Multiverse Plc has notified the Nigerian Stock Exchange that it has received approval from the Federal Government of Nigeria for a mining licence No. ML14646.
In a notification contained in the NSE Weekly Report on Friday, the licence will cover 14 cadastre units within the company’s Exploration License 3187.
The company had earlier notified the NSE of its acquisition of the Exploration Licence 3187.
It added that the Mining Lease (ML14646) emanated from the EL3187, after concluding extensive exploration exercise and geophysical study that confirmed economic quantity of Lead/Zinc Ore in the mining area.
According to the statement, the mining lease is for a period of 25 years renewable, which is a significant milestone in the quest to position the company as a leading mining firm in Nigeria.
It projected that this would lead to a sustained and world class returns on investment for its shareholders in the medium and long term.
The NSE report also stated that a turnover of 194.19 million units worth N195.49b was recorded in the Over-the-Counter market for FGN Bonds in 1,269 deals, compared to 180.63 million units, worth N190.43bn traded the preceding week in 1,082 transactions.
In the equities market, 1.178 billion shares worth N9.279bn was recorded last week in 18,621 deals, compared to 1.293 billion shares valued at N9.414bn exchanged the previous week in 19,825 deals.
The Financial Services sector was the most active during the week, contributing 74.64 per cent to the total turnover volume with 879.335 million shares valued at N5.574bn exchanged by investors in 10,900 deals.
Similarly, the banking subsector of the Financial Services sector was the most active during the week (measured by turnover volume), with 639.990 million shares worth N5.4bn traded in 10,184 deals.
Volume in the banking subsector was largely driven by activity in the shares of Access Bank Plc, United Bank for Africa Plc and Zenith Bank Plc.
Trading in the shares of the three banks accounted for 321.215 million shares, representing 50.19 per cent, 36.53 per cent and 27.27 per cent of the turnover recorded by the subsector, sector and total turnover for the week, respectively.
Flour Mills of Nigeria Plc recorded the highest price appreciation in the week under review, rising by 5.3 per cent or N3.40 to close at N66.50 per share, while Guinness Nigeria Plc lost the highest, shedding 8.68 or N21.85 to close at N230 per share.
Source: Punch (written by Udeme Ekwere)
