By Udeme Ekwere

Tuesday, 2 Nov 2010

The Nigerian Stock Exchange’s market capitalisation hit N8tn on Monday, as the Exchange admitted Multi-Trex Integrated Foods Plc‘s 3.72 billion ordinary shares into its Daily Official List.

At the close of trading, the ordinary shares of 50 kobo each, listed at N3 per share, in the food/beverages sub-sector, traded 2.53 million shares, valued at N7.902m in 21 deals.

The shares gained five per cent or 15 kobo to close at N3.15 per share, thus boosting the market capitalisation of the NSE.

Speaking during the listing of the company by introduction, the Interim Administrator of the NSE, Mr. Emmanuel Ikazoboh, commended the company’s directors on the listing.

According to him, the event will act as an encouragement to companies, which have not returned to list their shares after private placements.

He said, ”Our market is steadily growing fast and the NSE is using this medium to call on other companies that are in this category and are yet to list their shares, to do so urgently.

The Vice-Chairman/Chief Executive Officer, Multi-Trex, Mr. Dimeji Owofemi, noted that the company had successfully revolutionalised the industry since entering into the cocoa processing business, adding that it prided itself in establishing a strict quality management system, in line with leading manufacturing processes.

He said, ”We are putting plans in place to ensure that we pay our shareholders‘ dividends of five kobo, 10 kobo and 15 kobo per share for the years 2011, 2012 and 2013 respectively.”

Meanwhile, trading on the NSE closed positive on Monday, with major indicators improving significantly.

The market capitalisation of the listed equities hit the N8tn mark, increasing by 0.4 per cent or N31bn from N7.982tn on Friday, to close at N8.013tn.

The NSE’s All-Share Index increased by 0.2 per cent or 60.04 points to close at 25,102.20, up from 25,042.16.

Mobil Oil Nigeria Plc had the highest price appreciation, rising by five per cent or N6.65 to close at N140.65 per share, while newly listed Multi-Trex followed on the chart with a gain of five per cent to close at N3.15 per share.

Ashaka Cement Plc, on the other hand, lost 4.1 per cent or N1.02 to close at N23.57 per share.

Source: Punch