Stock market soars first trading day after Emefiele’s suspension
The equity market posted 4% gain yesterday- the first trading day after the surprise weekend ouster of the governor of the Central Bank of Nigeria, Godwin Emefiele. While the benchmark All-Share index soared by 4% or 2,232.58 points to close at 58,163.55 points, the market capitalisation increased by N1.22 trillion or 4% to settle at […]
Stock market
The equity market posted 4% gain yesterday- the first trading day after the surprise weekend ouster of the governor of the Central Bank of Nigeria, Godwin Emefiele.
While the benchmark All-Share index soared by 4% or 2,232.58 points to close at 58,163.55 points, the market capitalisation increased by N1.22 trillion or 4% to settle at N31.670 trillion.
The NGX ASI year-to-date return was at 13.49%. Market turnover was up by about 216% while market activities measured by volume traded increased by 106.44% as investors poured into the market as the value of deals transacted rose 55% compared to the last trading day on Friday, June 9.
The sectoral performance was led by the NSE Banking Index which rose by 6.7%, followed by the NSE Insurance Index which gained 5.4%. The NSE Consumer Goods Index and the NSE Oil and Gas Index also soared by 4.3% and 3.9% respectively.
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The market breadth was positive, as 62 stocks appreciated, among which the top 10 gained above 9% on the day.
Top 3 gainers were Access Holdings (10.00%), Guaranty Trust Holding Co (10.00%) and NASCON Allied Industries (10.00%) while the top 3 losers were Ellah Lakes (-10.00%), John Holt (-10.00%), and Caverton Offshore Support Group (-4.62%).
Analysts at Parthian Securities Limited noted that, “We expect mixed sentiments with a positive tilt at tomorrow’s trading session, as some investors might start to take profit while others take positions in stocks that might rally further.”
Emefiele was arrested on Saturday by officials of the Department of State Services (DSS) after he was suspended by President Bola Tinubu on Friday.
The president directed the deputy governor (Operations Directorate), Folashodun Adebisi Shonubi, to act as the Central Bank governor pending the conclusion of investigation and the reforms in the apex bank.