Furthermore, the All-Share Index further dips by 0.33 percent to 101,707.70 points, as the market capitalization dropped by the same percentage to N 55.652tn as the year-to-date gain of the index slipped to 36.02 percent.

The negative result of the ASI also impacted the sectoral indices as three out of the five sub-sectors recorded adverse movements.

The downturn upturn was driven by price depreciation in large and Medium capitalize stocks among which are; Guinness stocks, PZ Cussons, Zenith Bank, Nigerian Breweries, United Bank for Africa, Lafarge, GTCO, FBN Holdings, Etranzact, CWG and Wema Bank. On the price movement chart, 24 stocks appreciated in price while 30 constituted the loser’s chart.

The Banking index led the losers with a 1.85 percent decline, driven by sell pressure in Unity Bank, Wema Bank, United Bank for Africa, and Zenith Bank Plc.

The Consumer and Industrial Goods indexes lost 0.22 percent and 0.10 percent, respectively, majorly due to share price decline in PZ, Cussons, Guinness Nigeria, Nigerian Breweries and Lafarge Africa.

Meanwhile, the Insurance and Oil/Gas sectors advanced by 1.13 percent and 0.09 percent, respectively.

Stocks trading activity on the NGX displayed a varied trend, with the total deals and value declining by 1.16 percent and 16.09 percent to 8,614 trades and N4.3bn, respectively; In terms of Volume transactions declined, by 20.76 million, representing 8.56 percent as investors traded 263.192 million shares valued at N.300 billion in 8614 deals against 42.432 million shares worth N5.3 billion exchanged hands the previous day in 8715 deals.

The stocks gainers included Honeywell Flour Mill, Juli Plc, and Cornerstone Insurance, whose share prices appreciated by 9.92 percent, 9.90, and 9.88 percent, respectively. Whilst VeritasKap emerged as the most traded security in terms of volume with 49.07 million units changing hands in 143 deals, while UBA led in traded value at N587.50m.

At the close of trading, there were more losers at 30 than gainers which were 24 securities.

This appointment comes after the resignation of Mr. Khaled El-Dokani, who served as the Group Managing Director/CEO until June 30th, 2023.

The company conveyed this information through a notice to the Nigerian Exchange Limited (NGX) and the investing public, in light of recent management changes.

The notice, signed by Adewunmi Alode, the General Counsel & Company Secretary, stated that prior to this appointment, Mr. Alade-Akinyemi held the positions of Chief Financial Officer (CFO) and supply chain director within the company.

Having been appointed as an Executive Director to the Board on April 8th, 2020, Mr. Alade-Akinyemi brings over 20 years of diverse experience in finance, supply chain, business development, and sales.

With an impressive international background, he has demonstrated his expertise in navigating turnaround situations, optimizing business processes, fostering growth in challenging environments, and overseeing Profit & Loss operations.

Before joining Lafarge in 2014, Mr. Alade-Akinyemi served as the Finance Director at PZ Cussons Nigeria Plc for four years. Prior to that, he spent 16 years at the Coca-Cola Company, where he held various roles with increasing responsibilities in finance, business development, supply chain, and sales across the UK, Belgium, Ghana, and Nigeria.