Equity market opens in downward trend, shedding N234 bn

Transactions on the floor of Nigerian Stock Exchange (NSE) yesterday opened week in negative trend following the loses recorded by some capitalised companies. The NSE All share index declined by 648.87 basis point to 40855.64 from 41504.51 point recorded the previous day. Market capitalisation of listed equities depreciated by N234 billion Or 1.56 per cent to N14.758 trillion from N14.992 trillion.
Investors traded 365.719 million shares worth N6.269 billion in 4173 deals against 272.613 million shares valued at N3.715 billion. exchanged hands the previous day in 4368 deals. An analysis of the investment showed that Glaxosmith Kline Plc led gainers table during the day, increasing by N0.85 kobo to close at N34.85 kobo, Ecobank Transnational Incorporated followed with a gain of N0.65 kobo to close at N17.00, Nascon added N0.50 kobo to close at N21.50 kobo, Zenith International Bank appreciated by N0.50 kobo to close at N29.80 kobo. Caverton Support added N0.24 kobo to close at N2.91 kobo.
Dangote Cement Industries in the other hands, recorded the highest loss for the day, dropping by N9.00 to close at N251.00, Lafarge Wapco trailed with a loss of N1.85 kobo to close at N43.45 kobo, Guaranty Trust Bank declined by N1.30 kobo to close at N43.40 kobo, Forte Oil depreciated by N1.20 kobo to close at N40.80 kobo, Nigerian Breweries down by N1.10 kobo to close at N28.90 kobo.
Shell concealed 157,000 bpd oil production in Ogoniland – MOSOP
Stories by Benjamin Umuteme with Agencies The Movement for the Survival of the Ogoni People (MOSOP) has accused the Shell Petroleum Development Company of Nigeria (SPDC) of lying about its production capacity in Ogoniland before it shut down operations in 1993. SPDC is a subsidiary of Shell International in the Hague, Netherlands. Publicity Secretary of MOSOP who made this known during an interactive session with leaders of the National Youth Council of Ogoni People (NYCOP) on Monday, March 26, 2018 in Bori, Rivers said before Shell shut down its operations in Ogoniland in 1993, the company failed to account for daily output of 157,000 barrels. Nsuke said available statistics show that while Shell claimed its production capacity in Ogoniland was 28,000 barrels per day, the company was actually producing 185,000 barrels per day.
The MOSOP spokesperson said these facts show that Nigeria lost over N2.8billion ($7,850,000), per day at an exchange rate of N360 to a dollar and presuming that oil sold at $50 to a barrel. Nsuke said, it was unfortunate that neither the Nigerian legislature, the federal government or any of the anti–corruption agencies have been courageous to investigate this corruption which went on for a very long time. “We have seen that Shell is more powerful than the Nigerian government and this is one instance of that overwhelming infl uence over Nigeria.
How can the government be silent over a $7.8 million daily loss to an irresponsible third party” he said. If Nigeria were to be diligent and strongly committed to citizens’ happiness, Shell would have been shown the way out of this country long ago, Nsuke said.