Union Bank Jumps N14.560bn As Flour Mills Loses N6.150bn In One Day Trade
The share price of one of Nigeria’s Tier – 2 financial institutions, Union Bank of Nigeria Plc jumped significantly on the floor of the Nigerian Stock market at the trading on Monday.
Union Bank saw its market capitalisation soared by N14.560 billion representing 9.26 percent during Monday’s trading session on the Nigerian Exchange Limited (NGX).
Check on the bank’s trading activities shows that its market capitalisation appreciated to
N171.812 billion up from N157.252 billion.
The value of the lender’s share price also climbed to N5. 9 Kobo per share up from N5. 4 Kobo per share. And its outstanding shares are put at 29,120,752,788.00.
The rise in the shares of Union Bank also impacted the NGX banking index during the commencement of transaction for the week as the index appreciated by 2.89 percent.
The banking index is the benchmark that evaluates the performance of Nigerian Banks on the the Nigerian Bourse. The index rose from 354.25 index point which it closed with on the previous trading session to 364.50 index point on Monday, indicating a growth of 2.89 percent.
On the losing trajectory on the exchange, Flour Mills Plc was one of the biggest laggard equities on Monday, dropping 4.84 percent in its market capitalisation.
The consumer food chain lost N6.150 billion to close its market capitalisation at N120.961 billion down from N127.111 billion.
The company’s share price also fell 4.84 percent, declining from N31 per share to N29. 5 Kobo per share, while its outstanding shares stood at 4,100,379,605.00.
The downward spiral of the Miller also affected the Consumer Goods index, which measures the performance of companies like Flour Mills, Cadbury Nigeria Plc, Dangote Sugar Refinery and Guinness Nigeria Plc.
The index dipped by 0.26 percent to close at 560.32 index point down from 561.80 index point.
Other companies under the consumer goods index include; Honey Floor, International Breweries, Nigerian Breweries, Nestle Nigeria Plc, PZ Cussons, Unilever, Vitafoam Plc and Nascon Plc.
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