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Reading: Nigerian Stocks Drop by 0.53% Amidst Emergence of New President
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Nigeria

Nigerian Stocks Drop by 0.53% Amidst Emergence of New President

Wednesday, Nigerian stocks experienced a 0.53% dip in the broad stock gauge, the All-Share Index, on the same day a new president was declar...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief March 02, 2023
Updated March 2, 2023 at 8:36 AM
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Nigerian Stocks Drop by 0.53% Amidst Emergence of New President
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Nigerian Stocks Drop by 0.53% Amidst Emergence of New President
Wednesday, Nigerian stocks experienced a 0.53% dip in the broad stock gauge, the All-Share Index, on the same day a new president was declared for the country. The market saw 12 stocks in the red with a few heavyweights among them. The bank conglomerate, ETI, lost 7.69%, while Airtel Africa lost 5.25% and WAPCO lost 1.46%. On the other hand, 29 stocks gained, but these were not enough to make up for the losses.

According to the Independent National Electoral Commission, Bola Tinubu of the ruling All Progressives Congress was announced as the winner of the presidential election held on February 25, 2023. The election's outcome caused a slight dip in the Nigerian stock market after it had seen gains in previous days.

Despite the decline on Wednesday, the stock market had shown resilience in the days leading up to the election. Last Friday, the Nigerian Exchange All-Share Index gained 0.55%, pushing the year-to-date gain to 7.22%. Out of the country's Eurobonds, only two fell in price, while the rest gained on the eve of the polls.

On Monday, the equities trading on the Nigerian Exchange closed positively, with investors gaining N21 billion. The first trading day of the week saw the stock market capitalisation rise by 0.55% to N30.14 trillion, and the benchmark indices of the All-Share Index also added 379.21 absolute points to close trading for the day at 55,328.42 from 54,949.21 previous closings.

As of Wednesday's close, the Nigerian stock market had a total of 37 active stocks, with 28 gainers and nine losers. With the emergence of the new president, the market will continue to monitor the impact of the new administration on the economy and the stock market.

Tags: Nigeria

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