…As Lebanese Group says ‘Nigeria has favoured us’!***
In spite of improved market breadth, the Nigerian Stock Exchange (NSE) market indices shed 0.21 percent or N28 billion, due to loses in some blue chips.
The All Share Index (ASI) lost 57.27 points or 0.21 per cent to 27,058.62 against 27,115.89 posted on Monday. Subsequently, the market capitalisation dipped, N28 billion to close at N13.186 trillion against N13.214 trillion achieved on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria, Conoil, PZ Cussons Nigeria, NCR Nigeria and Union Bank of Nigeria (UBN).
Speaking on market’s performance, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Consulting Limited, attributed the development to cautious trading and low confidence of investors.
“These are signs of low confidence and cautious trading as the nation’s economy remains unpredictable with the government yet to provide any economic direction,” he said.
However, market breadth closed positive, 27 stocks posted gains while 10 stocks posted declines.
Transcorp recorded the highest price gain of 10 per cent, each to close at N3.85 and 99k, respectively.
Chams followed with a gain 9.52 per cent to close at 23k, while Berger Paints went up by 9.49 per cent to close at N7.50 per share.
UACN appreciated by 9.38 per cent to close at N5.25, per share.
Conversely, Cutix led the losers’ chart dropping by 9.62 per cent to close at N1.41 per share.
PZ Cussons and Union Diagnostic & Clinical Services followed with a decline of 8.33 per cent each to close at N5.50 and 22k, respectively, per share.
May and Baker lost 6.83 per cent to close at N1.91, while Honeywell Flour Mills shed 6.06 per cent to close at 93k per share.
The total volume traded declined by 16.39 per cent with an exchange of 209.62 million shares worth N3.24 billion traded in 3,743 deals.
This was against 250.74 million shares valued at N3.53 billion transacted in 4,116 deals on Monday.
Transactions in the shares of Transcorp topped the activity chart with 43.59 million shares valued at N42.73 million.
Guaranty Trust Bank came second with 42.97 million shares worth N1.14 billion, while Zenith Bank traded 34.11 million shares valued at N591.99 million.
Ecobank Transnational Incorporated (ETI) sold 24.21 million shares valued at N148.56 million, while FBN Holdings recorded a turnover of 6.32 million shares worth N31.36 million.
In another development, the Lebanese Nigeria Initiatives (LNI) in Nigeria on Tuesday said the country had over the past decades been a nation of blessings to Lebanese companies and investors.
LNI’s Secretary Mr Ali Safiyyedine made the disclosure in Lagos at a news conference to announce the organisation’s launch of its first Scholarships and Endowment Fund for young Nigerians.
Safiyyedine said that the organisation had opened an endowment fund in American University of Beirut for young Nigerians as a way of giving back to Nigeria.
“We would forever be grateful to Nigeria for what she had over these years done for us Lebanese.
“And as a way of giving back to this great country, we at LNI have decided to open an endowment fund for young Nigerians in American University of Beirut that will continue even after we are gone.
“So, we have after many, interviews and tests, selected the first Nigerian, Mr. Olubando Ajibola, as the distinguished young man embarking on this journey for his MBA in the American University of Beirut,” he said.