Just in five days, listed equities gained by N403.2 billion on the floor of the Nigerian Stock Exchange (NSE). This may be attributed to the inauguration of federal cabinet where in the course of the week, minister-designates were assigned different portfolios. At the close business last week Friday, the market capitalisation of quoted stocks closed at N13.52 trillion compared with N13.12 trillion in the previous week.
The All Share Index of the NSE closed last Friday at 27,800.17 points which amounted to 0.62 percent appreciation when compared with its closing figure the previous day. Year to date, market activities are still down by -11.55 percent. This compares to -14.33 percent in the previous week.
At the close of business, only 17 stocks ended in the positive territory. These are C & I Leasing, 310.1 percent; Dangote Flour, 203.6 percent; MTNN, 53.3 percent; BOC Gas, 45.4 percent; Chams, 30 percent; Sterling Bank, 25.8 percent; UBN, 22.3 percent; Caverton Offshore, 13 percent; Wapco, 12.4 percent; and Courtville Business Solutions, 10 percent. Others such as Custodian Investments, AIICO, John Holt, Julius Berger, Learn Africa, Mansard, Red Star Express appreciated by single digit year to date.
In the course of the week, Red Star Express announced its plan to raise funds through Rights issue.
“Dealing Members are hereby notified that Red Star Express Plc has through its Stockbroker, APT Securities and Funds Limited, has submitted an application to The Nigerian Stock Exchange for the approval and listing of a Rights Issue of Two Hundred and Ninety Four Million, Seven Hundred and Forty Eight Thousand, Three Hundred and Eighty (294,748,380) ordinary shares of Fifty Kobo (N0.50) each at Four Naira Fifty Kobo (N4.50) per share, on the basis of one (1) new share for every two (2) ordinary shares held. The Qualification Date for the Rights Issue is today Wednesday, 21 August 2019”, NSE notice to market participants stated.
Further, the authorities of the NSE also realised the Rule of the NSE Derivatives Market; the amended rulebook of the NSE to Dealing Members’ Rules, Part IX; as well as the deferment of the implementation of the rules on the release calendar for regulatory announcements and filing of listed companies.
“Notice is hereby given that, the earlier announced effective date of the Rules on Release Calendar for Regulatory Announcement and Filings of Listed Companies i.e., Monday, 2 September 2019, has been deferred until further notice”, the NSE stated in a note to all stakeholders.
TELIAT SULE
