Business News

Oil Slides on Fresh Worries about US Rate Hike

By Dipo Olowookere

The major performance indicators of the Nigerian Exchange (NGX) Limited further rose by 0.47 per cent on Thursday as investors jostled for the shares of MTN Nigeria, FBN Holdings, Oando and others.

As for Oando, some traders went for the company’s equities after the board released a statement that the court has granted a request for the buying out of the interests held by minority shareholders, though the price for this transaction has not been fixed.

For those who feel this might be an opportunity to get a share of the cake, they pounced on the energy stock, causing its value to rise by 3.51 per cent at the close of business despite its poor results in the 2019 fiscal year.

Business Post observed that negative investor sentiment returned to the market yesterday as there were 22 price losers and 18 price gainers led by FBN Holdings with a price appreciation of 9.78 per cent to close at N10.10.

FTN Cocoa rose by 9.38 per cent to 35 kobo, Consolidated Hallmark Insurance improved by 8.06 per cent to 67 kobo, Livestock Feeds gained 6.94 per cent to sell at N1.54, while Union Bank appreciated by 6.19 per cent to N6.00.

On the flip side, the duo of Academy Press and Ellah Lakes were the heaviest price losers as they depreciated by 10.00 per cent each to settle at N1.17 and N3.96 respectively. Presco shed 9.84 per cent to N165.00, eTranzact also fell by 9.84 per cent to N2.20, while Meyer lost 9.68 per cent to trade at N2.52.

During the session, the consumer goods sector declined by 0.34 per cent, but the insurance, energy, banking and industrial goods counters appreciated by 0.73 per cent, 0.53 per cent, 0.15 per cent and 0.01 per cent respectively.

Consequently, the All-Share Index (ASI) closed higher by 241.52 points to 51,618.73 points from 51,377.21 points, while the market capitalisation rose by N130 billion to N27.828 trillion from N27.698 trillion.

On the bourse on Thursday, the trading volume, value and number of deals decreased by 2.67 per cent, 10.57 per cent and 11.20 per cent respectively as investors transacted 223.3 million shares worth N2.9 billion in 4,028 deals as against the 229.4 million shares worth N3.2 billion transacted on Wednesday in 4,536 deals.

Mutual Benefits Assurance was the most traded equity during the session as it sold 40.1 million units valued at N10.0 million, Oando traded 28.5 million units worth N168.9 million, FCMB exchanged 24.5 million units for N85.6 million, Access Holdings traded 24.1 million units worth N229.0 million, while FBN Holdings transacted 12.4 million units valued at N121.8 million.

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