By Michael Eboh & Providence Obuh
The Council of the Nigerian Stock Exchange (NSE) has approved for listing, two issues valued at N50.5 billion, belonging to Benue State Government and Flour Mills Nigeria Plc.

According to a statement by the NSE, signed by Mr. Wole Tokede, Senior Manager, Corporate Affairs, the issues which were approved for listing through the Quotation Committee of the NSE, includes the Benue State Government’s  N13 billion Fixed Rate Development Bond 2015 of N1, 000 each at par at 14 per cent and Flour Mills of Nigeria Plc’s N37.50 Billion 12 per cent Fixed Rate Bond 2015 (Series 1) under a N70 billion debt issuance.

He noted that the on_going request for capital raising is an attestation to the fact that companies would continue to take advantage of opportunities in the Nigerian capital market to expand their operations.

He said, “Benue State Government’s application for approval and listing of N13 billion Fixed Rate Development Bond 2015 of N1, 000 each at par at 14 per cent. Specifically, the bond is for funding of some projects embarked upon by the state as well as refinancing existing debt obligations used in funding the projects.

FBN Securities Limited and UBA Stockbrokers Limited are the Joint Stockbrokers to the issue.
“Flour Mills of Nigeria Plc’s Application for Approval and Listing of an Offer for Subscription of N37.50 Billion 12 per cent Fixed Rate Bond 2015 (Series 1) under a N70 billion debt issuance. The bond was jointly introduced by IBTC Stockbrokers and GTB Securities Limited.”

Meanwhile, activities on the NSE resumed  Tuesday, on a bearish note as the market indicators for measuring the performance indices, the market capitalisation and the All share index dropped by 2.96 billion and 918 bases points respectively.

Specifically, capitalisation closed at  N7.798 trillion from N7.801 trillion at which it opened, while the index slide 9.28 bases points to close at 24,410.97 points from 24,420.25 points.

Costain West Africa Plc recorded the highest share price loss dropping by N0.34 to close at N6.56 per share, Paints and Coating Manufacturing Plc followed with a loss of N0.18 to close at N3.53 per share and Custodian and Allied Insurance Plc dipped by N0.15 to close at N2.96 per share.

Other share price losers include: Union Bank Nigeria Plc N0.21, Vitafoam Nigeria Plc N0.30, Spring Bank Plc N0.04, UTC Nigeria Plc N0.03, Unity Bank Plc N0.05, Bank PHB Plc N0.07, Livestock Feeds Plc N0.03, among others.

On the contrary, May and Baker Nigeria Plc led on the gainers table with a gain of N0.20 to close at N4.20 per share.

University Press Plc followed with a gain of N0.32 to close at N6.82 per share and Airline Services and Logistics Plc garnered N0.08 to close at N1.72 per share.

Other share price gainers include: Afribank Nigeria Plc N0.10, Beco Petroleum Product Plc N0.03, Nigeria Aviation Handling Company Plc N0.44, Eterna Oil Plc N0.23, Cement Company of Northern Nigeria Plc N0.65, Wema Bank Plc N0.06, International Breweries Plc N0.26, among others.

Equity trading plunge 15.77 per cent , however, a turnover of 412.66 million shares valued at N2.52 billion was recorded in contrast to the previous day’s turnover of 489.93 million shares valued at N3.09 billion in 5,304 deals.

The Banking sub-sector was the most sought after on the sectorial analysis accounting for 54.21 per cent of the market turnover with 223.69 million shares valued at N1.28 billion in 3,223 deals.  Bank PHB Plc recorded the highest patronage in the sub-sector trading 59.86 million shares valued at N102.98 million in 74 deals, Intercontinental Bank Plc followed with the exchange of 38.72 million shares valued at N79.25 million in 160 deals and Skye Bank Plc recorded 22.87 million shares valued at N182.90 million in 130 deals.
Construction sub-sector trailed on the sectorial analysis accounting for 24.43 per cent of the market turnover with 100.83 million shares valued at N53.85 million in 44 deals.  Multiverse Plc boosted activity in the sub-sector trading 100.45 million shares valued at N50.22 million in two deals, Costain West Africa Plc followed with the exchange of 357,331 shares valued at N2.34 million in 28 deals and Julius Berger Nigeria Plc recorded 26,506 shares valued at N1.28 million in 14 deals.