NSE: Market capitalisation declines by N2bn

Trading activities on the floor of Nigerian Stock Exchange yesterday returned to negative trend, shedding N2 billion .
Specifically, market capitalisation of listed equities depreciated by N0.16 basis points to N11.819 trillion from N11.821 trillion reported the previous day.
The NSE All Share Index declined by 5.88 basis points to 32375.12 points from 32381.00 recorded the previous day.
Investors traded 190.353 million shares worth N1.773 billion in 2780 deals against a total of 269.814 million shares valued at N2.653 billion traded the previous day in 4705 deals.
The NSE statistics released yesterday showed that Cement Company of Northern Nigeria led gainers table during the day, gaining N2.20 kobo to close at N24.80 kobo, Forte Oil followed with a gain of N2.00 to close at N22.00, Stanbic IBTC appreciated by N0.40 kobo to close at N42.00, Union Bank of Nigeria added N0.34 kobo to close at N5.80 kobo, Guaranty Trust Bank increased by N0.30 kobo to close at N34.00.
On the contrary, International Breweries topped losers chart, dropping by N2.00 to close at N30.00, PZ trailed with a loss of N1.00 to close at N12.50 kobo, FBN Holdings depreciated by N0.25 kobo to close at N8.50 kobo, Mansard Insurance fell by N0.22 kobo to close at N2.06 kobo, United Bank for Africa declined by N0.20 kobo to close at N7.50 kobo represents another success in the implementation of the government’s privatisation and commercialisation programme.
He maintained that the government was handing over to the CBN; a company with tremendous potentials to achieve significant growth.
The DG said this could be attested to by the following: • The global market for security printing was estimated to be worth $27.2 billion in 2017 and is estimated to grow at about 4.8% annually to $34.3 billion by 2022; • Africa is a fast growing market for security printing.
The industry is projected to grow at an average annual rate of 9.6% over the next 5 years.
This growth is fuelled by high population growth and increased mobility across the region as well as increased spending on identity programs.
The global market for passports and ID cards is valued at around $3.7 billion and is growing at 6% per annum; and • In the area of its core operation which is currency printing, the total amount of cash in circulation is growing at 4% per annum globally and is expected to increase at a similar rate in future.
He recalled that the earlier effort to privatise the Mint between 2002 and 2004;pursuant to section 1 (3) of the Public Enterprises (Privatisation and Commercialisation) Act were unsuccessful necessitating the National Council on Privatisation (NCP) to formulate a different transaction strategy and approved the strategic investment by the CBN in the company.
“The purpose of the strategic investment was for CBN to manage, restructure and restore the company to profitability within a period not exceeding 5 years, following which it would be privatised by the Bureau.
“In compliance with NCP’s directive, the Bureau warehoused 12.69 billion shares of the Federal Government’s holding in the Mint with the CBN at a par value of 0.50k per share amounting to N6, 344,900,000.
It was further agreed that this consideration would be refunded to the CBN from the proceeds of sale realized from the eventual privatization of the company”.
Also speaking, the Central Bank Governor, Mr. Godwin Emefiele, said that the NSPM is a national asset treasured by the government.
He noted that the company had consistently being a loss maker until the intervention of the CBN, adding that the intervention of the CBN brought to an end the importation of currency to the country

 




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