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The council of the
Nigerian Stock Exchange (NSE) through its Quotation Committee on Monday
approved the listing of two new issues worth N50.5 billion. The NSE, in
a statement signed by Wole Tokede, its spokesperson, said the council
approved the Benue State Government’s application for approval and
listing of N13 billion Fixed Rate Development Bond 2015 of N1, 000 each
(for a unit) at 14 percent.

“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,”
the statement said. First Bank of Nigeria Securities Limited and United
Bank for Africa (UBA) Stockbrokers Limited are the joint stockbrokers
to the issue.

The council also
endorsed Flour Mills of Nigeria’s application for approval and listing
of an Offer for Subscription of N37.50 billion at 12 per cent Fixed
Rate Bond 2015 (Series 1) under a N70billion debt issuance. The bond
was jointly introduced by IBTC Stockbrokers and Guarantee Trust Bank
Securities Limited.

The Exchange 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.”

Market declines

Meanwhile, the
Exchange market capitalisation of the 201 First-Tier equities closed on
Monday at N7.801 trillion after opening the day at N7.809 trillion,
reflecting 0.10 per cent decline or N8 billion losses. The market had
gained N2 billion last Friday after losing about N23 billion the
previous trading session. The NSE All-Share Index also lost 0.10 per
cent or 24.03 units on last Friday’s figures of 24,444.28 basis points,
to close yesterday at 24,420.25. Wema Bank, Fidson Healthcare, MTI,
Zenith Bank, and Ecobank Transnational Incorporation were the most
traded stocks on Monday.

Gainers increase

A total of 38
stocks appreciated in price on Monday, higher than the 37 gainers
recorded previous day; while 25 stocks depreciated in value, lower than
the 27 recorded last Friday. Julius Berger and Nigerian Bottling
Company topped the price gainers’ table with an increase of N1.90 and
N1.82 on their opening prices of N48.10 and N36.48 per share
respectively.

Ashaka Cement and Zenith Bank followed in the chart with
an increase of N1.35 and 49 kobo, to close at N28.35 and N15.00 per
share. On the losers’ side, Dangote Cement and Cadbury Nigeria led the
price losers’ chart with a loss of N2.50 and 50 kobo, to close at
N120.00 and N26.50 per share respectively. Ecobank Transnational
Incorporation and Dangote Flour Mill followed with a decrease of 29
kobo and 26 kobo on their initial prices of N15.41 and N15.75 per share
respectively.

Active subsector

Trading activities
in the Banking subsector maintained lead as the most active subsectors
with 220.21 million units valued at N1.31billion exchanged in 2,900
deals as against the 188.10 million units valued at N1.36billion
exchanged in 2,868 deals recorded on Friday.

The volume recorded in the
sector was driven by transaction in the shares of Wema Bank, Zenith
Bank, Union Bank, UBA, Access Bank and First Bank. The total volume of
158.84 million units valued at N962.94 million traded in the shares of
the five stocks accounted for 32.42 per cent of the entire market
volume.