The Nigerian Stock Exchange (NSE) Thursday listed the N50 billion Delta State Bond on the Daily Official List even as the bears overran the market and pushed the All-Share Index further down.
The Delta State bond, which was issued on September 29, has a coupon of 14 per cent and a tenor of seven years with a maturity date of September 29, 2018.
Commenting on the bond last September, Governor of Delta State, Dr. Emmanuel Uduaghan, had said that it would enable the state government fast track infrastructural development.
“Our challenge has been how to deal with the problem of infrastructure. But now that we have access to N50 billion, we will fast track all our infrastructural development. One area we are going to lay emphasis on is education,” he had said.
Apart from listing the Delta State bond, the NSE also added about 2.489 billion ordinary shares to Ecobank Transnational Incorporation (ETI) resulting from the acquisition of Oceanic Bank International by ETI.
The company, which is listed on three stock exchanges, recently acquired Oceanic Bank and decided to merge its operations with Ecobank Nigeria Plc.
As a consequence of the proposed merger, ETI’s shareholding in the enlarged Ecobank Nigeria will increase to 93 per cent. This, the bank explained, would further reduce Ecobank Nigeria's minimum free float to maintain listing on the NSE.
This development has made Ecobank Nigeria to opt out of the NSE and would operate as a private firm, while the parent company would remained listed on the Exchange.
Meanwhile, rampaging bears depressed the NSE index by 0.48 per cent to close further down at 19,732.34.
The index had on the previous day hit an eight-year low, thereby raising anxiety among investors.
And at the close of trading yesterday, only nine equities added value while 29 depreciated. Guinness Nigeria Plc led the price losers with N1.75 to close at N213.50 per share, trailed by Glaxosmithkline Consumer Nigeria Plc with N1.24 to be at N23.65 per share. UACN Property Development Company Plc, Cadbury Nigeria Plc and Nigerian Breweries Plc shed N0.64, N0.53 and N0.54 respectively.
On the other hand, Nigerian Aviation Handling Company Plc led the equities that price gainers with N0.23 to close at N5.08 per share. First City Monument Bank Plc, Ecobank Transnational Incorporated and United Bank for Africa Plc chalked up N0.18, N0.15 and N0.09 in that order