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 Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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