Stocks oscillate, book modest loss as bears raise heads again

The equities market closed yesterday on a negative note, as Nigerian Stock Exchange [NSE] All Share index [ASI] depreciated by 0.01 per cent to close at 33,381.45basis points, compared with the 0.38 per cent appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 3.68 per cent

Market breadth also closed negative as UPL led 17gainers against 26losers topped by Vono at the end of yesterday’s session- an unimproved performance when compared with previous outlook.

Market turnover equally closed negative as volume declined by 25.18 per cent against 28.79 per cent decline recorded in the previous session. Zenith Bank, Mansard and Wapic were the most active to boost market turnover. Zenith Bank and ETI topped market value list.

Volume shockers included UPL which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

Meanwhile, the London Stock Exchange has been licensed by Hong Kong’s Securities and Futures Commission to operate as an alternative exchange operator.

This means that brokers based in Hong Kong can join as direct members of the LSE and trade for Hong Kong clients in LSE-listed stocks and fixed-income products, provided they meet requirements.

SFC license is an important move for the London Stock Exchange to further develop our business related to Hong Kong and Chinese companies.

The new links would encourage more mainland firms to list for trading on the LSE as well as more dim sum bonds, which could create more competition for Hong Kong Exchanges and Clearing.

Two Hong Kong financial firms are members of the London Stock Exchange through branches in London and 57 mainland Chinese firms are listed. The LSE signed a memorandum of understanding with four companies – Agricultural Bank of China, Bank of China, China Construction Bank, and Haitong Securities – to help bring more Chinese firms to list in London.

The LSE has a list of its 883 members based in various countries around the world.