Equities market gains N11bn as 18 stocks appreciate

The stock market (equities category) appreciated by N11bn as 18 stocks recorded gains amid 16 laggards.
A total of 187.602 million shares valued at N1.312bn were traded in 3,065 deals.
The Nigerian Stock Exchange market capitalization rose to N9.36tn from N9.349tn, while the NSE All-Share Index closed at 27,252.48 basis points from 27,220.09 basis points.
The NSE ASI advanced by 0.12 per cent, bringing the year-to-date return to 4.85 per cent (negarive). However, volume traded and market turnover declined by 14.69 per cent and 30.08 per cent, respectively.
Topping the gainers’ chart was Eterna Plc, which appreciated by 9.96 per cent to close at N3.09. The counter was trailed by Okomu Oil Palm Plc, which rose by 9.18 per cent; Redstar Express Plc gained five per cent; Unity Bank Plc appreciated by 4.76 per cent, and Learn Africa Plc posted a 4.29 per cent gain.
On the other hand, UAC Property Development Company Plc led the decliners’ chart, depreciating

Erisco Foods exits Nigeria, moves to China

A leading indigenous local tomato paste manufacturer, Erisco Foods Limited, has made good its threat of shutting down the $150bn plant and relocating its manufacturing base to a location outside Nigeria.
The Chief Executive Officer, Erisco Foods Limited, Chief Eric Umeofia, announced on Tuesday that the company was winding down operations preparatory for its final exit from the country.
He said that he was moving the factory to China where he already had a thriving business, adding that from there, he would be manufacturing and exporting tomato paste back to Nigeria, as it was far cheaper doing so than producing locally.
According to him, 1,500 employees of the firm will be retrenched in a process that will span six to nine months, as the company relocates, adding that the retrenchment, which will take place in batches, had already commenced with the first batch of workers being sent home.
After months of complaint about lack of access to foreign exchange for the purchase of raw materials and machinery, high cost of running his factory in Nigeria and the influx of imported