The Nigerian Equity Market remained in the Reds on Monday, July 4, as activities on the bourse reacted to the the sack of the management of Skye Bank Plc.
The Central Bank of Nigeria today sacked top executives of Skye Bank Plc over failure to meet required capital adequacy ratio, poor liquidity ratio and high level on non-performing loans, and appointed Mr. Tokunbo Abero as the new Group Managing Director/ CEO while M.K Ahmad is the new Chairman of the bank.
As a result, its stock topped the day’s 31 losers with a decline of 9.52 percent or 10 kobo to close at N9.52 per share. Coming behind Skye Bank on the losers’ table was Honeywell Flour Mills Plc which shaved off 6.21 percent or 10 kobo to close at N1.51 per share, Guinness Nigeria Plc closed at N99.50 per share as it lost 5.21 percent or N5.47, while FBN Holdings Plc also depreciated by 5.13 percent or 20 kobo to close at N3.70 per share and Forte Oil Plc dropped 5 percent or N9.51 to close at N180.84 per share.
On the other hand, Oando Plc led 10 gainers with an advancement of 10.16 percent or 68 kobo to close at N7.37 per share. Vanleer Plc followed with a gain of 4.98 percent or 46 kobo to close at N9.69 per share, Red Star Express Plc added 4.88 percent or 21 kobo to close at N4.51 per share, while Continental Reinsurance Plc and DN Meyer Plc appreciated by 4.55 and 4.44 percent or 5 kobo and 4 kobo each to close at N1.15 and 94 kobo per share respectively.
At the end of the day’s trading session, investors had exchanged a total of N142.8 million shares worth N1.35 billion in 3,321 deals compared to N189.7 million shares worth N2.2 billion exchanged in 3,486 deals on Friday.
FBN Holdings topped volume movers having sold 21.8 million shares followed by Zenith Bank which traded 12.5 million shares and Access Bank 11.7 million shares.
