NSE Index Drops By 0.9%

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The Nigerian Stock Exchange (NSE)

Nigeria’s equity market yesterday closed on a negative note with the Nigerian Stock Exchange All Share Index declining by 0.96 per cent to close at 23,605.89 points. This was as the NSE, the Market Capitalization depreciated by N30.5 billion to close at N8.12 trillion, compared with a marginal appreciation of 0.03 per cent recorded the previous day when it closed  at N8.20 trillion.

The depreciation recorded in the share prices of Zenith Bank, GT Bank, Nigerian Breweries, UACN, and Transcorp were mainly responsible for the loss suffered in the index.

But at end of trading, the total value of stocks sold on the floors of The NSE Thursday stood at N2.91 billion, up by 20.75 per cent from the N2.41 billion traded the previous day. Similarly, total volume of stocks traded was 1,315mn in 4,012 deals.

The three most actively traded stocks were: Wema Bank, FBN Holdings and GT Bank. Transaction in Wema Bank shares accounted for 86.44 per cent of the total volume traded yesterday.

Meanwhile, the Abuja Chamber of Commerce and Industry (ACCI) has announced winners of the 2016 Excellence Awards with Dangote Cement Plc, and Olam Nigeria Limited listed among the awardees.

The awards were for the Investor of the Year, Corporate Social Responsibility (CSR) Company of the Year, Most Innovative Business Idea, Outstanding Company (Commerce) and Outstanding Company (Industry).

Helios Investment Partners and the Vitol Group emerged Investor of the Year. The metrics used in judging this category were based on the highest deals and new investments made by the organisation.

Nigeria LNG emerged as the Corporate Social Responsible Company for the year under review.  Airtel Nigeria’s Recharge and Hit-A-Million Promo, emerged as the Most Innovative Business Idea. This is based on the impact of this service on the organisation’s market share within the same period.

Olam Nigeria Limited was the outstanding company (Commerce). The criteria for selection were based on the highest volume of sales on export from non-oil products in the last five years.

Meanwhile, Dangote Cement emerged as the Outstanding Company (Industry). The modality for selecting this category was based on the highest turnover of profit after tax, provision of new employment and payment of dividend to shareholders.

According to Tony Ejinkeonye, the Chamber’s President, during the press briefing, “The Excellence Awards was born out of the need to institute a sustainable and enduring award process with established and clearly defined criteria and metrics which shall equitably apply to all organisations in any category under consideration at any point in time,” said the Chamber president.

Ejinkeonye said the award, which was designed to recognise the achievements of winners, was also meant to promote and encourage other organisations to emulate their resilience and ability to succeed. He said the choice of winners and the metrics used in their selection were not determined by the chamber, but by a team of Professional Business Intelligence Report Experts and Consultants.

He drew attention to the fact that the award was an avenue to express the support of ACCI to the Federal Government’s efforts at diversifying Nigeria’s economic base and shift attention away from crude oil.

 The winners of the awards would formally receive their awards at a dinner to be hosted by the chamber on February 24, 2016 at the Sheraton Hotels and Towers, Abuja.

The former Vice President of the World Bank and Nigeria’s former Minister for Education and later, Minister for Solid Minerals Development, Obiageli Ezekwesili will present the key note address, the Governor of Jigawa State Alhaji Muhammadu Badaru Abubakar, will be the Chief Guest of Honour, while the Host Minister, Mallam Mohammed Musa Bello,  Minister for Federal Capital Territory will be the Special Guest of Honour.

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