Investors on the Nigerian Stock Exchange (NSE) on Tuesday staked N7.83 billion on 694.02 million shares in 2,780 deals.
The volume of shares traded represented an increase of 182.29 per cent compared with 245.85 million shares valued at N1.36 billion transacted in 2,514 deals on Monday.
Transactions in the shares of Zenith Bank topped the activity chart with 357.23 million shares worth N6.18 billion.
Omoluabi Mortgage Bank followed with 174.25 million shares worth N95.79 million, while Fidelity Bank accounted for 31.80 million shares valued at N53.96 million.
May and Baker sold 28.03 million shares worth N56.07 million, while Guaranty Trust Bank accounted for 25.33 million shares worth N666.27 million.
Meanwhile, The All Share Index dipped 24.25 points or 0.09 per cent to close at 26,365.83 against 26,390.08 recorded on Monday.
In the same vein, investors lost N12 billion in value as market capitalisation declined to N12.835 trillion compared with N12.847 trillion on Monday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are: MTN Nigeria, Eterna, Cadbury Nigeria, May and Baker Nigeria and Dangote Cement.
Analysts at Afrinvest Limited stated, “In the absence of policy levers to upturn the market, we maintain our bearish outlook on the equities market.”
Market breadth closed slightly negative, with 12 gainers against 13 losers.
Courteville Business Solutions recorded the highest price gain of 10 per cent to close at 22k per share.
Cutix followed with a gain of 9.92 per cent to close at N1.44, while Cornerstone Insurance appreciated by 8.57 per cent to close at 38k per share.
Neimeth rose by 8.11 per cent to close at 40k, while Consolidated Hallmark Insurance appreciated by 3.03 per cent to close at 34k per share.
Conversely, Eterna led the losers’ chart by 9.52 per cent to close at N2.85, per share.
Omoluabi Mortgage Bank followed with a decline of 9.09 per cent to close at 50k, while May and Baker Nigeria declined by 8.68 per cent to close at N2 per share.
Law Union & Rock Insurance depreciated by 7.84 per cent to close at 47k and FCMB Group declined by 4.76 per cent to close at N1.60 per share.
Okowa warns against disruption of oil production
Governor Ifeanyi Okowa of Delta has warned against attempt by workers to disrupt oil production activities at the Shell Petroleum Development Company’s (SPDC) Forcados Export Terminal in Burutu Local Government Area of the state.
The governor gave the warning at a meeting in Government House, Warri Annex after brokering peace between the management of WHASSAN, a catering firm and its workers following a conflict which disrupted oil production activities in the area.
Okowa, represented by the Commissioner for Oil and Gas, Prince Emmanuel Amgbaduba, urged both parties to agree to terms that would ensure smooth operations of the company in Forcados terminal.
He said that his administration would no longer condone further disruption of operations at the terminal by any aggrieved group or firm.
He said that their continued rift had caused a dip in oil production in the country.
The governor recalled that the dispute between WHASSAN and its employees over workers’ welfare had led to shutting down of activities at Nigeria’s major oil export terminal.
He noted that the disagreement which started as a mere workers’ demand for their welfare entitlements later escalated to denying other workers within the terminal food and other catering services.
Okowa, who was disturbed by the development, ordered that normal operations should resume at the terminal following an urgent meeting of stakeholders to resolve the rift.
He directed the firm (WHASSAN) to promptly pay pensions and other entitlements of their workers or face the risk of termination of the contract.
“Let me emphasise here that government is not happy with the incessant disruption of operations in the terminal on account of workers welfare.
“The company must do everything possible to pay the workers their entitlements or risk termination of their contract.
“The country largely depends on oil exports from the Forcados Terminal to earn revenue for the provision of infrastructure and other developmental needs for our people and we will no longer condone avoidable disruption in operations.
“We need a peaceful environment for all firms operating in the state to help us generate the much needed revenues for our development,” the governor said.
Responding, Human Resources Manager of WHASSAN Martha Ikenga said the company was happy with government’s intervention on the matter.
She reiterated the company’s preparedness to comply with the resolutions reached at the meeting.
The workers on their part pledged never to stop operations again over default of payment but channel such grievances to the government through the Ministry of Oil and Gas.
In the meeting were the SPDC’s Community Interface Coordinator, Mr Jerry-Gaultney Udjo; Chairmen of Ogulagha, Obotobo I and II communities, the communities’ Youth Presidents and Chairmen and Secretaries of Community Trusts of the various communities.
Others are management of the catering company and the representatives of the aggrieved staff members.