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Nigerian Exchange Limited

NEM Insurance Completes Share Capital Reconstruction, Lifts Suspension

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Insurance - Investors King

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.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigerian Exchange Limited

CBO Capital Partners Ltd Divests N80.112 Million from Ellah Lakes Plc

CBO Capital, an investment advisory, and project development firm based in Lagos, sold 20,333,000 Ellah Lakes shares worth N80,112,020.

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Ellah Lakes

CBO Capital, an investment advisory, and project development firm based in Lagos, sold 20,333,000 Ellah Lakes shares worth N80,112,020.

The management of Ellah Lakes disclosed in a statement signed by Olumoroti Alli (OAKE Legal), Company Secretary.

CBO Capital sold 10,000,000 shares at N3.58 per share on 8 August. On August 9th, the company sold another 333,000 shares at N3.93 per share and 10,000,000 shares at N4.30 per share.

See other details of the transactions below.

CBO Partner

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Nigerian Exchange Limited

NAHCO, FCMB, Others Gain as NGX Closed in Red

Stocks of NAHCO, FCMB, Ikeja Hotel and others closed in the red on Thursday as the Nigerian Exchange Limited (NGX) extended its decline.

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Nigerian Exchange Limited - Investors King

Stocks of NAHCO, FCMB, Ikeja Hotel and others closed in the red on Thursday as the Nigerian Exchange Limited (NGX) extended its decline.

Investors exchanged 133,591,047 shares worth N2.438 billion in 4,292 deals during the trading hours of Thursday. UBA was the most traded stock with an estimated 20,453,288 shares valued at N143,647,202 exchanging hands. Chams holding company followed with 8,978,109 shares worth N2,772,466.88.

A critical look into each sector, the banking sector lost 62 basis points (bps) as stocks of Jaiz Bank, UBA and Sterling Bank lost 5.56%, 2.78 and 2%, respectively. Wema Bank and Fidelity Bank appreciated by 6.87% and 1.66%.

The consumer goods sector declined by 3bps on 0.95% depreciation in Intbrew despite Honey Flour gaining 1.52%.

Oil and gas and industrial sectors however closed in the green. Oil and gas appreciated by 6bps on the back of a 2.80% increase in the value of Eterna.

The industrial sector gained 10bps on a 2.74% gain in Cutix and 1.29% in the worth of Wapco.

The NGX All-Share Index depreciated by 0.12% to 50,014.6 index points while the market value of listed equities was N26.976 trillion.

The Exchange year-to-date return moderated to 17.09% as a total of 21 stocks gained against 15 stocks that lost points. See other details of top gainers and losers below.

Top Gainers 

Symbols Last Close Current Change %Change
NAHCO N 5.30 N 5.83 0.53 10.00 %
FCMB N 3.05 N 3.35 0.30 9.84 %
IKEJAHOTEL N 1.06 N 1.16 0.10 9.43 %
MULTIVERSE N 2.06 N 2.25 0.19 9.22 %
COURTVILLE N 0.47 N 0.51 0.04 8.51 %

Top Losers 

Symbols Last Close Current Change %Change
ABCTRANS N 0.30 N 0.28 -0.02 -6.67 %
JAIZBANK N 0.90 N 0.85 -0.05 -5.56 %
STANBIC N 29.00 N 28.05 -0.95 -3.28 %
CAVERTON N 1.05 N 1.02 -0.03 -2.86 %
UBA N 7.20 N 7.00 -0.20 -2.78 %

Top Trades

Symbols Volume Value
UBA 20453288.00 143647202.00
CHAMS 8978109.00 2772466.88
ACCESSCORP 8165564.00 72687379.70
JAPAULGOLD 7346278.00 2859880.92
JAIZBANK 7103653.00 6240492.39

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Nigerian Exchange Limited

Stock Investors Pockets N195 Billion Last Week

Nigeria’s stock investors gained N195 billion last week despite the drop in activity level at the Nigerian Exchange Limited (NGX).

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Stock - Investors King

Nigeria’s stock investors gained N195 billion last week despite the drop in activity level at the Nigerian Exchange Limited (NGX).

Investors traded 705.636 million shares worth N12.850 billion in 22,124 deals during the week under review, in contrast to a total of 1.546 billion shares valued at N16.289 billion that exchanged hands in 23,873 deals in the previous week.

Breaking down key sectors, the Financial Services Industry led the activity chart with 442.525 million shares valued at N4.345 billion traded in 9,995 deals. Therefore, contributing 62.71% and 33.81% to the total equity turnover volume and value, respectively.

The Consumer Goods Industry followed with 82.126 million shares worth N2.176 billion in 3,875 deals. In third place was the Conglomerates Industry, with a turnover of 51.083 million shares worth N242.084 million in 694 deals.

Guaranty Trust Holding Company Plc, Zenith Bank Plc and FBN Holdings Plc were the three most traded equities last week. The three accounted for a combined 173.852 million shares worth N3.073 billion that were traded in 4,324 deals during the week. The three contributed 24.64% and 23.91% to the total equity turnover volume and value, respectively.

The NGX All-Share Index appreciated by 0.70%, or 352.08 index points from 50,370.25 index points it closed in the previous week to 50,722.33 index points last week.

The market capitalisation gained N195 billion to N27.358 trillion last week, up from N27.358 trillion it settled in the previous week.

Similarly, all other indices finished higher with the exception of The NGX-Main Board, NGX NGX Insurance, NGX Industrial Goods and NGX Sovereign Bond Indices which depreciated by 1.16%, 0.37%, 5.76% and 0.07% while, The NGX ASeM index closed flat.

Forty- one equities appreciated in price during the week, higher than eleven in the previous week. Twenty-two equities depreciated in price lower than fifty-three in the previous week, while ninety three equities remained unchanged higher than ninety-two equities recorded in the previous week.

The year-to-date gain tick slightly higher to 18.74%. See other details below.

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