Stock Market reverses growth with 0.05% decline
As investors cashed in on short-term profit recorded in the industrial, oil & gas sectors during Wednesday’s trade, the equities market reversed the growth previously recorded, plunging the All-Share Index (ASI) lower by 0.05 per cent.
The ASI had gained 1.04 percent on Wednesday to close at 35,207.89 points, but following the profit-taking activities, the ASI ended at 35,188.97 points on Thursday.
The market capitalisation also decreased by N7 billion to close at N12.130 trillion, reducing the average year-to-date return 30.65 per cent.
AIICO Insurance led the day’s losers by 5.36 percent to close at 53kobo. Champion Breweries trailed with a loss of 5.35 percent, to close at N2.30, while Caverton shed 5 percent to close at N1.14 per share. Okomuoil closed the day with a decline of 4.95 per cent to close at N63.21 while Vitafoam shed by 4.81 percent to close at N2.57 per share.
Neimeth led the gainers’ table by 4.92 per cent, to close at 64 kobo per share. NEM followed with a gain of 4.46 per cent to close at N1.17, while FBN Holdings appreciated by 4.27 per cent to close at N5.37 per share. Skye Bank went up by 3.77 per cent to close at 55 kobo, while Nigerian Breweries gained 2.98 per cent to close at N173 per share.
Total volume traded increased 212 per cent to 429.2 million shares valued at N8.680bn in 3,271 deals in contrast to 137.4 million shares valued at N1.13bn and traded in 2,977 deals on Wednesday.
Guaranty topped the activity chart with 171 million shares valued at N6.7bn. Access Bank followed with 39.8 million shares worth N386 million. Jaiz Bank traded 39.2 million shares valued at N26.6m. FCMB traded 29.4 million shares worth N29.4m and Zenith Bank transacted 25.5 million shares valued at N561.5m.
Meanwhile, the Acting Head, Corporate Services of the Nigerian Stock Exchange (NSE), Pai Gamde has said the NSE’s partnership with a leading Strategy and Consumer Intelligence Company Ciuci (pronounced see-you-see) Consulting, to launch the NiBC 10 initiative will help advance the development of SMEs in the country.
According to Pai, the NSE’s decision is in alignment with its commitment to promoting and supporting small and medium enterprises (SMEs).
“At the NSE, we have a strong support system for such companies as our ASEM board provides them a platform for growth and expansion. A platform we hope these companies will leverage in the coming months.” She said.
Pai expressed delight on the partnership with Ciuci Consulting on the NiBC 10 initiative. She said, “It aligns with our commitment to promoting and supporting small and medium enterprises (SMEs) in Nigeria, by providing a framework that can help mentor SMEs in the country.”
A statement from the NSE, made available to The Daily Times revealed that the Nigeria Business Composite 10 (NiBC 10) created through the NSE, CiuCiu partnership will be launched on Tuesday, September 26, 2017 at the Stock Exchange House, Lagos.
“The NIBC 10 is a selection of 10 successful Nigerian Enterprises who have exhibited high potentials for growth and have over the years maintained a brilliant track record.”
The statement also noted that the landmark event is aimed at celebrating these companies whilst inspiring confidence in the Nigerian society and its potential to produce thriving businesses.
Speaking on the initiative, Chukwuka Monye, Managing Partner of Ciuci Consulting said: “Nigerian entrepreneurs need to see examples of business men and women that are working hard and creating successful businesses in the same environment that many fear to explore.
“We have worked with each of the 10 companies who are at different growth stages and are pleased to recognize them and encourage them for what they do.”
The launch of the NiBC 10 will bring together top Nigerian CEOs and captains of industry. Companies included in the NiBC 10 are House of Tara, Bestman Games, Iya Foods, L’Avyanna, Everyday Supermarkets, DBH Solutions, Ugo Monye Official, Healthcare Leadership Academy, Private Sector Health Alliance of Nigeria and Massey Street Children’s Hospital.
Afolabi Adesola
