NSE index drops as CBN retains MPR

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…As Peterside resigns from Stanbic IBTC board

By Chinenye Anuforo

Stock market activities closed in red on Tuesday after five consecutive positive trading sessions.
This was even as the Central Bank of Nigeria (CBN’s) Monetary Policy Committee (MPC) retained the Monetary Policy Rate (MPR) at 14 per cent after its meeting yesterday.
The Asymmetric corridor around the MPR was left at 200/-500bps; Cash Reserves Ratio (CRR) at 22.5 per cent and Liquidity Ratio (LR) at 30 per cent.
The Nigerian Stock Exchange All Share Index shed 112.98 points to close at 25,558.57 points while market capitalisation settled at N8.843 trillion after losing N39 billion.
Volume and Value traded on the NSE also slowed to show dampened investors activities which occurred in 2,675 deals.
Volume of traded stocks declined 69 percent to 153.7 million units as against 495.2 million units previously, while Value of stocks traded fell 40 percent to N1.5 billion compared to N2.5 billion worth of stocks traded Monday.
Meanwhile, Chairman of Stanbic IBTC Holdings Plc, Mr. Atedo Peterside, has resigned his appointment with effect from March 31, 2017.
Peterside has served since 2007 as the chairman of the financial services holding company with subsidiaries in banking, stock brokerage, investment advisory, pension and trustee businesses.
In a message to the board, Peterside, who set up IBTC at the age of 33 in 1989 and was chief executive until 2007 before serving as chairman, said “this is the ideal time for me to resign” and “to move on.”

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