On the day a new president was elected for the nation, Nigerian stocks halted a five-day winning streak by declining. The All-Share Index, a measure of the entire stock market, decreased by 0.53 percent on Wednesday.
The All Progressives Congress candidate Bola Tinubu had earlier in the day been declared the victor of the Saturday, February 25, 2023, presidential election by the Independent National Election Commission. Even though 29 stocks rose overall, this was not enough to offset the effects of 12 stocks falling. Among the losers were the cement company WAPCO, whose price dropped by 1.46 percent to close at N27, the bank conglomerate ETI, which lost 7.69% to settle at N12 per share, and the telecom juggernaut Airtel Africa, which lost 5.25% to close at N1,535 per share. Other losers included May and Baker, which lost 1%, and John Holt, which lost 9.66%.
Wema Bank (8.75%), Geregu (8.20%), Oando (6.25%), BUA Foods (5.25%), Chams (7.69%), FCMB (2.02%), and VERITASKAP (10%) were among the gainers. Ardova (9.76%) also benefited.
Last Friday, the Nigerian stock market increased for the third day in a row, demonstrating its tenacity as the country’s citizens prepare to elect new leaders. The Nigerian Exchange All-Share Index increased by 0.55%, bringing the total gain for the year to date to 7.22%. After the close of trading in Lagos, market data showed that 30 equities had increased while 11 had decreased.
On the Eurobond market, where the nation’s bonds also rose ahead of the elections, it was the same pattern. Only two of the nation’s Eurobonds—those with maturities this year and in 2025—saw a price decline, while the remainder increased.
As of Monday, investors gained N21 billion on the favorable close of the exchange’s equity trading.
The stock market capitalization increased by 0.55 percent on the first trading day of the week from the N29.93 trillion closing value last Friday to N30.14 trillion.
The benchmark All-Share Index index also gained 379.21 absolute points, closing trading at 55,328.42 from prior closings of 54,949.21.
37 active equities were represented on the price movement chart, with 28 gainers and 9 losers.
