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All-Share Index Falls Further Despite 69% Rise in Trading Value October 09, 2019
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Investors staked N2.537 billion on 185.944 million shares in 3,083 deals at the stock market yesterday. This, represented an increase of 68.7 per cent compared with N1.504 billion invested in 151.714 million shares in 2,854 deals the previous day.

Despite the increase in value of investment, the Nigerian Stock Exchange (NSE) All-Share Index declined by 0.21 per cent to close at 26,809.92, while market capitalisation shed N27.5 billion to close at N27.5 billion as the bears sustained their hold on the market. However, the decline was lower than the 0.45 per cent fall recorded the previous day.

A look at the activity chart in volume terms showed that Zenith Bank Plc recorded the highest transaction of 60.9 million shares, followed by FCMB Group Plc with 37.3 million shares, while GTBank Plc accounted for 27.9 million shares. In value terms, Zenith Bank remained the leader with N1.1 billion, trailed by GTBank Plc that recorded N744.4 million, while Nestle Nigeria Plc recorded N242.1 million.

Meanwhile, 14 stocks depreciated, led by Champion Breweries Plc with 9.6 per cent, followed by Courtville Business Solutions Plc with 9.0 per cent. Learn Africa Plc shed 8.9 per cent, while Wema Bank Plc and Chams Plc fell by 5.4 per cent. Chams Plc recently appointed a new managing director, Mr. Gavin Young to succeed Femi Williams, who retired after many years of meritorious service.

According to the company, until his appointment, Young was a strategic consultant to key subsidiaries of Chams Plc including Chams Switch Ltd and Chams Mobile Ltd.

“A seasoned fintech professional with a proven track record in managing companies, including subsidiaries of listed companies spanning diverse geographical areas of Africa , Young brings to Chams Plc, over three decades of robust industry experience to raise the bar in all the company’s performance indicators. Young, specifically focuses on all areas of electronic banking and fintech; issuing, acquiring, switching. His primary areas of specialisation are payments switching and processing, developing and managing payment card schemes, terminal and other electronic infrastructure management, transaction processing, transaction acquiring systems, and mobile payments among others,” the company said in a statement.

On the positive side, NASCON Allied Industries Plc led the 12 price gainers with 10 per cent. NPF Microfinance Bank Plc followed with 9.1 per cent, while Forte Oil Plc chalked up 6.1 per cent. Double One Plc appreciated by 5.6 per cent.

By THE PUNCH