Nigerian Stock Exchange Closes for Two Days

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) will not open for business for two days this week.

This is because of the public holiday declared by the federal government for Monday and Tuesday to celebrate the end of Ramadan.

For 30 days, Muslims all over the world observed the annual fast, which was brought to an end over the weekend.

To celebrate the end of the exercise, the federal government declared Monday, May 25, and Tuesday, May 26, 2020, as public holiday for the Eid-al Fitr.

In a statement issued at the weekend, the NSE stressed that, “In light of this development, all exchange’s facilities nationwide will be closed for business to observe the holiday.”

However, it noted that from Wednesday, activities would resume at the exchange and investors will have the opportunity to trade in stocks on its platform.

“Please be informed that the Nigerian Stock Exchange will be open for business as usual on Wednesday, May 27, 2020,” the notice said. ​

Last week, the stock exchange’s All-Share Index (ASI) and market capitalisation appreciated by 5.59 percent wee-on-week to close at 25,204.75 points and N13.136 trillion respectively.

In the five-day trading week, a total of 55 equities appreciated in price, higher than 32 equities in the previous week, while 8 equities depreciated in price, lower than 28 equities in the previous week, with 100 equities closing unchanged, lower than 103 equities recorded in the preceding week.

Unilever Nigeria ended the week as the best performing stock, gaining 33.86 percent to settle at N17 per unit. Red Star Express grew by 26.67 percent to end at N3.80 per share, BUA Cement appreciated by 23.42 percent to close at N39 per share, Mobil Oil closed 20.92 percent higher to N213.90 per share, while UAC Nigeria gained 20.14 percent to close at N8.35 per share.

On the flip side, Arbico was the worst performing stock, losing 9.91 percent to close at N2.09 per share. Afromedia depreciated by 9.68 percent to finish at 28 kobo per share, Royal Exchange lost 9.09 percent to finish at 20 kobo per share, LASACO Assurance fell 7.41 percent to close at 25 kobo per share, while Cornerstone Insurance depreciated by 6.78 percent to end at 55 kobo per share.