Stock Market Crashes Amid Political Tension Ahead Presidential Election

As the Presidential election nears, the Nigerian stock market halted Monday’s gain, losing N19.08 billion on Tuesday, 21 February 2023, amid heightened political tension.

The loss dragged the market capitalisation down to N29.51 trillion, from N29.53 trillion, indicating jittery among investors.

Also, the All-Share Index declined on Tuesday to 54,189.31 ASI, losing 35.04 basis points from the previous day’s 54,224.35 ASI 

Investors exchanged N15.57 billion for 254.17 million shares on Tuesday in 2,950 deals. 

A day before, investors had exchanged 154.62 million shares in 3,095 deals worth N5.50 billion. 

Top five gainers 

• MRS share appreciated by N2.30kobo to rise from N23 to N25.30kobo per share   
• Tripple Gee grew by N0.21kobo, up from N2.18kobo to N2.39kobo per share   
• LivingTrust ended trading with N2.65kobo from N2.52kobo per share, rising by N0.13kobo.   
• AIICO gained 1.69 per cent to end trading at N0.60kobo, having opened with N0.59kobo per share.
• UPDC REIT stock was up by 1.64 per cent, closing with N3.10kobo from N3.05 per share

Top five losers 

• Veritas Kapital depreciated by 4.76 per cent, dwindling from N0.21kobo to N0.20kobo per share.
• Linkage Assurance also fell by 4.44 per cent to end trading at N0.43kobo, after opening with N0.45kobo per share. 
• International Breweries followed the same path, losing 0.20 per cent after trading hours, to sell at N4.50kobo from N4.70kobo per share.   
• Transcorp reported a decline of 4.03 per cent from the previous day’s share price of N1.24kobo to end trading at N1.19kobo per share.   
• Consolidated Hallmark Insurance’s share depreciated to N0.65kobo from N0.67kobo, after losing 2.99 per cent during trading hours.    

Top five trading equities in the stock exchange 

• Geregu reported 125.01 million shares valued at N12.50 million were traded on its floor
• GTCO recorded 31.07 million shares valued at N779.38 million
• Zenith Bank saw investors trade 15.03 million of its shares valued at N375.84 million
• Access Corp recorded 11.07 million shares exchanged on its floor, worth N100.52 million
• UBA reported 7.19 million shares, valued at N60 million, exchanged investors’ hands