Economy
Stock Market Loses 0.53% After INEC Announces Tinubu President-Elect
By Dipo Olowookere
The Nigerian stock market reacted negatively to the announcement of Mr Bola Tinubu of the ruling All Progressives Congress (APC) as the president-elect.
At about 4:30 am on Wednesday, March 1, 2023, the Independent National Electoral Commission (INEC) declared the former Governor of Lagos State as the winner of the presidential election held on Saturday, February 25, 2023.
The credibility of the process has been questioned by some Nigerians, observers, and even the two major opposition parties in the race, the Peoples Democratic Party (PDP) and the Labour Party (LP), which pulled out of the collation of results because they (results) were not uploaded into a dedicated platform meant for this from the polling units.
At the first trading session of this month, the Nigerian Exchange (NGX) Limited, which had maintained an upward trajectory for the five previous consecutive trading sessions, weakened by 0.53 per cent after Mr Tinubu was announced as the winner of the election organised to produce the next Nigerian to replace President Muhammadu Buhari at Aso Rock on May 29, 2023.
Data obtained by Business Post revealed that investors sold off their shares in the industrial goods and the banking sectors today, resulting in a decline of 0.08 per cent and 0.04 per cent, respectively.
However, the consumer goods counter expanded by 2.48 per cent, the energy space grew by 0.77 per cent, and the insurance sector appreciated by 0.23 per cent.
At the close of business, the All-Share Index (ASI) weakened by 297.65 points to 55,508.61 points from 55,806.26 points, while the market capitalisation went down by N162 billion to N30.239 trillion from N30.401 trillion.
The market breadth was positive in the midweek session, as the bourse closed with 30 price gainers and 11 price losers, indicating a strong investor sentiment.
Veritas Kapital gained 10.00 per cent to settle at 22 Kobo, Ardova rose by 9.76 per cent to N18.55, Wema Bank grew by 8.75 per cent to N4.35, The Initiates expanded by 8.33 per cent to 52 Kobo, and Geregu Power improved by 8.20 per cent to N298.10.
On the flip side, John Holt lost 9.66 per cent to close at N1.59, Ecobank shed 7.69 per cent to finish at N12.00, Airtel Africa depleted by 5.24 per cent to N1,535.00, United Capital depreciated by 3.91 per cent to N14.75, and FTN Cocoa went down by 3.45 per cent to 28 Kobo.
A look at the activity chart showed that a total of 565.8 million shares worth N6.6 billion exchanged hands in 4,340 deals during the session compared with the 237.2 million shares worth N4.4 billion traded in 4,435 deals a day earlier, representing a decline in the number of deals by 2.14 per cent, and an increase in the trading volume and value by 138.53 per cent, and 50.00 per cent, respectively.
The significant increase in the trading volume was due to an off-market deal involving the shares of Capital Hotels. The hospitality firm topped the table with the sale of 333.2 million units.
Transcorp exchanged 47.9 million stocks, GTCO traded 46.6 million equities, Oando sold 20.0 million shares, and Access Holdings transacted 19.4 million stocks.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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