Nigeria’s Equities Market gains 0.31%

By Salamatu Ejembi.

Logo of the Nigerian Stock Exchange (NSE).

Nigeria’s Equities Market on Monday started the trading week on a marginal gain of 0.31% where the All Share Index closed at 29,710.56 basis points, while the Market Capitalization stood at N15,304 trillion.

In 5,052.00 deals, 266,948 million units of shares worth 4,184 billion Naira were traded.

ACCESS BANK PLC was the most traded stock by volume at 37.84 million units while GUARANTY TRUST BANK PLC was the most traded stock by value at NGN1.15 billion respectively.

On Sector indices, gains were evident across the board, with the exception of the Consumer Goods index which declined by 3.14%, as the Industrial Goods index gained 1.95%, Banking index gained 1.16%, Insurance index gained 1.10% and the Oil & Gas index gained 0.34% in Monday’s trading.

Market sentiment, as measured by market breadth, was positive with 22 stocks recording gains while 12 stocks declined.

LAW UNION AND ROCK INS. PLC was the top gainer with 10.00% increase, followed by TOTAL NIGERIA PLC with 9.35% increase.

While on the reverse side, NCR (NIGERIA) PLC led decliners by 9.88% followed by NESTLE NIGERIA PLC with 6.12% decline.

Trading Floor of the Nigerian Stock Exchange (NSE).

On Monday, The Nigerian Stock Exchange announced the delisting of the entire 10,372,744,312 ordinary shares of Continental Reinsurance Plc from the Daily Official List of The Exchange, effective Friday, 17 January 2020.

This follows the notification of the full suspension placed on the shares of Continental Reinsurance Plc to prevent trading in the shares of the Company beyond the Effective Date of the Scheme of Arrangement by which CRe African Investments Limited will acquire all the shares of CRe Nigeria.

The Company then applied to delist its entire issued share capital from The Exchange, to which The Exchange approved.

Meanwhile, Union Bank of Nigeria Plc. is set for its Series 3 and 4 Commercial Paper (CP) issuance.

In a circular posted on the NSE website, Union Bank stated that following the successful registration of its N100 billion CP Programme in 2018, the debut issuance of the Series 1 and 2 offer in the domestic capital markets, which successfully raised N24.3 billion in January 2019.

The 180-day and 268-day offer for the Series 3 and 4 respectively, opened on January 16, 2020 and is scheduled to close on January 21, 2020, with a target issuance size of N20 billion across both tenors.

The CP offer is targeted at institutional investors including pension and non-pension asset managers, as well as eligible high net-worth investors.

According to the Bank, the new funding is expected to provide the Bank with further working capital as it delivers on its promise to be Nigeria’s most trusted and reliable banking partner.

Union Bank has approximately 5.6 million active customers serviced across 280 branches and cash centres nationwide, an asset base of over N1.8 trillion and total equity in excess of N240 billion as at September 30, 2019.

The circular said Stanbic IBTC Capital Limited and Union Capital Markets Limited are the Dealers on the Commercial Paper Issuance by the Bank.

It also said the Commercial Paper will be listed on the FMDQ OTC Securities Exchange platform.

Amaka E. Nliam