Trading dips at Exchange market, low patronage at airport
By Gbenga Agbana and Obiora Aduba
T RANSACTIONS continued unabated at the Nigerian Stock Exchange (NSE) despite the strike called by Labour to protest the recent increase in the prices of petroleum products.
The trading volume, however, dipped significantly as 16.95 million shares worth N496.6 million changed hands, down 48.7 million shares valued at N4.2 billion exchanged on Wednesday.
The All-Shares Index and market capitalisation of the Exchange rose further due to price gains, which outweighed losses in the equities sector.
For instance, the index rose from 28,120.66 points at which it closed on Wednesday to close at 28,345.34 points yesterday, while market capitalisation increased from N2.005 trillion to N2.021 trillion.
Comparatively, the volume of trading nose-dived from 48.7 million shares exchanged on Wednesday to 16.9 million shares yesterday, while the value fell from N4.2 billion to N496.6 million.
The petroleum marketing companies led the bulls as Texaco Nigeria Plc added 1277 kobo to close at N261.90, Mobil oil Nigeria Plc, Total Nigeria Plc and Conoil Nigeria Plc added 907 kobo, 770 kobo and 545 kobo to close at N190.82, N260 and N185.
On the other hand, Nestle Nigeria Plc lost 674 kobo to close at N177, leading the price losers chart, followed by Ashaka Cement Plc with 101 kobo to close at N19.70.
The banking sub-sector remained the most active in volume with 8.1 million shares worth N99.1 million, followed by the food/beverages and tobacco sub-sector where 1.9 million shares worth N136.6 million changed hands.
The conglomerates sub-sector ranked third with 1.74 million shares worth N20.13 million.
A breakdown of the banking sub-sector indicated that IMB International Bank Plc traded the highest volume with 1.41 million shares worth N1.6 million, while Union Bank of Nigeria Plc followed with 1.4 million shares worth N42.9 million.
West Africa Portland Cement Company Plc and UBA Plc lost 89 kobo and 59 kobo to close at N16.91 and N11.91.
Meanwhile, the strike affected passenger turn-out at the domestic wing of the Murtala Muhammed Airpot,Lagos.
Airlines showed willingness to operate but low passenger turn-out made some of them to cancel their flights.
Security operatives were stationed at strategic locations of the airport with a view to maintaining law and order.
As on Wednesday, the airlines complained of low patronage, which they said had seriously affected their revenue.
At the International wing of the airport, operations by foreign airlines went on smoothly.
When The Guardian visited the Murtala Muhammed International Airport at about 2 p.m., passengers were seen checking in their luggage in preparation for travelling later in the day.
A Federal Airports Authority of Nigeria (FAAN) official who spoke on the condition of anonymity said although airlines came in and departed, most of them had very few passengers on board.
He explained that the strike actually made people to reschedule their travel plans.
Another British Airways (BA) official, who also preferred anonymity, said the strike led to multiple flight cancellations.
At the departure lounge of the airport, very few passengers were noticed.
