Equities

NGSE Index Slumps 1.98%, In Apparent Investor Reaction To Election Postponement

The benchmark All-Share index of the Nigerian Stock Exchange (NSE) was down 1.98% at 12.30pm Monday as investors reacted apparently to last weekend’s postponement of the nation’s Presidential elections, barely hours to when it was supposed to kick-off.
The index stood at 32,065.83 basis points, following losses suffered by Dangote Cement, the most capitalized stock, which shed N6.90 or 3%; followed by Unilever Nigeria’s N1.20, or 2%; Zenith Bank was down by N1.00, or 4%; just as Cement Company of Northern Nigeria, representing 4%; wile NASCON & Allied’s 75 kobo or 3%.
Nestle however garnered N35, or 2.24%; while CAP Plc was up by N2.20 or 6.92%; Vitafoam Nigeria, 22 kobo, or 5.82%; Union Bank of Nigeria, 10 kobo or 1.45%; and ABC Transport, three kobo or 7.14%.
Access Bank Plc was the most sought after with 16.791m shares for N106.715m; United Bank for Africa, 12.924m units, worth N99.534%; while Unilever’s 12.283m had changed hands for N544.437m. Also, investors traded 8.68m units
Of Zenith Bank valued at N208.186m; followed by 8.654m shares of the Transnational Corporation of Nigeria, crossed for N13.705m, in what may seem a reaction to its 2018 audited full-year financials wherein the directors proposed a dividend of three kobo from earnings per share of 20 kobo reported for the period (READ MORE).
By 12.35pm, there was a mild recovery, as the index stood at 32,092.35bps, down 1.90%, even as trading volume had risen to 131.651m, valued at N2.449bn in 2,069.00 deals. Guaranty Trust Bank was down by 95 kobo or 2%; while Zenith Bank had recovered 10 kobo, with its 90 kobo sliding translating to 3%.
Also joining the garners side was Presco, which notched N6.60 or 10%.
Meanwhile, Transcorp Plc, on Monday announced plans to holds its Annual General Meeting (AGM), on March 15, 2019 at its Transcorp Hilton Abuja facility.
Nigeria’s presidential and National Assembly elections were postponed from February 16, 2019 by a week to February 23, amidst allegations and counter-allegations by the two major contending parties: President Muhammadu Buhari’s All Progressives Congress (APC) and leading opposition party- the Peoples Democratic Party (PDP) over plans to compromise the umpire- Independent National Electoral Commission (INEC).
There has also been reports of thumb printing of ballot papers in favour of the two major parties to sway the elections in their favour.

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