By Kayode Tokede
The Nigerian Exchange Limited (NGX) has granted a three-year grace period for Prestige Assurance Plc to meet up with its Free-Float Requirements, effective till 20th of August, 2024.
The extension is to enable the firm meet up with the free float requirements of 20% issued and fully paid share capital or N20 billion free float market capitalization for companies listed on the NGX Main Board.
This is according to a statement signed by the company’s secretary, Chidinma Ibe-Louis, which partly reads: “Prestige Assurance Plc (the Company) wishes to inform the Nigerian Exchange Limited (NGX or the Exchange), its shareholders and investing public that the NGX has granted an approval for a three-year extension of time to cure the Company’s free float deficiency, till 20th August 2024. This is to enable the company to comply with NGX’s free float requirements of 20% issued and fully paid share capital or Twenty Billion Naira free float market capitalization for companies listed on its Main Board.”
In addition, based on the provisions of Rule 3.1.4 of the Exchange’s Rules Governing Free Float Requirements for Listed Companies, NGX reserves the right to suspend trading in the company’s securities if it fails to achieve the required free float threshold within the extended period.
NGX had earlier given UACN Property Development Company Plc (UPDC Plc) a 2 year grace period to meet up with its free-float requirements.
Prestige Assurance closed trading today 24th of August, 2021 with a share price of 47 kobo per share.
Ecobank declares N182.92bn PAT in Q3 2023
Ecobank Transnational Incorporated, has recorded a profit of N182.92 billion in its third quarter 2023 results.
According to the results posted on the Nigerian Exchange Limited (NGX) website, the Bank announced a 59 percent gross earnings growth in Q3 2023 Results.
The Gross earnings also grew by 59 percent from N761.30 billion to N1.211 trillion.
According to the results, profit before tax stood at N262.17 billion.
Meanwhile in its second quarter results Pre-tax profit increased to N92.52 billion from N56.89 billion profit in Q2 2022.
The increase in second-quarter profits helped its half-year profit before tax to rise by 38 percent to N150.31 billion compared to N108.96 billion in the same period last year.
Market capitalisation gains N44.16bn as NGX ASI advances by 0.11%
Since the recent announcement of recapitalisation by the Central Bank of Nigeria Governor, the market had continued to see a rise in investment moves amongst banks thereby boosting the market capitalisation of the NGX.
As at yesterday’s trading, the NGX Market CAP recorded a gain of N44.16billion in Naira terms while the NGX All-Share Index (ASI) advanced by 0.11 percent.
Compared to the previous day’s gain of 0.34 percent, which closed at 71,284.56 basis points, the NGXASI now stands at 39.25 percent.
The total volume of stocks traded also advanced by 49.77 percent to close at N540.09 million, valued at N10.24 billion and traded in 6,516 deals. GTCO was the most traded stock by volume and value, with N67.23 million and N2.60 billion units traded.
At the close of trading, the market recorded 25 gainers, 31 losers, and 55 unchanged. NNFM topped the gainers list, while NSLTECH topped the list of losers.
Naira hits N831.47/$1 in official market
The Nigerian naira appreciated against the dollar on Wednesday, 29th November 2023, closing at N831.47/$1 at the official market.
The positive trajectory aligns with expectations among experts, who anticipated that the Central Bank of Nigeria’s (CBN) recent initiative to clear a portion of its FX backlog would boost confidence in the currency.
The domestic currency appreciated 6.06 percent to close at N831.47 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.
This represents an N50.41 gain or a 6.06 percent increase in the local currency compared to the N841.14 it closed on Tuesday.
The intraday high recorded was N1159/$1, while the intraday low was N700/$1, representing a wide spread of N459/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $140.35 million, representing a 18.88 percent growth compared to the previous day.
However, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26 percent, quoted at N1160/$1, while peer-to-peer traders quoted around N1159.47/$1.
The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.
The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.
Governor of the CBN, Yemi Cardoso, disclosed this on Friday at the bankers’ dinner in Lagos.
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