Dipo Olowookere
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited weakened by 0.07 per cent on Wednesday as happenings at the presidential election petition tribunal (PEPT) distracted investors.
Most traders stayed glued to their television sets to catch a glimpse of the judgement of the appeal court on the presidential election outcome disputes filed by Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr Peter Obi of the Labour Party (LP).
The duo is challenging the declaration of Mr Bola Tinubu of the ruling All Progressives Congress (APC) as the winner of the February 2023 election by the Independent National Electoral Commission (INEC).
When the stock market closed for the session, the judges were still reading their judgements, but to play safe, some traders began to book profit, leading to the downfall of the exchange in the midweek session.
Consequently, the All-Share Index (ASI) decreased by 48.40 points to 68,286.28 points from 68,334.68 points, and the market capitalisation depleted by N26 billion to N37.374 trillion from N37.400 trillion.
Analysis showed that the consumer goods index was mainly responsible for the loss posted yesterday, as it dropped 0.82 per cent.
However, the insurance counter grew by 0.43 per cent, the banking space appreciated by 0.27 per cent, and the industrial goods sector rose by 0.17 per cent, and the energy sector closed flat.
The market breadth index, despite the loss posted by the bourse, was positive on Wednesday as there were 32 price gainers and 20 price losers, indicating a strong investor sentiment.
Vitafoam shed 10.00 per cent to N22.50, Veritas Kapital declined by 7.69 per cent to 24 Kobo, Linkage Assurance fell by 5.56 per cent to 85 Kobo, Dangote Sugar depreciated by 4.79 per cent to N66.65, and Champion Breweries lost 4.35 per cent to trade at N3.30.
On the flip side, Guinea Insurance gained 10.00 per cent to close at 33 Kobo, Beta Glass improved by 9.91 per cent to N47.15, Caverton surged by 9.84 per cent to N1.34, Oando expanded by 9.70 per cent to N7.35, and CWG increased by 9.11 per cent to N4.79.
At the market, investors traded 378.7 million stocks worth N5.5 billion in 7,671 deals compared with the 557.9 million stocks worth N10.2 billion transacted on Tuesday in 9,818 deals, implying a decline in the trading volume, value and the number of deals by 32.12 per cent, 46.08 per cent, and 21.87 per cent, respectively.
Business Post reports that Oando topped the activity chart yesterday with 83.5 million shares valued at N609.4 million, UBA traded 35.6 million equities worth N533.8 million, Transcorp exchanged 26.7 million shares valued at N177.7 million, Access Holdings sold 18.5 million equities for N321.1 million, and Omatek transacted 15.7 million stocks worth N9.4 million.
