Nigeria Content Online

The Nigerian Stock
Exchange (NSE) yesterday announced that Adeolu Bajomo, the newly
appointed executive director in charge of the Exchange’s Market
Operations and Information Technology Department, has resumed duty.

The Exchange’s
spokesperson, Wole Tokede, said Mr Bajomo’s resumption from Barclays
Bank, where he worked as the head of Replatforming Programme for Africa
and Indian Ocean region, would be a boost to the management of the
Exchange.

Oscar Onyema, the
chief executive officer of the Exchange, who also resumed last month,
in a statement yesterday said, “This is a key addition to the NSE
management team, and we are excited about the potential to rapidly move
the NSE transformational agenda forward.”

The new executive
director said that he sees his employment at the Exchange as a
privilege and opportunity to use his professional experience spanning
over 23 years to contribute his quota to the growth and development of
his fatherland.

“I am excited about
being back in Nigeria and joining the Exchange at this critical point
of the economic development of our great country. I am looking forward
to contributing to the transformation of the Exchange and repositioning
it for sustainable growth and wealth creation for the benefit of our
operators, and realising its full potential both regionally and
globally,” Mr Bajomo said.

The appointment of
a substantive chief executive officer and executive directors for the
Exchange was part of agenda put in place by the Securities and Exchange
Commission, the capital market regulator, following its intervention in
the management of the Exchange last year.

Trading performance

Meanwhile, the
value of equities at the Exchange yesterday rebounded appreciably after
recording losses on Monday. The Exchange market capitalisation of the
194 First-Tier equities closed yesterday at N8.014 trillion after
opening the day at N8 trillion, reflecting 0.18 per cent or N14 billion
gains.

A total of 27
stocks appreciated in price on Tuesday lower than the 28 recorded the
previous trading day, while 27 stocks depreciated in value higher than
the 23 of last Friday.

Neimeth
International and Custodian & Allied Insurance topped the price
gainers’ table with an increase of five per cent each, to close at
N1.47 and N3.15 per share, respectively. Berger Paints and Cement
Company of Northern Nigeria followed in the chart with an increase of
N4.96 and N4.95, to close at N12.48 and N10.60 per share.

On the flip side,
Glaxo Smithkline and Paints & Coating Manufacturer led on the price
losers’ chart with a loss of 4.96 and 4.92 per cent respectively, to
close at N24.13 and N2.32 per share. Eterna Oil and International
Breweries followed with a decrease of 4.88 and 4.79 per cent, to close
at N4.68 and N5.76 per share.

The Banking
subsector maintained its lead as the most active with 204.857 million
quantities of shares, valued at N1.805 billion. The subsector’s volume
was largely driven by shares of United Bank for Africa, First Bank and
Guaranty Trust Bank.