Merger plan: International Breweries rally on NSE

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International Breweries on Friday recorded the highest gain on the Nigerian Stock Exchange (NSE) following investors reactions to the merger approval with Intafact Beverages, and Pabod Breweries Ltd.

The News Agency of Nigeria (NAN) reports that the company led the gainers’ table with a gain of N4.49 to close at N51.01 per share.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, attributed the development to investors reaction to the shareholders approval to the merger between the three companies.

NAN reports that the shareholders of International Breweries, Intafact Beverages Ltd, and Pabod Breweries Ltd had finally approved resolutions authorising the merger of the three companies.

Omordion said that with the shareholder approvals in place, the Securities and Exchange Commission (SEC) and the NSE would now be approached for their final approvals.

Further analysis of the price movement table indicated that Cement Company of Northern Nigeria (CCNN) followed with a growth of 49k to close at N10.17 and Cutix Plc appreciated by 23k to close at N2.60 per share.

UBA added15k to close at N9, while Transcorp advanced by 9k to close at N1.47 per share.

Conversely, Nigerian Breweries topped the losers’ chart dropping by N1.98 to close at N160.01 per share.

Forte oil trailed with a loss of N1.35 to close at N44.65 and UACN was down by 84k to close at N16.11 per share.

Ecobank Transnational Incorporated declined by 40k to close at N17.10, while Dangote Sugar depreciated by 39k to close at N14.02 per share.

Consequently, the market capitalisation which opened at N12.614 trillion dipped N21 billion to close at N12.593 trillion due price depreciation.

Also, the All-Share Index lost 58.34 points or 0.16 per cent to close at 36,587.31 compared with 36,645.65 on Thursday.

Zenith International Bank dominated trading activities with a turnover of 24.03 million shares worth N628.571 million.

Transcorp followed with an exchange of 9.41 million shares valued at N13.61 million and FBN Holdings traded 8.29 million shares worth N49.29 million.

Skye Bank sold 7.35 million shares worth N3.76 million and UBA exchanged 6.68 million shares valued at N59.96 million.

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