AKINTOLA WILLIAMS TASKS OPERATORS ON CAPITAL MARKET PROTECTION
Williams, the doyen of the accountancy profession in Nigeria, made the call during the launch of Ticker Tape of the NSE and send-off programme for the former Interim Administrator, Mr. Emmanuel Ikazoboh on Friday in Lagos.
*From Left: The CEO of the Nigerian Stock Exchange (NSE),Mr. Oscar Onyema, the doyen of Accountancy profession in Nigeria and one of the founding fathers of NSE, Mr. Akintola Williams and the former Interim Administrator of the Exchange, Mr. Emmanuel Ikazoboh, at the launching of Ticker Tape of the Exchange and send-off programme for Ikazoboh on Friday in Lagos.
He said: 'I am delighted to say that we are the number two or number three stock exchange on the continent of Africa and I will want us to remain so with no scandal on our side.'
According to him, 'Mr. Ikazoboh was my partner for years and I must say you have chosen the right man to come along and assist you in the time when you have problems to resolve.'
He advised the market operators stating that when the need arises to seek his advice, they should not hesitate to invite him to resolve problems.
President, Association of Stockbroking Houses of Nigeria (ASHON), Alhaji Rasheed Yusuf stated: 'we have the chance to put our house in order, never again shall we allow foreign interference into our market, we believe there is need for cooperation among owners both ordinary members and the dealing members and it is to make sure that there will not be a repetition of what has happened in the past.
'I believe today's ceremony is so joyous for us because we are reclaiming what belong to us, ringing the bell today will bring an end to the interim administration of the interim administrator,' he said.
However, the Stock Market opened for three days as Monday, April 25, 2011 was declared a public holiday by the Federal Government to commemorate Easter Monday celebration and Tuesday, April 26, 2011 was selected to hold the rescheduled State Governorship / House of Assembly elections.
Meanwhile, the market indicators for measuring the performance indices, the market capitalisation and the All-Share index appreciated by 0.09 per cent each.
Specifically, the capitalisation appreciated by 6.90 billion to close at N8.000 trillion from N7.994 trillion at which it opened the week, while the index garnered 21.6 bases points to close at 25,041.68 points from 25,020.08 points.
Nestle Nigeria Plc led 39 other stocks on the gainers' table with a gain of N18.39 or 5.00 per cent to close at N386.22 per share while Guinness Nigeria Plc followed with a gain of N3.00 or 1.5 per cent to close at N205.00 per share and Flour Mills Nigeria Plc garnered N2.80 or 3.40 per cent to close at N85.01 per share.
Other share price gainers include: Larfarge WAPCO Plc N2.35, PZ Cussons Nigeria Plc N1.96, Ashaka Cement Plc N1.69, UAC of Nigeria Plc N1.47, Unilever Nigeria Plc N1.00, Nigerian Breweries Plc N0.70, African Petroluem Plc N0.61, among others.
On the contrary, Chemical and Allied Products Plc led on the price losers' table, dropping by N20.90 or 49.9 per cent to close at N20.99 per share, Total Nigeria Plc followed with a loss of N10.50 or 5.00 per cent to close at N201.50 per share and Mobil Oil Nigeria Plc dipped by N9.60 or 6.10 per cent to close at N148.20 per share.
Other price losers in the Top 10 category include: United Bank for Africa Plc N2.10, Nigerian Bottling Company Plc N1.95, RT Briscoe Plc N0.98, Berger Paints Plc N0.68, Skye Bank Plc N0.63, Trans-nationwide Express Plc N0.62, GlaxoSmithKline Consumer Nigeria Plc N0.6, among others.
A turnover of 0.92 billion shares valued at N9.72 billion in 17,338 deals was recorded in the week under review in contrast to the previous week's turnover of 2.26 billion shares valued at N14.15 billion in 22,716 deals.
The Banking sub-sector was the most active on the sectorial analysis accounting for 67.73 per cent of the market turnover with 626.40 million shares valued at N6.01 billion in 9,994 deals. Zenith Bank Plc dominated activities in the sub-sector trading 175.58 million shares valued at N2.65 million in 1,022 deals, United Bank for Africa Plc followed with the exchange of 108.24 million shares valued at N669.62 million in 1,278 deals and Guaranty Trust Bank Plc recorded 68.78 million shares valued at N1.10 billion in 1,914 deals.
The Insurance sub-sector followed on the week's activity accounting foe 8.39 per cent of the market turnover with 77.61 million shares valued at N55.41 million in 921 deals.
N.E.M Insurance Company Plc enjoyed the most patronage in the sub-sector trading 38.04 million shares valued at N19.41 million in 132 deals, AIICO Insurance Plc followed with the exchange of 6.89 million shares valued at N6.24 million in 146 deals and Niger Insurance Plc recorded 6.11 million shares valued at N4.14 million in 41 deals.