By Udeme Ekwere

The Nigerian Stock Exchange has admitted Flour Mills of Nigeria Plc’s N37.5bn 12.00 per cent Fixed Rate Senior Unsecured Bond into its Daily Official List.

According to the Exchange’s weekly report for the week ended March 4, 2011, the bond will be due in December, 2015.

The report also added that it formed part of a N70bn issuance programme by the food/beverages sub-sector.

“By this action, the number of industrial loans and listed securities increased to six and 264 respectively,” it added.

The report noted that Transnational Corporation of Nigeria signed a farm-in agreement with SacOil, a company listed on the Johannesburg Stock Exchange, with a market capitalisation of £105m.

It said that the total farm-in of over $30m in respect of the acquisition was to be paid by SacOil in several tranches following the attainment of certain milestones.

“The joint venture will carry 100 per cent of the minimum work programme of 30,000 barrels of oil per day,” it added.

It noted that the effective date of the acquisition was February 28, 2011.

According to the report, Glaxo SmithKline Consumer Nigeria Plc, at its recent board meeting reached the decision to recommend a dividend of 90 kobo per share and an additional one-off special dividend of 30 kobo per share.

The company added that the additional dividend was in commemoration of its 40th anniversary and was to be paid to members whose names appeared on the register of members as at April 28, 2011.

In the over-the counter bond market, 161.6 million units worth N144.37bn was recorded last week in 1,339 transactions, compared with 277.55 million units, valued at N258.33bn exchanged the preceding week in 1,274 deals.

The report noted that the most active bond measured in terms of turnover was the 5.50 per cent FGN February 2013 Bond with a volume of 48.1 million units worth N44.905bn in 415 deals, followed by the 10 per cent FGN July 2030 Bond with a volume of 38.17 million units, valued at N29.97bn in 325 deals.

Eleven out of the available 32 FGN Bonds were traded during the week, compared with 14 during the preceding week.

Chemical and Allied Products Plc led on the gainers’ chart last week, rising by 4.6 per cent to close at N37.39 per share, while Nestle Nigeria Plc lost the highest, shedding 4.1 per cent to close at N441.05 per share.

 

Source: Punch