United Capital Market Cap Hits N355.5BN as Employees Buy More Shares

United Capital rose by about 27% in the equities market last week as demand for the investment firm increased.

Data from the Nigerian Exchange (NGX) showed the United Capital Plc share price rose to N19.75 in the equities market from N15.6 per share at the beginning of the week.

The investment banking firm’s popularity caused the market to increase its market value by 26.6% week on week to N355.50 billion.

In its regulatory filing, the company told the Nigerian Exchange about its directors dealing with its shares. United Capital Plc employees have been ramping up the company’s shares on the Nigerian Exchange after its earnings beat.

The investment bank had told the Nigerian Exchange about its plans dividend payment for shareholders with an interest in the company on July 31. In its latest filing, the investment firm declared it has a free float percentage of 60.69% as of 30, 2024, which is compliant with The Exchange’s free float requirements for companies listed on the Main Board.

The company told the Nigerian Exchange in a notice that its shareholders has approved decision to raise its share capital to N9 billion from N3 billion by creating 12 billion additional shares.

In the first half of 2024, the company’s profit surged by 65% year on year to N7.736 billion from N4.689 billion in equivalent period in 2023.

The company’s bottom line came stronger following 38% year-on-year growth in gross earnings, which printed at N15.147 billion from N11.014 billion 12 months earlier. #United Capital Rises by 27% as Employees Buy More Shares