The Central Bank of Nigeria has failed to dispel uncertainty over the implementation of the flexible exchange rate policy that will lead to the abandonment of the naira peg, bankers said on Thursday.
A meeting between the CBN Governor, Godwin Emefiele, and local currency traders under the aegis of the Financial Market Dealers Association on Wednesday to discuss the policy did not yield the desired result, according to a report by Reuters.
The central bank announced last week plans to abandon the naira’s 15-month peg to the dollar, which has overvalued the Nigerian currency, harmed investments and caused the economy to contract.
However, the bank has yet to clarify how the new policy would work, spooking foreign investors, long worried about getting caught in the middle of a currency devaluation.
“We are unlikely to get anything in the next two to three weeks. I don’t think the guidelines are ready. The reality is that he (the governor) does not understand the meaning of signals,” said one senior banker, speaking on condition of anonymity.
“By not coming out (with the details) the governor has shown he doesn’t believe the policy. There is the risk the policy could be reversed,” the senior banker added.
However, the CBN said on Thursday that it would issue the guidelines for the flexible exchange rate policy at the “appropriate time.”
Responding to enquiries by our correspondent, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, said the guideline would soon be released by the apex bank.
“When we are ready, we will release the guideline. Be rest assured that the guideline on the flexible exchange rate policy will be released at the appropriate time by the CBN,” he said and declined to make further comments.
Dollar deals dried up on the interbank market on Thursday as investors stayed on the sidelines, dealers said, in a sign of the continued uncertainty created by the new policy.
The stock market posted its biggest daily decline in 16 months this week as investors waiting for clarity sold shares. The main index gained 1.02 per cent on Thursday, clawing back some losses.
Analysts at DaMina Advisors said the delay could cause the central bank to backtrack as it tried to reconcile the new policy with President Muhammadu Buhari’s vow not to devalue the naira.
The President has for months rejected calls to devalue the naira. During his Democracy Day speech on Sunday, he backed the central bank’s flexible policy on the currency but said he was still against a devaluation.
The Senate and the House of Representatives Committees on Capital Markets and Institutions, on Wednesday initiated steps towards legislations that would boost Nigeria Capital Market.
They said the capital market master plan (2015-2025) recommendations would create an enabling legal environment for the achievement of the economy, adding that the joint committees would also focus their legislative work in making the recommendations of the master plan the catalyst for achieving the infrastructural and development needs of a diversified national economy.
Speaking at the forthcoming two-day stakeholders forum on capital market and Nigeria economy, scheduled to hold on 6th and 7th, June, 2016 with the theme “Realising The Full Potentials of the Nigerian Economy through Proactive Capital Market Legislation”, Chairman, Senate Committee on Capital Market, Senator Isiaka Adeleke, said that “the market has long been neglected and denied its rightful and strategic role in our march towards economic recovery.”
He stressed that capital market was a veritable institution for the mobilization, allocation and utilization of long term funds, not just by the Federal but also for States and Local Governments.
Adeleke said: “As Legislators, we are ready to retool the laws guiding capital market operations or make new ones that would accelerate the relevance of the capital market in national economic development.
“Therefore, we seek to grow the Nigerian capital market to be in a position to contribute meaningfully to economic growth and development.
“This will make the capital market spearhead development in key sectors of the national economy, such as oil and gas, agriculture, tourism and hospitality”.
He continued: “The National Assembly is keenly aware of the dwindling fortunes of the Capital Market and by extension the economy.
“As a mono-product economy, with oil and gas constituting the life-blood, the global downturn has continued to negatively affect meaningful growth and development.
“As a Parliament, we strongly believe that the downward slide in Nigeria’s economy provides the best opportunity for major stakeholders to begin to return the economy to vibrancy,” he said
According to him, the joint committees would encourage Nigerian entrepreneurs to have access to long term funds for productive activities as well as enhance their capacity to create employment opportunities.
Special Guest of Honour at the forthcoming event is the Vice President, Prof Yemi Osinbajo (GCON), while he will be joined by the Ministers of Finance, Budget and Planning, Works, Power and Housing, and Justice as panel discussants.
President Dangote Group, Dr. Aliko Dangote, GCON, and President National Council, the Nigerian Stock Exchange (NSW), Mr. Aigboje Aig-Imukhuede, CON, will be the Chairman and Co-Chairman of the Occasion, respectively. About 24 State Governors, captains in the Private Sector and Heads of Government Agencies among others are billed to attend.
The Nigerian equity market All-Share Index (ASI) lost 752.93 points, or 2.72 per cent, to close at 26,910.23 on Wednesday, against 27,663.16 achieved the previous day, as pressure mounts on some investors to sell their shares.
Also, the market capitalisation shed N258 billion, or 2.72 per cent, to close at N9.242 trillion compared with N9.5 trillion posted on Tuesday.
Chief Operating Officer, InvestData Ltd., Ambrose Omordion, attributed the decline to profit booking embarked by some fund managers.
He said that the trend would likely continue unless there was improved liquidity in the system with the release of funds for 2016 budget implementation.
A review of the day’s trading showed that Nigerian Breweries at the top of the losers’ chart, after dropping by N6.70 to close at N99.11 per share, while Guinness followed with N5.21 loss to close at N99.11 and Lafarge Africa dipped N3.17 to close at N73.40 per share.
GT Bank shed N1.88 to close at N17.65, followed by MRS, which declined by N1.82 to close at N34.71 per share.
On the other hand, Cadbury led the gainers’ table with an addition of N1.52 to close at N18.37 per share, followed by Okomuoil, which gained N1.03 to close at N30.05, while Union Dicon Salt appreciated by 59k to close at N12.46 per share.
E-tranzact increased its value by 52k to close at N5.88 and UAC Property grew by 20k to close at N4.22 per share.
In spite of the drop posted by the market indices, the volume of shares traded closed higher with an exchange of 352.29 million shares valued at N3.85 billion transacted in 5,024 deals.
This was in contrast with a total of 335.06 million shares worth N3.15 billion traded in 4,301 deals on Tuesday.
Zenith Bank drove the turnover, exchanging 56.73 million shares valued at N770.38 million, while GT Bank followed with 39.46 million shares worth N696.59 million, and Transcorp traded 30.47 million shares valued at N37.24 million.
FBN Holdings sold 28.34 million shares worth N106.64 million and Ecobank Transnational Incorporated traded 27.65 million shares valued at N493.44 million.
Nigerian banking stocks headed for the biggest drop in 3 1/2 years as investors showed their displeasure at the lack of clarity from policymakers since they flagged a change in foreign-exchange policy more than a week ago.
The Nigerian Stock Exchange Banking 10 Index fell 7.6 percent as of 1:31 p.m. in Lagos, the biggest retreat since November 2012 on a closing basis, extending a 6.6 percent slump Tuesday. Guaranty Trust Bank Plc, the country’s biggest lender by market value, declined 9.6 percent, while Zenith Bank Plc dropped 8.9 percent. United Bank for Africa Plc retreated 9.5 percent.
Central Bank of Nigeria Governor Godwin Emefiele said May 24 the bank would introduce a flexible exchange-rate regime to boost investments after a scarcity of dollars contributed to inflation reaching an almost six-year high of 13.7 percent. President Muhammadu Buhari, who has opposed weakening the currency since coming to power last year, said in a speech five days later he would keep a close watch on how recent measures affected the naira and the economy, while also saying devaluation in the past had harmed the country.
“The market may have been shocked by the body language of the president from his weekend broadcast when he mentioned that he was encouraging the CBN to initiate a flexible foreign exchange market regime, but also said he was against devaluation,’’ Pabina Yinkere, an equity analyst at Vetiva Capital Management Ltd., said by phone. “There is speculation the devaluation might not happen.’’
Authorities in Africa’s biggest economy have rationed dollars and pegged the local unit at 197-199 per dollar in the interbank market since March last year, which has hobbled companies importing raw materials and discouraged foreign investors.
“Investors expected that the framework for the flexible FX market announced by the central bank last week would have been released by now, so there is apathy,’’ Yinkere said.
The Nigerian Stock Exchange All Share Index fell 2.5 by 1:35 p.m. in Lagos, percent to 26,953.61 bringing its two-day decline to 6.6 percent. The 171-member index has retreated from a six-month high reached May 27 after the central bank announced plans for a more flexible currency regime.
The Director General of the Debt Management Office, DMO, Dr. Abraham Nwankwo has assured that as the impact of federal government’s economy diversification plan begins to yield results, the naira and foreign exchange reserves will recover in the years ahead.
He pointed out that government’s efforts at revitalising the agriculture sector, solid minerals, manufacturing and expansion of taxation will have massive impact on the economy in the next three to five years, asserting that with the diversification project in full gear, Nigeria’s economic growth and development will no longer be determined by the volatility in the prices of crude oil.
Nwankwo, who disclosed this on Friday at a breakfast meeting with Finance Correspondents Association of Nigeria, FICAN, in Lagos, maintained that a lot of revenues will be derived with implementation of tax reforms, adding that by simply getting taxes from individuals and corporate bodies, government can secure the needed resources to fund major development projects.
He noted that the country’s low comparative tax revenue to Gross Domestic Product, GDP, ratio, which stands at about 7 per cent, against 18 per cent average in most developing countries, would improve as the country begins to gain strength in manufacturing and other economic activities.
“You can see that in the manufacturing sector, some factories are operating below capacity. But with the ongoing implementation of President Muhammadu Buhari’s diversification of the economy and revitalising the power infrastructure, the sector will pick up and create more jobs for the people,” he said.
The DMO boss argued that achieving self-sufficiency in power will enable government generate more income; companies will be able to pay more taxes, thereby helping to diversify government revenue base.
“In the next five to seven years, solid minerals will be exported. It is possible that in the next five to seven years, the whole picture of Nigeria will be a complete turnaround because of government’s economy diversification plan. The difference between Nigeria and other countries facing similar economic challenges is that those countries do not have the same opportunities we have in Nigeria. Nigeria is near 100 per cent idle capacity, meaning the flexibility to grow the economy is high,” he said.
Nwankwo, who urged Nigerians not to be depressed because of drop in crude oil prices, said, “We have no reason to be depressed just because crude oil price is down. We have to see the varieties of opportunities available to grow the economy based on a well-diversified and sustainable manner. We as responsible stakeholders in the economy should emphasise these opportunities.
“In other countries, the major source of revenue is taxation and therefore, taxation option should also be explored. Government should be able to sustain itself with taxation revenues and now, with better tax compliance, and effective sanctions for defaulters, we have a room to boost public revenue from taxation,” he added.
Stressing that government has made significant progress in agriculture, he expressed optimism that in the next five to seven years, Nigeria would have reduced its reliance on imported foods, tackled unemployment and created huge jobs for the people because production is synonymous with job creation.
Nwankwo said the 2016 budget focus is to address structural challenges in the economy while providing the enablement to economic diversification and self-sufficiency.
According to him, out of the N2.2 trillion budget deficit, N1.84 trillion will come from borrowing from both local and international markets.
“This is the first time the budget specified that all borrowed funds will be for capital expenditure. The sharing of internal and international borrowing is almost 50/50. We have been borrowing locally but we have to take advantage of the relatively low cost of funds externally and we do not want to borrow too much from the domestic economy so that we do not crowd-out the domestic environment,” he stated.
The Nigerian stock market crashed by N1.732tn within one year under the leadership of President Muhammadu Buhari.
President Buhari assumed power on May 29, 2015 after winning the presidential election.
The Nigerian Stock Exchange data showed that the NSE market capitalisation on May 28, 2015 was N11.658tn, while that of May 27, 2016 was N9.926tn.
Market capitalisation is the total market value of the shares outstanding of a publicly traded company, Punch reports.
The NSE All-Share Index also crashed to 28,902.25 basis points from 34,310.37 basis points.
According to the report, investors in the country’s capital market (equity category) lost over N1.053tn in the first quarter of 2016.
During the first three months this year, the equities market depreciated by 10.79 per cent.
As of the first day of trading this year (January 4), the NSE market capitalisation stood at N9.757tn, while the All-Share Index was 28,370.32 basis points.
But as of the last day of trading in 2016 Q1 (March 31), the market capitalisation and All-Share Index crashed to N8.704tn and 25,306.22 basis points, respectively.
Equity investors in the country’s capital market had, in the first seven trading days on the floor of the NSE in 2016, lost N804tn of their investment’s worth. Market capitalisation after the close of trading on the floor of the Exchange on the first seven days closed at N8.953tn.
The All-Share Index also dropped from 28,370.32 basis points recoded on the first day of trading in 2016 to 26,034.94 on the seventh trading day of this year.
The downward trend in the Nigerian stock market, weeks into 2016, did not show any sign of abating as the market capitalisation continued to fall, with 10 out of the 12 indices of the NSE recording negative stance 10 weeks into 2016.
The market capitalisation of the NSE fell by N811bn in the first 10 weeks of trading this year.
The NSE market capitalisation dropped from N9.75tn on January 4, 2016 to N8.939tn 10 weeks into the year, while the All-Share Index also closed at 25,988.40 basis points from the 28,643.67 basis points recorded on the first trading day of the year.
Investors had also made huge losses in the Nigerian equities market last year as the market capitalisation (equities only) of the NSE shed a total of N2.354tn between December 2014 and December 2015.
The President, Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede, last week, said the country’s capital market could not continue to lag behind in the global arena, adding that it needed to strategise for growth to better the economy.
Aig-Imoukhuede said part of the strategies was a broad consensus on sectorial priorities for growth, which should feed into policy formation.
He said, “Nigeria is facing a huge growth challenge. Nigeria, indeed, has a big challenge in terms of growth. Employment rate must grow owing to the fact that the population is also growing very fast. Growth is difficult to realise; so, government must stimulate growth.
“Nigeria is only exaggerating the impacts of falling oil prices now. This is because with a robust financial market the economy can be sustained. The financial market must be encouraged.”
May 27 Nigeria’s overnight interbank rate eased to an average of 5 percent for overnight lending on Friday, down from 9 percent last week in anticipation of April budgetary allocations disbursal to government agencies.
Nigeria, Africa’s biggest economy, distributes money from oil revenue to its three tiers of government from a centrally held account, which provides liquidity for the banking sector and eases the cost of borrowing among banks.
“There was speculations of possible injection of April budget allocation into the system today (Friday), this forced down cost of borrowing from an average of 8 percent in early trade to 5 percent at 1330GMT,” one dealer said.
Total banking system liquidity stood at 277 billion naira ($1.39 billion) on Friday, compared with 141.7 billion naira last week, dealers said.
They said system liquidity should receive a boost next week by the time the central bank injected budget allocations to states and local governments.
Also on Thursday, the central bank retired about 83.81 billion naira in matured treasury bills into the system, which further helped to lower the cost of borrowing at the interbank.
“We expect (the) rate to further drop next week when budget cash would have hit the system,’ another dealer said.
United Capital Plc, one of Africa’s leading investment banking and financial services Groups has, in partnership with United Bank for Africa (UBA) Plc, executed another landmark transaction in the power sector. The firm served as advisers on the structure by which the Nigerian Bulk Electricity Trading Company Plc (“NBET”) will now be able to provide Bank Guarantees to Generation Companies (“GenCos”) in line with the provisions of the Power Purchase Agreements and Power Purchase Activation Agreements executed between NBET and the GenCos.
The arrangement involves the assignment of Bank Guarantees, valued at N50.59 billion, to the GenCos. The Bank Guarantees will be held by Security Trustees, United Capital Trustees Limited – the appointed Security Trustee and will serve as payment guarantee to the GenCos.
“The transaction enables the Federal Government of Nigeria to demonstrate it’s clear commitment to the far-reaching power sector reform, ensuring that the entire value chain runs efficiently. It underscores the importance of developing a well structured power sector that is fair and equally beneficial to the interests of consumers, generators, and distributors,” stated Oluwatoyin Sanni, Group CEO, United Capital Plc.
United Capital Plc innovated and advised on an efficient structure to facilitate the issuance of payment security in the form of Bank Guarantees to the GenCos on behalf of NBET. The structure involved the re-assignment of Bank Guarantees provided by Distribution Companies to NBET by issuing them to the GenCos, avoiding the need to issue fresh Bank Guarantees. Advantages of the structure include speed/ease of execution, cost efficiency and risk mitigation by providing recourse to an alternative source of payment for the GenCos to the satisfaction of all parties.
The structure enhances the existing payment security to the GenCos and payments received will enable GenCos to fund working capital and raise capital expenditure towards upgrading their operations and increasing capacity, to meet the demands of the Nigerian economy.
The structure was achieved through a successful collaboration between UBA Plc and United Capital Plc. UBA brings its reputation as a financial powerhouse and a leader in the financial services sector, not just in Nigeria but it all over Africa to the transaction.
Attendees at Friday’s signing ceremony included Kennedy Uzoka, in-coming GMD, UBA Plc; Oluwatoyin Sanni, Group CEO, United Capital Plc, Rumundaka Wonodi, MD/CEO, NBET; Itohan Ehiede, Treasurer, NBET; Boma Benebo, Deputy Head of Infrastructure & Development Finance, Central Bank of Nigeria; as well as representatives of the various GenCos.
United Capital Plc remains committed to achieving its goal of building Africa’s Leading Investment Banking and Financial Services Group and to the continued delivery of service excellence across all of its business units in pursuit of this strategic objectives.
LAGOS May 24 (Reuters) – Nigeria’s naira currency weakened slightly in the parallel market on Tuesday ahead of an interest rate decision and a possible announcement that the central bank will review its foreign exchange policy.
The local currency was quoted at 346 to the dollar on the parallel market, weaker from 345 at Monday’s close.
At the official interbank window, commercial lenders were quoting 199 naira to the dollar, close to its peg of 197.
Analysts are expecting the central bank to raise its benchmark interest rate at 1345 GMT to fight inflation and further support the naira.
After the government said it would use a lower rate of 285 naira per dollar for petrol imports rather than the pegged official rate of 197, analysts said the central bank could also introduce a new parallel exchange rate.
The Nigerian equities market surged further last week as investors await the rumoured plan by the federal government to introduced flexibility into the current foreign exchange management regime. Besides, investors continued to react positively to the developments in the Oil & Gas sector, which resulted in increased buying interest across sectors.
The market was bullish in three of the five trading days driven by gains in market bellwethers including Nigerian Breweries Plc, Dangote Cement Plc and Guaranty Trust Bank Plc. Following the gains recorded during the week, the All Share Index appreciated for the 4th consecutive week, up 2.6 per cent to close at 27,116.45 while trimming year-to-date losses to 5.3 per cent. In the same vein, investors gained N214.6bn as market capitalisation rose to N9.3 trillion.
The market had appreciated by 2.88 per cent the previous week.
Similarly, all other Indices finished higher during the week, with the exception of the NSE ASeM Index, NSE Insurance Index and the NSE Oil/Gas Index that declined by 0.03 per cent, 1.73 per cent and 0.76 per cent.
Daily Performance Summary
The market started on a positive note last Monday as gains across major sub-sectors drove the Nigerian bourse to a positive close, gaining 1.43 per cent. This performance was driven by gains in market bellwethers including Nigerian Breweries Plc, Dangote Cement Plc and Guaranty Trust Bank Plc, cancelling out bearish sentiments towards ETI Plc, Unilever Nigeria Plc and Stanbic IBTC Plc. Despite the positive close, market turnover of N2.1 billion was a decline of 41 per cent while volume of trade estimated at 320 million units of shares came in lower by 43 per cent. A further breakdown of trading activities showed that Access Bank Plc and UBA Plc recorded the biggest volume with trade in excess of 48million and 40million units of shares respectively. Industrial index was up 2.27 per cent with gain in Dangote Cement Plc. This was followed by Banking tracker (1.85 per cent) with support from positive close in UBA Plc (9.37 per cent) and Guaranty Trust Bank Plc (2.51 per cent).
The bears halted the three day rally in the equity market on Tuesday as the NSE ASI depreciated by 0.61 per cent to close at 26,655.48 points. The depreciation recorded in the share prices of Forte Oil Plc, Guaranty Trust Bank Plc, Unilever Nigeria Plc, Zenith Bank Plc and FBN Holdings Plc were mainly responsible for the decline recorded in the index. Similarly, the market capitalisation depreciated by 0.61 per cent to close at N9.17 trillion compared with the appreciation of 1.43 per cent recorded the previous day to close at N9.23 trillion. The total value of stocks traded on the floors of the NSE on the day was N2.66 billion, up by 26.20 per cent from N2.11billion recorded the previous day.
Though investors’ sentiment, as gauged by market breadth index slipped into negative territory on Wednesday, gains in both banking (1.73 per cent) and consumer goods (0.35 per cent) tracker s drove the NSE ASI to a positive close. The index was up 0.41 per cent, ending the session at 26,763.86 points. This corresponds to a market capitalisation of N9.2 trillion. Positive sentiments towards Nigerian Breweries Plc, Zenith Bank Plc and Guaranty Trust Bank Plc were largely responsible for the day’s outcome, offsetting negative close in ETI Plc, Flour Mills Nigeria Plc and Unilever Nigeria Plc. Profit-taking on recent gains in Tiger Branded Consumers Goods Plc drove the consumer sector player to a negative losing 9.68 per cent, and as such led the list of 23 decliners. On the flip side, Afri Products Plc topped the list of 22 gainers with a 4.98 per cent return.
The NSE ASI sustained the previous day’s bullish run on Thursday, closing up by 0.99 per cent. This was driven by gains in Banking (4.62 per cent), Industrial tracker (1.18 per cent) as well as Oil and gas (1.07 per cent) index, offsetting profit-taking in Consumer Goods tracker (0.82 per cent). Investors’ wealth appreciated by N91billion as market capitalisation berthed at c.N9.28 trillion while the benchmark index strengthened by 264 points to close at 27,028.4 points. Gains in FCMB Group, Guaranty Trust Bank Plc and Eterna Plc contributed to the positive close in the index, offsetting bearish sentiment in NCR Plc, Union Homes Plc and Unilever Nigeria Plc. Similarly, market turnover strengthened by 33 per cent ending the session at N2.73 billion corresponding to volume of trade of about 498 million units of shares.
The Nigerian bourse closed the week in the green with the benchmark NSE-ASI rising by 0.33 per cent, trimming YTD return to 5.33 per cent. Sentiments across sector were positive as Banking (1.85 per cent), Industrial (2.27 per cent), Consumer Goods (1.69 per cent) as well as Oil and Gas (1.29 per cent) tickers closed up. Similarly, activity level jumped by 32 per cent and 12 per cent respectively with market turnover crossing the N2bn mark, ending the session at N3.59 billion while volume of trade surged to about 559 million units of shares. Zenith Bank Plc and Access Bank Plc emerged the most traded stocks with over 100 million and 80 million units respectively. With 9.77 per cent gain, Diamond Bank Plc emerged the day’s best performing stocks, leading the list of 33 advancers.
Investors traded 2.446 billion shares worth N13.145 billion in 23,680 deals on the floor of the exchange last week in contrast to a total of 1.826 billion shares valued at N14.468 billion that exchanged hands the previous week in 20,058 deals.
The Financial Services Industry remained the most active with 2.012 billion shares valued at N9.493 billion traded in 14,200 deals; thus contributing 82.26 per cent and 72.22 per cent to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 208.483 million shares worth N268.053 million in 1,134 deals. The third place was occupied by the Oil and Gas Industry with a turnover of 80.269 million shares worth N692.612 million in 2,826 deals.
Trading in the top three equities namely – Wema Bank Plc, Zenith Bank Plc and Access Bank Plc accounted for 871.331 million shares worth N5.297 billion in 3,956 deals, contributing 35.63 per cent and 40.30 per cent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 307,411 units of Exchange Traded Products (ETPs) valued at N21.406 million executed in 38 deals, compared with a total of 382,448 units valued at N10.288 million transacted the prior week in 43 deals.
A total of 4,143 units of Federal Government Bonds valued at N4.248 million were traded in 8 deals compared to a total of 8,033 units of Federal Government valued at N8.923 million transacted the previous week in 6 deals.
Gainers and Losers
Meanwhile, a total of 35 equities appreciated in price during the week, lower than 54 equities of the previous week. Thirty-seven equities depreciated in price, higher than 17 equities of the previous week, while 109 equities remained unchanged lower than 118 equities of the previous week.
The top 10 gainers were: Lafarge Africa Plc (N6.20), Conoil Plc (N3.94), Guaranty Trust Bank Plc (N1.47), Zenith Bank Plc (N1.25), UBA Plc (82 kobo), Oando Plc (71 kobo), Trans Nationwide Plc (15 kobo), Access Bank (52 kobo), Transcorp Plc (49 kobo) and John Holt Plc (6 kobo).
Conversely, the top 10 losers were: Unilever Nigeria Plc (N5.00), MRS Oil Plc (N3.94), Vitafoam Plc (N1.13), Tiger Branded Consumer Goods Plc (N1.19), NCR Plc (N1.48), Ikeja Hotel Plc (34 kobo), Fidson Plc (25 kobo), AIICO Insurance Plc (9 kobo), Sterling Bank Plc (18 kobo) and Union Homes (33 kobo).