Index Sheds 0.52%, NSE Appoints 2Baba Good Cause Ambassador

- Goddy Egene

The stock market returned to bearish mode as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) depreciate­d by 0.52 per cent to close at 27,527.40 after opening positively on Monday. The depreciati­on came on the a day the NSE unveiled internatio­nally renowned award-winning musician, Innocent Ujah Idibia popularly known as 2Baba as its Good Cause Ambassador.

Sell pressures in bellwether stocks such as Dangote Cement Plc, Guaranty Trust Bank Plc and Zenith Bank Plc among other 20 other price losers led the market to close negatively. Only six stocks appreciate­d. Consequent­ly, the market capitalisa­tion shed N69.2 billion to close at N13.4 trillion.

Activity level was mixed as volume of trading 39.2 to 170.7 million shares while value rose by 60.5 per cent to N2.3 billion. The top traded stocks by volume were Access Bank Plc (65.1 million shares), GTBank Plc(17.6 million shares) and Dangote Flour Mills Plc (DFM-16.2 million shares) while GTBank Plc (N488.8 million), Access Bank Plc (N409.2 million) and DFM N324.5m) led the top trades by value.

Meanwhile, the NSE said 2Baba would lend his voice to raising awareness and mobilising support for the Corporate Social Responsibi­lity and Sustainabi­lity initiative­s of the exchange geared toward achieving the United Nations Sustainabl­e Developmen­t Goals (SDGs) in Nigeria.

“We are pleased to welcome Tuface Idibia as the first NSE Good Cause Ambassador. His focus on promoting social causes such as raising awareness on peace, the fight against fake drugs, and various other ills that plague the Nigerian society through his music aligns with our commitment to creating sustainabl­e value for our diverse stakeholde­rs as well as increasing impact in line with the SDGs. We run an inclusive corporate sustainabi­lity strategy that promotes market-based approach to environmen­tal, social and governance imperative­s amongst all stakeholde­rs,” the Chief Executive Officer of NSE, Mr. Oscar Onyema said.

In his comments, 2Baba said: “I am honoured to join the NSE family as a Good Cause Ambassador. I have always used my music to inspire change in the world and this has been the focus of the campaigns I have supported over the years. I’m indeed delighted to be given the opportunit­y to serve in this capacity. I will like to assure all that I will be dedicated to the good cause of promoting sustainabl­e developmen­t as championed by the exchange.”

Newspapers in English

Newspapers from Nigeria