Wednesday @ the Nigerian Stocks Exchange: Bears Party Still

By Ernest Omoarelojie

Trading on the floor of the Nigerian Stocks Exchange on Wednesday proved it had no immediate plans to call the Bulls to toast. Trading remains a Bears’ affair as trade volume, turnover and deals dipped by 5%, 41% and 5% respectively just as market capitalization dipped at NGN 19.71 trillion against Tuesday’s N19.725 trillion.

Overall, 100 listed equities participated in the day’s trading churning out 11 top winners and 23 losers. Top on the gainers’ chart. FTN Cocoa Processors, led the gainers’ chart with a 10% share price appreciation to close at N0.33 per share. Ikeja Hotel came second with +9.89% with Cornerstone Insurance Company coming third at +9.8%. Linkage Assurance is fourth with +9.09%

The loser’s table is headed by Royal Exchange Assurance with an end-of-day 10% price depreciation to end at N0.63 per share followed by Japaul Gold & Ventures at -9.8%. University Press and Consolidated Hallmark Insurance came next with -9.52% and 9.38%

Zenith Bank recorded the highest volume of 33.6 million traded shares, followed by E-Tranzact International, 20.95m, Fidelity Bank, 13.68m and Royal Exchange, 13.12m.

All-Share Index, NSE-ASI, pared 42.61 at -0.11% points to close at 37,804.46, representing a 1-week loss of 1.97%, a 4-week loss of 1.18% and an overall year-to-date loss of 6.12%.

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