Strike Takes Toll on Equity Transactions
By Uche Obike and Jerome Ushakang
The stay at home strike declared by the Nigerian Labour Congress (NLC) and the civil rights groups took a harsh toll on the volume of traded shares at the Nigerian Stock Exchange (NSE) yesterday as it declined by 17.9 million shares or representing 45.7 per cent.
A total of 15.1 million ordinary shares valued at N172.1 million was recorded in 1,013 deals, as against 33 million ordinary shares worth N321.7 million exchanged in 2,893 deals at the close of transactions last Friday.
There was also a slight fall in market capitalisation, from N1.695 trillion recorded at the weekend to N1.694 trillion. Similarly, the all-share index dropped to 22,829.85 from 22,846.13.
Sectoral performance analysis indicated that the banking subsector remained the most active having recorded a total of 11 million ordinary shares worth N67,8 million exchanged in 444 deals.
Intercontenental Bank Plc led the subsector with 2.6 million ordinary shares valued at N17 million exchanged in 41 deals. It was followed by Inland Bank Nigeria Plc which traded 2.2 million ordinary shares worth N1.6 million exchanged 4 deals, while United Bank for Africa Plc recorded 1.7 million ordinary shares valued at N13.7 million executed in 63 deals.
Trading on the shares of three banks accounted for 6.5 million ordinary shares worth 32.3 million, representing more than half of the subsector's turnover.
The price movement chart of the Exchange revealed that 22 stock recorded price appreciation with Total Nigeria Plc leading with a gain of N7.90 to close at N185.90 per share. Conoil Plc gained N5.60 to close at N130.50 per share, while African Petroleum Plc made a gain of N3.66 to close at N76.93 per share.
Other price gainers included Nigerian Bottling Company Plc (120 kobo), Nestle Foods Plc (35 kobo), UAN Property Development Company Plc (34 kobo), Intercontinental Bank Plc (30 kobo), Standard Trust Bank Plc (16 kobo), Neimeth International Phamarceuticals Plc and West African Portland Company Plc (10 kobo apiece).
The prices 12 companies' shares dwindled. Guinness Nigeria Plc led on the price losers' chart as it dropped by N2.80 to close at N120.70 per share. Other price decliners included Mobil Oil Nigeria Plc (100 kobo), Union Bank of Nigeria Plc (99 kobo), Unilever Nigeria Plc (71 kobo), Chartered Bank Plc (13 kobo), Dunlop Nigeria Plc and Royal Exchange Assurance Plc (10 kobo apiece), Ashaka Cement Plc (9 kobo), NAL Bank Plc (7 kobo) and Nigerian Breweries Plc (5 kobo).
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