NSE: Continued profit-taking drags index further down

Sustained sell pressure in blue-chip equities led the Nigerian bourse on a step further downward on Wednesday causing the major performance indicators to end in the negative territory.

A negative market breadth was posted as 17 gainers were recorded against 11 losers.

The All Share Index (ASI) shrank tighter, shedding 0.75% or 220.65 basis points to close at 29,062.50.

The market capitalisation dropped to N14.992 trillion at the end of Wednesday’s trade. Year to date, the index is up by 8.27%.

TOP 5 GAINERS

BETA Gas was the leader in the flock of gainers on Wednesday, appreciating by 10% to close at N64.9. Forte Oil added up 6.44% to end the day’s trade at N19. GSK went up by 7.14% to N6. UBA rose to N8.5, notching up 3.03% in the process. GTB completed the top 5, climbing by 0.63% to N31.8.

TOP 5 LOSERS

MTNN led losers at Wednesday’s trade, declining by 2.98% to close at N120.5. BUA Cement shed 2.44% to end today’s trade at N38. ETI fell to N7.2, losing 7.69%. UACN slumped to N10.7, recording 3.17% depreciation. Dangote closed at N14.5, going down by 2.03%.

TOP 5 TRADES

360.076 million shares estimated at N2.835 billion were traded on Wednesday in 4,345 deals.

Morison led trade with 126.774 million of its stocks worth N57.053 million traded in 3 deals. 52.475 million units of Access Bank shares priced at N536.578 million exchanged hands in 413 transactions. UBA had 31.969 million shares valued at N274.103 million traded in 431 deals. Zenith Bank traded 31.555 million shares estimated at N64.033 million in 572 transactions. Transcorp traded 17.856 million shares valued at N19.005 million in 75 deals.

LATEST DEVELOPMENTS

Unilever Nigeria Plc

Fast Moving Consumer Goods Company (FMCGC), Unilever Nigeria Plc on Wednesday informed the NSE of the appointment of a Filipino, Carl Raymond R Cruz as its new Managing Director.

Cruz will resume as Unilever’s managing director on February 1.

He is an alumnus of De La Salle University, Philippines, having obtained a Bachelor of Science degree in Marketing from the institution.

He is currently the Chairman of Unilever Sri Lanka and has 26 years’ experience in Customer Development and Marketing since joining Unilever in 1992.

Global Spectrum Energy Services Limited

Global Spectrum Energy Services also announced the appointment of Mr. Austin Oyagha as its acting Managing Director.

Oyagha is a retired Real Admiral with about three decades and a half experience in maritime services and security.

He served as the Flag Officer Commanding Logistics, Command Chief of Training and Operations at the Naval Headquarters and Chief of Administration at the Defence Headquarters.

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