The equity market on the Nigerian Exchange Ltd. (NGX) has reacted to the outcome of Nigeria’s presidential election, ending its five-day gaining streak.
Peoples Gazette reports that the NGX performance indices shed 0.53 per cent due to sell-offs in medium and large-capitalized stocks.
But Bloomberg had reported that five of Nigeria’s dollar bonds ranked among the 10 best performers on Monday in a Bloomberg index of 71 emerging and frontier nations, as investors bet on the candidate of the All Progressive Congress (APC) to win the presidential election.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
However, it’s a different response from the Nigerian stock market, which has maintained months of consecutive gains before the election. PG’s report below shows how the market performed.
The market capitalization dropped by N162 billion or 0.53 per cent, to close at N30.238 trillion as against the N30.4 trillion recorded on Tuesday.
Also, the All-Share Index (ASI) declined by 297.65 points to close at 55,508.61 compared with 55,806.26 posted in the previous session.
The downturn was due to selloffs in, mainly in telco heavyweight, Airtel Africa and others. As a result, the year-to-date return fell to 8.31 per cent.
“Positive sentiments remain in the market, as seen in the number of gainers versus losers. We expect to see profit taking in some selected stocks that have rallied in recent sessions, while market breadth remain in the green,” said analysts at Vetiva Securities Ltd.
Also, market breadth closed positive with 24 stocks on the gainer’s table, while 10 on the losers’. Veritas Kapital Assurance led the gainers’ chart in percentage terms by 10 per cent to close at 22k, per share. Ardova followed with 9.76 per cent to close at N18.55, while Wema Bank grew by 8.75 per cent to close at N4.35, per share.
The Initiative rose 8.33 percent to close at 52k, while Geregu Powers appreciated by 8.20 per cent to close at N298.10, per share. On the other hand, John Holt led the losers’ chart in percentage terms by 6.66 per cent to close at N1.59, per share.
Ecobank Transnational Incorporated (ETI) followed with 7.69 per cent to close at N12, while Airtel Africa dropped by 5.25 to close at N1,535, per share.
United Capital shed 3.91 per cent to close at 14.75, while FTN Cocoa Processors lost 3.45 to close at 28k, per share. The trade turnover increased by 36.73 per cent to 228.49 million units, valued at N4.44 billion and exchanged in 3,6 deals. Transactions in the shares of Capital Hotel topped the activity chart with 333.24 million shares valued at N2.33 billion.
Transcorp followed with 44.89 million shares worth N67 million, while Guaranty Trust Holding Company (GTCO) traded 46.63 million shares valued at N126 billion.
Oando traded 19.98 million shares valued at N102.33 million, while Access Holdings transacted 19.42 million shares worth N186.21 million.