Economy
Stock Market Crashes After Supreme Court Affirms Tinubu as President
By Dipo Olowookere
The stock market depleted by 0.18 per cent on Thursday after the Supreme Court delivered a landmark judgment, affirming Mr Bola Tinubu as the validly elected President in the February 25, 2023, presidential election.
After the presidential poll, Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr Peter Obi of the Labour Party went to the tribunal to upturn the victory of Mr Tinubu of the ruling All Progressives Congress (APC).
However, they failed as the Appeal Court last month said there was nothing wrong with the March 1, 2023, declaration of Mr Tinubu as President by the Independent National Electoral Commission (INEC).
Dissatisfied, they went to the apex court to get their request granted but yesterday, the final court said nothing has changed, leaving them with no other option than to wait till 2027 to achieve their goals.
But the Nigerian Exchange (NGX) Limited reacted negatively to the judgment, closing in the green territory as a result of mild selling pressure, particularly in the financial sector.
The insurance sector was the worst hit as it dropped 1.82 per cent, and banking space shed 0.33 per cent, while the consumer goods index gained 0.12 per cent, with the energy and industrial goods counters closing flat.
At the close of trading activities, the All-Share Index (ASI) decreased by 121.21 points to 67,084.95 points from 67,206.16 points and the market capitalisation fell by N66 billion to N36.857 trillion from 36.923 trillion.
Secure Electonic Technology was the heaviest price loser on Thursday, going down by 10.00 per cent to 27 Kobo and was trailed by CWG, which declined by 9.94 per cent to N7.70. Thomas Wyatt lost 9.84 per cent to close at N4.03, International Breweries slumped by 9.78 per cent to N4.15, and Universal Insurance depreciated by 8.33 per cent to 22 Kobo.
Conversely, McNichols finished as the biggest price gainer after it chalked up 8.93 per cent to sell for 61 Kobo, UAC Nigeria rose by 6.09 per cent to N12.20, Oando appreciated by 4.07 per cent to N8.95, Chams expanded by 3.65 per cent to N1.99, and Nestle Nigeria grew by 2.94 per cent to N1,050.00.
Business Post reports that when the closing bell was beaten by 2:30 pm to signal the end of the trading day, the bourse was with 12 appreciating stocks and 29 depreciating equities, indicating a negative market breadth and very weak investor sentiment.
As for the activity chart, it was weak as the trading value increased by 15.91 per cent, while the trading volume went down by 18.81 per cent, and the number of deals shrank by 13.22 per cent.
A total of 267.7 million shares valued at N5.1 billion were traded in 5,205 deals yesterday versus the 329.6 million shares worth N4.4 billion transacted in 5,998 deals on Wednesday.
Fidelity Bank closed as the busiest equity during the session as it traded 39.8 million units valued at N326.9 million, Chams sold 23.5 million units for N46.4 million, Access Holdings exchanged 20.6 million units worth N347.8 million, UBA traded 19.0 million units valued at N357.3 million, and Japaul transacted 18.3 million units for N16.3 million.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn