How Stock Market Reacts To Tinubu’s Victory

Hours after Bola Ahmed Tinubu of the All Progressive Congress (APC) emerged as the winner of the Nigerian presidential election, the stock market closed on a negative note on Wednesday, ending its positive form.

Prime Business Africa learnt that the Nigerian bourse’s market capitalisation closed down by 0.53 per cent, as sell-off dragged the equity’s total valuation down to N30.23 trillion from N30.40 trillion. 

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The decline caused a loss of N162.14 billion in shareholders’ investment in the stock market. 

The All-Share Index also shed 297.65 basis points from the 55,806.26 ASI recorded on Tuesday, to end trading at 55,508.61 ASI.

Although investors traded more shares of 565.82 million, worth N6.57 billion, in 4,340 deals on Wednesday, when compared to the 237.17 million shares, worth N2.50 billion, exchanged on Tuesday in 2,820 deals. 

Top five gainers 

• Veritas Kapital’s share appreciated by 10 per cent to rise from N0.20kobo to N0.22kobo per share    
• Ardova grew by N1.65kobo, up from N16.90kobo to N18.55kobo per share
• Wema Bank ended trading with N4.35kobo from N4 per share, rising by N0.35kobo.
• TIP gained 8.33 per cent to end trading at N0.52kobo, having opened with N0.48kobo per share.
• Geregu stock was up by B22.60kobo, closing with N298.10kobo from N275.50kobo per share

Top five losers 

• John Holt depreciated by N0.17kobo, dwindling from N1.76kobo to N1.59kobo per share.   
• Ecobank also fell by N1 to end trading at N12, after opening with N13 per share. 
• Airtel Africa followed the same path, losing N85 after trading hours, to sell at N1535 from N1620 per share.   
• United Capital reported a decline of N0.60kobo from the previous day’s share price of N15.35kobo to end trading at N14.75kobo per share.   
• FTN Cocoe’s share depreciated to N0.28kobo from N0.29kobo, after losing 3.45 per cent during trading hours.    

Top five trading equities in the stock exchange 

• Capital Hotel reported 333.23 million shares valued at N2.33 billion were traded on its floor     
• Transcorp recorded 47.89 million shares valued at N67 million   
• GTCO saw investors trade 46.62 million of its shares valued at N1.25 billion   
• Oando recorded 19.97 million shares exchanged on its floor, worth N102.32 million   
• Access Corp reported 19.41 million shares, valued at N186.20 million, exchanged investors’ hands