Hope that President Muhammadu Buhari’s inauguration on Wednesday would trigger positive sentiments at the Nigerian Stock Exchange (NSE) was dashed as the All Share Index closed Friday’s trading session in the red, down by 0.59 per cent.

At the close of transactions last week, analysts had warned investors to be cautious in trading of stocks and that came to the fore with Monday’s trading session resuming on a negative note.

Due to profit taking in the shares of MTNN, Dangote Cement and Union Bank of Nigeria (UBN), the All Share Index (ASI) declined by 2.2 per cent while investors lost N302.4 billion as market capitalisation fell to N13.299 trillion.

Tuesday’s session, a day to the President’s Inauguration, however, saw the market, the ASI rising by 3.7 per cent to 31,307.00 points, on the back of price appreciation in Dangote Cement, Zenith Bank and GT Bank while investors gained N489.9 billion in value as market capitalisation increased to N13.789 trillion.

Thursday’s session saw the bears return to the equities market as the ASI fell by 0.17 per cent to settle at 31,254.19 points following negative sentiments in the shares of Dangote Cement, GT Bank and ETI as no trading activity was recorded on Wednesday which was the day for inauguration of President Muhammadu Buhari.

Consequently, YTD loss settled at -0.6 per cent while market capitalisation decreased by N22.3 billion to close at N13.766 trillion.

Friday’s session was not any different as the benchmark index slipped further by 0.59 per cent to close at 31,069.37 points while market capitalisation closed the week at N13.684 trillion.

Market breadth turned negative as 23 stocks depreciated in value while 13 others appreciated. Oando topped the losers’ chart with 9.68 per cent to close at N4.20 per share as investors’ sentiment dropped in the stock after the Securities and Exchange Commission (SEC) concluded investigation of Oando Plc and directed among others the resignation of the affected Board members, and also barred the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.

The Commission also directed the convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors.

According to the SEC, “following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges).

“Certain infractions of securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others”.

The SEC also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected Board members to the company.

Champion was next with 8.18 per cent to close at N1.01, Wapco fell by 5.61 per cent to close at 5.61 per cent to close at N10.10, UBA declined by 5.30 per cent to close at N6.25 while Fidelity Bank dropped 4.55 per cent to close at N1.68.

On the flipside, Mansard topped the gainers’ chart with 10 per cent to close at N1.98 per share. LearnAfrica followed with a gain of 9.84 per cent to close at N1.34, CCNN increased by 7.14 per cent to close at N15, Dangote Flour grew by 5.31 per cent to close at N16.85 while Courtville garnered 4.35 per cent to close at 0.24 kobo.

UBA was top on the volume of shares sold with 43.96 million shares valued at N280.81 million. GT Bank transacted 25.63 million shares worth N814.28 million while Custodian sold 20.68 million shares valued at N130.21 million.

Overall, the volume and value of shares traded stood at 212.94 million units and N2.73 billion in 3,737 deals. Speaking to Sunday Sun, analysts continued to maintain that macroeconomic fundamentals remain supportive of recovery in the long term.

According to Cordros Capital, “our outlook for equities in the short to medium term remain conservative, amidst absence of a positive catalyst”.

A stockbroker who pleaded anonymity noted that the economy is yet to stabilise and hence it is affecting the capital market that mirrors the performance of an economy.

He also added that with the recent mandate by the industrial court that ordered the reinstatement of the suspended SEC DG, Mounir Gwarzo, the market is in for a zig-zag activity as investors especially foreign participation will decrease.

Justice Sanusi Kado, in his judgment, ordered the reinstatement of the claimant as the DG of SEC to complete his five-year tenure and further ordered that the claimant’s salaries, allowances and entitlements accrued should be paid to him in full while adding that Minister of Finance, named as the second defendant in the suit, lacked the power to suspend the claimant.

Analysts at Afrinvest said: “Following a bullish performance last week, we had expected sell-pressures this week as investors look to take profit on stocks that have recorded strong gains

“We, therefore, maintain a bearish outlook on the local bourse as investors continue profit-taking activities in bellwether stocks”.


https://www.sunnewsonline.com/buharis-inauguration-fails-to-lift-stock-market

Na wah every thing RED for this nija

This are sign of things to come in this dispensation

Bad luck

Analysts at Afrinvest said: “Following a bullish performance last week, we had expected sell-pressures this week as investors look to take profit on stocks that have recorded strong gains
“We, therefore, maintain a bearish outlook on the local bourse as investors continue profit-taking activities in bellwether stocks”.

We can only remain positives for us to record strong gains soon again.
Stocks fluctuates all the time.
Slow and steady we will get to a better Nigeria.

omaigala:

You ended up not making any sense.
Buhari is very incompetent and you know it.

Don't worry, the post is not for you.
It is for people with higher IQ!

Lol..NEXT LEVEL..the poster above me tho..slow and steady naso four years go..well we are hopeful


Check my signature, get your electronics, SMART TVs, air conditioners, washing machines and sound bars at affordable rate,payment on delivery, BUY4ME services available too with POD option

he promised to hit the ground run like surnami we are yet to see him come out of his slow shared

I need a female friend in odili road port Harcourt.. Please don't worry me for marriage o, I am not available for that and don't ask me for money too... I will only give you money from my willing heart..NO TRANSACTIONAL SEX.. I just need a spoilt kid like me
Email: matthewtartaglia2@gmail.com

All the signals are negative so far. Buhari is synonymous with negativity. #dullard

I'm surprised that you are surprised... We can never see more than what we've seen under this man. So nothing new about this news.

While South Africa stock rose by 0.5% second day after the inauguration..

Nigeria, I hail thee

Allow him to sleep in peace

Look at clowns booking space

Let's watch out.

post=78954699:
S

no shame

Lol. This no be new thing. Except you are a newcomer.

Baba has said it prior to now that this four years would be hard for him.

I laugh at does who think buhari can do anything to improve the economy. Even if buhari deplete our foreign reserve to improve our standard of living, it would only be for a short time. Our economy structure is in very bad shape. No matter what anyone does, (as in pump money into it) the fact on ground cannot be changed.

Only restructuring both our system of government and economy would make us great


Anyway, the reason of the day's failure at SEC should go to OANDO PLC and MTNN, too many bad signals from big players

Bad market

Changethechain:
I need a female friend in odili road port Harcourt.. Please don't worry me for marriage o, I am not available for that and don't ask me for money too... I will only give you money from my willing heart..NO TRANSACTIONAL SEX.. I just need a spoilt kid like me
Email: matthewtartaglia2@gmail.com

Ehen! Sanuren a faulty woman on the streets doesn't need marriage or money



She is spoilt as much as you......




Enjoy!

It's no big deal


It's normal


Abi, what wr u expecting before?

Wetin concern me? after all buhari supporters will not agree with u

No one in Buhari's Cabinet can handover their personal business empire to him.

No Zombie in NL can do same.

Buhari can cripple China's Economy in 1 month.

Making Buhari a Board Member in Apple will reduce Apple to Worse than Infinix.

Anyone who voted Buhari and all those who rigged for him committed Unpardonable mortal Treason.

Next level please �

Changethechain:
I need a female friend in odili road port Harcourt.. Please don't worry me for marriage o, I am not available for that and don't ask me for money too... I will only give you money from my willing heart..NO TRANSACTIONAL SEX.. I just need a spoilt kid like me
Email: matthewtartaglia2@gmail.com

Enter UST back gate area and you go see spoilt kids tire.

You fit go dine for presidential late night. A lot of spoilt kids there. If you got your cards, cruise to Chiiba area and you go see spoilt kids and get tired of them


No be same PH again. Spoilt kids yapa pass beer.

Not forgetting GRA at night. Over spoilt kids full dere

illiteratepmb:
All the signals are negative so far. Buhari is synonymous with negativity. #dullard

stop this is a Sabbath day

Cc immhotep Adaibeku sarrki Afamed mannamaisuya

post=78954699:

We can only remain positives for us to record strong gains soon again.
Stocks fluctuates all the time.
Slow and steady we will get to a better Nigeria.

You ended up not making any sense.
Buhari is very incompetent and you know it.

He doesn't understand what micro and macro economy means.

History will pay you people back.

Buhari's name doesn't move any investor

June 12 would lift up

It amazes me that some people still expect something good from that serial failure of a man.

How would the stock record gains and economy improve when the president failed to give inaugural speech or is even yet to show any direction of his Government?

South Africa President annpunced his cabinet members within 96 hrs of his inauguration, while ours is jumping on the plane at every given opportunity to attend frivolous meetings or participate in frivolous activities.