By Nkiruka Nnorom
Japaul Oil and Maritime Services Plc remained the investors toast throughout this week as its share price rose by whopping 53.97 percent to lead 44 other equities that recorded price gain.
The company had started enjoying investors patronage after it announced a $350 million financing deal from Milost Global, a private equity firm based in New York.
The chairman of Japaul Oil, Mr. Paul Jegede, had disclosed that Milost will invest $250 million in equity and another $100 million in convertible loans in the company.
He noted that fresh injection of capital will enable the company to fix grounded vessels, finance new contracts and expand into mining.
Consequently, the sustained investors interest resulted in rise in the company’s share price to N0.97 from N0.63 within the week.
Other top gainers in the week include Consolidated Hallmark Insurance Plc, which rose by 34.48 percent to close at N0.39 from N0.29, followed by Lasaco Assurance Plc, which gained 25.71 percent to close at N0.44 from N0.35.
Unilever Nigeria Plc ranked fourth, appreciating by 20.66 percent to close at N62.20 from N51.55, while Caverton Offshore Group Plc was up 19.91 percent to close at N2.65 from N2.21 per share.
40 losers emerged this week, led by Regency Alliance Insurance Company Plc with 27.08 percent decrease to close at N0.35 from N0.48. Another insurance firm, African Alliance Insurance Company Plc placed second, declining by 13.89 percent to close at N0.31 from N0.36, followed by FTN Cocoa Processors Plc with 13.51 percent decrease to close at N0.32 from N0.37.
Sovereign Trust Insurance Plc depreciated by 13.16 percent to close at N0.33 from N0.38, while C&I leasing dipped by 9.74 percent to N1.76 from N1.95 per share.
In all. the equities market closed in the positive territory this week with investors gaining N105 billion as the market capitalisation rose to N15.508 trillion from N15.403 trillion. Similarly, the All Share Index, ASI, advanced by 0.68 percent to 43,167.86 basis points from 42,876.23 points following reaction to corporate results released within the week.
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