Cutix, Unilever, 13 Others Lift Stock Market

Nigerian Stock ExchangeNigeria Stock Exchange
  • Cutix, Unilever, 13 Others Lift Stock Market

The equities market of the Nigerian Stock Exchange pared some of its recent losses on Wednesday, with the market capitalisation rising by N136bn to close at N14.848tn.

The NSE market capitalisation dropped to N14.712tn on Tuesday from N14.859tn on Friday, while the All-Share Index fell to 40,615.42 basis points from 41,022.31bps on Friday.

The price appreciation recorded by 15 stocks on Wednesday helped to lift the market after two consecutive days of decline, with the ASI increasing by 0. 93 per cent to 40,992.97bps.

The share price of Cutix Plc recorded the biggest increase on Wednesday, as it rose by five per cent to close at N3.15.

Other top gainers were Unilever Nigeria Plc, NPF Microfinance Bank Plc, Sovereign Trust Insurance Plc, Mansard Insurance Plc and Champion Breweries Plc.

Unilever Nigeria was up by 4.91 per cent to close at N52.35 per share, while NPF Microfinance Bank appreciated by 4.86 per cent to N1.94 per share.

Sovereign Trust Insurance gained 4.76 per cent to close at N0.22 per share, while Mansard Insurance and Champion Breweries increased by 4.70 per cent and 3.48 per cent to close at N2.45 and N2.08 per share respectively.

Thirty stocks recorded losses on Wednesday, with Skye Bank leading the park as its share price fell by 9.41 per cent to close at N0.77.

Diamond Bank shed 9.15 per cent to close at N1.49 per share, while Japaul Oil & Maritime Services Plc depreciated by 5.71 per cent to close at N0.33 per share.

Union Bank of Nigeria eased by 5.19 per cent to close at N6.40 per share, while Cement Company of Northern Nigeria dropped by 4.84 per cent to N1.18 per share, and ETI lost 4.62 per cent to N8.05 per share

Other losers were Okomu Oil Palm Plc, GlaxoSmithKline Consumer Nigeria Plc, First Aluminium Nigeria Plc, Honeywell Flour Mill Plc, Trans-Nationwide Express Plc, N.E.M Insurance Company Plc, Caverton Offshore Support Group Plc, Livestock Feeds Plc and Jaiz Bank Plc.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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