Investors Loses huge Monies from Zenith Bank, Forte Oil and Transcorp

Transnational Corporation of Nigeria Plc, Zenith Bank Plc and Forte Oil Plc  on Tuesday topped the losers’ chart after the close of business at the Nigerian Stock Exchange.

The share price of Zenith Bank dropped by N0.94 (6.15 per cent) to close at N14.35 from N15.29 while that of Forte Oil went down by N12.75 (5.13 per cent) to close at N235.90 from N248.65.

Transcorp share price also dropped by five per cent (N0.08) to close at N1.52 from N1.60.

The share price of Africa Prudential Registrars Plc dropped by N0.12 (4.92 per cent) to close at N2.32 from N2.44 just as that of Cement Company of Northern Nigeria Plc fell by N0.38 (4.88 per cent) to close at N7.40 from N7.78.

The NSE market capitalisation fell by N103.4bn to close at N9.466tn from N9.569tn. Similarly, the All Share Index fell to 27,533.03 from 27,833.89. 485.04 million shares worth N4.453bn traded in 2,785 deals.

After Tuesday’s trading at the Exchange, the highest index point hit 27,833.89 while the lowest and average index points stood at 27,287.89 and 27,569.01, respectively.

Unilever Nigeria Plc, Mobil Oil Nigeria Plc, Eterna Plc, Livestock Feeds Plc and Trans-nationwide Express Plc topped the gainers’ chart on Tuesday with Unilever Nigeria gaining N3.50 (8.33 per cent) to close at N45.50 from N42.

The share price of Mobil rose by N6.30 (five per cent) to close at N132.41 from N126.11; while that of Eterna Oil rose by N0.07 (4.83 per cent) to close at N1.52 from N1.45.

Livestock Feeds’ shares saw a rise of N0.06 (4.38 per cent) to close at N1.43 from N1.37; and the shares of Trans-nationwide Express rose by N0.04 (4.04 per cent) to close at N1.03 from N0.99.

For equities in the past week, a turnover of 1.218 billion shares worth N14.685bn in 13,495deals was made by investors on the floor of the Exchange in contrast to a total of 1.041 billion shares valued at N13.007bn that exchanged hands in the previous week in 13,407deals.

The financial services industry (measured by volume) was said to have led the activity chart with 1.068 billion shares valued at N9.888bn traded in 7,803 deals, thus contributing 87.7 per cent and 67.33 per cent to the total equity turnover volume and value, respectively.

The consumer goods industry followed with 48.455 million shares worth N2.450bn in 2,560 deals.

The third place was occupied by the conglomerates industry with a turnover of 45.914 million shares worth N364.525m in 622 deals.

Trading in the top three equities namely – Guaranty Trust Bank Plc, FBN Holdings Plc and Union Homes Savings And Loans Plc (measured by volume), accounted for 610.558 million shares worth N7.340bn in 3,262 deals, contributing 50.13 per cent and 49.98 per cent to the total equity turnover volume and value, respectively.

National Lifewatch took out time to seek opinion of financial experts on the remote cause of this ugly trend. It was discovered that the low economy activities in the country were directly responsible,  but, the experts assured that the aforementioned losers will bounce back in no time.