By Dipo Olowookere
Shares of C&I Leasing Plc appreciated to N9.04k per unit on the floor of the Nigerian Stock Exchange (NSE) on Tuesday.
This came after the equities garnered 75 kobo at the stock market yesterday during trading.
The company’s shares, which opened on Tuesday at N8.29k per share, went up to N9.04k per unit when the market closed for the day’s business, a 52-week high for the stock.
The firm had announced a share reconstruction, shrinking every four units of the company’s equities held by investors to one.
Though some observers had expected the share price of C&I Leasing to start trading at N7.12k per unit after the process, the securities started trading above N8 on Monday, causing some people to raise eyebrows.
Business Post reports that at the market yesterday, investors traded a total of 518,400 units of the company’s equities.
The board of C&I Leasing came up with the share reconstruction after the equity price of the firm was gradually falling at the stock market.
When the reconstruction was announced and trading on the shares suspended by the NSE, the share price was at N1.78k per unit.
The 52-low of shares of C&I Leasing has been N1.25k.
