By Dipo Olowookere
Activities resumed on the floor of the Nigerian Stock Exchange (NSE) on Wednesday after a day off on Tuesday to observe the public holiday declared by federal government in commemoration of Eid-el Maulud celebrated by Muslims in the country.
However, at the close of the midweek trading session, the stock market was down by 0.78 percent, pushing the year-to-date loss to 16.40 percent.
Even the release of the inflation data on Wednesday by the National Bureau of Statistics (NBS), which said inflation dropped to 11.26 percent in October 2018 from 11.28 percent, did not do enough to lift the local bourse.
Yesterday, the Central Bank of Nigeria (CBN) commenced its last Monetary Policy Committee (MPC) meeting for this year and would announce outcome of their deliberations on Thursday. Already, observers have predicted that the monetary policy rate (MPR) would be left at 14 percent, especially with the ease in the inflation rate last month.
But despite the loss recorded by the market yesterday, the volume and value of transactions increased by 60.53 percent and 95.04 percent.
A total of 237.8 million shares worth N3.5 billion were traded on the floor of the exchange on Wednesday compared with the 148.1 million units valued at N1.8 billion sold on Monday.
Business Post reports that the All-Share Index (ASI) reduced on Wednesday by 252.45 points to settle at 31,969.79 points, while the market capitalisation went down by N93 billion to finish at N11.671 trillion.
Leading the top losers’ chart yesterday was Presco, which lost N4.10k of its share price to quote at N62.15k per share.
It was followed by Dangote Cement, which shed N3.50k to end at N200 per share, and GTBank, which depreciated by N1.10k to settle at N35.85k per share.
Lafarge Africa declined by N1 to close at N15 per share, while Ecobank reduced by 50 kobo to settle at N15.50k per share.
Conversely, Mobil Oil finished as the day’s highest price gainer after adding N15 to its share price to close at N165 per share.
Stanbic IBTC grew by N2 to end at N50 per share, while Flour Mills appreciated by 60 kobo to settle at N18.60k per share.
International Breweries rose by 55 kobo to end at N30.75k per share, while Prestige Assurance went up by 6 kobo to finish at 67 kobo per share.
At the close of market on Wednesday, the Financial Services sector led the activity chart with 132.6 million shares sold for N2.1 billion, while the Oil and Gas industry trailed with 59.5 million equities transacted for N313 million.
Oando emerged as the most traded stock at the market yesterday with a turnover of 58.6 million units of its shares sold for N298.7 million.
It was followed by Zenith Bank, which accounted for 24 million units of its shares traded for N577.6 million, with FCMB exchanging 21.6 million equities exchanged for N33.1 million.
GTBank traded 20.8 million shares worth N759.6 million, while Fidelity Bank transacted 16.1 million equities valued at N31.6 million.
Adedapo Adesanya