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Etranzact reconstitutes Board

By Michael E boh

eTranzact International Plc has announced a reconstitution of it Board, with the the removal of the former Managing Director of Oceanic Bank International Plc, Mrs. Cecilia Ibru from its Board of Directors.

The company, according to a notice to the Nigerian Stock Exchange (NSE), released Wednesday, noted that the removal is effective from September 28, 2010.

According to the statement, Ibru’s removal was pursuant to a letter dated September 21, 2010 to eTranzact Plc requesting for her removal and the consequent resolution of the Board of Directors of eTransact PlIbru’s removal, according to market watchers, may be connected to her recent travails and conviction. following her removal by the Central Bank of Nigeria (CBN), in August 2010.

Meanwhile, the declining trend on the Nigerian Stock Exchange (NSE) was halted Wednesday, as the value of listed equities, represented by the market capitalisation, appreciated by N13.74 billion.

The capitalisation which opened at N7.871 trillion dipped by 0.17 per cent to close at N7.885 trillion, while the All-share index, another indices for measuring the performance of listed equities, also appreciated by 0.17 per cent to close at 24,681.17 points from 24,638.17 points at which it opened.

The improvement in the market indices was occasioned by gains on the share prices of major highly capitalised. Intercontinental Bank Plc led on the price gainers’ chart, with a five per cent appreciation on its share price, rising by N0.10 to close at N2.10 per share from N2.10 per share at which it opened, Zenith Bank Plc followed with a share price appreciation of five per cent to close at N14.92 per share, while Vitafoam Plc garnered N0.29 to close at N6.18 per share.

Other share price gainers include: NPF Microfinance Bank Plc N0.08, Vono Products Plc N0.07, African Petroleum Plc N0.80, BankPHB Plc N0.07, Intercontinental WAPIC Insurance Plc N0.02, and Sterling BankPlc N0.06.
Nigerian Bag Manufacturing Company Plc N0.05 among others.

On the contrary, Guaranty Trust Assurance Plc recorded the most share price loss, dropping by N0.09 to close at N1.71 per share, representing a drop of five per cent, FTN Cocoa Processors Plc followed as its shares dropped by five per cent to close at N0.57 per share and Eterna Oil and Gas Plc dipped by N0.26 to close at N4.94 per share.


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