Stocks Shed 0.15% as Investors Await Buhari’s Next Level Team

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) further closed negative on Wednesday as investors continue to patiently await those who will make the ministerial list of President Muhammadu Buhari.

During his campaign for a second time in office, the President promised to take Nigerians to the “Next Level,” dumping his first term slogan of “Change.”

On May 28, 2019, the tenure of Ministers appointed by Mr Buhari after six months of his swearing in ceremony on May 29, 2015, ended and since then, there have been speculations as to who could make the new cabinet to help the President achieve his goal.

At the midweek trading session, the stock market settled 0.15 percent lower as the wait for the ministerial list continues.

The All-Share Index (ASI), which is the main gauge of the market, depleted yesterday by 46.08 points to close at 29,772.72 points, while the market capitalisation depreciated by N20 billion to finish at N13.120 trillion.

Business Post reports that the market breadth closed positive as a result of the price appreciation posted by 21 counters as against the 19 stocks, which printed losses.

Topping the losers’ chart on Wednesday was Nestle Nigeria, which lost N20 of its share value to settle at N1400 per unit.

Seplat declined by N16.40k to close at N497 per share, while Presco depreciated by N5 to finish at N50 per unit.

Conoil went down by N1.35k to quote at N21.65k per share, while Unilever Nigeria dropped N1 to finish at N31 per unit.

At the other side, it was a good day for Forte Oil as its share price rose yesterday by N3.15k to close at N34.65k per share.

Dangote Sugar appreciated by N1 to settle at N12 per share, while Ecobank improved by 80 kobo to quote at N11 per unit.

Access Bank garnered 25 kobo to end at N6.70k per share, while NEM Insurance raked 22 kobo to settle at N2.45k per share.

Business Post observed that the activity level was mixed during the midweek session as the volume of shares traded by investors went down by 57.64 percent, but the value increased by 504.82 percent.

A total of 1.2 billion shares worth N67.9 billion exchanged hands on Wednesday in 3,441 deals in contrast to the 2.9 billion equities valued at N11.2 billion transacted on Tuesday in 3,324 deals.

Forte Oil led the activity chart on Wednesday with a turnover of 973.3 million shares transacted for N64.4 billion. This came from the divestment of the holdings of the company’s chairman, Mr Femi Otedola.

Prestige Assurance sold 53.9 million equities worth N26.9 million, while eTranzact exchanged 42.1 million units valued at N100.1 million.

GTBank traded 34 million shares for N1.1 billion, while FBN Holdings transacted 31.5 million shares for N220.2 million.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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