1 month ago
18 ARTICLE AD
The new listing of 2,418,099,300 ordinary shares of 50 Kobo each per share of Notore Chemical Industries Plc on the daily official list of the Nigerian Exchange boosted the market capitalisation of the local bourse to N55.72bn.
This is despite a subdued tone to trading activities on Monday on the local bourse with the benchmark index slipping to 98,132.15 points.
A market bulletin issued by the NGX Regulation revealed that the additional shares of Notore Chemical Industries Plc listed on the NGX arose from a private placement of 2,418,099,300 ordinary shares of 50 Kobo each at N43.75 per share, (N105.79bn).
With the listing of the additional shares, the total issued and fully paid-up shares of Notore have now increased from 1,612,066,200 to 4,030,165,500 ordinary shares of 50 Kobo each. Notore stocks closed trading flat at N62.5.
At the close of trading, investor sentiment deteriorated, leading to declines in shares of Caverton, WAPIC and ABC Transport, which fell by 10 per cent, 9.30 per cent, and 9.09 per cent, respectively, due to waning market confidence.
Market activity dipped, with total volume and value plummeting by 65.64 per cent and 59.69 per cent, to 379.13 million units and N8.71bn, respectively.
However, the total number of deals for the day increased by 10.97 per cent, reaching 10,096 trades.
Performance across sub-sector indices was predominantly bearish, with three out of the five sectors closing in the red. The Banking sector declined by 1.01 per cent, Consumer Goods by 0.07 per cent, and Industrial Goods by 0.01 per cent.
Conversely, the Oil/Gas sector recorded a gain of 1.32 per cent, driven by share price appreciation in Eterna Oil and Conoil while the Insurance index advanced by 0.15 per cent.
The session saw a tussle for market dominance between the bulls and bears, with 22 gainers and 21 losers.
The top five gainers were Africa Prudential (+10.00 per cent), Cutix (+9.90 per cent) and Eterna (+9.88 per cent).
The United Bank for Africa emerged as the most traded stock in terms of volume, with 69.06 million units changing hands in 662 trades, while Seplat led in traded value, amounting to N2.71bn.
Last week, investors in the Nigerian equity market lost N1.34tn as banking and pension stocks dipped.
