By Michael E boh and Providence Obuh

The Senate Committee on Capital Market, Monday, shunned the Nigerian Stock Exchange (NSE), as the Chairman of the Committee, Chief Ganiyu Solomon failed to show up for the ceremony marking the commencement of the extension of trading hours.

Solomon, who was expected to flag off the extension with the ringing of the closing bell failed to show up and did not give any reason for his failure to turn up.

According to market watchers, Solomon’s action is an indication of a frosty relationship between the NSE and the senators, especially with the recent summon of the Director-General of both the Securities and Exchange Commission (SEC) and the NSE and the decision of the senate to probe activities in the capital market.

Speaking on the failure of Solomon to show up, the Interim Administrator of the NSE, Mr Emmanuel Ikazoboh said, “Honourable Ganiyu Solomon turned down the invitation for reasons I cannot explain because I’ve sent him a reminder, but I believe he may be attending to some State issues”

Present at the flag off ceremony was two past presidents, Mr. Goodie Ibru and Ayoola Oba Otudeko  including the former Director General (DG) Apostle Hayford Alile.

Oba Otudeko said the flag off is a landmark event to the NSE, noting that they came around to flag off the extension because they were still part of the market, however he said we are here to endorse the continuity of the exchange.

Alile noted that major companies who are supposed to be on the exchange are not there but listed in other countries around the world, he encouraged the Oil and Gas sector, the Tele-Communication to be listed on the exchange.

Meanwhile,, trading resumed on bearish note as equities’ value represented by the market capitalisation dipped by 0.09 per cent or 6.86 billion to close at N7.918 trillion from N7.925 trillion at which it opened.

Another key performance indices the All share index dropped by 0.09 per cent or 21.48 bases points to close at 24,785.56 points from 24,807.04 points.

Losses on share price was occasioned by major blue chip companies led by Finbank Plc with a loss of N0.04 to close at N0.78 per share, African Petroleum Plc followed with a loss of N1.03 to close at N20.12 per share and Spring Bank Plc dipped by N0.05 to close at N0.99 per share.

On the contrary, Stanbic IBTC Bank Plc recorded the most share price gain on the gainers table with a gain of N0.45 to close at N9.51 per share, Vono Product Plc followed with a gain of N0.07 to close at N1.52 per share and IHS Plc garnered N0.09 to close at N1.99 per share.

Other share price gainers include: Large Cement WAPCO Plc N0.02, Crusader Nigeria Plc N0.02, Goldlink Insurance Plc N0.02, UTC Nigeria Plc N0.03, Guaranty Trust Bank Plc N0.56, Livestock Feeds Plc N0.02, Custodian and Allied Insurance Plc N0.06, among others.

Equity trading appreciated by 57.31 per cent, a turnover of 309.20 million shares valued at N2.40 billion was recorded in 6,212 deals, in contrast to Friday’s turnover of 196.55 million shares valued at N1.40 billion in 5,126 deals.

The Banking sub-sector was the most active on the sectorial analysis accounting for 52.33 per cent of the market turnover with 161.80 million in 3,527 deals.  Guaranty Trust Bank Plc recorded the most patronage in the sub-sector trading 23.44 million shares valued at N386.25 million in 629 deals, First City Monument Bank Plc followed with the exchange of 23.10 million shares valued at N175.87 million in 90 deals and First Bank of Nigeria Plc recorded 21.79 million shares valued at N277.05 million in 809 deals.

The Insurance sub-sector followed in the sub-sector accounting for 25.80 per cent of the market turnover with 79.76 million shares valued at N55.54 million in 248 deals.  Law Union and Rocks Insurance Plc led the sub-sector trading 43.37 million shares valued at N21.70 million in 42 deals.