Investors, on Wednesday, lost N102.7 billion in the trading session on the Nigerian Stock Exchange (NSE).
Market capitalisation dropped to N12.9 trillion from N13 trillion the previous day.
The All Share Index closed at 26,598.94, shedding 0.79%. Year to date, the market is down by 15.37%.
Top 5 trades
591 million shares valued at N7 trillion were traded in 2,907 deals. the top 5 trades by volume include Custodian Investment Plc 348 million shares valued at N2.5 billion traded in 6 deals. A new investor may be taking position in the insurance company.
Access Bank traded 52.5 million shares valued at N383 million in 193 deals. 28 million Lafarge Africa shares valued at N450 million were traded in 76 deals. GTBank traded 21.8 million shares valued at N583 million in 294 deals. Guinness Nigeria rounds it up with 20 million shares valued at N607 million traded in 76 deals.
Top 5 gainers
On the top gainers for today Learn Africa resurrected to the top of the gainers’ chart with a 9.80% gain to close at N1.12. Chams Plc gained 8.33% and closed at N0.26 to earn the second top gainer. Chams closed on the losers’ side during yesterday’s trade.
Cornerstone Insurance gained 8.33% to close at N0.39. Jaizbank gained 4.26% to close at N0.49. the stock was among the top performing stocks of last week, closing by 4.55%.
Access Bank, which was one of the top traded stock for today closed at N7.35, gaining 2.80%.
Top 5 losers
Nestle captained the losers’ ship with a 15% loss to close at N1,209.30. PZ Cussons Plc lost 10% to close at N6.30. NCR Nigeria Plc lost 9.09% to close at N4.50.
Guinness Nigeria closed at N30, losing 7.69%. United Capital Group Plc (Ucap) rounds up top losers’ chart with a 6.98% loss to close at N2.
Nigeria Government is planning to enforce a 2018 Supreme Court ruling that will it recover the sum of N18.9 trillion ($62 billion) from International Oil Companies (IOC) as its share of income from production sharing contracts.
According to a document prepared by the attorney general’s office, IOCs failed to honour a 1993 contract-law requiring the government to receive a greater share of revenue when oil price exceeds $20 per barrel.
Under the law, IOCs including Royal Dutch Shell Plc, ExxonMobil Corp., Chevron Corp., Total SA and Eni SpA agreed to fund exploration and production of deep-offshore oil fields and government gets its share of income from the profit after these oil companies cover their cost.
As at the time the law came into effect, crude oil sold for $9.50 per barrel. The oil companies currently take 80% of the profit from these deep-offshore fields, while the government receives 20%.
The contract-law required that its provisions be reviewed after 15 years and subsequently every five years. The attorney-general’s office insists that the provision for a higher share of revenue doesn’t require legislative action to take effect.
The government had secured a supreme court ruling but the IOCs have gone to the Federal High Court to challenge the ruling of the apex court, arguing that the Supreme Court ruling doesn’t allow the government to collect arrears.