₦airaland Forum

Investors in the Nigerian Stock Exchange, NSE, have fully recovered the N400 billion loss triggered by JP Morgan’s withdrawal from Nigeria announced two weeks ago, indicating a resilient domestic capacity in the market.

Trading on the exchange was positively active for three consecutive days this week, resulting in key market indicators surpassing the pre-JP Morgan high point as market capitalization hit 10.5 trillion while All Share Index, ASI, moved up to 30,543.17 as at close of business this week.

The exchange had begun recovery from several days bear run, but a day after JP Morgan announced its resolution to phase out Nigeria from its Government Bond Index, Emerging Market, GBI-EM, the market indices began to tumble with market capitalization dropping cumulatively to less than N10.1 trillion and ASI falling to 29,403.09.

Capital market analysts had expressed concern over the implication of the JP Morgan action on the equities market.

Panic triggers
WSTC Financial Services Limited, a Lagos-based investment house, said: “We expect both warranted and unwarranted reactions from investors in the equities market.

“We believe the sell-off in equities will be triggered by both panic reaction to the announcement, as well as more fundamental concerns which will be anchored upon elevated required return on equity, attractive returns in the fixed income market and uncertainty regarding the value of the Naira.

“We reckon that the rout in the equities market will create attractive entry opportunities for value investors and the ability to take advantage of these will depend on individual investor’s ability to filter the rhythm from the noise.

“However, it is important to state that the fundamental concerns further depress our short term outlook on the performance of the equities market, reinforcing our recommendation for flight for safety through asset re-allocation into fixed income and currency-hedged assets.”

Awaiting FG’s policy thrust
In its own analysis Afrinvest Group, another Lagos-based investment house, said: “While we observed a knee-jerk reaction in the Nigerian capital market since the announcement, we expect this to stabilize in the medium to long term as we await policy direction from the Buhari’s administration.

“The financial market sentiment feel the impact of this news flow as the domestic investor sentiments will seem to be the new major force driving the fixed income market, while the equities market may still continue to enjoy a mix of foreign and domestic sentiments as Nigerian equities still remains in the Morgan Stanley Capital Index for frontier markets.

“The improvement in performance shows that the frantic sell offs that were observed in the market, following the JP Morgan announcement has been stemmed.”

Austin4lif:
that is why catholic opted out of CAN

Austin4lif:
Can a Christian Governor close down a mosque? Shame on CAN

omenka:
He wasn't being sarcastic oo. EdCure is a progressive that dislikes Islam.

I don't know about others, but never a day I'm my church has my pastor ever advised us to hate a people for any reason. He always does what he can to promote love, unity, tolerance and accommodation. But just like Edcure, I reserve the right to love and hate whoever I chose to- but I can't hate someone for reason of their religious or cultural persuasion.

God help us.

EdCure:
Elrufai is an islamist. It will be very silly for any Christian to support this act of persecution.

jimi4us:
[s]Elders of the North have said they would not allow the south west to humiliate Bukola Saraki for no reasons.

The elders, under the auspices of the Northern Elders Forum, said although they regard Senate President Bukola Saraki’s election as constitutional even though it was against the interest of the ruling party, they would not allow Tinubus selfish interest to take over the senate presidency happen.

Also, a Second Republic lawmaker and Convener of the Coalition of Northern Politicians, Academics, Professionals and Businessmen, Dr. Junaid Mohammed, stated that such intervention would be act of war between the West and the North[/s].

ABUJA – The Code of Conduct Tribunal, CCT, sitting in Abuja has ordered the Inspector General of Police, IGP, Mr. Solomon Arase and other relevant security agencies in ‎the country to arrest the Senate President, Dr. Bukola Saraki.

In a ruling this afternoon, the tribunal headed by Justice Danladi Umar issued a bench warrant against Saraki following his refusal to appear in court to face a 13-count criminal charge that was preferred against him by the Federal Ministry of Justice.
Bukola Saraki

Bukola Saraki

FG had through a deputy director in the office of the Attorney General of the Federation, Mr. M.S. Hassan, asked the tribunal to order Saraki’s arrest.

‎Saraki who was billed for arraignment this morning, sent his team of lawyers to serve the tribunal with a copy of the ruling of Justice Ahmed Mohammed of the Abuja Division of the Federal High Court, yesterday, which summoned the Ministry of Justice to appear on Monday to show cause why the trial should be allowed to proceed.

Equally summoned by the court were the Chairman of the tribunal, Justice Danladi Umar and that of the Code of Conduct Bureau, CCB, Mr. Sam Saba, as well as Mr. Hassan who signed the charge against Saraki.

Meanwhile, irked by Saraki’s absence at the tribunal for the commencement of his prosecution over alleged false declaration of assets, the Ministry of Justice prayed the Justice Umar-led panel to order for his arrest, saying “he cannot sit in the comfort of his chamber and object to his trial in absentia”.

The prosecution further maintained that Justice Mohammed lacked the powers to summon ‎the CCT and CCB chairmen, even as it accused Saraki of engaging in “forum shopping” in a desperate bid to scuttle his trial.

Meanwhile, Saraki has through his lawyer, begged the tribunal to consider his position as the Senate President and stay the execution of the arrest warrant, saying he would be available for trial on Monday.

His plea was refused by Justice Umar who maintained that the accused person, having sworn to protect the constitution, ought to have shown respect to the tribunal by appearing before it today.

bloodkiIler:
Dr Onyechi Ikpeazu? very competent lawyer especially in political affairs (tribunal) he crushed ngige in favor of Peter Obi and also crushed him again (ngige) in the favor of Obiano hmmm if this is the lawyer representing Wike then i must say that Dakwukwu fatawaterside is a gonner

I know onyechi ikpeazu (san) very well from the same village in the same town (Onitsha)

mrvitalis:
Rigging is so much in the DNA of PDP that they don't even know of when to stop...
As far as my concerned. .. there was no need to rig rivers and akwa ibom States
... now they may lose them

mrvitalis:
If we must be honest to our selfs.. . we have to accept that the election in rivers state was rigged and a knew one need to be conducted

People will say what about the north.... .? only when u challenge something will the court act.

Wike should just prepare for another elections... Which he can win if u ask me.

Gentlebabs:
Waoh! You nailed it, your submission got me emotional...

obo389:
my boi,I advise you for posterity sake,if ur nt in d knw of things and events of what went down in d Nigerian oil and gas sector,I advise u to keep shut,read,learn and stay humble or better still,u can cal,ask and confirm if u have a relative that works in d oil and gas sector.
of whose benefit will they unravel this misery and rot perpetuated by the last administration? who is it gona benefit?
for your info,all this info(which I doubt even if u read it) are real.go to WRPC jetty(warri) right from 2010 and c the rot of d highest order and ur here saying propaganda.u think some of this investigative journalism is a joke?
grow up u hear!!

JEGA01:
I knew it. I have been wondering "Only one person has this kind of madness and he is oremmusanctus. How come someone is trying hard to beat his record?". So he has changed his name to OZAOEKPE. That guy needs deliverance

franchizy:
PDP were destined to win the elections without rigging or violence.
Im suprise the extent PEJ, WIKE and the REC took the elections too.
How can a REC say sensitive materials were stolen after results were anounced and she has in her possession a police extract not signed.
I think with this the tribunal will have no choice than to declare the petitioner as the winner of the senatorial election.
I still dont believe wike can win a re-run election.
His weakness shall
NO POLICE
NO DSS
NO MILITARY
NO CIVIL DEFENSE

And finally the APC might take the advantages of been in the centre and control of the security agancies to over run wike and the PDP.

My thoughts though.

OZAOEKPE:
"my enemy, long time no nairaland, hope you are safe?" quote me anywhere.

rebranded:
No wonder when oil was over $100 we didnt feel it..these rogues were busy sharing it with themselves

The Resident Electoral Commisioner incharge of Rivers State Dame Gesilah Khan today through a documents submitted by Counsel to the Commision stated that the whole electoral Materials used during the conduct of the Rivers South East Senatorial District election was carted away immediately results were announced

The first respondent (INEC), through its counsel had brought to the tribunal a letter purportedly written by Dame Gesila Khan, the Resident Electoral Commissioner of INEC in Rivers State, with a police extract as an attachment thereto, informing the tribunal the reason why she cannot bring the ballot papers used in Rivers South-East Senatorial District during the National Assembly election of the 28th of March, 2015.
In that letter dated 13th of April, 2015, the REC had purportedly stated that all the ballot papers used for the said election were stolen by unknown persons, and therefore, the INEC is no longer in a position to produce them in court. Attached to the letter was purported police extract confirming the theft.

The Petitioner's counsel, Afolabi SAN, however vigorously objected to the letter on the grounds that it has been in existence since the 13th of April, 2015, even before the petitioner filed his petition. The counsel also stressed that at the time the first respondent responded to the petition of the petitioner, the letter was also in existence, yet, no mention or reference was made to it in the response.
He further argued that by virtue of paragraph 12 of the first schedule to the Electoral Act, the letter cannot be admitted into evidence at this stage of the trial.

Counsels to the first, second and third respondents objected to the argument of the Petitioner's counsel and urged their Lordships to discountenance it on the ground that what determines admissibility of evidence is its relevance. Particularly, Okey Wali (SAN), counsel to the second respondent argued that the documents in question were subpoenaed at the instance of the petitioner, and therefore the petitioner can't object to admitting same into evidence. Afolabi (SAN) retorted that the subpoenaed documents were ballot papers and sensitive INEC documents, not a letter from the REC or police extract.

Delivering its ruling, the tribunal upheld the objection of the Petitioner's counsel on the ground that the Police extract was not signed, and that the letter purportedly written by Gesila Khan was not which the first respondent counsel sought to tender was not a certified true copy.
The letter was therefore jettisoned, rejected and marked as inadmissible by the tribunal.
The effect of this ruling is that INEC cannot show any ballot papers as votes scored by Olaka Wogu in the National Assembly election of 28th of March, 2015.

Recall that INEC declared Sen.Olaka Wogu of the PDP,winner of the march 28th Senatorial Election in Rivers,and a paltry votes was allocated to Senator Magnus Abe of the APC

Ezenwammadu:
Take your case if you have one and go to court.The media is not a courtroom

Freemanan:
Holla when you are ready to have a matured discourse..

Freemanan:
JUST before I do that, do you know the meaning of HYPERBOLE.?

Freemanan:
I have a problem with Hyperbole

Aspireahead:
what happened to newswatch?