By Chinwendu Obienyi
Investors in Oando Plc trading on the Nigerian Exchange Limited (NGX) were excited yesteday as price of the security jumped by 29.5 per cent in three consecutive trading sessions. The company’s stock which opened this week’s trading at N3.97 per share, rose by 9.8, 9.9 and 9.8 per cent on Monday, Tuesday and Wednesday respectively, resulting in 29.5 per cent increase following the resolution of its long standing rift with the Securities and Exchange Commission (SEC) last week. However, sell pressure in bellwether stocks like Access Bank, BUA Cement, GTCO, Oando Plc – which fell by -9.70 per cent and 18 others led the All Share Index (ASI) declining by 0.79 per cent to close at 38,484.82 points on Thursday.
This was as market capitalisation dropped to N20.051 trillion as investors lost N159 billion, while year-to-date (YTD) loss weakened to -3 per cent with analysts attributing the negative sentiments to the CBN’s decision to stop the supply of FX to Bureaux de Change (BDC) operators. Afrinvest in its assessment of the market, said, “In the next trading session, we expect sell pressure to persist as investors adjust their holdings in the light of the CBN’s halt of FX supply to BDCs”.
Data from the NGX revealed that 22 stocks depreciated in value while 16 others appreciated, with Oando Plc led the laggards with 9.70 per cent to close at N4.75 per share, UACN was next with 8.93 per cent to close at N10.20, Linkage Assurance dropped by 7.69 per cent to close at 0.60 kobo, FTN Cocoa fell by 7.55 per cent to close at 0.49 kobo while UPDC lost 5.56 per cent to close at N1.19.