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Trading Volume Rises 140% as Investors Stake N6.8bn on 427m Shares

Trading Volume Rises 140% as Investors Stake N6.8bn on 427m Shares

 

 

 

 

 

 

Investors staked N6.777 billion on 427.228 million shares in 2,178 deals yesterday, showing an increase of 140 per cent, compared with the N2.825 billion invested in 154.034 million shares in 2,922 deals the previous day.

Despite the high value of investment, the Nigerian Stock Exchange (NSE) All-Share Index fell by 0.25 per cent to close at 27,321.57, as the market extended losses for the third day running. The decline stemmed from losses suffered by bellwethers such as Dangote Cement Plc, MTN Nigerian Communications Plc, Zenith Bank Plc and Nestle Nigeria Plc among others.

 

A total of 15 stocks declined compared with 13 others that appreciated. NPF Microfinance Bank Plc led the price losers with 9.8 per cent, trailed by UACN Property Development Company Plc with 9.3 per cent. Livestock Feeds Plc shed 8,5 per cent, while Courtville Business Solutions Plc went down by 4.7 per cent. Cutix Plc lost 3.0 per cent just as Guinness Nigeria Plc, Glaxosmithkline Consumer Nigeria Plc and United Capital Plc shed 2.9 per cent, 2.7 per cent and 2.2 per cent respectively.

On the positive side, Continental Reinsurance Plc led the price gainers with 9.5 per cent followed by Cornerstone Insurance Plc. Custodian Investment Plc chalked up 7.6 per cent, while Access Bank Plc appreciated by 5.1 per cent. International Breweries Plc and NEM Insurance Plc garnered 5.0 per cent each. AIICO Insurance Plc and Chams Plc went up by 4.6 per cent and 4.3 per cent in that order.

The management of Chams Plc recently assured the NSE that it would regular provision of its corporate information for enhanced investment decision in line with post listing requirements .

The newly appointed Group Managing Director of Chams Plc, Mr. Gavin Young, gave the assurance during a courtesy visit to the exchange.

He explained that the company would place premium on investment in innovative solutions and software across the commercial, consumer and government sectors of the economy to sustain its competitive edge.

Young, assured the NSE that Chams Plc would always take the issue of compliance with all the post listing requirements seriously, saying he was looking forward to a strong relationship with exchange and would be happy to make input on the best ways of achieving a strong relationship.

Speaking on the strategic move to upscale the company’s operations, Young said: “Our focus is to perfect and package these solutions so that we can realise value from our investments. As Chams is one of the foremost identity companies in Nigeria, we are also focusing on innovation in the identity space, and particularly verification, as there are now over 40 million National Identity Numbers (NIN) and BVN records to which we can link to provide such verification solutions,” he said.

SOURCE:- https://www.thisdaylive.com/index.php/2019/09/26/trading-volume-rises-140-as-investors-stake-n6-8bn-on-427m-shares/