December 13, 2005/Source The Punch
Investors in Conoil Plc have reaped a return of 15 per cent in past eight days as the equity continued to appreciate in value. The stock, which appreciated by 13 per cent or N11.96 last week, garnered another N5.12 or five per cent on Monday to close at N107.63 per share.
Consequently, the stock led the 30 price gainers on Monday. Market operators attributed the renewed t demand for Conoil shares to the assurance given by the Chairman of the company, Mr. Mike Adenuga (Jnr.) recently that shareholders would reap higher returns in the future.
Cadbury Nigeria Plc closed as the second highest price gainer with 292kobo, while Texaco Nigeria Plc, Mobil Oil Nigeria Plc Nigeria Plc and Unilever Nigeria Plc chalked up 233kobo; 195kobo; and 94kobo, respectively.
Oando Plc and UAC of Nigeria Plc inched up by 81kobo and 67 kobo in that order, just as Nigerian Bottling Company Plc; United Bank for Africa Plc; Guaranty Trust Bank Plc; Berger Paints Nigeria Plc and Ashaka Cement Plc 50kobo; 27kobo; 20kobo; 18kobo; and 16kobo, respectively.
Conversely, nestle Nigeria Plc led the price losers with 985kobo to close at N187.65. Guinness Nigeria Plc dipped by 435kobo, while Northern Nigeria Flour Mills Plc and Intercontinental Bank Plc shed.
Great Nigeria Insurance Plc boosted the activity level on Monday with an exchange of 166.687million shares worth N210.025million in two deals. In all, investors traded 266.199million shares valued at N2.369million in 3,540 deals.
The banking sub-sector accounted for 44.826million shares worth N358.319million in 1,488 deals, led by Access Bank Plc with 6.272million valued at N21.452million in 101 deals.
Meanwhile, Aiico Insurance Plc is to access the capital market for funds in a bid to meet the new capital base set for the industry by the Federal Government.
The fresh funds would be sourced through a combination of Right Issue of 1.4billion shares and public offer of 2.2billion shares at a price to be determined later.
Shareholders of the company gave the directors of the company the nod to start the fund raising exercise at an Extraordinary General Meeting held in Lagos on Monday.
The shareholders also approved the increase of the companyÃƒÆ’Ã†â€™Ãƒâ€ Ã¢â‚¬â„¢ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¡ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬Ãƒâ€¦Ã‚Â¾ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â¢s authorised share capital from N2.5 billion to N5billion by the creation of additional five billion ordinary shares of 50 kobo each.
Shareholders also authorised directors to acquire and undertake wholly or in part for cash core-investors as well as merge, consolidate or amalgamate with any company carrying on the business of insurance.
Chairman of the company, Mr. Dele Fajemirokun said the company was very hopeful of meeting the new capital base by the end of February 2007.