Stocks Rise Slightly as Unity Bank, 15 Others Gain

market trend
  • Stocks Rise Slightly as Unity Bank, 15 Others Gain

The nation’s stock market rose slightly on Tuesday after falling for two straight trading days, buoyed by gains recorded by 16 companies.

The All Share Index of the Nigerian Stock Exchange increased by 0.03 per cent to 32,152.90 basis points while the market capitalisation of listed equities closed at N11.738tn from N11,734tn on Monday.

Unity Bank Plc led the gainers on Tuesday at its share price appreciated by 9.86 per cent to N0.78.

GlaxoSmithKline Consumer Nigeria Plc followed, with an increase of 9.55 per cent to N12.05 per share.

Meyer Plc, Mutual Benefits Assurance Plc and Lafarge Africa Plc rose by 9.09 per cent, 8.70 per cent and 8.67 per cent to N0.60, N0.25 and N16.30 per share respectively.

Twenty-six companies recorded price depreciation on Monday, with C&I Leasing Plc leading the pack as it shed 10 per cent to close at N2.52 per share.

Other losers were LASACO Assurance Plc, Julius Berger Nigeria Plc, Ikeja Hotel Plc and Diamond Bank Plc, whose share price fell by 10 per cent, 9.92 per cent, 9.69 per cent and 9.48 per cent respectively.

The NSE ASI and market capitalisation appreciated by 0.23 per cent to close at 32,200.21 basis points and N11.756tn respectively last week.

Similarly, all other indices finished higher with the exception of the NSE Banking, NSE Insurance, NSE Industrial Goods and NSE Pension Indices that finished lower by 0.47 per cent, 1.90 per cent, 3.81 per cent and 0.31 per cent respectively.

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; Email: [email protected]

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