Livestock Feeds to list rights issue of N1 billion ordinary shares

The Nigerian Stock Exchange has announced Livestock Feeds submission of an application for approval & listing of a Rights Issue of 1,000,000,000 Ordinary Shares of 50 Kobo each at N1.10 per share on the basis of 1 new ordinary share for every 2 ordinary shares held.

The announcement was made via the NSE’s official twitter page and is coming on the heels of the Livestock Feeds plans to restructure its operations for improved performance.

Livestock Feeds Plc, which is a subsidiary of UAC of Nigeria Plc, , has said at its Annual General Meeting earlier this month that “it is restructuring its operations for an improved performance against the backdrop of an extremely challenging economic and business environment.”

Meanwhile, The Nigerian equities market resumed the week on a negative note, as NSE ASI depreciated by 0.11 percent to close at 27,629.90 points in contrast to 1.21 percent lost previously to close at 27,659.44 basis points, extending the Year-to-Date (YTD) losses by 3.53 percent.

Market capitalisation depreciated by N10.1 billion to close at N9.489 trillion against N116.0 billion lost previously to close at N9.499 trillion.

The day’s top losers (by price) were led by Forte Oil Plc which lost N18.99 to close at N175.91 per share, SEPLAT followed with a loss of N16.5 to close at N313.5 per share, Dangote Cement Plc dropped N4.5 to close at N175 per share, GUINNESS lost N1.48 to close at N95 per share and WAPCO depreciated by 41 kobo to close at N59.24 per share.

Conversely, Nigerian Breweries topped the gainers chart with a gain of N6.9 to close at N144.91 per share, Total added N1.5 to close at  N181.5 per share, Eco Transnational Incorporated gathered 59 kobo to close at  N12.39 per share, OANDO improved by 51 kobo to close at N5.63 per share and Zenith Bank gained 28 kobo to close at N15.65 per share.

At the end of stock trading for the day, investors had exchanged a total of 378.5 million shares valued at N2.3 billion in 3,519 deals compared to 255.7 million shares worth N2.1 billion exchanged in 3,659 deals previously.

FBN Holdings recorded the highest volume of trade, exchanging 114.9 million shares worth N399.5 million, Access Bank came second with the sale of 48.4 million shares valued at N254.4 million, while Skye Bank followed with an exchange of 41.4 million shares valued at N32.5 million.