How Nigerian Stocks Fell After Tinubu’s Declaration As President-Elect

 The five-day gaining streak of the equity market on the Nigerian Exchange Ltd. (NGX)  has ended with\ performance indices shedding 0.53 percent as a result of sell-offs in medium and large-capitalized stocks.

As against the N30.4 trillion recorded on Tuesday, the market capitalisation dropped by N162 billion or 0.53 percent, to close at N30.238 trillion, with the All-Share Index (ASI) also declining by 297.65 points to close at 55,508.61 compared with 55,806.26 posted in the previous session.

It was gathered that selloffs mainly in telco heavyweight, Airtel Africa, and others were largely responsible for the downturn. This connotes that the year-to-date return fell to 8.31 percent.

According to analysts at Vetiva Securities Ltd:

“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 remains in the green”.

With 24 stocks on the gainer’s table, and 10 on the losers’, market breadth closed positive and this has Veritas Kapital Assurance leading the gainers’ chart in percentage terms by 10 percent to close at 22k, per share. Ardova followed with 9.76 percent to close at N18.55, while Wema Bank grew by 8.75 percent to close at N4.35, per share.

The Iniative rose 8.33 percent to close at 52k, while Geregu Powers appreciated by 8.20 percent to close at N298.10, per share. On the other hand, John Holt led the losers’ chart in percentage terms by 6.66 percent to close at N1.59, per share.

Ecobank Transnational Incorporated (ETI) followed with 7.69 percent to close at N12, while Airtel Africa dropped by 5.25 to close at N1,535, per share.

United Capital shed 3.91 percent 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 percent 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.