TheNewsGuru

Tag: Investors

  • Investors in Oko Oloyun’s Ponzi scheme storm office to demand money after death

    Investors in Oko Oloyun’s Ponzi scheme storm office to demand money after death

    Tens of Lagosians stormed the LASU Road office of late Alhaji Fatai Yusuf, popularly known as Oko Oloyun, to demand the money they invested in his Ponzi scheme.

    Oko Oloyun, a popular Lagos-based trado-medical expert, was murdered on Thursday around 4:30pm on the road while travelling to Iseyin, Oyo State. He was reportedly attacked by some hoodlums at Igboora.

    Following his demise, people who invested money in his Ponzi scheme, known as “Option C” stormed the Head office of his company to demand how to retrieve their money.

    The investors were the more confused as his two offices at Egba Idowu along Igando road in Lagos were shut with no one to provide information.

    The investors, however, vowed to take drastic measures if a statement was not issued by the organization as soon as possible.

    Just like the day MMM folded up, the investors in “Option C” programme narrated how much they had invested and insisted they could not afford to lose their hard-earned money.

    An investor, who identified himself as Tunde explained that Option C is a money-making programme that promised a 10% return in two months.

    Tunde, who was trembling while speaking, added that he invested in the scheme in July 2019 and had only received returns once, contrary to the agreement of two months which was stated.

    Another investor, a retired teacher, who was clearly in shock, stated that she had invested millions having joined the programme in December 2018. She said she had only received N500,000 from her investment and that she was not sure of her fate with the death of Oko Oloyun.

    Clutching her investment documents, she said that she filed to pull out after inconsistency in payment but rescinded her decision when she was told that she could not get her investment back in full.

    Mrs. Sulaimon, an investor, said she aborted her trip to travel down from Badagry to Igando when she heard about the assassination of Oko Oloyun.

    Another investor, who spoke with teary eyes said Oko Oloyun’s death was a big blow to the Ponzi scheme. He however advised his co-investors to allow the family some mourning space before demanding for their money.

    Meanwhile, some investors who had visited the house of the late Oko Oloyun in Lagos alleged that they were denied access by the security men, with the statement that “Alhaja said we should not allow anybody to come in, they are all in Ibadan.”

    After the outcry, the investors agreed among themselves to visit the house of the deceased in Lagos during the Fidau prayers on the eighth day to demand their returns.

    However, a security man at Oko Oloyun’s Egan Idowu office alleged that one of the rooms in the head office was intentionally burnt by unknown men prior to Oko Oloyun’s death.

    He said the workers who were on duty had been arrested.

  • Investors Gain N13bn on First Trading Day of 2020

    Investors Gain N13bn on First Trading Day of 2020

    The Nigerian Stock Exchange (NSE) started the year 2020 on a positive note after it appreciated by 0.10 percent on the first trading day of the decade on Thursday.

    From observations, the local bourse was looking like it would kick off the year on a wrong foot, but stocks in the insurance space came to the rescue, closing as the only sub-sector of the exchange that ended strong by appreciating by 0.97 percent.

    The energy sector lost 5.01 percent, industrial index depreciated by percent, banking index declined by 0.39 percent, while the consumer goods sector lost 0.10 percent.

    The All-Share Index (ASI) appreciated during the session by 25.72 points to close at 26,867.79 points against 26,842.07 points in the last session, while the market capitalisation increased by N13 billion to N12.971 trillion from N12.958 trillion.

    Seplat was the heaviest price loser, going down by N65.70 to finish at N592.10 per share, while Lafarge Africa depreciated by N1.50 to end at N13.80 per unit. Unilever Nigeria lost N1.30 to settle at N20.70 per share, Stanbic IBTC declined by N1 to close at N40 per share, while GlaxoSmithKline fell by 60 kobo to settle at N5.50 per share.

    On the gainers’ chart, MTN Nigeria was the biggest price riser, appreciating by N4 to close at N109 per unit, while Dangote Sugar gained 40 kobo to settle at N14 per share.

    FBN Holdings rose by 35 kobo to finish at N6.50 per share, Vitafoam increased its share value by 30 kobo to close at N4.70 per unit, while UAC Nigeria also appreciated by 30 kobo to end at N8.90 per share.

    Despite the market closing bullish on Thursday, the level of activity was poor as the volume of traded equities went down by 74.93 percent to 264.1 million from 1.1 billion, while the value of stocks exchanged by investors reduced by 4.82 percent to N5.2 billion from N5.5 billion.

    FBN Holdings was the most active stock, trading 60.3 million units worth N384.0 million, while Access Bank trailed with 33.5 million shares valued at N335.6 million.

    Zenith Bank exchanged 30.9 million equities worth N578.2 million, UBA transacted 28.2 million shares valued at N202.6 million, while GTBank traded 18.9 million shares for N553.4 million.

  • Investors trade N17bn stocks in five days

    Investors trade N17bn stocks in five days

    A total turnover of 1.101 billion shares worth N17.082 billion were traded on the floor of the Nigerian Stock Exchange (NSE) last week by investors in 15,431 deals.

    This was higher than the 713.141 million equities valued at N13.295 billion transacted a week earlier in 16,237 deals, data from the NSE disclosed.

    During the week, the financial services industry led the activity chart by volume with 752.4 million shares valued at N9.9 billion traded in 8,519 deals, contributing 68.34 percent and 57.96 percent to the total equity turnover volume and value respectively.

    The conglomerates sector followed with 93.2 million shares worth N239.3 million in 883 deals, while the third place was construction/real estate industry with a turnover of 65.8 million shares worth N66.7 million in 100 deals.

    In the data, it was stated that trading in GTBank, Access Bank and Zenith Bank accounted for 530.4 million shares worth N9.1 billion in 3,604 deals, contributing 48.17 percent and 53.25 percent to the total equity turnover volume and value respectively.

    In the week, 27 equities appreciated in price, higher than 25 stocks in the previous week, while 34 shares depreciated in price, lower than 35 equities in the previous week, with 105 equities remaining unchanged, lower than 106 equities recorded in the preceding week.

    It was gathered that last week, the All-Share Index and market capitalization both depreciated by 1.38 percent to close the week at 27,146.57 points and N13.207 trillion respectively.

    Similarly, all other indices finished lower with the exception of NSE Banking, NSE Pension, NSE Insurance, NSE-AFR Bank Value, NSE AFR Div Yield, NSE MERI Value, and NSE Industrial Goods Indices, which appreciated by 0.20 percent, 0.84 percent, 0.83 percent, 1.56 percent, 1.41 percent, 1.64 percent, and 0.59 percent while the NSE ASeM index closed flat.

  • FG to Borrow N1.003trn from T-Bills Investors in Q4’19

    FG to Borrow N1.003trn from T-Bills Investors in Q4’19

    The federal government, through the Central Bank of Nigeria (CBN), is looking to borrow the sum of N1.003 trillion from investors in the treasury bills market in the fourth quarter of 2019.

    The apex bank, in its Nigerian Treasury Bills Issue Programme for Fourth Quarter 2019 released this week, said it would source for the money via the primary market auction.

    According to the circular, the central bank would offer the T-bills in three maturities; 91-day, 182-day and 364-day.

    A total of N90.625 billion of the 3-month debt instrument would be auctioned in the period, N90.182 billion worth of the 6-month bill would be sold and N821.845 billion worth of the 12-month tenor would be offered for sale to investors.

    A further breakdown of the proposed exercise indicated that on September 11, the apex bank will conduct the first auction of the quarter, selling N15 billion, N14 billion and N129.7 billion worth of the 91-day, 182-day and 364-day treasury bills respectively.

    The next week, it would offer for sale N3 billion worth of the 91-day instrument, N8.4 billion worth of the 182-day instrument and N168.4 billion worth of the 364-day instrument.

    On October 2, the CBN would sell N10 billion worth of the 91-day bill, N17.6 billion worth of the 182-day bill and N106.4 billion worth of the 364-day bill and two weeks later, it would auction N5.9 billion worth of the 91-day bill, N3.5 billion worth of the 182-day bill and N112.5 billion worth of the 364-day bill and then on October 30, the bank would offer for sale N28.0 billion worth of the 91-day bill, N10.6 billion worth of the 182-day bill and N93.9 billion worth of the 364-day bill.

    On November 13, the central will conduct another PMA for the sale of N4.4 billion worth of the 91-day bill, N12.9 billion worth of the 182-day bill and N107.9 billion worth of the 364-day bill and two weeks later, it would sell N24.4 billion worth of the 91-day bill, N23.2 billion worth of the 182-day bill, while N103.1 billion worth of the 364-day bill would be offered.

  • Investors showing high level of demand for FG bonds – DMO

    The Debt Management Office (DMO), says investors have in recent months been showing high level of demand at Federal Government bond auctions, a development which continued at the auction for June.

    A statement issued by the organisation on Wednesday in Abuja, noted this was evident at an auction carried out by it where three instruments totalling N100 billion were offered to the investing public with five, 10 and 30-year tenors.

    According to it, subscriptions for the three instruments from competitive bids were slightly above N160 billion, indicating an oversubscription of 60 per cent.

    “Investors’ appetite for longer tenored instruments remained strong, with the 30-year bond oversubscribed by 100 per cent.

    “The 10-year bond was also oversubscribed by over 50 per cent, while the five-year tenor was 31 per cent oversubscribed,” it said.

    In the auction results obtained from the DMO website in Abuja, N28.99 billion was allotted to 19 successful bidders at 14.3 per cent for the five-year and N36.36 billion to 22 bidders at 14.5 per cent for the 10-year papers.

    Meanwhile, N31.49 billion was allotted to 30 bidders at 14.68 per cent for the 30-year bonds, bringing the total allotments to N96.84 billion.

    It said that an additional allotment of N13.50 billion was made on non-competetive basis for the 10-year bond, also at the rate of 14.5 per cent.

    The News Agency of Nigeria (NAN ), reports that Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

  • Investors oversubscribe Nigeria’s 30-year bond by 400%

    On Wednesday, the Debt Management Office (DMO) issued the first 30-year FGN bond, offering N20 billion worth of the note to interested investors.

    At the close of the auction Thursday, the debt office said it received subscriptions valued at N80.41 billion from investors, representing a 400 percent subscription rate.

    According to details of results of the exercise, the paper was sold to investors at an interest rate of 14.80 percent, which would be paid semi-annually to holders.

    Recall that during the bond auction on Wednesday, the DMO offered three maturities in 5-year, 10-year and 30-year and received total subscriptions of N149.30 billion, representing a total subscription level of about 150 percent.

    A total of N40 billion worth of the 5-year bond, N40 billion worth of the 10-year bond and N20 billion worth of the 30-year bond were auctioned yesterday.

    At the end of the sale, the debt office allotted a total of N97.40 billion to successful bidders at 14.50 percent for the 5-year, 14.55 percent for the 10-year and 14.80 percent for the 30-year FGN bond.

    Director-General of DMO, Ms Patience Oniha, explained that, “The bulk of the subscriptions came from asset managers and insurance companies who have been looking for long-term, good quality assets to buy in order to match their liabilities.”

    She said, “With the success of the 30-year bond offering, the DMO has reinforced its pioneering role in the domestic capital market by introducing another longer-dated instrument which for the government, represents appropriate funding for infrastructure and an effective tool for spreading out its liabilities, while for the private sector, it provides an avenue for other issuers, such as corporates, to access longer-term funding for their projects.”

  • Investors oversubscribe Ecobank $450m Eurobond

    Investors oversubscribe Ecobank $450m Eurobond

    The debut $450 million Eurobond recently issued by Ecobank Transnational Incorporated was oversubscribed by investors, the company has disclosed.

    The money was raised to assist the Lomé-based parent company of the Ecobank Group to meet its general corporate purposes and to refinance existing Holdco obligations.

    The Global Offering is a 5-year unsecured note (144A/RegS) listed on the main market of the London Stock Exchange (LSE) and the bond will mature in April 2024.

    The lender said it issued the notes with a coupon pricing of 9.5 percent with interest payable semi-annually in arrears.

    On Thursday renowned rating agency, Fitch, assigned a ‘B’ rating on the debt instrument.

    In a statement issued by Ecobank Thursday, it said subscriptions were received from investor across the globe, including United Kingdom, United States, Europe, the Middle East, Asia, and Africa.

    “This is another first for Ecobank and I’m very excited at the prospects for the Group as we continue the second phase of our 5-year ‘Roadmap to leadership’ strategy.

    “Our efforts toward greater operational and capital efficiency are paying off, and this offer is another example of the measures we are taking to strengthen our institution and deliver value for all of our stakeholders,” Group CEO of Ecobank, Mr Ade Ayeyemi, said.

    The Group Chief Financial Officer, Mr Greg Davis, noted that, “The success of this Eurobond reflects appetite from high quality and real money institutional investors globally and the trust that continues to be conferred on our institution and the markets we have chosen to participate in.”

     

  • Nigeria ready for business, Emefiele tells investors

    The Central Bank of Nigeria (CBN) has assured investors and the international community that the country having gone through a successful election, was ready for investments.

    The CBN Governor, Mr Godwin Emefiele, on Friday night in Washington DC, held an informal meeting with potential investors where he enticed them with the Nigerian success stories, especially in agriculture.

    Emefiele said that the Anchor Borrowers Programme, which targets local farmers was one of the major achievements of the bank under its development interventions.

    “As at December 2018, a total sum of N178.48 billion had been disbursed through 19 participating financial institutions to 902,518 farmers.

    “During the period, over 2.8 million and 8.4 million direct and indirect jobs were created under the Anchor Borrowers Programme,” he said.

    On the country’s foreign exchange policy, Emefiele said that the focus had always been to ensure price stability.

    He highlighted some of the foreign exchange reforms undertaken by the bank, which included the ban of the 41 items, the establishment of the investor’s and export’s window and the SME Window of the foreign exchange market.

    According to him, this resulted in a stable exchange rate, foreign exchange liquidity, vibrancy in the capital market, improved supply of foreign exchange supply with a positive impact on GDP growth.

    Emefiele said also that Nigeria, through its financial inclusion strategy had recorded a lot of progress in giving its adult population access to a broad range of formal financial services at an affordable cost.

    According to him, statistics show that in Nigeria today, the number of adult with access to financial services has grown from 58.4 per cent in 2016 to 63.2 per cent in 2018.

    “A lot of work has been done and indeed a lot of work needs to be done but in the midst of this, we are saying that Nigeria is open for business and foreign investors.

    “As the monetary and fiscal authority continue to work tirelessly to boost our economy, it is important to portray some of Nigeria’s enduring strength which offers a significant reward for current and prospective foreign investors.

    “I want you to know that irrespective of the impact of the recession, Nigeria’s economy remains the largest in Africa by the size of its GDP with diversified opportunities across different sectors.

    “These sectors include ICT, manufacturing, solid minerals, trade and agriculture,” he said.

    Emefiele assured potential investors of the safety of their investments should they choose to take a leap of faith and make a mutually beneficial investment in the country.

  • Ibeju-Lekki: The Hallmark of Investors in West Africa, By Anthony Eferhirhie Abugu

    Ibeju-Lekki: The Hallmark of Investors in West Africa, By Anthony Eferhirhie Abugu

    Article written by Anthony Eferhirhie Abugu

    It is not just a mean saying that places differ and that it’s their differential qualities that make the live or stagnation of these places. In recent times, mostly during the great Ahmed Bola Asiwaju Tinubu government of Lagos state (from 2001-2007), the then Ibeju-lekki region was looked upon as a mere zoo. A jungle for ritualists.

    Hoodlums courts and the capital of rascals. At this very time, places like Ikoyi and Ikeja where the abode of affluence and the only place the sun of industrialization and economic boom shone on. Ikeja at the other hand was the business hotspot. As a virtue of being the capital city, everybody set their bearings towards the drilling of the oil in the capital city.

    The Ikoyi and Ikeja boom was a phenomenon at that time. Even foreign investors graced the greenness of these two cities. Then, if you are rich and you are not in Ikoyi or Ikeja then your riches are not complete. All multinational companies in Nigeria have one corner or the other they called their office either at Ikoyi or Ikeja. There were both the New York, California, Moscow, Tokyo and Berlin’s of West African then. Yet, where are they standing today in the midst of the great industrialization and economic boom that is presently hitting Lagos from all corners?

    There has been a lot of argument as towards where Ibeju-lekki starts from and ends. The local governments and the Local Council Development Areas, how these LGAs’ and LCDA’s make up this fertile than Ikoyi and Ikeja soil. My aim is not to drive you through these arguments or establish a starting and ending boundaries that make up the Ibeju-lekki axis or local government area but to open
    your eyes and elongate your mind to the investment opportunities mostly in the real estate industries in the ibeju-lekki area.

    Take it or leave it, Ibeju-lekki is the new king of Lagos. A new Prince is now born there. His name is the latest and newest hallmark of investment in West Africa. We must not dare to compare Ikoyi, Ikeja and Ibeju-lekki (stretching from Eti-Osa Local government to Epe Local government). It is no more a new fact that the glorious days of the two most famous cities in West Africa – Ikoyi and Ikeja had long
    gone. Yet, we all must not forget the splendour, opulence and financial opportunities both cities created for the average man in West Africa.

    We cannot forget and we can never forget. The impact of the Ikoyi and Ikeja economic boom will ever remain engrained in our heart and the effect is what Lagos state stands on today as the greatest, most economically viable and buoyant state in Nigeria. Richer than
    some counties in the world.
    Also, discussing Ibeju-lekki as the hallmark of investors in West Africa, we have to understand why?. First, in terms of city planning and structural regulations, Ibeju-lekki comes first. The mistakes the then Lagos state government and the ones after it made during the establishment of Ikoyi and Ikeja are now corrected in Ibeju-lekki. Every communities and streets, hubs and corners has a designated layout as set out by the government. No more Ikoyi and Ikeja business or structural lifestyle as usual. No! There is a developed and well established pattern towards building and construction, road network, drainage and other public amenities that are well founded, implemented at the Ibeju-lekki axis compare to Ikoyi and Ikeja.

    Secondly, there’s a vast area of land that is open for structural development which has led to the most outstanding structural innovations in the area than both Ikoyi and Ikeja combine together. Both the rich, middle and poor-class can buy landed properties at Ibeju-lekki but not at Ikoyi and Ikeja. The reason is, landed properties at Ikoyi and Ikeja is at a very low ebb in terms of availability and proper sitting
    compare to Ibeju-lekki.

    Also, landed property both empty and develop structures covers the three categories of class in the society in terms of price, cost of construction, maintenance and cost of documentation. While at the very heart of the Ibeju-Lekki axis such as Ajah, Badore, Lekki Peninsula, Ikota, Admiralty, Sangotedo, Eleko, Bogije and environs a plot of land (60×120 – 600sqm3) ranges from hundreds of millions to three hundred thousand naira compare to that of Ikoyi and Ikeja. There is always a price for every class of the society for landed property at the Ibeju-Leki axis but at Ikoyi and Ikeja the reverse is the case.

    We have seen and heard of 300sqm3 of land sold for fifty million naira at Ikoyi and five hundred million naira at Ikeja which only the super-rich can afford. At Ibeju-lekki, the price of landed properties floats in the air. It’s not something that is cut out for the super-rich alone. No! Everybody can be a landlord at the Ibeju-lekki axis because no matter your financial status, there is always a property that fits into
    your financial status.

    This also pinpoints the fact why the region has the most developed housing units, a number of real estates (fenced and serviced) and has even gone to the apex of attracting foreign real estate investors and developers in the region such as Bricks and Brains.

    However, one of the major reason that has to lead to the Ibeju-lekki boom is the sitting of the Lekki Free Trade zone, Lekki Deep Seaport and the Dangote Refinery at one location in one axis. Just 5- minute drive from each other. For users that are conversant with google map, the Lekki Free Trade zone is already mapped into google maps. What this means is that every business oriented individual in the world now knows about this economic hotspot.

    Apart from the real estate companies that has dominated the axis, foreign companies are already setting their branch offices in the region. While the Dangote refinery, Deep seaport and the Lekki free trade might remain the major investment and economic hubs in the region which has continue to attracts investors from every part of the world and corporate organizations. They are also some economic
    industrialize tone to the area such as the Dangote Petrochemical plant, Dangote Private Jetty. Also, the industrialize areas where you have the DANO milk plant which is already functional since two years, Power Oil (owned by Indomie) also fully functional, Kellog (Cornflakes manufacturer) and others Asian companies that are already setting their facilities in the area with construction, technology
    innovations being deployed to the region for the economic boom. Also, it will be a serious abysmal not to mention the different first-class beach resorts in the area like the La Campagne Tropicana Beach Resort and others.

    The next question you might want to ask is, is this hot economic hotspot not for the rich and the influential alone? My answer to that question is No! The investment opportunities in the region is not tailored towards favouring one particular class of the society. With proper due diligence and good timely information at your disposal, there’s an investment opportunity that fits into your financial status
    quo. This is where your legal team and property scooters or realtors should do their background check very well. There are landed properties for every classes of the society in the area. Just do your background check very well before putting your money on the table if not, it’s better late than I am sorry.

    The second question you might want to ask is, how regulated is the area by the government? Does the government have a serious oversight over the area or is one of those places in Lagos where Omo-nile calls the shots here and there? My answer to that question is, the Ibeju-Lekki axis starting from Eti-Osa local government is highly regulated by the Lagos state government. First, the Lagos state government has put lots of measure in place to curb the legal illegality of Omo-nile (land grabbers) and other fraudulent groups or gangs whose business is to sell people’s land to other people and takes people’s land by force in the name of ratification. By now, you should know that ratification can only be done with the government and not any other person.

    The third question you might be thinking now is, what does it take to be an investor in this hot economic zone? The truth be told, it will only take you and yourself alone (Your determination) to be an investor in the Ibeju-Lekki axis is the key and nothing more. You might say what! Yeah! That is, it! Surprise? Money is not everything but determination is worth everything. Even if you have fifty million naira in your account right now, it is your self-determination that will determine if that money grows or diminishes. What truly makes people successful, great and wealthy is what flows out of them and not what flows around them. Your inner flow matters a lot. You must be determined to be a key investor in the Ibeju-Lekki area and when your determination is in place, everything other things will fall in
    place including the required funds needed to invest.

    Conclusively, they are many platforms you can invest in the Ibeju-Lekki economic boom but the most outstanding of them all which this article has been addressing from start is the real estate platform. Like every true investor, you can always start small and grow your investment into a real estate conglomerate.

    Also, it’s important you understand that when investing in the Ibeju-Lekki real estate boom, you can do this directly with the landowners (villagers) or with established real estate companies in the area. Now, they both have their pros and cons but you will have better control and oversight over your investment with a real estate company because of the following:

    1. A real estate company is an established business entity that has corporate values and responsibility, thus liable to be sue at the court of law any time any day.

    2. A real estate company has other land-moving and technical-know-how which the villagers do not have. All they just want to do is to sell and move on with their life and nothing more.

    3. A real estate company has an oversight value growth and appreciation, policies and amenities deploy to that area to add value to the landed property and open it up for further development.

    Lastly, you must understand that not all real estate company can meet the above three pre-requisites.They are lots of Kangaroo, Sell and Run, Sell and On-Your-Own real estate companies in the area as well. You must avoid them if not what you think it’s an investment will only end up as a shamble and liabilities before your very eyes. This is where the most viable and sophisticated real estate company
    ‘De Castle Gardens Limited’ comes in. De Castle Gardens Limited is a real estate developer and a major player in the region. Investing with them is standing in the midst of the boom of the Ibeju-Lekki business and economic honey spot. They have one of the finest property in the area that is just five minutes’ drive from Dangote refinery and directly opposite the golf course and Dangote Jetty as well
    with the title ‘Gazette’.

    They have both Commercial and Residential plots in a well-designed and approved government layout. Visit their website at www.decastlegardens.com. Investing with them makes your investment secure, with added value and appreciation rate. Welcome on board to the Ibeju-lekki economic boom!

  • Investors lose N209bn in six hours at Stock Market

    …As All-Share Index drops to 29,000 Region

    The six-hour trading period on the floor of the Nigerian Stock Exchange (NSE) on Wednesday ended again on a negative note.

    This was as a result of the further loss registered by the local bourse on Wednesday buoyed by profit-taking, which led to the reduction in the market value by N209 billion.

    The stock market is yet to record any gain this week and from the look of things, the exchange might not close in the green territory this week.

    During the midweek trading session, the stock market depreciated by 1.85 percent, which pushed the year-to-date loss to 5.61 percent.

    Meanwhile the All-Share Index (ASI) fell into the 29,000 region on Wednesday after going down by 558.04 points to settle at 29,668.73 points, the lowest in nearly three months, from 30,226.77 points in the previous session.

    Similarly, the market capitalisation, which measures the total value of listed stocks on the exchange, reduced by N209 billion to finish at N11.144 trillion.

    It was observed that despite the loss yesterday, the volume and value of trades increased by 43.94 percent and 24.83 percent respectively.

    A total of 542.6 million equities worth N5.7 billion were transacted in 4,146 deals on Wednesday against the 377 million units of shares worth N4.5 billion traded on Tuesday in 4,018 deals.

    Dominating the transactions chart was Sterling Bank, which recorded a turnover of 144.2 million shares sold for N348.9 million.

    FCMB traded 68.7 million shares worth N125.6 million, while FBN Holdings transacted 55 million equities for N415 million.

    Zenith Bank traded 35.7 million units of its stock for N739 million, while Access Bank exchanged 35.4 million equities valued at N207.4 million.

    On the price movement log, Dangote Cement emerged as the day’s heaviest price loser, going down by N3 to finish at N190 per share.

    International Breweries fell by N2.50k to close at N23.50k per share, while CCNN depreciated by N1.75k to end at N16.20k per share.

    GTBank dropped N1 to finish at N35 per share, while Zenith Bank declined by 90 kobo to settle at N20.40k per share.

    At the other side, Nestle Nigeria topped the gainers’ chart after adding N50 to its share value to close at N1450 per share.

    It was followed by Nigerian Breweries, which grew by N3.10k to end at N60 per share, and Oando, which rose by 10 kobo to quote at N4.80k per share.

    Sterling Bank gained 9 kobo to finish at N2.48k per share, while Fidelity Bank appreciated by 6 kobo to close at N1.87k per share.