The Nigerian stock exchange reacted negatively to the announcement of Mr. Bola Tinubu, the president-elect of the ruling All Progressives Congress (APC).
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, around 4:30 a.m. on Wednesday, March 1, 2023.
Some Nigerians, observers, and even the two major opposition parties in the race, the Peoples Democratic Party (PDP) and the Labour Party (LP), have questioned the process’s credibility, claiming that results were not uploaded into a dedicated platform meant for this from polling units.
The Nigerian Exchange (NGX) Limited, which had been on an upward trend for the previous five consecutive trading sessions, fell by 0.53 percent in the first trading session of this month after Mr. Tinubu was declared the winner of the election to produce the next Nigerian to replace President Muhammadu Buhari at Aso Rock on May 29, 2023.
According to data obtained by EntrepreneurNG, investors sold their shares in the industrial goods and banking sectors today, resulting in a 0.08 percent and 0.04 percent decline, respectively.
However, the consumer goods sector increased by 2.48 percent, the energy sector increased by 0.77 percent, and the insurance sector increased by 0.23 percent.
The All-Share Index (ASI) fell by 297.65 points to 55,508.61 points at the close of business, down from 55,806.26 points, while market capitalization fell by N162 billion to N30.239 trillion from N30.401 trillion.
In the midweek session, the market breadth was positive, with the bourse closing with 30 price gainers and 11 price losers, indicating strong investor sentiment.
Veritas Kapital increased by 10% to N22.10, Ardova increased by 9.76% to N18.55, Wema Bank increased by 8.75% to N4.35, The Initiates increased by 8.33% to N52.10, and Geregu Power increased by 8.20% to N298.10.
On the other hand, John Holt fell 9.66% to N1.59, Ecobank fell 7.69% to N12.00, Airtel Africa fell by 5.24 percent to N1,535.00, United Capital fell by 3.91 percent to N14.75, and FTN Cocoa fell by 3.45 percent to 28 Kobo.
According to the activity chart, 565.8 million shares worth N6.6 billion were traded in 4,340 deals during the session, compared to 237.2 million shares worth N4.4 billion traded in 4,435 deals the day before, representing a 2.14 percent decrease in the number of deals and a 138.53 percent increase in trading volume and value, respectively.
The significant increase in trading volume was caused by an off-market transaction involving Capital Hotels shares. The hospitality company led the way, selling 333.2 million units.
Transcorp traded 47.9 million shares, GTCO 46.6 million shares, Oando sold 20.0 million shares, and Access Holdings 19.4 million shares.
