News Column

NSE Index Rises 0.19 Percent As Gtbank Leads Gainers

June 11, 2014

Trading at the Nigerian equities market was positive yesterday as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 0.19 per cent to close at 41,608.50. Similarly, market capitalisation added N27 billion to close higher at N13.712 trillion, compared to a decline of 0.10 per cent last Friday.

Guaranty Trust Bank Plc led 29 other price gainers for the day, rising five per cent (N1.50) to close at N31.50 per share. Julius Berger Nigeria(JBN) Plc followed closely with a gain of 4.99 per cent (N3.37) to be at N70.87 per share. Market operators said more investors appear to be having interest in JBN ahead of the company's recapitalisation bid.

The leading construction firm plans to raise additional capital of N7.5 billion to boost its operations. The funds would be raised through any form of debt and or equity instrument by way of public offering, private placement, rights issue or other method deem fit by the directors.

However, the shareholders of the company will approve the capital raising exercise at the 44th Annual General Meeting of scheduled to hold in Abuja this month.

Portland Paints Nigeria Plc closed for the day as the third highest mover, appreciating 4.85 per cent, while Conoil Plc went up by 4.81 per cent.

Others in the top 10 price gainers include: Transnational Corporation of Nigeria Plc (4.78 per cent); Berger Paints Nigeria Plc (4.53 per cent); Custodian and Allied Insurance Plc (4.17 per cent); NAHCO, WAPIC Insurance Plc (4.17 per cent apiece) and Continental Reinsurance Plc (3.85 per cent).

Conversely, 28 stocks depreciated led by NPF Microfinance Bank Plc with 8.93 per cent to close at N1.02. Cutix Plc trailed with a decline of 5.0 per cent to close at N1.90. Northern Nigerian Flour Mills Plc shed 4.93 per cent, just Costain(W.A) Plc and Fidson Healthcare Plc shed 4.88 per cent and 4.83 per cent respectively.

Meanwhile, investors traded 299.330 million valued at N3.612 bilion in 5,153 deals.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

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