BY FESTUS OKOROMADU, ABUJA
The Nigerian Exchange Limited broke its three-day winning streak on Wednesday as the All-Share Index fell by 0.03 percent to settle at 68,335.72 points.
Consequently, market capitalization stood at N37.40 trillion resulting in investors losing N12.87 billion.
By implication, year-to-date return analysis declined to 33.34 percent.
Market analysts attributed the downtrend to profit taking in the shares of ACCESSCORP which declined by 1.15 percent, FBNH lost 2.01 percent and UBA down by 2.29 percent.
The loss of the above stocks outweighed the gains recorded by blue chip stocks like AIRTEL-AFRI up 1.57 percent, GTCO by 0.56 percent and WAPCO which added 0.17 percent.
A review of Wednesday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 8.61 percent.
A total of 566.63 million shares valued at N5.39 billion were exchanged in 8,201 deals.
OANDO, which gained 9.77 percent, led the volume and value charts with 110.00 million units traded in deals worth N1.60 billion.
TRANCOHOT topped the 19 losers’ pack shedding 10.00 percent of its share price while BERGER topped the gainers table ahead of 17 others.
Meanwhile, Farooq Oreagba has been chosen by the board of directors of NG Clearing Limited as the new Managing Director/chief executive, subject to the approval of the Securities and Exchange Commission.
He is replacing Tapas Das, who occupied the office for three years and demonstrated exceptional leadership and strategic vision, driving NG Clearing to a phenomenal historical achievement of clearing the first exchange-traded derivatives contracts in West Africa.
Under his guidance, NG Clearing developed a world-class clearing and settlement system that has successfully integrated with the key exchanges in Nigeria’s financial markets.
A statement issued by the firm on Wednesday disclosed that Oreagba is expected to consolidate on this and bring his wealth of experience to the organisation, having served in various executive leadership roles throughout his career.
According to the notice, the appointee has a proven track record in driving innovation, fostering a customer-centric culture, and delivering sustainable growth, which aligns “perfectly with NG Clearing Limited’s core values and strategic objectives.”
“After a transparent, competitive and comprehensive search process, the board is pleased to have found the best individual to assume leadership of this world-class organization.
“We are thrilled to have Mr. Oreagba as our next MD/CEO, and we are confident that his visionary leadership will further enhance the position of NG Clearing as a strategic financial infrastructure in Nigeria’s financial services sector,” the Chairman of the board, Oscar Onyema, said.
Reacting to his selection as the new head of the company, Oreagba said, “NG Clearing has achieved significant milestones on its journey to becoming Africa’s most trusted central counterparty.
“I am confident that my appointment aligns with the company’s vision, and with the support of the board, I look forward to working closely with the entire team at NG Clearing towards breaking new grounds in the market in the foreseeable future.”
