administrator Mr. Emmanuel Ikazoboh said it is gratifying to note that investors confidence is fully back into the market, adding that the NSE has listed three important companies in one week.

Ikazoboh urged all stakeholders in the market to continue to endeavour to do what is right to bring back the lost glory of the market.

However, the value of listed equities represented by the market capitalisation dropped by 92.06 billion or 1.15 per cent to close at N7.920 trillion from N8.012 trillion at which it opened, while the All share index shed 1.19 per cent or 297.98 points to close at 24,804.22 points from 25,102.20 points.

Dangote Cement Plc led 22 other stocks on the losers table dropping by N6.75 to close at N128.25 per share, Okomu Oil Palm Plc followed with a loss of N0.75 to close at N14.25 per share and Oando Plc dipped by N0.70 to close at N63.50 per share, among others.

On the other hand, Presco Plc led on the gaioners table with a gain of N0.21 to close at N6.20 per share, Cement Company of Northern Nigeria Plc followed with a gain of N0.14 to close at N14.65 per share and United Bank for Africa Plc garnered N0.13 to close at N9.00 per share, among others.

Trading appreciated by 22.81 per cent, as a turnover of 277 million shares valued at N2.65 billion was recorded in 5,712 deals, in contrast to the previous day’s turnover of 225.54 million shares valued at N2.62 billion in 5,195 deals.
The Banking sub-sector was the most sought after on the sectorial analysis accounting for 62.96 per cent of the market turnover.