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Nigeria: SA Ambassador Rates Stock Market Among World's Best
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Leadership (Abuja)
17 July 2008
Posted to the web 17 July 2008
Nkiruka Anene
Lagos
South African Ambassador to Nigeria , Mr. Bangumzi Sifingo, has scored the Nigerian Stock Exchange (NSE) high in terms of its return on investment, saying that, it is one of the best in the world.
Bangumzi who made the remark yesterday during a courtesy call to the NSE, said that his country would ensure that bilateral economic relation between the two countries is enhanced.
He said the relationship has enabled business entities from Nigeria and South Africa, exchange working relationship towards their economic development, citing the Nigeria/South Africa chambers of Commerce and Industry headed by the current president of the NSE, Dr. Oba Otudeko as a platform that has engendered trade relations between the two countries.
He assured that South Africa is committed to regular relationship with NSE on ways to boost economic relations.
Speaking earlier, the Director General of the NSE, Prof. (Mrs.) Ndi Okereke Onyuike, said the exchange would replicate the model of South Africa economic focus, where all upstream companies are listed on the countries stock exchange.
Meanwhile, stock market suffered a huge loss in value, amounting to N169 billion in the total market capitalisation, along the value index, which also declined.
Total market capitalization of all listed equities declined to N10.75 trillion from N10.92 trillion, representing 1.54 per cent decrease, while the All-Share Index slumped to 53,731.62 from the previous 54,577.89, which represents 1.55 per cent drop.
Seventy listed equities emerged losers to contribute to the slumping indicators as against 24 gainers which emerged on the performance chart.
Banking sub-sector led the sectoral chart with the 347.52 million shares valued at N8.54 billion exchanged in 9,032 deals.
Insurance sector followed with 221.70 million shares worth N406.67 million exchanged in 2,997 deals.
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Guinness led losers with N4.30 decrease to close at N123.70 per share, Flour Mill followed, losing N2.50 to close at N80.05 per share, First Bank lost N2.22 to close at N42.23 per share, while Cadbury and Dangote Flour lost N1.60 and N1.22 to close at N30.40 and N23.28 per share respectively.
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