Market capitalisation inched N383bn on CCNN merger shares
The Nigerian Stock Exchange (NSE) on Monday listed the supplementary shares of Cement Company of Northern Nigeria (CCNN) following its merger with BUA Group’s Kalambaina Cement Company.
Specifically, the exchange listed 12 billion shares of the expanded entity which added additional N200 billion to the NSE market capitalisation.
The listing was against the backdrop of overwhelming shareholders’ approval, the Federal High Court Order approving the merger as well as the market regulators.
Consequently, the market capitalisation inched N383 billion or 3.38 per cent to close at N11.720 trillion compared with N11.337 trillion achieved on Friday.
Also, the All-Share Index inched 392.78 points or 1.27 per cent to close at 31,430.50 compared with 31,037.72 posted on Friday.
A breakdown of the price chart shows that Seplat led the gainers’ table, gaining N47.50 to close at N640 per share.
Total followed with a gain of N7 to close at N203, while Dangote Cement Industries gained N6.70 to close at N189.70 per share.
Nestle appreciated by N5 to close at N14.85 while Nigerian Breweries added N 3.50 to close at N85.50 per share.
On the other hand, Stanbic IBTC recorded the highest loss to lead the laggards’ table, shedding N5.30 to close at N47.95 per share.
Forte Oil trailed with a loss of N3.15 to close at N28.70, while Cement Company of Northern Nigeria was down by 55k to close at N19.40 per share.
United Bank for Africa declined by 15k to close at N7.70, while Cutix dropped by 14k to close at N1.64 per share.
An analysis of the activity chart indicates the Union Diagnostic was the most active stock, trading 267.49 million shares worth N66.88 million.
Diamond Bank followed with an account of 227.57 million shares valued at N492.75 million, while NEM Insurance traded 145.29 million shares worth N392.19 million.
Medview Air exchanged 70.91 million shares valued at N145.37 million, while Fidelity Bank traded 48.03 million shares worth N96.55 million.
In all, investors bought and sold 929.32 million shares valued at N3.95 billion in 4,144 deals.
This was against a turnover of 1.96 billion shares worth N6.54 billion exchanged in 4,080 deals on Friday.