Dipo Olowookere
By Dipo Olowookere
Stock investors in Nigeria kept their eyes wide open on Wednesday as they continue to watch developments in the country before pumping funds into the market.
Business Post reports that the activity level was low yesterday, with the bears still in control of most equities despite the trading indices of the Nigerian Exchange (NGX) Limited closing 0.18 per cent higher.
A total of 15 shares finished on the price gainers’ table during the midweek session as against the 20 shares that ended on the price losers’ log.
It was observed that shares like Dangote Cement, Zenith Bank and a few others were the major contributors to the gains of yesterday.
The insurance counter appreciated by 0.76 per cent, the industrial goods space rose by 0.50 per cent, while the banking index slightly rose by 0.02 per cent, with the consumer goods and energy sectors declining by 0.16 per cent and 0.05 per cent respectively.
At the close of transactions, the All-Share Index (ASI) increased by 68.15 points to 38,482.52 poins from 38,414.37 points, while the market capitalisation expanded by N35 billion to N20.058 trillion from N20.023 trillion.
On the price movement chart, University Press led the gainers’ group with a price appreciation of 9.38 per cent to close at N1.40 and was trailed by Regency Alliance, which rose by 8.16 per cent to 53 kobo.
Veritas Kapital improved by 5.00 per cent to 21 kobo, Consolidated Hallmark Insurance gained 4.17 per cent to sell for 75 kobo, while Royal Exchange increased by 3.90 per cent to 80 kobo.
The losers’ gang was CWG as a result of the 9.66 per cent decline it suffered during the session, closing at N1.87, with Ikeja Hotel trailing after it shed 9.09 per cent to sell for N1.00.
NASCON went down by 8.78 per cent to N13.50, John Holt depreciated by 8.62 per cent to 53 kobo, while Linkage Assurance declined by 8.33 per cent to 55 kobo.
During the session, the trading volume went down by 42.91 per cent to 156.9 million units from 274.9 million units. Also, the trading value reduced by 49.51 per cent to N1.3 billion from N2.6 billion, while the number of deals declined by 21.30 per cent to 3,273 deals from 4,159 deals.
Unlike the previous session, Japaul closed as the most traded stock with the sale of 20.0 million shares worth N11.4 million, followed by FBN Holdings, which traded 12.2 million stocks for N87.9 million.
Transcorp exchanged 11.8 million shares valued at N10.5 million, UAC Nigeria transacted 10.8 million equities worth N118.9 million, while Fidelity Bank transacted 9.8 million shares valued at N21.9 million.
