Stocks Decline on Continuing Profit Taking, Unilever Gets New MD


Goddy Egene

Profit taking at the stock market continued thursday, leading to a decline of 0.75 per cent in the Nigerian Stock Exchange (NSE) All-Share Index to close at 29,062.50. Market capitalisation shed N113.8 billion to be at N15 trillion.

After many days of bullish run, the stock had on Tuesday recorded its first loss due to profit taking by investors. The profit taking continued yesterday as 17 stocks depreciated compared with 11 that appreciated.

Livestock Feeds Plc and Sovereign Trust Insurance Plc led the price losers with 9.09 per cent apiece. Meyer Plc trailed with a decline of 8.0 per cent just as Ecobank Transnational Incorporated went down by 7.6 per cent. Fidson Healthcare Plc lost 5.4 per cent, while Oando Plc and UAC of Nigeria Plc shed 3.8 per cent and 3.1 per cent in that order.

Other top price losers included: Sterling Bank Plc (3.1 per cent); MTN Nigeria Communications Plc (2.9 per cent); Access Bank Plc (2.8 per cent) and WAPIC Insurance Plc (2.7 per cent).

However, Beta Glass Plc recorded the highest appreciation of 10 per cent to lead the price gainers’ table. Cornerstone Insurance Plc trailed with 9.4 per cent, while GSK chalked up 7.1 per cent. Forte Oil Plc garnered 6.4 per cent, just as Transcorp Plc, Fidelity Bank Plc and United Bank for Africa Plc gained 4.8 per cent, 3.8 per cent and 3.0 per cent respectively.

The NSE Insurance Index was the only sector indicator that gained, appreciating by 0.3 per cent. The NSE Industrial Good Index fell by 1.3 per cent, followed by the NSE Banking Index and NSE Consumer Goods Index that pared 0.2 per cent apiece. The NSE Oil & Gas Index shed 0.1 per cent.

Meanwhile, Unilever Nigeria Plc has announced the appointment of Mr. Carl Raymond Cruz as new managing director of the company effective February 1, 2020.

In a notification to the NSE, the company said that Cruz is a Filipino and currently Chairman, Unilever Sri Lanka.

“He holds a Bachelor of Science degree in Marketing from De La Salle University, Philippines. He comes with extensive career in Unilever D & E Markets in Asia (Philipines, Thailand, India and Sri Lanka). Since joining Unilever in 1992, Carl has gained over 26 years’ experience working in Customer Development, and in Marketing roles across Home Care, Beauty & Personal Care and Foods. Most recently, as Chairman of Unilever Sri Lanka, Carl has successfully steered the business to a sustainable and competitive growth trajectory,” the company said.