Transcorp to Raise N10 Billion from the Capital Market
Transcorp Hotels Plc is seeking to raise N10 billion from the nation’s capital market, according to the application submitted to authorities of the Nigerian Stock Exchange (NSE) for approval.
The hotels and tourism company is seeking approval to raise N10 billion in new equity funds from existing shareholders.
The company plans to raise the fund through the issuance of 2.66 billion ordinary shares of 50 kobo each at N3.76 per share to prequalified shareholders.
The rights will be pre-allotted to existing shareholders on the basis of seven new ordinary shares for every 20 ordinary shares of 50 kobo each held as at July 13.
The shares will be issued from the authorised share capital of the company which is currently at N7.50 billion of 15 billion ordinary shares of 50 kobo each. Post-offer fully paid-up share capital will be N5.13 billion of 10.26 billion ordinary shares of 50 kobo each.
Mrs. Dupe Olusola, the Managing Director, Transcorp Hotels Plc, stated that the company’s good track record of excellent service delivery has helped position it as the first among the rest.
She said, “We are not resting on our oars but working round the clock to innovate new products and services to further delight our guests, notable of such is the launch of asset-light strategies to deepen our hospitality footprints across Africa.”
PZ Cussons Begs for Extension to File Financial Results, Blames COVID-19
PZ Cussons Blames COVID-19 for Failing to File for Financial Statements
PZ Cussons Nigeria Plc has informed the Nigerian Stock Exchange of its inability to file its audited financial statements for the period ended March 31, 2020.
In the statement signed by Jacqueline Ezeokwelume, Company Secretary/Legal Adviser and released by the company, the COVID-19 lockdown affected the company as certain unforeseen situations impacted its activities, including filing its financial results expected on or before the 29 August 2020 deadline.
It stated “We hereby inform The Nigerian Stock Exchange (‘The NSE) and the investing public that due to circumstances occasioned by the COVID-19 lockdown which although has gradually been eased, there were and still exist unforeseen circumstances that have made it impossible for the Company to comply with the timeline to file its Audited Financial Statements for the period ended May 31, 2020 by the due date of 29 August 2020.
“This is as a result of our annual interim audit process, which often starts in March/April which suffered some setback due to the complete lockdown imposed to contain the spread of COVID-19 at the time.
“Although we have made significant progress following the ease of lockdown in subsequent months, it has become apparent that it would not be possible to completely recover the lost time in the audit process. We are in the process of concluding the audit and will file the accounts by 29 September 2020.”
Nigerian Stock Exchange Closes the Week Strong, Gains N181 Billion
Nigerian Stock Exchange Gained N181 Billion This Week
The Nigerian Stock Exchange gained for five consecutive days this week to close the week strong. This is coming amid mixed second-quarter earnings reports from various listed companies.
The Exchange gained N181 billion or 1.41 percent from N12.882 trillion it closed last week before the Sallah holiday to N13.063 trillion this week. While the market capitalisation of listed stocks expanded by 1.41 percent or 348.16 basis points from 24,693.7 bps it closed last week to 25,041.89 bps this week.
During the week, investors traded 1.065 billion shares valued at N10.798 billion in 20,482 transactions, more than the 421.984 million shares valued at N5.337 billion that were traded in 11,801 deals in the previous week.
The sectoral analysis showed the Financial Services sector led in terms of volume traded with 677.301 million shares worth N5.070 billion in 10,386 deals. Therefore, contributing 63.59 percent and 46.95 percent to the total volume traded for the week.
This was followed by the Conglomerates sector with 153.384 million shares worth N580.216 million exchanged in 894 transactions. Industrial Good sector came third with 57.404 million shares valued at N861.263 million traded in 1,671 deals.
In terms of the most traded equities, FBN Holdings Plc, UACN Plc and Access Bank Plc led with a combined 320.196 million shares worth N1.802 billion in 2,639 deals. The three contributed 30.06 percent and 16.69 percent to the total equity turnover volume and value, respectively.
A break down of the week turnover revealed that investors traded 186,481,739 shares valued at N1,309,755,694 in 4,718 transactions on Monday. On Tuesday, a total turnover of 154,467,244 shares worth N1,457,531,880 was exchanged in 4,222 deals.
Investors traded 383,289,488, 173,748,425, and 167,139,054 shares valued at N3,892,572,516, N2,132,848,753 and N2,005,566,396 in 3,860 deals, 3,646 deals and 4,036 deals on Wednesday, Thursday and Friday, respectively.
So far this quarter, the bourse has gained 2.30 percent to moderate the year-to-date decline to 6.71 percent.
NSE Market Value Hits N13 Trillion After 4 Consecutive Days of Gains
Nigerian Stock Market Capitalisation Hits N13 Trillion on Thursday
The Nigerian Stock Exchange hits N13 trillion on Thursday following four consecutive days of gains.
The market capitalisation of listed equities rose by N21 billion from N12.979 trillion it closed on Wednesday to N13 trillion on Thursday.
The NSE All-Share Index gained 0.19 percent to 24,930.34 basis points, up from 24,882,04 bps.
Seplat Petroleum led top gainers with 9.03 percent to close at N350. Followed by Stanbic IBTC’s 4.76 percent to N33 per share.
MTN Nigeria, Guinness and NASCOn gained 0.42 percent, 3.85 percent and 4.17 percent to close settle at N118.5, N13.5 and 10 per share. See the details below.
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