The Sun News On-line | Business news

The Nigerian Stock Exchange (NSE) Tuesday lifted the full suspension placed on trading in the shares of Chevron Oil Nigeria Plc.This followed detailed information by the company on the divestment of its core investor, Chevron USA.

The Director General of the Exchange, Prof(Mrs) Ndi Okereke Onyiuke told Daily Sun that towards mid-day Tuesday, the announcement was made on the floor of trading and immediately trading resumed on the equity.

She said: “ we lifted the suspension because they have done what they supposed to do. We told them to give us information because we heard that the core group was divesting.

If they were just selling some of their shares, it won’t matter. But the core group divesting, they are supposed to come and explain the whole thing to the Stock Exchange who they have in mind to buy and then we look at the people and ensure that they are proper to lead a quoted company.

“ We did not know anything they were doing. All we knew was that they were calling for bid. They were not supposed to do that as a quoted company without first of all explaining things to us.
But now that they have come to explain the situation. If they did not show up, the suspension would have subsisted.

“ Although we have lifted the suspension, we would not hesitate the slam it back if we are not satisfied with their explainations”, the DG stated.
As to whether there was trading on the equities, she replied that trading resumed on the blue-chip equity on the later part of trading, at about 11:30 am.

Meanwhile, business slumped again yesterday after it showed some promise of recovery on Monday trading. At the close of business, both the market capitalization and all share index dipped marginally by 0.3 and 0.4 per cent respectively.

Market capitalization dropped to N11.810 trillion from N11.854 trillion just as index went down to 61.249.85 points from 61.478.46 points recorded on Monday.

Worst hit by the bearish trend were blue-chip equities. All went down with shares prices losses. In the sub-sector, only 3.389 million shares were traded in about 684 deals worth N448.147 million. Eternal Oil recorded the highest volume with 1.619 million in 248 deals shares worth about N53 million followed by Cando PLC with 1.251 million in 228 deals worth about N289.460 million.

The banking sub-sector was up-beat again as the quantity traded rose significantly to 287.186 million in 8,377 deals valued at N8.261 billion from 163 traded on Monday. In similar vein volume of trade in the insurance sub-sector appreciated rising to 189.067 million in 3,581 deals valued at N895.253 million compared with 135.2 million units traded on Monday.

Heavy trading on the shares of Big Treat PLC in which about 35 million changed hands pumped up transactions in the Food/Beverages and Tobacco sub-sector where a total of 45.768 million shares were traded in 996 deals valued at N812.144 million.

Following Food/Beverages and Tobacco in terms of quality traded were the Conglomerates and Automobile and Tyre which posted 19.6 million and 18.9 million shares exchanging hands in 730 and 490 deals respectively.

Trading in the rest of the sectors witnessed a lull and at the end of business, the quantity traded dropped to about 634.635 million in 18, 164 deals valued at N12.531 billion as against 398.12 million stocks traded in 12,730 deals valuing N7.239 billion.

Prices came tumbling down as only 30 equities appreciated in price as against 54 the previous day. Top on the price loser’s table were blue-chip equities including Mobil, Nestle, Onado, Total and Nigerian Breweries which lost 999 kobo, 724 kobo, 291 kobo, 260 kobo and 251 kobo, closing at N270.02, N230.00, N228.00, N235.00 and N47.69 in that order.

Flour Mill, Alumaco, Chemical and Allied Products (CAP) also lost 250 kobo, 204 kobo and 200 kobo closing at N88.50, N38.86 and N50.00 respectively. Other top ten losers were Dangote Flour and Eterna Oil, which lost 159 kobo and 158 kobo closing at N30.32 and N32.60 respectively.
Bank PHB led other 29 equities on the gainers’ chart with 146 kobo, followed by Beta Glass with 125 kobo and Longman with 119 kobo closing at N30.68, N26.25, and N25.18 respectively.

Other top ten gainers were Julius Berger, Boc gases, Nigerian Ropes and Presco Plc which chalked up 83 kobo, 74 kobo, 71 kobo and 70 kobo closing at N17.53, N17.90, 14.95 and N16.30 respectively.
Closing at N30.65, PZ gained 65 kobo to book a place among the top ten gainers just University Press and Thomas Wyatt picked up 62 kobo and 59 kobo gains to close at N31.12 and N12.51.