Stock Market Loses N138bn Amid Call for Buhari’s Resignation

By Dipo Olowookere

Transactions remained bearish on the floor of the Nigerian Stock Exchange (NSE) at the midweek session, shedding 0.91 percent at the close of business.

The All-Share Index (ASI) decreased at the trading day by 267.73 points to close at 29,110.90 points, while the market capitalisation went down by N138 billion to settle at N14.995 trillion, lower than N15.133 trillion it ended on Tuesday.

It was observed that Zenith Bank was the most transacted equity on Wednesday at the stock market. The lender exchanged 46.6 million units worth N980.7 million.

Unilever Nigeria transacted 25.0 million shares valued at N375.3 million, GTBank exchanged 24.3 million equities for N740.2 million, FCMB traded 21.1 million stocks valued at N41.1 million, while UBA sold 12.4 million equities for N102.0 million.

Business Post reports that when the market closed for the day, the total volume of shares transacted by investors reduced by 3.26 percent to 242.8 million units from 250.9 million units of the previous day, while the value of the trades went down by 4.91 percent to N4.6 billion from N4.8 billion.

On the price movement chart, MTN Nigeria emerged as the heaviest price loser, going down by N5 to settle at N120 per unit, while GTBank lost 90 kobo to finish at N30.10 per share.

Unilever Nigeria depreciated by 80 kobo to sell at N15 per unit, UAC Nigeria dropped 55 kobo to trade at N10 per share, while BOC Gas fell by 45 kobo to quote at N4.50 per unit.

On the flip side, Flour Mills topped the gainers’ chart after adding N1.20 to its share price to close at N22.35 per unit, while Nigerian Breweries rose by N1 to quote at N55 per unit, while Julius Berger, Union Bank and Oando appreciated by 10 kobo each to settle at N22.25 per share, N6 per share and N3.74 per share respectively.

Yesterday, a Senator of the opposition Peoples Democratic Party (PDP) Mr Enyinnaya Abaribe, who is the Senate Minority Leader, asked President Muhammadu Buhari to reign from office since he has been unable to solve the insecurity issues in the country.

At the plenary yesterday, lawmakers asked the President to sack the service chiefs and replace them with those who can bring peace into the country.