Mobil Falls For 4th Consecutive Day as NSE Investors Lose N185b

By Modupe Gbadeyanka

Shares of Mobil Oil Nigeria Plc suffered another loss on the trading floor of the Nigerian Stock Exchange (NSE) today, making it the fourth consecutive time since last Friday.

Business Post reports that Mobil, which recently changed its name to 11 Plc, lost N8.68k on Wednesday to settle at N165.11k per share.

It was followed by Dangote Cement, which shed N8.13k to close at N204.52k per share, and Guinness Nigeria, which slumped by N1.98k to end at N75 per share.

Also, Forte Oil declined by N1 to finish at N49 per share, while Unilever depreciated by 71k to end at N39.29k per share.

Unlike yesterday, the volume and value of transactions closed higher with investors exchanging a total of 240 million shares traded in 4,371 deals worth N2.9 billion. This was in contrast to 144.5 million units transacted yesterday in 3,716 deals worth N1.5 billion.

Our correspondent reports that banking stocks dominated the market in the midweek trading with Fidelity Bank moving 42.8 million shares worth N58.2 million.

It was trailed by Sterling Bank, which exchanged 39.2 million shares valued at N39.9 million, and Access Bank, which sold 33 million shares at N324.8 million.

Also at the close of trading activities today, UBA exchanged 29.5 million shares for N279.7 million, while FBN Holdings executed 13 million shares at N74 million.

The stock market, which went down by 1.48 percent on Wednesday, finished with only seven gainers and 31 losers.

The advancers were topped by Total Plc, which moved up by N6.50k to close at N243 per share, while Nigerian Breweries appreciated by N1.40k to finish at N185 per share.

Furthermore, Cutix gained 22k to end at N2.43k per share, May & Baker advanced by 13k to settle at N3.1k per share, and Continental Reinsurance grew by 6k to wrap the day at N1.40k per share.

Business Post reports that at the close of transactions on Wednesday, the All-Share Index (ASI) depreciated by 536.80 points to settle at 35,629.13 points, while the market capitalisation decreased by N185 billion to finish at N12.3 trillion, and the year-to-date return closed at 32.58 percent.

Tomorrow is the last trading day of the week as Friday and Monday have been declared public holidays to mark Sallah by Muslims.