Penny stocks drive market’s mild gain as week opens

Nigeria’s equities market opened this week in the green zone, rising slightly by 0.03percent or N8billion on Monday June 19, as investors continued to mull over the latest inflation data from the National Bureau of Statistics (NBS).

Investors were seen buying penny stocks like Tantalizers, Universal Insurance, Unity Bank, Mutual Benefits and FTN Cocoa.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased to 59,016.12 points and N32.134trillion respectively as against preceding trading day’s 59,000.96points and N32.126 trillion.

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The stock market’s positive return year-to-date (YtD) printed higher at 15.15percent.

Unity Bank rose from N1.02 to N1.12, up by 10percent or 9.80percent, followed by Mutual Benefits which increased from 41kobo to 45kobo, up by 4kobo or 9.76 percent, and FTN Cocoa which rose from N1.35 to N1.48, adding 13kobo or 9.63percent.

Tantalizers increased from 20kobo to 22kobo, up by 2kobo or 10percent, while Universal Insurance increased from 20kobo to 22kobo, up by 2kobo or 10percent.

Jaiz Bank, Sterling Bank, Universal Insurance, GTCO, and UBA were actively traded stocks as investors in 9,274 deals exchanged 892,954,602 shares valued at N11.147billion.