Economy

Nestle, Unilever, Nigerian Breweries dominate bears on NSE

NSE: Investors lose N8 billion, as Market capitalisation slides to N12.878trn
Written by Maritime First

…As AfDB ranks 4th among 45 organisations in 2018 global aid transparency index***

Activities on the Nigerian Stock Exchange (NSE) for the third consecutive day on Wednesday closed on a negative trend, with Nestle leading the laggards’ table.

Nestle, one of the highly capitalised equity, topped the losers’ chart with a loss of N10 per share to close at N1,500 per share.

Unilever trailed with a loss of N3.75 to close at N51.25, while Nigerian Breweries lost N2.90 to close at N111 per share.

Forte Oil was down by N2.90 to close at N26.10, while Conoil dropped by N2.50 to close at N27.50 per share.

Consequently, the All-Share Index which opened at 37,499.07 shed 106.05 points or 0.28 per cent to close at 37,605.12.

Also, the market capitalisation lost N38 billion or 0.28 per cent to close at N13.584 trillion compared to N13.622 trillion recorded on Tuesday.

On the other hand, Eterna Oil led the gainers’ table for the day, increasing by 50k to close at N7 per share.

Guaranty Trust Bank followed with a gain of 40k to close at N40, while Zenith International Bank added 30k to close at N24.30 per share.

FCMB Group advanced by 20k to close at N2.28, while Dangote Cement Industries also grew by 20k to close at N223 per share.

However, the volume of shares traded rose by 96.49 per cent, while the value increased by 18.11 per cent.

Specifically, investors bought and sold 505.74 million shares valued at N3.13 billion exchanged in 3,354 deals, as against 257.39 million shares worth N2.65 billion in 3,932 deals on Tuesday,

Multiverse was the most active stock for the day, trading 200.04 million shares worth N40.01 million.

NAHCO followed with an account of 125.09 million shares valued at N747.33 million, while Guaranty Trust Bank traded 28.42 million shares worth N1.13 billion.

Access Bank sold 18.91 million shares worth N195.44 million, while FCMB Group exchanged 13.91 million shares valued at N30.83 million.

In the meantime, the 2018 Aid Transparency Index Report (ATI), has ranked African Development Bank (AfDB) 4th among 45 development organisations that share transparent and open data on project impact, result and evaluation.

A statement signed by AfDB Chief Communication Officer, Mr Chawki Chahedi on Wednesday in Abuja, said the 2018 ATI report had lifted the bank by six positions since 2016.

According to Chahedi, ATI has been the only independent organisation measuring transparency in the world’s major development and humanitarian agencies.

“The improved ranking reflects the bank’s operational capabilities, the efficacy of its systems and processes, including a strict adherence quality reporting, disclosure of its programmes, projects, aid and financial interventions.’’

He said that it was a laid down procedure that organisations provide information on the objectives of their operations.

“But only four Development Finance Institutions (DFIs) like the Asian Development Bank, the Inter-American Development Bank, the World Bank and AfDB publish details of their pre-project impact appraisals, evaluations and review documents and results.’’

The statement also quoted AfDB President, Dr Akinwumi Adesina as saying “proactive stakeholders relations and governance anchored on transparency are critical and at the heart of the impact-driven work that makes the AfDB Africa’s leading DFIs’’.

“The latest ranking on the global aid transparency index reflects the bank’s alignment to its strategic priorities and unwavering commitment to Africa’s development and transparency agenda.”

The Bank said a signatory to the International Aid Transparency Initiative (IATI) since April 2011, the bank had recently launched a new projects portal, publishing data according to IATI’s international standards on transparency.

It said the aim was to make information about its development spending easier to access, use and understand.

The bank said open data supporters had endorsed the index, adopted by the United Nations, African Union, European Union, the United States government and other international and regional bodies.

Chahedi, however, noted that the report identified some challenges to the open data momentum, which includes the shrinking “civic space’’ needed for citizens and Civil Society Oorganisations (CSOs) to engage in decision making.

The chief communication officer said the report also listed increasingly scarce assistance from development partners, and the changing development landscape, adding that they pose a fresh set of fiscal, regulatory, technical and ethical challenges for global transparency efforts.

 

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Maritime First