Nigerian Exchange Limited
Stock Market Rally on News of Tinubu Possible Wins; Investors Pocket N207 Billion
The Nigerian stock market rallied on Monday after it became clear that All Progressive Congress (APC) presidential candidate, Ahmed Bola Tinubu could emerged as Nigeria’s president.
The Nigerian Exchange Limited (NGX) All-share Index rose by 0.69% to 55,328.42 index points while the market value of the listed equities grew by N207 billion to N30.140 trillion, signaling investors acceptance of Tinubu candidacy.
Investors transacted 149,780,851 shares worth N1.542 billion in 3,186 deals during the trading hours of Monday as Stanbic Bank lead top gainers with 10% or N3.45 gain to close at N37.95 a unit. This was followed by Oando’s 0.40 kobo or 10% to close at N4.40 a unit. See other details below.
Top Five Gainers
| Symbols | Last Close | Current | Change | %Change |
|---|---|---|---|---|
| STANBIC | N 34.50 | N 37.95 | 3.45 | 10.00 % |
| OANDO | N 4.00 | N 4.40 | 0.40 | 10.00 % |
| CILEASING | N 3.30 | N 3.63 | 0.33 | 10.00 % |
| CONOIL | N 42.60 | N 46.85 | 4.25 | 9.98 % |
| MRS | N 30.55 | N 33.50 | 2.95 | 9.66 % |
Top Five Losers
| Symbols | Last Close | Current | Change | %Change |
|---|---|---|---|---|
| FTNCOCOA | N 0.29 | N 0.27 | -0.02 | -6.90 % |
| UPDC | N 1.00 | N 0.96 | -0.04 | -4.00 % |
| JAPAULGOLD | N 0.29 | N 0.28 | -0.01 | -3.45 % |
| TRANSCORP | N 1.30 | N 1.26 | -0.04 | -3.08 % |
| MBENEFIT | N 0.33 | N 0.32 | -0.01 | -3.03 % |
Nigeria’s Presidential Polls: A Tumultuous Process
Meanwhile, Nigeria’s 2023 Presidential elections have been riddled with controversy and logistical difficulties. The provisional results in 20 of 36 states, as reported by Reuters, showed the ruling party candidate Bola Tinubu in the lead with 39.7% or 5.4 million of the valid votes counted. Atiku Abubakar of the opposition People’s Democratic Party (PDP) received 32.2% or 4.4 million votes, with Peter Obi of the smaller Labour Party in third place with about 16.3% or 2.2 million votes.
Despite Tinubu’s lead, opposition parties have cited concerns of fraud and walked out of the counting process. The Independent National Electoral Commission (INEC) failed to upload results directly from each polling unit to its website, as promised, which resulted in the manual collation of results inside ward and local government counting centres. This led to a lack of transparency in the electoral process, which the European Union observer mission noted in a statement, saying that “INEC’s lack of efficient planning in critical stages and effective public communication reduced trust in the process.”
The Commonwealth observer mission chief, Thabo Mbeki, also criticized INEC for its failure to upload the results, adding to the already mounting pressure on the electoral commission. INEC had uploaded results from just 66,167 polling units out of a total of 178,846 by 1700 GMT on Monday, according to their website.