Nigeria: Index Sheds 0.52%, NSE Appoints 2baba Good Cause Ambassador

7 August 2019

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."

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