Thursday, 04 July 2019

The indefinite strike embarked upon by Maritime Workers Union of Nigeria has entered day two.

The workers began the nationwide strike yesterday following the expiration of the 14 day ultimatum issued to the government.

The workers are demanding that the federal government compel the international oil companies to pay over one year’s outstanding wages to dock workers, amongst other issues.


The union has also accused international oil companies of not treating dockworkers fairly as workers are owed at least 12 months salary.

Seaports in the country have been shutdown as business activities have been paralysed around the nation’s ports.

Published in Business

The bearish performance of the local bourse was on Wednesday extended into the third consecutive session as sell pressures in DANGCEM (-1.6%), ZENITH (-1.0%) and MOBIL (-9.7%) dragged the benchmark index 7bps lower to 29,375.25 points while YTD loss remained at -6.5%.

Accordingly, investors lost N8.8bn in value as market capitalisation decreased to N12.9tn.

However, activity level was mixed as volume traded rose 18.5% to 237.7m units while value traded fell 31.5% to N2.0bn.

The top traded stocks by volume were MORISON (44.5m units), UBA (34.1m units) and STERLING(32.1m units) while ZENITH (N541.1m),GUARANTY (N375.1m) and UBA (N209.6m) led by value.

Performance was largely bullish as 4 of 6 indices under our watch trended northward save the AFR-ICT index which traded flat.

The Industrial Goods index led gainers, up 1.7%, due to sustained gains in WAPCO (+6.0%) and CCNN (+3.6%).

Similarly, the Insurance and Consumer Goods indices rebounded, rising 0.5% apiece on account of buy interest in WAPIC (+9.3%), UNILEVER(+4.2%) and DANGSUGAR (+2.8%). On the flip side, the Oil & Gas index led laggards, declining 0.7%, due to a loss in MOBIL (-9.7%) while sell-offs in ZENITH (-1.0%) and FBNH (-2.3%) drove the Banking index 0.6% lower.

The top performing stocks were BOCGAS (+9.9%), ACADEMY (+9.7%) and WAPIC (+9.3%) while MORISON (-10.0%),FIDSON (-9.9%) and MOBIL (-9.7%) were the worst performers.

Published in Business
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