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Nigerian stocks fall 0.53% as new president emerges

Nigerian stocks ended a five-day run, falling on the day a new president was declared for the country. The broad stock gauge, the All-Share Index,…

Nigerian stocks ended a five-day run, falling on the day a new president was declared for the country. The broad stock gauge, the All-Share Index, fell by 0.53 per cent on Wednesday.

The Independent National Electoral Commission, earlier in the day, had announced Bola Tinubu, candidate of the ruling All Progressives Congress, as the winner of the presidential election that was held on Saturday, February 25, 2023. 

While a total of 29 stocks gained, they were not enough to counter the impact of 12 that lost. Among the losers were bank conglomerate, ETI, which shed 7.69 percent, to close at N12 per share; the communication giant, Airtel Africa, which lost 5.25 per cent to close at N1,535 per share, and cement producer, WAPCO, whose price fell by 1.46 percent to close at N27. Other losers included John Holt, which lost 9.66 per cent; May and Baker, which lost one per cent.

The gainers included Ardova (9.76%); Wema Bank (8.75%); Geregu (8.20%); Oando (6.25%); BUA Foods (5.25%); Chams (7.69%); FCMB (2.02%), and VERITASKAP (10%).

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The Nigerian stock market last Friday had advanced a third time in a row showing resilience as Nigerians proceed to elect new leaders. The Nigerian Exchange All-Share Index gained 0.55 per cent and raised the year-to-date gain to 7.22%. A total of 30 stocks gained, while 11 declined, according to market results released at the end of trading in Lagos.

It was the same trend on the Eurobond market, where the country’s bonds also gained on the eve of the polls. Out of the country’s Eurobonds, only two – those maturing this year and in 2025 fell in price, while the rest gained.

As of Monday, equities trading on the exchange closed positive with investors gaining N21 billion.

The first trading day of the week saw the stock market capitalisation rise by 0.55 per cent to N30.14 trillion from the N29.93 trillion closing value last Friday.

The benchmark indices of the All-Share Index also added 379.21 absolute points to close trading for the day at 55,328.42 from 54,949.21 previous closings.

The price movement chart reflected 37 active stocks with 28 gainers and nine losers.

 

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