Volume of Trading Falls As Investors Remain Cautious - THISDAY
By Goddy Egene
Trading volume at the stock market declined by 41.3 per cent yesterday as investors adopted cautious trading. Investors exchanged 287.3 million shares worth N3.4 billion down from 489.111 million shares valued at N4.720 billion last Friday. The most traded stocks by volume were Zenith Bank Plc (43.0 million shares), United Bank for Africa Plc (41.8 million shares) and FBN Holdings Plc (32.8 million shares) while Zenith Bank Plc (N905.4 million), Guaranty Trust Bank Plc (N822.3 million) and UBA (N299.1 million) led by value.
However, the Nigerian Stock Exchange (NSE) All-Share Index closed flat at 28,659.07, while market capitalisation ended at N15.0 trillion. While the market recorded 19 price gainers, 18 stocks depreciated.
International Breweries Plc and Ikeja Hotel Plc led the price gainers with 9.9 per cent apiece. Cutix Plc chalked up 9.8 per cent, just as Conoil Plc and AIICO Insurance Plc went up by 5.9 per cent.
Ardova Plc and Fidson Healthcare Plc garnered 5.8 per cent and 5.7 per cent in that order. Chams Plc and Japaul Oil and Maritime Services added 5.0 per cent each. Investors appear to the demanding for Japaul so as to position for the prospects expected from its new business focus. has assured shareholders of bright prospects, following its new business focus from oil and gas servicing sector into natural resource management.
The company has diversified from oil and maritime services business to the exploration, mining, processing and export of minerals, such as gold, lithium among others.
According to the Chairman of Japaul, Mr. Paul Jegede, said with the constant change and decline in the oil and gas climate, the company has remained committed and proactive in its efforts to bring value to its shareholders which necessitated the diversification from the company's core business as the company believes these natural resources are a viable substitute for oil.
He said the company had acquired mining and exploration licenses through buy-overs for the exploration, mining and exportation of gold, lithium, copper, tin, lead and zinc across seven states in Nigeria where strategic minerals have been discovered in commercial quantities and reserves.
Meanwhile, Eterna Plc led the price losers with 8.9 per cent as investors took profit. The petroleum products marketing firm had 34 per cent last week. May & Baker Nigeria Plc shed 7.6 per cent, while Academy Press Plc depreciated by 6.9 per cent.