Recent happenings in the Nigerian stock exchange have defied all known explanations. These happening are mainly like a new trend, where companies that declare good quarterly of audited results will start to lose value in their stock prices. The opposite happens when companies declare terrible results; lo and behold the stock prices will head north!

I used to think, until recently that it was supposed to be the other way round, let us use a recent example. Dangote sugar refineries made some good profit at year end and therefore declared a bonus and dividend for its shareholders. The bonus issue will be in the ratio of 1:5, yet investors started dumping those shares.

This result was made public at the tail end of last week and since then, for two trading days the stock has lost the maximum allowed 10% while oasis insurance that declared a 0.02 kobo dividend has been enjoying price appreciation on the floors of the exchange. Lets see how this all plays out as trading starts tomorrow.