The Nigerian Stock Exchange shed some of the huge gains made on Monday’s trading session. The All Share Index closed at 31,692.63 basis points, down 0.86%. Year to date, the index is down 17.13%.
Top Gainers and Losers
Conoil was the best performing stock today. The stock gained 10% to close at N23.10. Mutual Benefits Assurance was next, also gaining 10% to close at N0.22. NPF Microfinance Bank rounds up the top three gainers, appreciating by 10% to close at N1.65
On the flip side, UAC of Nigeria was the worst performing stock today. The stock shed 10% to close at N10.18. NEM Insurance declined by 9.15% to close at N2.68. Niger Insurance fell by 8.33% to close at N0.22.
Large Trades by Volume
Medview Air was the most actively traded stock today. 146 million shares valued at N293 million were traded in 3 deals. NEM Insurance was next with 45.9 million shares valued at N135 million were traded in 12 deals. Transcorp Plc rounds up the top three trades with 37.5 million shares valued at N48.9 million traded in 182 deals.
Corporate Actions
Diamond Bank
Diamond Bank today announced the appointment of Dele Babade as Acting Chairman. Babade who was appointed to the board in 2017, represents the Carlyle group.
Notore Chemical Industries Plc
Notore Chemical Industries Plc released its results for the financial year ended September 30, 2018. Revenue dropped from N35.6 billion in 2017 to N26.8 billion in 2018. The firm made a loss before tax of N3.6 billion in 2018.
Continental Reinsurance obtains shareholder approval
Continental Reinsurance sent a notice pertaining to its court ordered meeting held on the 20th of December. At the conclusion of the Poll Voting, 92.66% of the votes cast were in favour of the Resolution approving the Scheme.
Furthermore, the Scheme Consideration was revised upwards from N2.04 (Two Naira Four Kobo) to N2.10 (Two Naira Ten kobo) per share.
The revised Scheme Consideration represents a 51.08% premium on the share price of CRe Nigeria as at the close of trading on October 5, 2018 which is N1.39; being the last business day prior to the date on which the proposal was received from CRe African Investments Limited.
An application has been submitted for the Final Approval of the Securities & Exchange Commission, subsequent to which an application will be submitted to the Federal High Court for the sanction of the Scheme.
The Effective Date of the Scheme is the date on which the Court Sanction is filed at the Corporate Affairs Commission; which, as stated in the Scheme Document, is scheduled to occur on January 4, 2019.
The company also stated that it would update the NSE as further events occour.
