The Nigerian stock market capitalization increased by N599 billion following the listing of new shares by International Breweries Plc. This brought the market capitalization to N54.047 trillion at the close of trading.
A statement on the Nigerian Exchange website, issued by Godstime Iwenekhai, Head of the Issuer Regulation Department, confirmed the listing of 141.43 billion ordinary shares of International Breweries at N3.65 per share. These shares were part of the company’s rights issue offering, which involved 161.17 billion ordinary shares, 87.75% of which were subscribed.
With the new listing, International Breweries’ total issued and fully paid-up shares rose from 26.86 billion to 168.29 billion shares.
The statement highlighted, “International Breweries Plc’s rights issue of 161,172,395,100 ordinary shares of 2 Kobo each at N3.65 per share was listed on the Nigerian Exchange Limited on Wednesday, 21 August 2024. The additional 141,429,525,556 ordinary shares listed resulted from an 87.75% subscription to the rights issue. Consequently, the total issued and fully paid-up shares of International Breweries increased from 26,862,065,850 to 168,291,591,406 ordinary shares of 2 Kobo each.”
Despite the increase in market capitalization, the All-Share Index slightly dipped by 0.07%, closing at 95,831.51 points from 95,895.92 points, bringing the year-to-date return to 28.55%. Market breadth remained positive, with 27 stocks recording gains against 18 decliners, indicating sustained investor interest in selected equities.
Among the gainers, Ikeja Hotel surged by 10% to close at N7.70, RTBRISCOE gained 9.76% to settle at N2.25, and Cutix Plc advanced by 9.66% to close at N3.18. On the losing side, UPL led the chart with a 9.40% decline to close at N2.41, followed by Oando, which dropped by 8.66% to N39.55, and National Salt Company, which fell by 8.39% to N32.20.
The trading session saw a total of 360.56 million shares exchanged in 8,813 deals, with a market value of N7.25 billion, representing a 64% decline in volume and a 6% drop in turnover.
Oando led in trading volume with 66.2 million shares, followed by Guaranty Trust Holding Company with 45.7 million shares, and Cutix with 29.4 million shares.
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