Nigerian Stock Exchange share index plunges

The Nigerian Stock Exchange fell to its worst performance year to date as the All Share Index closed at 32,292.79 basis points, down 3.46% and below the 33,000 mark. Year to date, the index is down 15.56%.

The drop was largely due to Dangote Cement falling sharply in Wednesday trading session. The stock closed at N210, down 5.83%. The stock accounts for about a third of the total market capitalisation on the NSE.

Law Union and Rock Insurance Plc was the best performing stock in today’s trading session. The stock closed at N0.60, up 9.09%. Skye Bank Plc followed closely, appreciating by 8.93% to close at N0.61. Jaiz Bank plc rounds up the top three gainers, closing at N0.53, up 6%.

On the flip side, Universal Insurance Plc was the worst performing stock today. It closed at N0.27, down 10%. Cement Company of Northern Nigeria (CCNN) was next, declining by 9.87% to close at N27.85. Fidelity Bank Plc rounds up the top three losers, falling by 9.58% to close at N1.51.

Access Bank was the highest traded stock by volume as 46.8 million shares valued at N368 million were traded in 157 deals.

FBN Holdings was next with 22.6 million shares valued at N194 million traded in 300 deals.

Transcorp rounds up the top three most traded stocks by volume with 19.6 million shares valued at N22.1 million traded in 140 deals.

Notable Trade: 18.7 million Dangote Cement shares valued at N3.9 billion traded in 59 deals.

Meanwhile, the Board of Directors of Courteville Business Solutions Plc have unanimously approved the appointment of Afam Edozie as the substantive Chairman of the company’s Board of Directors.

Edozie succeeds Capt. M.O Salami (Rtd), who retired from the board with effect from June 29, 2018.

Also, Notore Chemical Industries Plc has announced the appointment of Ohis Ohiwerei as Group Deputy Managing Director (DMD) and Chief Financial Officer (CFO), effective September 17, 2018.

Femi Agbaje, the current Chief Financial Officer, will retire effective September 17, 2018, but remain on the board as a Non-Executive Director.

The company also disclosed that maintenance on its ammonia plant would commence on the 14th of September 2018. The exercise is expected to last between 15-20 days and will enhance the plant’s production capacity.