Culled—Proshare

November 20, 2018/Proshare Research 

Reference: Proshare MARKETS

Preamble

The Nigerian Stock Exchange (NSE) has so far recorded news listings for eight quoted firms this year in the Exchange. 

The listings amounting to N341.59 billion were listed by STANBIC, NOTORE,FLOURMILL, MORISON, WAPCO, UACN, HMARKINS and UBN. 

STANBIC listed a supplementary 64,208,713 units of bonus shares worth N3.21 billion. Despite the new listing, STANBIC gained just 0.20 percent, while the equity’s volume traded rose slightly from 0.18 million units of shares to 1.43 million units on August 10, 2018.

Listing by Introduction

NOTORE, which is the first and only stock listed on the NSE by introduction so far this year, issued 1,612,066,200 ordinary shares of 50 Kobo each par value at N62.50, amounting to N100.75 billion. The listing of pushed up the market capitalisation byN158 billion at the close of from N13.26 trillion to N13.39 trillion.

Supplementary Listing (s) Via Rights Issue

FLOURMILL, MORISON, WAPCO, UACN, HMARKINS and UBN listed through Right Issues. 

FLOURMILL listed 1,476,142,418 ordinary shares of 50 kobo each at N27 per share, this is valued at N39.86 billion; MORISON listed 836,983,125 ordinary shares of 50 kobo each at N0.60 per share worth N502 million; WAPCO listed 3,097,653,023 ordinary shares of 50 kobo each at N42.50 per Share worth N131.65 billion. 

UACN raised N15.37 billion by listing 960,432,193 ordinary shares of N0.50 each at N16 per share. HMARKINS listed 1,000,000,000 ordinary shares of N0.50 each at N0.50 per share worth N500 million, while UBN raised N49.75 billion by listing 12,133,646,995 ordinary shares of 50 kobo each at N4.10 per share.

Performance Review

A review of the performance of these stocks on the NSE shows that listing did not affect their share prices, instead some depreciated in value while some were flat on the listed date.

Table 1: Share Price

Source: NSE, Proshare Research

Table 2: Supplementary Listing(s) in 2018

  Source: NSE, Proshare Research