Int’l Breweries share listing boosts NGX market cap by N599bn

The Nigerian stock market capitalization increased by N599 billion following the listing of new shares by International Breweries Plc.

The market capitalisation settled at N54.047tn at the close of trading.

In a statement filed on the Exchange website and issued by the Head of the Issuer Regulation Department, Nigerian Exchange, Godstime Iwenekhai, announced the listing of 141.43 billion ordinary shares of International Breweries at N3.65 per share.

The shares were the brewer’s rights issue offering of 161.17 billion ordinary shares, which was 87.75 per cent subscribed.

With the new listing, the total issued and fully paid-up shares of International Breweries have risen from 26.86 billion to 168.29 billion shares.

“International Breweries Plc: Listing of International Breweries Plc’s rights issue of 161,172,395,100 ordinary shares of 2 Kobo each at N3.65 per share on the basis of six (6) new ordinary shares for every existing one (1) ordinary share held as at 2 May 2024 trading licence holders are hereby notified that additional 141,429,525,556 ordinary shares of two kobo each at N3.65 per share of International Breweries were today, Wednesday, 21 August 2024, listed on the Daily Official List of Nigerian Exchange Limited.

“The additional shares listed on NGX arose from the company’s rights issue of 161,172,395,100 ordinary shares of two kobo each at N3.65 per share (the offer was 87.75 per cent subscribed). With the listing of the additional 141,429,525,556 ordinary shares, the total issued and fully paid up shares of International Breweries has now increased from 26,862,065,850 to 168,291,591,406 ordinary shares of 2 Kobo each,” the part of the statement read.

Meanwhile, the All-Share Index dipped slightly by 0.07 per cent to close at 95,831.51 points from 95,895.92 points, moderating the year-to-date return to 28.55 per cent.

The market breadth was positive, as 27 stocks recorded gains against 18 decliners, reflecting sustained investor interest in selected equities.

At the close of trading, Ikeja Hotel surged by 10 per cent to close at N7.70, RTBRISCOE gained 9.76 per cent to settle at N2.25, and Cutix plc advanced by 9.66 per cent to close at N3.18.

On the flip side, UPL led the losers’ chart with a 9.40 per cent decline to close at N2.41, followed by Oando, which dropped by 8.66 per cent to N39.55, and National Salt Company, down by 8.39 per cent to N32.20.

The trading session recorded a total of 360.56 million shares exchanged in 8,813 deals, corresponding to a market value of N7.25bn, representing a 64 per cent decline in volume, a six per cent drop in turnover.

OANDO led in volume with 66.2 million traded shares, followed by Guaranty Trust Holding Company with 45.7 million shares and CUTIX with 29.4 million shares.

The PUNCH reported that the Nigerian equity market gained N67bn on Tuesday after six consecutive days of losses.