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Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal - Business - Nairaland

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Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by dipoolowoo: 6:19am On Sep 12
By Dipo Olowookere

The nation’s stock market closed 0.39 percent higher on Wednesday after suffering two consecutive losses this week as a result of profit taking activities by investors.

During yesterday’s session, the bulls chased out the bears from the market as investors kept an eye on proceedings at the election tribunal giving its ruling on the disputes from the February 2019 presidential election between President Muhammadu Buhari of the All Progressives Congress (APC) and his challenger, Mr Atiku Abubakar of the Peoples Democratic Party (PDP).

First feelers from the tribunal in Abuja gave clear indications that the President would retain his seat and this improved the level of confidence of investors, triggering buying pressure at the market.

Though the final judgement did not come before the close of transactions at the Nigerian Stock Exchange (NSE), earlier rulings dismissing some of the appeals of Mr Atiku on the legitimacy of Mr Buhari and others brought fresh air to the stock market.

At the end of the day, the All-Share Index (ASI) increased by 105.95 points to settle at 27,153.53 basis points from 27,047.58 basis points in the last session, while the market capitalization appreciated by N51.6 billion to finish at N13.210 trillion against N13.158 trillion on Tuesday.

But Business Post observed that despite the market closing bullish yesterday, the volume, value and number of deals executed depreciated by 41.92 percent, 70.18 percent and 5.70 percent respectively.

A total of 211.5 million shares worth N1.5 billion were exchanged by investors in 4,365 deals in the mid-week session compared with the 364.2 million equities valued at N4.9 billion transacted in 4,629 deals in the previous trading session.

Courtville recorded the highest volume of sales yesterday, closing with a turnover of 35.2 million units of its shares traded at N7.7 million.

It was followed by Sterling Bank, which traded 34.7 million shares worth N78.1 million, and Access Bank, which transacted 30 million equities valued at N208.4 million.

Furthermore, Transcorp exchanged 15.9 million units of its stocks worth N16.1 million during the trading day, while UBA sold 12.5 million shares worth N77.5 million.

An analysis of the price movement chart showed that yesterday, Nestle Nigeria topped the gainers’ table after a price appreciation of N40 to close at N1120 per unit.

Seplat trailed with a price growth of N24 to finish at N450 per share, CCNN gained 25 kobo to settle at N16.50k per share, May & Baker improved its share value by 19 kobo to end at N2.09k per unit, while FCMB garnered 9 kobo to close at N1.64k each.

At the other side, Guinness Nigeria closed as the day’s heaviest price loser after depreciating by 30 kobo to trade at N37 per share, while Stanbic IBTC went down by 25 kobo to finish at N35.75k per share.

Flour Mills also declined by 25 kobo to close at N13.25k per share, Dangote Flour shed 15 kobo to settle at N22.10k per unit, while UAC Nigeria depleted by 15 kobo to trade at N6.05k per share.

For the sectoral performance, only the insurance sector closed negative on Wednesday after going down by 1.25 percent.

The energy sector was the day’s highest gainer with 2.82 percent growth, the consumer goods index appreciated by 1.60 percent, banking stocks rose by 0.35 percent, while industrial sector appreciated by 0.16 percent.

https://businesspost.ng/2019/09/12/stock-market-gains-n52bn-as-buhari-floors-atiku-at-tribunal/

8 Likes 1 Share

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by TRIGITIS: 6:36am On Sep 12
When buhari was announced the winner by inec, the opposite of this happened and pigs blamed buhari. I trust pigs, they will now give credit to investors.

40 Likes 4 Shares

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by netpro(m): 6:49am On Sep 12
Next level locked and loaded all the way!

26 Likes 7 Shares

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by carterguccy(m): 6:50am On Sep 12
K
Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by IMASTEX: 6:50am On Sep 12
This is all you guys knows best to do, politicking & looting. In Nigeria a government explains "achievements". In sane country, citizens experienced governance. It became a helpless situation, when Nigerians could only pick PMB & Atiku as the preferred option.

Official: Nigeria is now among 1000 ways to die.

9 Likes 1 Share

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by nony43(m): 6:50am On Sep 12
They would have hit 1 trillion if Atiku had won

18 Likes 4 Shares

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by vibbb: 6:51am On Sep 12
Ok, he b like say they want to start another story again.

2 Likes

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by Anijay1212(m): 6:51am On Sep 12
What a wonderful news.I pray that Nigeria continue to grow in leaps and bounds.
God bless our President.
God bless all Nigerians.

4 Likes

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by exquisitehair(f): 6:52am On Sep 12
Na wah oh! But the bulls has been in the market couple of days before yesterday's judgement.
Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by Agbele1(m): 6:52am On Sep 12
Hmmmm, is that a sign of good things to come in Nigeria? So help us God

3 Likes

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by MorataFC: 6:52am On Sep 12
Good news for me and for all

1 Like

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by Eteka1(m): 6:53am On Sep 12
Cool
Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by geoworldedu: 6:53am On Sep 12
Is this news?

Oshodi is more beautiful than heaven. Fashola has transformed Oshodi. If God should visit there, he will not want to return to heaven again.
Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by PureGoldh(m): 6:53am On Sep 12
God bless Federal Republic of Nigeria.

Check my signature below if you need Pure Original Honey
Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by MorataFC: 6:53am On Sep 12
Agbele1:
Hmmmm, is that a sign of good things to come in Nigeria? So help us God
if you believe it then it's yours.

2 Likes 1 Share

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by braveboy64(m): 6:54am On Sep 12
SAY BUHARI

1 Like 1 Share

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by QuotaSystem: 6:54am On Sep 12
Investor confidence is sure to receive a boost with the sacking of the 'cumming' looter.

Joevics:


This #sackbuhari hashtag is giving APC gbas gbas gbos..

Haq haq haq..

Good morning.

Have you prayed for your President today?

Heq Heq Heq...

13 Likes 2 Shares

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by helinues: 6:54am On Sep 12
Good

Better days ahead
Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by olajizz01(m): 6:55am On Sep 12
Good,this is what we are hoping for.

1 Like 1 Share

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by anonimi: 6:55am On Sep 12
netpro:
Next level locked and loaded all the way!

Locked and loaded with misery, poverty, insecurity and illiteracy all rolled together






2 Likes 2 Shares

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by MorataFC: 6:55am On Sep 12
geoworldedu:
Is this news?

Oshodi is more beautiful than heaven. Fashola has transformed Oshodi. If God should visit there, he will not want to return to heaven again.
don't blasphem
That is blasphemy against God

2 Likes

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by ray501(m): 6:56am On Sep 12
Haba! what connection do the have, imagine less than one percent higher. lubbish

3 Likes

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by saraki2019(m): 6:57am On Sep 12
Said baba

1 Like

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by BRASH: 6:57am On Sep 12
TRIGITIS:
When buhari was announced the winner by inec, the opposite of this happened and we his pigs were foolish to attack sane people who blamed buhari. I trust my fellow pigs, we will now give credit to investors.
you are right bro

2 Likes 1 Share

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by Shoodboi: 6:58am On Sep 12
TRIGITIS:
When buhari was announced the winner by inec, the opposite of this happened and pigs blamed buhari. I trust pigs, they will now give credit to investors.

What is Seun and the rest of the Nairaland crew doing about people like this?
Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by DeviIhimseIf: 7:01am On Sep 12
Anijay1212:
What a wonderful news.I pray that Nigeria continue to grow in leaps and bounds.
God bless our President.
God bless all Nigerians.
Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by Joevics(m): 7:01am On Sep 12
QuotaSystem:


Good morning.

Have you prayed for your President today?

Heq Heq Heq...
Good morning. Of course, I wish him well for the sake of us all. My priority is good governance which I still think he can't offer.

1 Like

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by QuotaSystem: 7:05am On Sep 12
Joevics:

Good morning. Of course, I wish him well for the sake of us all. My priority is good governance which I still think he can't offer.

Wisdom is quite profitable to the wise.

Good governance is a needle in a haystack that we'll continue to seek, but we will never settle for pretentious rusted nails.

Athiefku was never an option in the quest for good governance.


Have a nice day.

5 Likes 3 Shares

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by Dshocker(m): 7:07am On Sep 12
What has the victory of someone that causes destruction got to do with stock market

2 Likes

Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by feelgoodstuffs(m): 7:10am On Sep 12
Dshocker:
What has the victory of someone that causes destruction got to do with stock market


I taya o
Re: Stock Market Gains N52bn As Buhari Floors Atiku At Tribunal by QuotaSystem: 7:12am On Sep 12
TRIGITIS:
When buhari was announced the winner by inec, the opposite of this happened and pigs blamed buhari. I trust pigs, they will now give credit to investors.

Shoodboi:


What is Seun and the rest of the Nairaland crew doing about people like this?

Unfortunately, the same thing they're doing about people that refer to others as cows.

Absolutely nothing.

6 Likes 1 Share

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