NEM Insurance Plc has completed the reconstruction of its share capital and lifted the suspension announced earlier in December 2021, the company disclosed in a statement released via the Nigerian Exchange Limited.
The insurance company reconstructed its shares from a nominal share value of N0.50 to N1.00 and delisted its 10,032,955,535 ordinary shares of 50 Kobo each at N2.42 per share while 5,016,477,767 ordinary shares of N1.00 each at N4.84 per share arising from the share capital reconstruction were listed on NGX’s Daily Official List on the same day.
What is Share Reconstruction?
Share reconstruction is a method used by listed companies to reduce the number of outstanding shares and increase and increase their share price proportionately without affecting the total book value of those shares.
Also, known as a reverse stock split, it reduces the number of issued shares but it does not affect the value of shares held by the company’s shareholders.
The statement reads “We refer to our market bulletin of 24 December 2021 with reference number: NGXREG/LRD/MB60/21/12/24, wherein the Market was notified that the full suspension placed on trading in the shares of NEM Insurance Plc (NEM Insurance or the Company) was extended to 29 December 2021 to enable listing of the Company’s reconstructed shares on the Nigerian Exchange Limited (NGX).
“Trading License Holders and the investing public are hereby notified that the suspension placed on trading in the Company’s shares was lifted on Wednesday, 29 December 2021 following the completion of NEM Insurance’s share capital reconstruction. Consequent to the completion of the share reconstruction exercise, NEM Insurance’s entire issued share capital of 10,032,955,535 ordinary shares of 50 Kobo each at N2.42 per share was delisted from NGX’s
Daily Official List while the 5,016,477,767 ordinary shares of N1.00 each at N4.84 per share arising from the share capital reconstruction were listed on NGX’s Daily Official List on the same day.
“With the completion of the Company’s share capital reconstruction, the total issued and fully paid up shares of NEM Insurance Plc has now reduced from 10,032,955,535 ordinary shares of 50 Kobo each to 5,016,477,767 ordinary shares of N1.00 each while the market capitalization remained at N24,279,752,394.70.
“This is for your information and records update, please.”
Airtel Africa, Ecobank, Others Gained as Stocks Market Closed in Green
The Nigerian Exchange Limited (NGX) extended its gain by 1.29 percent on Wednesday as sentiment improved across the board.
Activity level surged as investors exchanged 328,997,020 shares valued at N4.817 billion in 4,219 transactions, against 247,694,304 shares worth N3.577 billion that exchanged hands in 4,242 deals during the trading hours of Tuesday.
Market value of all listed equities rose by N318 billion to N25.073 trillion from N24.755 trillion recorded on Tuesday. NGX All-Share Index appreciated by 1.29 percent to 46,529.99 index points.
The NGX banking index gained 132bps on ETI (+9.55%), Sterling Bank (+3.12%), UBA (+1.23%) and Access Bank (+0.52%).
However, the NGX consumer goods index shed 39bps on Cadbury (-9.47%), Champion (-7.84%), PZ (-2.86%) and Dangote Sugar (-2.82%). Gainers were Honey Flour (+3.03%) and NB (+0.11%).
Similarly, the NGX oil and gas index closed down 59bps on Eterna (-3.94%), Oando (-1.05%) and Seplat (-0.63%). The NGX industrial index shed 189bps on -4.76% declined on BUA Cement.
The Exchange year-to-date return rose to 8.93 percent. See top gainers and losers below.
|AIRTELAFRI||N 1155.50||N 1271.00||115.50||10.00 %|
|ETI||N 9.95||N 10.90||0.95||9.55 %|
|COURTVILLE||N 0.55||N 0.60||0.05||9.09 %|
|ACADEMY||N 0.79||N 0.86||0.07||8.86 %|
|LEARNAFRCA||N 1.29||N 1.40||0.11||8.53 %|
|CADBURY||N 9.50||N 8.60||-0.90||-9.47 %|
|PRESTIGE||N 0.46||N 0.42||-0.04||-8.70 %|
|CHAMPION||N 2.55||N 2.35||-0.20||-7.84 %|
|LINKASSURE||N 0.56||N 0.52||-0.04||-7.14 %|
|NEIMETH||N 1.90||N 1.80||-0.10||-5.26 %|
C & I Leasing, Others Top Losers’ Chart Despite NGX Closing in Green
C & I Leasing, Prestige Assurance and other stocks closed in the red on Tuesday despite the Nigerian Exchange Limited (NGX) closing in the green.
The market value of listed stocks grew by N6 billion to N24.755 trillion, slightly up from N24.749 trillion it closed on Monday. While the NGX All-Share Index gained 0.02 percent to settle at 45,939.51 index points.
Investors exchanged 247,694,304 shares worth N3.577 billion in 4,242 deals during the trading hours of Tuesday, against 278,605,710 shares valued at N2.887 billion transacted in 4,447 deals on Monday.
Breaking doing each sector, the NGX banking index gained 52bps on ETI (+9.94%), Wema Bank (+1.19%). UBN (+0.85%), and UBA (+0.62%). However, Access Bank, Zenith Bank and Sterling Bank shed 1.03%, 0.78% and -0.62% lost points.
Similarly, the NGX consumer goods index appreciated by 8bps on the back of 8.05 percent gain in Champion and 1.54 percent improvement in Honey Flour. The oil and gas index also appreciated as Seplat gained 1.28 percent.
The industrial index lost 3bps on a 0.39 percent decline in WAPCO. See top gainers and losers below.
|COURTVILLE||N 0.50||N 0.55||0.05||10.00 %|
|ETI||N 9.05||N 9.95||0.90||9.94 %|
|ACADEMY||N 0.72||N 0.79||0.07||9.72 %|
|CHAMPION||N 2.36||N 2.55||0.19||8.05 %|
|REGALINS||N 0.38||N 0.40||0.02||5.26 %|
|CILEASING||N 4.20||N 3.78||-0.42||-10.00 %|
|PRESTIGE||N 0.51||N 0.46||-0.05||-9.80 %|
|CORNERST||N 0.53||N 0.51||-0.02||-3.77 %|
|MBENEFIT||N 0.27||N 0.26||-0.01||-3.70 %|
|UPDC||N 1.16||N 1.12||-0.04||-3.45 %|
NGX Dips Slightly on Monday, Sheds 0.06 Percent
The Nigerian Exchange Limited (NGX) All-Share Index fell slightly on Monday after appreciating by 7.59 percent year to date.
Investors exchanged 278,605,710 shares valued at N2.887 billion in 4,447 transactions during the trading hours of Monday, while the market value of listed equities dipped by N12 billion to N24.749 trillion. NGX All-Share Index depreciated by 0.06 percent or 29.08 index points to 45,928.27 index points.
The sectoral breakdown showed the NGX banking index lost 45 basis points (bps) on declines in Unity Bank (-2.00%), UBA (-1.22%) and Zenith Bank (-0.78%). Sterling Bank (+1.90%) and Fidelity Bank (+1.13%) gained points.
Also, the NGX consumer goods index shed 23 bps on FTNCOCOA (-7.69%), NB (-1.46%), Unilever (-1.14%) and Champion (-0.42%). Honey Flour (+1.56%), Guinness (+0.71%) and Flour Mill (+0.18%) gained points. NGX industrial index dipped by 1bps on Cutix (-4.00%).
The NGX Oil and Gas Index, however, gained 167bps on SEPLAT (+3.30%). The year-to-date return moderated to 7.52 percent as only 15 stocks recorded gain against 26 that closed in the red. See top gainers and losers below.
|LIVINGTRUST||N 1.04||N 1.14||0.10||9.62 %|
|NNFM||N 7.90||N 8.65||0.75||9.49 %|
|ACADEMY||N 0.66||N 0.72||0.06||9.09 %|
|COURTVILLE||N 0.46||N 0.50||0.04||8.70 %|
|ABCTRANS||N 0.34||N 0.36||0.02||5.88 %|
|REGALINS||N 0.42||N 0.38||-0.04||-9.52 %|
|FTNCOCOA||N 0.39||N 0.36||-0.03||-7.69 %|
|NEM||N 3.70||N 3.50||-0.20||-5.41 %|
|SOVRENINS||N 0.24||N 0.23||-0.01||-4.17 %|
|CUTIX||N 2.50||N 2.40||-0.10||-4.00 %|
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