Trading activities at the stock market started the week bearish as the benchmark, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell 0.44 per cent to close at 24,200.60.
Also, market capitalisation shed N55.2 billion to close lower at N12.6 trillion following the losses by bellwethers. The depreciation brought the year-to-date(YTD) decline to 9.8 per cent.
Seventeen stocks depreciated compared with 14 stocks that appreciated. Double One Plc led the price losers with 9.9 per cent, trailed by Chams Plc with a fall of 8.3 per cent. Eterna Plc shed 6.7 per cent, just as WAPIC Insurance Plc and Transcorp Plc went down by 4.6 per cent.
United Capital Plc and Zenith Bank Plc lost 3.3 per cent and 2.9 per cent per cent in that order. Guaranty Trust Bank Plc, MTN Nigeria Plc were also among the price losers. Ecobank Nigeria Plc, which announced the appointment of a new chairman, also shed 1.0 per cent.
In a notification to the NSE, ETI said that Mr. Alain Nkontchou,a Cameroonian and independent non-executive director since 2015, has been appointed as board chairman effective June 30, 2020.
The chairman was quoted to have said: "I am honoured to be appointed as chairman of ETI. Having served on its board since 2015, I have seen Ecobank's resilience and its proud history, built on strong foundation to secure the bank's future success. I look forward to working with the board and Executive team as we continue our journey ahead and I know that we are well-placed to navigate through the current environment and set the standards in financial services for our customers across Africa."
Chief Executive Officer of ETI, Ade Ayeyemi, said: "The entire management of the group and I warmly welcome Mr. Nkontchou as group chairman. We will give him and the board our continued full support in ensuring the realisation of the strategic imperatives of the Ecobank group. Nkontchou has always utilised his wealth of experience on the Board and we look forward to his successful and strong leadership."
The new chairman of ETI is the Managing Partner and co-founder of Enko Capital Management LLP, an asset management company based in London and Johannesburg, which focuses on African investment opportunities.
Meanwhile, NPF Microfinance Bank Plc led the price gainers with 10 per cent, followed by Neimeth International Pharmaceuticals Plc with 9.3 per cent. Linkage Assurance Plc chalked up 8.5 per cent, while ABC Transport Company Plc went up by 7.8 per cent.