Profit-taking at the stock market continued Thursday, leading to a decline of 0.75 percent in the Nigerian Stock Exchange (NSE) All-Share Index to close at 29,062.50. Market capitalization shed N113.8 billion to be at N15 trillion.
After many days of bullish run, the stock had on Tuesday recorded its first loss due to profit-taking by investors. The profit-taking continued yesterday as 17 stocks depreciated compared with 11 that appreciated.
Livestock Feeds Plc and Sovereign Trust Insurance Plc led the price losers with 9.09 percent apiece. Meyer Plc trailed with a decline of 8.0 percent just as Ecobank Transnational Incorporated went down by 7.6 percent. Fidson Healthcare Plc lost 5.4 percent, while Oando Plc and UAC of Nigeria Plc shed 3.8 percent and 3.1 percent in that order.
Other top price losers included: Sterling Bank Plc (3.1 percent); MTN Nigeria Communications Plc (2.9 percent); Access Bank Plc (2.8 percent) and WAPIC Insurance Plc (2.7 percent).
However, Beta Glass Plc recorded the highest appreciation of 10 percent to lead the price gainers’ table. Cornerstone Insurance Plc trailed with 9.4 percent, while GSK chalked up 7.1 percent. Forte Oil Plc garnered 6.4 percent, just as Transcorp Plc, Fidelity Bank Plc and United Bank for Africa Plc gained 4.8 percent, 3.8 percent, and 3.0 percent respectively.
The NSE Insurance Index was the only sector indicator that gained, appreciating by 0.3 percent. The NSE Industrial Good Index fell by 1.3 percent, followed by the NSE Banking Index and NSE Consumer Goods Index that pared 0.2 percent apiece. The NSE Oil & Gas Index shed 0.1 percent.
Meanwhile, Unilever Nigeria Plc has announced the appointment of Mr. Carl Raymond Cruz as new managing director of the company effective February 1, 2020.
In a notification to the NSE, the company said that Cruz is a Filipino and currently Chairman, Unilever Sri Lanka.
“He holds a Bachelor of Science degree in Marketing from De La Salle University, Philippines. He comes with an extensive career in Unilever D & E Markets in Asia (Philipines, Thailand, India and Sri Lanka). Since joining Unilever in 1992, Carl has gained over 26 years’ experience working in Customer Development, and in Marketing roles across Home Care, Beauty & Personal Care and Foods. Most recently, as Chairman of Unilever Sri Lanka, Carl has successfully steered the business to a sustainable and competitive growth trajectory,” the company said.
Source: THISDAY
