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NIigeria equity market loses N196 bn

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The Nigerian Stock Exchange (NSE) on Monday reacted negatively to sudden election postponement, dropping by N196 billion as predicted by financial experts.

Specifically, the market capitalisation shed N196 billion or 1.61 per cent to close at N12.004 trillion against N12.200 trillion on Friday, due to the postponement.

Also, the All-Share Index which opened at 32,715.50 lost 525.43 points or 1.61 per cent to close at 32,190.07, amid loses by blue chips.

The News Agency of Nigeria (NAN) reports that the equity market which climbed past a three-month high on Feb. 15 reversed growth, following last minute postponement of the general elections.

NAN reports that INEC announced the shift of the Feb. 16 Presidential and National Assembly elections to Feb. 23.

The Governorship and State House of Assembly as well as FCT area council elections have also been shifted from March 2 to March 9.

INEC Chairman, Prof. Mahmood Yakubu, at a news conference attributed the postponement of elections to logistics and operational problems.

Mr Sola Oni, a chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, Lagos, said: “The sudden postponement, few hours to election period, was a sad commentary.

“It has deepened Nigeria’s political risk with dire consequences on investment decision,” Oni said.

He said that the shock caused by the announcement might jolt foreign portfolio investors who had been apprehensive of the presidential election.

“It is not unlikely that trading on the stock may be moderated by this development as it is capable of further eroding investor confidence in our market.

“Every political decision has direct or indirect impact on the financial market,“he stated.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, had earlier told NAN that the postponement, few minutes to the Election Day would further slow down economic activities.

According to the expert, it will also cause cautious trading in the nation’s bourse.

Omordion said that investors’ confidence on the recent stock market rebound would be dampened with the development.

He said that the development had heightened uncertainty in the market arena and economy.

Omordion said that investors who had started to pick up shares to position for a post-election rally were now dumping their shares due to INEC’s sudden decision to shift the polls.

An analysis of the price movement chart shows that Total recorded the highest loss, dropping by N15 to close at N190 per share.

Mobil Oil trailed with a loss of N8 to close at N75, while Guaranty Trust Bank was down by N1.45 to close at N36.50 per share.

Cement Company of Northern Nigeria declined by N1 to close at N20 per share.

Conversely, Nestle led the gainers’ table with a growth of N35 to close at N1, 800 per share.

Betaglass followed with a gain of N6.70 to close at N79, while Presco gained N6.60 to close at N72.60 per share.

Cap added N2.20 to close at N34, while Dangote Flour increased by 45k to close at N9.60 per share.

Also, the volume of shares transacted dipped by 71.13 per cent, while value of shares traded dropped by 48.23 per cent.

Consequently, investors bought and sold 233.42 million shares valued at N3.36 billion in 4,134 deals.

This was in contrast with a turnover of 808.65 million shares worth N6.49 billion traded in 6,177 deals on Friday.

Access Bank dominated trading activities accounting for 25.32 million shares worth N160.16 million.

Chams followed with an exchange of 21.70 million shares valued at N4.34 million, while United Bank for Africa traded 20.45 million shares worth N157.19 million.

Zenith Bank exchanged 15.68 million shares valued at N375.32 million, while Guaranty Trust Bank traded a total of 13.86 million shares worth N519.12 million. (NAN)

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Ex Governor Abdullahi Ganduje, Wife, others To Be Arraigned April 17 Over Dollar Video…..

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The Kano High Court is set to arraign Kano State’s immediate previous governor, Abdullahi Ganduje, on April 17, 2024, on charges of bribery, diversion, and theft of money, including the alleged acceptance of $413,000 and N1.38 billion in bribes.

Haruna Dederi, Kano State Attorney General and Commissioner of Justice, confirmed the situation, saying Ganduje would be charged with his wife and six others.

The accused individuals named in the summons are Abdullahi Umar Ganduje, Hafsat Umar, Abubakar Bawuro, Umar Abdullahi Umar, Jibrilla Muhammad, Lamash Properties Ltd, Safari Textiles Ltd, and Lesage General Enterprises.

The Kano State Government, which initiated the criminal suit against the eight respondents, has declared its readiness to present 15 witnesses to testify before Justice Usman Na’aba of State High Court number four.

“It is very true. We have filed the case and it’s going to hold on the 17th of April, 2024. What I cannot confirm is whether he is served or not, but he will definitely be served,” he said.

Dederi further highlighted the significance of accountability in governance, remarking, “What he (Ganduje) doesn’t understand is that you cannot run away from the evil day, it will definitely come to you, and this will even serve as a deterrence to all of us that are also in government now.”

The commissioner also addressed the jurisdictional aspect of the case, asserting,
“He was saying that we can’t prosecute him, forgetting that the offence also falls under the category of the state offences,” he said.

“It’s not totally a federal affair and we have even appealed to Justice Liman ruling on that.”

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Just In: Emefiele arrives Lagos court for arraignment

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The embattled former Central Bank of Nigeria Governor, Godwin Emefiele, has arrived at the Ikeja State High Court in Lagos for
his arraignment over alleged abuse of office and allocation of billions of dollars.

Emefiele, alongside his co-defendant, one Henry Isioma Omole, will be arraigned on fresh 26 counts before Justice Rahman Oshodi this morning.

In the charge marked ID/23787c/2024 and dated April 3, 2024, the EFCC alleged that Emefiele abused his office between 2022 and 2023 in Lagos.

The commission alleged that the former CBN governor “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

Details later…

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Look Beyond Sentiments, Fagade Urges Critics of Tinubu’s Appointments… Congratulates FIRS Boss, Zacch Adedeji

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Businessman and chieftain of the All Progressives Congress (APC) in Oyo state, Chief Abisoye Fagade has told those accusing President Bola Ahmed Tinubu of nepotism to jettison primordial sentiments, vindictiveness and bitterness with a view to supporting the current administration in its drive to take Nigeria out of the doldrums.

Fagade’s submission came against the background of insinuations from some quarters that appointments made so far by President Bola Tinubu was skewed in favour of the Yoruba ethnic group or people in the south western part of the country even though there have been counter reactions from eminent personalities from all parts of the country that the accusation of nepotism against Mr. President was unfounded and invalid.

In a statement issued on Wednesday and made available to journalists in Ibadan, Fagade described the Tuesday confirmation of Dr. Zacch Adedeji as the substantive chairman of the Federal Inland Revenue Service (FIRS) by the Nigerian Senate as “a step in the right direction taken to facilitate the quick realization of economic recovery agenda of the Tinubu administration.

“The appointment of Dr. Adedeji as the FIRS boss as well as other cerebral financial and economic management experts to man one key post or the other in the current administration will no doubt yield the desired results as Nigerians should expect economic rejuvenation, wealth creation and naira stability in no time. Governance is no tea party and one fundamental thing in the life of any government is having the right peg in the right hole and not the other way round.

“It is essential we congratulate our own Zacch Adedeji on the confirmation of his appointment as the FIRS boss by the Nigerian Senate in view of the fact that our confidence and trust in him as a competent administrator, seasoned financial expert and unique patriot remain constant. There are high expectations about Nigerian economy being diversified for obvious reasons by the Tinubu administration and we believe with the likes of Adedeji in FIRS, the goal would be achieved sooner than later.

“Above all, we appeal to all stakeholders in the affairs of our dear country to always eschew jingoism, ethnic biases or religious consideration on any matter relating to the interest of the most populous black nation in the world. The time to fix Nigeria is now and with the person of President Tinubu at the helms of affairs, the massive turnaround desired in our socio-economic and political architecture would begin to materialize very soon and it would not only be consolidated but also sustained for the collective benefits of all and sundry”. Fagade stated.

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