Lagos — As value rises by N50b || Unity Kapital Assurance yesterday joined the league of quoted companies with the listing of its N31 billion shares on the Nigerian Stock Exchange (NSE), to lift the market capitalisation by N50 billion.

The listing has increased the number of quoted companies to 211, while that of the insurance sub-sector rose to 30 companies.

The shares which were listed at N2.50 by introduction, however lost N0.13 to close at N2.37 per share.

Addressing capital market stakeholders and financial observers yesterday, the Managing Director of Unity Kapital, Malam Mohammed Kari, said the purpose of listing the company at the NSE was that he believed that the company had the wherewithal to make the difference in this period of depression in the economy.

Kari listed the benefit of the company listing on the Exchange to include the exposure of shareholders and other investors to the great opportunities to realise the value of their shareholding and help increase its shareholders' base.

He also said the benefit to the company would enable the public acquire shares towards attaining capital growth by growing their savings through dividend and share price fluctuations.

On the forecast for the next five years, Kari said the gross premium of the company was expected to rise to N2.3 billion in 2010, N2.8 billion in 2011, N3.6 billion in 2012, N4.5 billion in 2013 and N5.6 billion in 2014 respectively.

Meanwhile, the value of listed equities rose to N4.94 trillion from the previous N4.89 trillion, representing 1.02 per cent increase, while the All Share Index inched up by 81.34 points from 20,558.69 points to 20,640.03 points.

Twenty-eight companies recorded price appreciation as against 34 on the losers' table, with Nestle leading the gainers with N10.00 to close at N240.00 per share, followed by Flour Mill by N1.80 increase to close at N37.99 per share.